# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001683863-23-001734
**Filing Date:** 2023-3
**Character Count:** 9709277
**Document Hash:** 1a5ef9eb9499d667dc4c495b95949e29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-001734.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001683863-23-001734

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 141

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Columbia Funds Variable Series Trust II
- **CENTRAL INDEX KEY:** 0001413032
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22127
- **FILM NUMBER:** 23701961

**BUSINESS ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 800-345-6611

**MAIL ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RiverSource Variable Series Trust
- **DATE OF NAME CHANGE:** 20070920

## Series and Classes Contracts Data

### Columbia Variable Portfolio - Balanced Fund (Series ID: S000019838)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000055675 | Columbia Variable Portfolio - Balanced Fund Class 3 |  |
| C000143976 | Columbia Variable Portfolio - Balanced Fund Class 1 |  |
| C000143977 | Columbia Variable Portfolio - Balanced Fund Class 2 |  |

### CTIVP - BlackRock Global Inflation-Protected Securities Fund (Series ID: S000019839)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000055676 | CTIVP - BlackRock Global Inflation-Protected Securities Fund Class 3 |  |
| C000088755 | CTIVP - BlackRock Global Inflation-Protected Securities Fund Class 1 |  |
| C000088756 | CTIVP - BlackRock Global Inflation-Protected Securities Fund Class 2 |  |

### Columbia Variable Portfolio - Large Cap Growth Fund (Series ID: S000019840)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000055677 | Columbia Variable Portfolio - Large Cap Growth Fund Class 3 |  |
| C000088757 | Columbia Variable Portfolio - Large Cap Growth Fund Class 1 |  |
| C000088758 | Columbia Variable Portfolio - Large Cap Growth Fund Class 2 |  |

### Columbia Variable Portfolio - High Yield Bond Fund (Series ID: S000019841)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000055678 | Columbia Variable Portfolio - High Yield Bond Fund Class 3 |  |
| C000088759 | Columbia Variable Portfolio - High Yield Bond Fund Class 1 |  |
| C000088760 | Columbia Variable Portfolio - High Yield Bond Fund Class 2 |  |

### Columbia Variable Portfolio - Income Opportunities Fund (Series ID: S000019842)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000055679 | Columbia Variable Portfolio - Income Opportunities Fund Class 3 |  |
| C000088761 | Columbia Variable Portfolio - Income Opportunities Fund Class 1 |  |
| C000088762 | Columbia Variable Portfolio - Income Opportunities Fund Class 2 |  |

### Columbia Variable Portfolio - Overseas Core Fund (Series ID: S000019843)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000055680 | Columbia Variable Portfolio - Overseas Core Fund Class 3 |  |
| C000088763 | Columbia Variable Portfolio - Overseas Core Fund Class 1 |  |
| C000088764 | Columbia Variable Portfolio - Overseas Core Fund Class 2 |  |

### Columbia Variable Portfolio - Disciplined Core Fund (Series ID: S000019844)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000055681 | Columbia Variable Portfolio - Disciplined Core Fund Class 3 |  |
| C000088765 | Columbia Variable Portfolio - Disciplined Core Fund Class 1 |  |
| C000088766 | Columbia Variable Portfolio - Disciplined Core Fund Class 2 |  |

### Columbia Variable Portfolio - Select Large Cap Value Fund (Series ID: S000019845)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000055682 | Columbia Variable Portfolio - Select Large Cap Value Fund Class 3 |  |
| C000088767 | Columbia Variable Portfolio - Select Large Cap Value Fund Class 1 |  |
| C000088768 | Columbia Variable Portfolio - Select Large Cap Value Fund Class 2 |  |

### Columbia Variable Portfolio - Select Mid Cap Growth Fund (Series ID: S000019846)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000055683 | Columbia Variable Portfolio - Select Mid Cap Growth Fund Class 3 |  |
| C000088769 | Columbia Variable Portfolio - Select Mid Cap Growth Fund Class 1 |  |
| C000088770 | Columbia Variable Portfolio - Select Mid Cap Growth Fund Class 2 |  |

### Columbia Variable Portfolio - Select Mid Cap Value Fund (Series ID: S000019847)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000055684 | Columbia Variable Portfolio - Select Mid Cap Value Fund Class 3 |  |
| C000088771 | Columbia Variable Portfolio - Select Mid Cap Value Fund Class 1 |  |
| C000088772 | Columbia Variable Portfolio - Select Mid Cap Value Fund Class 2 |  |

### Columbia Variable Portfolio - Large Cap Index Fund (Series ID: S000019848)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000055685 | Columbia Variable Portfolio - Large Cap Index Fund Class 3 |  |
| C000098158 | Columbia Variable Portfolio - Large Cap Index Fund Class 1 |  |
| C000098159 | Columbia Variable Portfolio - Large Cap Index Fund Class 2 |  |

### Columbia Variable Portfolio - Government Money Market Fund (Series ID: S000019849)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000055686 | Columbia Variable Portfolio - Government Money Market Fund Class 3 |  |
| C000088773 | Columbia Variable Portfolio - Government Money Market Fund Class 1 |  |
| C000088774 | Columbia Variable Portfolio - Government Money Market Fund Class 2 |  |

### CTIVP - Victory Sycamore Established Value Fund (Series ID: S000019850)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000055687 | CTIVP - Victory Sycamore Established Value Fund Class 3 |  |
| C000088775 | CTIVP - Victory Sycamore Established Value Fund Class 1 |  |
| C000088776 | CTIVP - Victory Sycamore Established Value Fund Class 2 |  |

### Columbia Variable Portfolio - U.S. Government Mortgage Fund (Series ID: S000019851)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000055688 | Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 3 |  |
| C000088777 | Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 |  |
| C000088778 | Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 |  |

### Columbia Variable Portfolio - Select Small Cap Value Fund (Series ID: S000019852)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000055689 | Columbia Variable Portfolio - Select Small Cap Value Fund Class 3 |  |
| C000088779 | Columbia Variable Portfolio - Select Small Cap Value Fund Class 1 |  |
| C000088780 | Columbia Variable Portfolio - Select Small Cap Value Fund Class 2 |  |

### Variable Portfolio - Partners Small Cap Value Fund (Series ID: S000019853)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000055690 | Variable Portfolio - Partners Small Cap Value Fund Class 3 |  |
| C000088781 | Variable Portfolio - Partners Small Cap Value Fund Class 1 |  |
| C000088782 | Variable Portfolio - Partners Small Cap Value Fund Class 2 |  |

### Columbia Variable Portfolio - Core Equity Fund (Series ID: S000019855)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000055692 | Columbia Variable Portfolio - Core Equity Fund |  |

### Columbia Variable Portfolio - Intermediate Bond Fund (Series ID: S000019856)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000055693 | Columbia Variable Portfolio - Intermediate Bond Fund Class 3 |  |
| C000088783 | Columbia Variable Portfolio - Intermediate Bond Fund Class 2 |  |
| C000088784 | Columbia Variable Portfolio - Intermediate Bond Fund Class 1 |  |

### Columbia Variable Portfolio - Dividend Opportunity Fund (Series ID: S000019857)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000055694 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 3 |  |
| C000088785 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 |  |
| C000088786 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 |  |

### Columbia Variable Portfolio - Emerging Markets Fund (Series ID: S000019858)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000055695 | Columbia Variable Portfolio - Emerging Markets Fund Class 3 |  |
| C000088787 | Columbia Variable Portfolio - Emerging Markets Fund Class 1 |  |
| C000088788 | Columbia Variable Portfolio - Emerging Markets Fund Class 2 |  |

### Variable Portfolio - Partners Core Equity Fund (Series ID: S000019859)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000055696 | Variable Portfolio - Partners Core Equity Fund Class 3 |  |
| C000088789 | Variable Portfolio - Partners Core Equity Fund Class 1 |  |
| C000088790 | Variable Portfolio - Partners Core Equity Fund Class 2 |  |

### Columbia Variable Portfolio - Global Strategic Income Fund (Series ID: S000019860)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000055697 | Columbia Variable Portfolio - Global Strategic Income Fund Class 3 |  |
| C000088791 | Columbia Variable Portfolio - Global Strategic Income Fund Class 1 |  |
| C000088792 | Columbia Variable Portfolio - Global Strategic Income Fund Class 2 |  |

### Variable Portfolio - Aggressive Portfolio (Series ID: S000028683)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000087784 | Variable Portfolio - Aggressive Portfolio Class 2 |  |
| C000087785 | Variable Portfolio - Aggressive Portfolio Class 4 |  |
| C000209985 | Variable Portfolio - Aggressive Portfolio Class 1 |  |

### CTIVP - American Century Diversified Bond Fund (Series ID: S000028684)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000087786 | CTIVP - American Century Diversified Bond Fund Class 1 |  |
| C000087787 | CTIVP - American Century Diversified Bond Fund Class 2 |  |

### CTIVP - Principal Blue Chip Growth Fund (Series ID: S000028685)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000087788 | CTIVP - Principal Blue Chip Growth Fund Class 1 |  |
| C000087789 | CTIVP - Principal Blue Chip Growth Fund Class 2 |  |

### Variable Portfolio - Partners International Core Equity Fund (Series ID: S000028687)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000087792 | Variable Portfolio - Partners International Core Equity Fund Class 1 |  |
| C000087793 | Variable Portfolio - Partners International Core Equity Fund Class 2 |  |

### CTIVP - Morgan Stanley Advantage Fund (Series ID: S000028688)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000087794 | CTIVP - Morgan Stanley Advantage Fund Class 1 |  |
| C000087795 | CTIVP - Morgan Stanley Advantage Fund Class 2 |  |

### Variable Portfolio - Partners Core Bond Fund (Series ID: S000028690)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000087798 | Variable Portfolio - Partners Core Bond Fund Class 1 |  |
| C000087799 | Variable Portfolio - Partners Core Bond Fund Class 2 |  |

### CTIVP - Westfield Mid Cap Growth Fund (Series ID: S000028691)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000087800 | CTIVP - Westfield Mid Cap Growth Fund Class 1 |  |
| C000087801 | CTIVP - Westfield Mid Cap Growth Fund Class 2 |  |

### CTIVP - MFS Value Fund (Series ID: S000028692)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000087802 | CTIVP - MFS Value Fund Class 1 |  |
| C000087803 | CTIVP - MFS Value Fund Class 2 |  |

### Variable Portfolio - Moderately Aggressive Portfolio (Series ID: S000028694)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000087806 | Variable Portfolio - Moderately Aggressive Portfolio Class 2 |  |
| C000087807 | Variable Portfolio - Moderately Aggressive Portfolio Class 4 |  |
| C000209986 | Variable Portfolio - Moderately Aggressive Portfolio Class 1 |  |

### CTIVP - CenterSquare Real Estate Fund (Series ID: S000028695)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000087808 | CTIVP - CenterSquare Real Estate Fund Class 1 |  |
| C000087809 | CTIVP - CenterSquare Real Estate Fund Class 2 |  |

### CTIVP - T. Rowe Price Large Cap Value Fund (Series ID: S000028696)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000087810 | CTIVP - T. Rowe Price Large Cap Value Fund Class 1 |  |
| C000087811 | CTIVP - T. Rowe Price Large Cap Value Fund Class 2 |  |

### Variable Portfolio - Partners Small Cap Growth Fund (Series ID: S000028697)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000087812 | Variable Portfolio - Partners Small Cap Growth Fund Class 1 |  |
| C000087813 | Variable Portfolio - Partners Small Cap Growth Fund Class 2 |  |

### CTIVP - TCW Core Plus Bond Fund (Series ID: S000028698)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000087814 | CTIVP - TCW Core Plus Bond Fund Class 1 |  |
| C000087815 | CTIVP - TCW Core Plus Bond Fund Class 2 |  |

### Variable Portfolio - Moderate Portfolio (Series ID: S000028702)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000087822 | Variable Portfolio - Moderate Portfolio Class 2 |  |
| C000087823 | Variable Portfolio - Moderate Portfolio Class 4 |  |
| C000209987 | Variable Portfolio - Moderate Portfolio Class 1 |  |

### Variable Portfolio - Moderately Conservative Portfolio (Series ID: S000028703)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000087824 | Variable Portfolio - Moderately Conservative Portfolio Class 2 |  |
| C000087825 | Variable Portfolio - Moderately Conservative Portfolio Class 4 |  |
| C000209988 | Variable Portfolio - Moderately Conservative Portfolio Class 1 |  |

### Variable Portfolio - Conservative Portfolio (Series ID: S000028704)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000087826 | Variable Portfolio - Conservative Portfolio Class 4 |  |
| C000087827 | Variable Portfolio - Conservative Portfolio Class 2 |  |
| C000209989 | Variable Portfolio - Conservative Portfolio Class 1 |  |

### Columbia Variable Portfolio - Limited Duration Credit Fund (Series ID: S000028705)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000087828 | Columbia Variable Portfolio - Limited Duration Credit Fund Class 1 |  |
| C000087829 | Columbia Variable Portfolio - Limited Duration Credit Fund Class 2 |  |

### Variable Portfolio - Partners International Growth Fund (Series ID: S000028707)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000087832 | Variable Portfolio - Partners International Growth Fund Class 1 |  |
| C000087833 | Variable Portfolio - Partners International Growth Fund Class 2 |  |

### Variable Portfolio - Partners International Value Fund (Series ID: S000028708)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000087834 | Variable Portfolio - Partners International Value Fund Class 1 |  |
| C000087835 | Variable Portfolio - Partners International Value Fund Class 2 |  |

### Columbia Variable Portfolio - Seligman Global Technology Fund (Series ID: S000031384)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000097668 | Columbia Variable Portfolio - Seligman Global Technology Fund Class 1 |  |
| C000097669 | Columbia Variable Portfolio - Seligman Global Technology Fund Class 2 |  |

### Columbia Variable Portfolio - Emerging Markets Bond Fund (Series ID: S000036677)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000112082 | Columbia Variable Portfolio - Emerging Markets Bond Fund Class 1 |  |
| C000112083 | Columbia Variable Portfolio - Emerging Markets Bond Fund Class 2 |  |

### Variable Portfolio - Managed Volatility Moderate Growth Fund (Series ID: S000036785)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000112515 | Variable Portfolio - Managed Volatility Moderate Growth Fund Class 2 |  |
| C000209990 | Variable Portfolio - Managed Volatility Moderate Growth Fund Class 1 |  |

### Columbia Variable Portfolio - Commodity Strategy Fund (Series ID: S000040393)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000125454 | Columbia Variable Portfolio - Commodity Strategy Fund Class 1 |  |
| C000125455 | Columbia Variable Portfolio - Commodity Strategy Fund Class 2 |  |

### Columbia Variable Portfolio - Select Large Cap Equity Fund (Series ID: S000060079)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000196698 | Columbia Variable Portfolio - Select Large Cap Equity Fund Class 1 |  |
| C000196699 | Columbia Variable Portfolio - Select Large Cap Equity Fund Class 2 |  |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number <u>811-22127</u>

Columbia Funds Variable Series Trust II

(Exact name of registrant as specified in charter)

290 Congress Street, Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(800) 345-6611</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2022</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

#### Item 1. Reports to Stockholders.

------

![](img8005d56c1.jpg)

Annual Report

December 31, 2022

![](img4b27c5b82.jpg)

Columbia Variable Portfolio – Commodity Strategy Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not Federally Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_ed979aca-d5fd-45d0-9ada-788d22c1b02d_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_ed979aca-d5fd-45d0-9ada-788d22c1b02d_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_f7668f4a-4560-4cf0-98ee-7cce3dfc88d6_1)<br>| 7 |
| [Consolidated Portfolio of Investments](#xx_86baa34f-3956-4af8-9c2b-425fc5008701_1)<br>| 8 |
| [Consolidated Statement of Assets and Liabilities](#xx_5afe25a2-080c-4567-9309-978958e3ade0_1)<br>| 19 |
| [Consolidated Statement of Operations](#xx_5afe25a2-080c-4567-9309-978958e3ade0_2)<br>| 20 |
| [Consolidated Statement of Changes in Net Assets](#xx_5afe25a2-080c-4567-9309-978958e3ade0_3)<br>| 21 |
| [Consolidated Financial Highlights](#xx_ee120087-15e0-471f-8dbb-f6df076bb860_1)<br>| 22 |
| [Notes to Consolidated Financial Statements](#xx_b6bc2de8-507a-4260-b85d-af48fa14c10f_1)<br>| 24 |
| [Report of Independent Registered Public Accounting Firm](#xx_cded803d-f79a-46a9-9784-86f362d643ad_1)<br>| 38 |
| [Trustees and Officers](#xx_eb3714b3-20d7-4152-92a1-9baab22448aa_1)<br>| 39 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Commodity Strategy Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund's Form N-Q and Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 800.345.6611 or by sending an e-mail to serviceinquiries@columbiathreadneedle.com.

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with total return.

Portfolio management

#### Marc Khalamayzer, CFA
Commodity Strategies Co-Portfolio Manager

Managed Fund since 2019

#### Matthew Ferrelli, CFA
Commodity Strategies Co-Portfolio Manager

Managed Fund since 2019

#### Ronald Stahl, CFA
Cash/Liquidity Strategies Co-Portfolio Manager

Managed Fund since 2021

#### Gregory Liechty
Cash/Liquidity Strategies Co-Portfolio Manager

Managed Fund since 2021

#### John D. Dempsey, CFA
Cash/Liquidity Strategies Co-Portfolio Manager

Managed Fund since 2021

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Life** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;04/30/13 | &nbsp;&nbsp;&nbsp;&nbsp;19.09 | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp;&nbsp;-0.56 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;04/30/13 | &nbsp;&nbsp;&nbsp;&nbsp;18.70 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp;&nbsp;-0.82 |
| &nbsp;&nbsp;Bloomberg Commodity Index Total Return |  | &nbsp;&nbsp;&nbsp;&nbsp;16.09 | &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;&nbsp;-0.92 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Bloomberg Commodity Index Total Return is composed of futures contracts and reflects the returns on a fully collateralized investment in the Bloomberg Commodity Index. This combines the returns of the Bloomberg Commodity Index with the returns on cash collateral invested in 13 week (3 Month) U.S. Treasury Bills.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (April 30, 2013 — December 31, 2022)
![](img5dde3cf53.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Commodity Strategy Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;19.8 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;28.8 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;44.7 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

At period end, the Fund held an investment in an Affiliated Money Market Fund, which has been segregated to cover obligations relating to the Fund's investments in open commodities contracts which provide exposure to the commodities market. For a description of the Fund's investment in derivatives, see Investments in derivatives following the Consolidated Portfolio of Investments and Note 2 of the Notes to Consolidated Financial Statements.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commodities market exposure (%)<br> (at December 31, 2022)** | &nbsp;&nbsp;**Commodities market exposure (%)<br> (at December 31, 2022)** | &nbsp;&nbsp;**Commodities market exposure (%)<br> (at December 31, 2022)** | &nbsp;&nbsp;**Commodities market exposure (%)<br> (at December 31, 2022)** |
| &nbsp;&nbsp;**Commodities contracts<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Long** | **Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Net** |
| &nbsp;&nbsp;Agriculture | &nbsp;&nbsp;&nbsp;31.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;31.0 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;32.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;32.0 |
| &nbsp;&nbsp;Industrial Metals | &nbsp;&nbsp;&nbsp;12.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12.4 |
| &nbsp;&nbsp;Livestock | &nbsp;&nbsp;&nbsp;&nbsp;6.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;Precious Metals | &nbsp;&nbsp;&nbsp;17.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;17.7 |
| &nbsp;&nbsp;**Total notional market value of<br> commodities contracts** | **100.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | **100.0** |

---

(a) Reflects notional market value of commodities contracts. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. Notional amounts for each commodities contract are shown in the Consolidated Portfolio of Investments. For a description of the Fund's investments in derivatives, see Investments in derivatives following the Consolidated Portfolio of Investments and Note 2 of the Notes to Consolidated Financial Statements.

4 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 59.00% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period ending December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Commodity Strategy Fund returned 18.70%. The Fund outperformed its benchmark, the Bloomberg Commodity Index Total Return, which returned 16.09% over the same period. The Fund accesses commodities markets via listed futures and options contracts, using these commodities futures and options contracts to position the Fund relative to the benchmark and to provide shareholders with total return.

Market overview

The commodity market continued the strong momentum it carried over from 2021 into 2022, as it was the only positive performing asset class in 2022. Inflation remained a key theme during the year, as consumer demand continued to increase coming out of the COVID-19 pandemic, but supply chain issues due to labor shortage remained at large. Commodities have historically provided a hedge against inflation. That trend continued into 2022, as the beginning of the year saw commodity prices continue to break highs achieved in 2021. The most impactful event related to the commodity markets came in February, when Russia invaded Ukraine, sending a shockwave through the rest of the world. Both Russia and Ukraine are two of the world's largest commodity producers, especially in the agriculture sector, and as other countries rallied to support Ukraine, the threat of shipping sanctions imposed on Russian goods impacted an already tight supply. As the year progressed into the summer months, the focus of the commodity market shifted to energy, as many countries moved into the driving season. Refineries in the United States were running near max capacity, and with Russia facing sanctions from its invasion of Ukraine, investors were worried about the supply of oil during a period of high demand.

Overall, during the year, energy was the highest returning subsector of the commodity market, led primarily by heating oil, gas oil and unleaded gasoline. The demand for gasoline did not drop during the increased driving months, and when the Organization of Petroleum Exporting Countries (OPEC) announced in October that it would be cutting production, the threat of a decreased supply drove prices higher. The agriculture sector posted strong gains during the year as there were no drastic weather issues, but global inventory was stretched thin, especially for grains, as Ukraine was unable to export through its Black Sea ports for much of the year. Nickel was the highest returning commodity in both the industrial and precious metals subsectors. Nickel made headlines when the London Metal Exchange temporarily suspended trading after the price spiked over 250% in a little more than 24 hours. Within soft commodities, sugar was the highest returning commodity, with cotton and coffee posting negative returns. Lean hogs and live cattle did contribute positive return within the livestock subsector.

The Fund's notable contributors during the period

• Energy was the single largest contributor during the year. The fund was generally overweight energy as compared to the benchmark. Natural gas, unleaded gas and crude oil were the largest contributing subsectors,
primarily driven by security selection and sector allocation within the space.

• The Fund maintained an overweight to grains versus the benchmark. The largest contributors within the sector came from soybean meal and corn.

• Within livestock, curve positioning, specifically tied to lean hogs, contributed positive outperformance against the benchmark.

The Fund's notable detractors during the period

• Softs was the only subsector of the commodity market that detracted from the fund's overall performance against the benchmark. Within softs, sugar was the largest detractor, leading to overall negative
returns against the benchmark.

• Brent crude oil was the largest individual commodity detractor, caused primarily by security selection on the futures curve.

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Within agriculture, soybean was the only commodity that detracted from overall performance against the benchmark.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Commodity investments may be affected by the overall market and industry- and commodity-specific factors, and may be more volatile and less liquid than other investments. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer term securities. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. Market or other (e.g., interest rate) environments may adversely affect the liquidity of Fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;996.10 | &nbsp;&nbsp;&nbsp;&nbsp;1021.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;993.60 | &nbsp;&nbsp;&nbsp;&nbsp;1020.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

## Consolidated Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 17.2%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 17.2%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 17.2%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 17.2%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;ACC Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;ACC Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;ACC Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;ACC Auto Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;1.080% | &nbsp;&nbsp;52440 | &nbsp;&nbsp;&nbsp;&nbsp;51865 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-3 Class C | &nbsp;&nbsp;Subordinated Series 2020-3 Class C | &nbsp;&nbsp;Subordinated Series 2020-3 Class C | &nbsp;&nbsp;Subordinated Series 2020-3 Class C |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;1.850% | 781224 | &nbsp;&nbsp;775035 |
| &nbsp;&nbsp;AmeriCredit Automobile Receivables Trust | &nbsp;&nbsp;AmeriCredit Automobile Receivables Trust | &nbsp;&nbsp;AmeriCredit Automobile Receivables Trust | &nbsp;&nbsp;AmeriCredit Automobile Receivables Trust |
| &nbsp;&nbsp;Series 2021-2 Class A2 | &nbsp;&nbsp;Series 2021-2 Class A2 | &nbsp;&nbsp;Series 2021-2 Class A2 | &nbsp;&nbsp;Series 2021-2 Class A2 |
| &nbsp;&nbsp;11/18/2024 | &nbsp;&nbsp;0.260% | &nbsp;&nbsp;&nbsp;&nbsp;3256 | &nbsp;&nbsp;&nbsp;&nbsp;3249 |
| &nbsp;&nbsp;Atalaya Equipment Leasing Trust<sup>(a)</sup> | &nbsp;&nbsp;Atalaya Equipment Leasing Trust<sup>(a)</sup> | &nbsp;&nbsp;Atalaya Equipment Leasing Trust<sup>(a)</sup> | &nbsp;&nbsp;Atalaya Equipment Leasing Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 |
| &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;1.230% | &nbsp;&nbsp;73837 | &nbsp;&nbsp;&nbsp;&nbsp;71643 |
| &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2017-2A Class A | &nbsp;&nbsp;Series 2017-2A Class A | &nbsp;&nbsp;Series 2017-2A Class A | &nbsp;&nbsp;Series 2017-2A Class A |
| &nbsp;&nbsp;03/20/2024 | &nbsp;&nbsp;2.970% | 325000 | &nbsp;&nbsp;323944 |
| &nbsp;&nbsp;BMW Vehicle Lease Trust | &nbsp;&nbsp;BMW Vehicle Lease Trust | &nbsp;&nbsp;BMW Vehicle Lease Trust | &nbsp;&nbsp;BMW Vehicle Lease Trust |
| &nbsp;&nbsp;Series 2021-1 Class A4 | &nbsp;&nbsp;Series 2021-1 Class A4 | &nbsp;&nbsp;Series 2021-1 Class A4 | &nbsp;&nbsp;Series 2021-1 Class A4 |
| &nbsp;&nbsp;07/25/2024 | &nbsp;&nbsp;0.370% | 595000 | &nbsp;&nbsp;581319 |
| &nbsp;&nbsp;Subordinated Series 2022-1 Class A3 | &nbsp;&nbsp;Subordinated Series 2022-1 Class A3 | &nbsp;&nbsp;Subordinated Series 2022-1 Class A3 | &nbsp;&nbsp;Subordinated Series 2022-1 Class A3 |
| &nbsp;&nbsp;03/25/2025 | &nbsp;&nbsp;1.100% | 175000 | &nbsp;&nbsp;169137 |
| &nbsp;&nbsp;Carmax Auto Owner Trust | &nbsp;&nbsp;Carmax Auto Owner Trust | &nbsp;&nbsp;Carmax Auto Owner Trust | &nbsp;&nbsp;Carmax Auto Owner Trust |
| &nbsp;&nbsp;Series 2019-2 Class A4 | &nbsp;&nbsp;Series 2019-2 Class A4 | &nbsp;&nbsp;Series 2019-2 Class A4 | &nbsp;&nbsp;Series 2019-2 Class A4 |
| &nbsp;&nbsp;12/16/2024 | &nbsp;&nbsp;2.770% | 601602 | &nbsp;&nbsp;597762 |
| &nbsp;&nbsp;Series 2019-3 Class A4 | &nbsp;&nbsp;Series 2019-3 Class A4 | &nbsp;&nbsp;Series 2019-3 Class A4 | &nbsp;&nbsp;Series 2019-3 Class A4 |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;2.300% | 525000 | &nbsp;&nbsp;516878 |
| &nbsp;&nbsp;Series 2019-4 Class A3 | &nbsp;&nbsp;Series 2019-4 Class A3 | &nbsp;&nbsp;Series 2019-4 Class A3 | &nbsp;&nbsp;Series 2019-4 Class A3 |
| &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;2.020% | 281584 | &nbsp;&nbsp;279036 |
| &nbsp;&nbsp;CarMax Auto Owner Trust | &nbsp;&nbsp;CarMax Auto Owner Trust | &nbsp;&nbsp;CarMax Auto Owner Trust | &nbsp;&nbsp;CarMax Auto Owner Trust |
| &nbsp;&nbsp;Series 2022-1 Class A2 | &nbsp;&nbsp;Series 2022-1 Class A2 | &nbsp;&nbsp;Series 2022-1 Class A2 | &nbsp;&nbsp;Series 2022-1 Class A2 |
| &nbsp;&nbsp;02/18/2025 | &nbsp;&nbsp;0.910% | 623168 | &nbsp;&nbsp;615139 |
| &nbsp;&nbsp;Commercial Equipment Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;Commercial Equipment Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;Commercial Equipment Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;Commercial Equipment Finance LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A |
| &nbsp;&nbsp;02/16/2027 | &nbsp;&nbsp;2.050% | 198681 | &nbsp;&nbsp;191335 |
| &nbsp;&nbsp;Conn's Receivables Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;Conn's Receivables Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;Conn's Receivables Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;Conn's Receivables Funding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A |
| &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;1.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 |
| &nbsp;&nbsp;CPS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;CPS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;CPS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;CPS Auto Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A |
| &nbsp;&nbsp;04/16/2029 | &nbsp;&nbsp;0.980% | &nbsp;&nbsp;60435 | &nbsp;&nbsp;&nbsp;&nbsp;59718 |
| &nbsp;&nbsp;Credit Acceptance Auto Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-2A Class A | &nbsp;&nbsp;Series 2020-2A Class A | &nbsp;&nbsp;Series 2020-2A Class A | &nbsp;&nbsp;Series 2020-2A Class A |
| &nbsp;&nbsp;07/16/2029 | &nbsp;&nbsp;1.370% | 337242 | &nbsp;&nbsp;333756 |
| &nbsp;&nbsp;DLLST LLC<sup>(a)</sup> | &nbsp;&nbsp;DLLST LLC<sup>(a)</sup> | &nbsp;&nbsp;DLLST LLC<sup>(a)</sup> | &nbsp;&nbsp;DLLST LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class A1 | &nbsp;&nbsp;Series 2022-1A Class A1 | &nbsp;&nbsp;Series 2022-1A Class A1 | &nbsp;&nbsp;Series 2022-1A Class A1 |
| &nbsp;&nbsp;05/22/2023 | &nbsp;&nbsp;1.560% | &nbsp;&nbsp;23159 | &nbsp;&nbsp;&nbsp;&nbsp;23116 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Drive Auto Receivables Trust | &nbsp;&nbsp;Drive Auto Receivables Trust | &nbsp;&nbsp;Drive Auto Receivables Trust | &nbsp;&nbsp;Drive Auto Receivables Trust |
| &nbsp;&nbsp;Subordinated Series 2020-2 Class C | &nbsp;&nbsp;Subordinated Series 2020-2 Class C | &nbsp;&nbsp;Subordinated Series 2020-2 Class C | &nbsp;&nbsp;Subordinated Series 2020-2 Class C |
| &nbsp;&nbsp;08/17/2026 | &nbsp;&nbsp;2.280% | &nbsp;&nbsp;&nbsp;135981 | &nbsp;&nbsp;&nbsp;&nbsp;134949 |
| &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-3A Class D | &nbsp;&nbsp;Series 2019-3A Class D | &nbsp;&nbsp;Series 2019-3A Class D | &nbsp;&nbsp;Series 2019-3A Class D |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;2.960% | &nbsp;&nbsp;&nbsp;403716 | &nbsp;&nbsp;&nbsp;&nbsp;397935 |
| &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;1.580% | &nbsp;&nbsp;&nbsp;237854 | &nbsp;&nbsp;&nbsp;&nbsp;234152 |
| &nbsp;&nbsp;Series 2022-3A Class A | &nbsp;&nbsp;Series 2022-3A Class A | &nbsp;&nbsp;Series 2022-3A Class A | &nbsp;&nbsp;Series 2022-3A Class A |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;6.050% | 1021679 | &nbsp;&nbsp;1024584 |
| &nbsp;&nbsp;Subordinated Series 2019-3A Class E | &nbsp;&nbsp;Subordinated Series 2019-3A Class E | &nbsp;&nbsp;Subordinated Series 2019-3A Class E | &nbsp;&nbsp;Subordinated Series 2019-3A Class E |
| &nbsp;&nbsp;08/17/2026 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;613830 |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-1A Class D | &nbsp;&nbsp;Subordinated Series 2020-1A Class D | &nbsp;&nbsp;Subordinated Series 2020-1A Class D | &nbsp;&nbsp;Subordinated Series 2020-1A Class D |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;2.730% | &nbsp;&nbsp;&nbsp;223171 | &nbsp;&nbsp;&nbsp;&nbsp;218645 |
| &nbsp;&nbsp;FHF Trust<sup>(a)</sup> | &nbsp;&nbsp;FHF Trust<sup>(a)</sup> | &nbsp;&nbsp;FHF Trust<sup>(a)</sup> | &nbsp;&nbsp;FHF Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;1.270% | &nbsp;&nbsp;&nbsp;155612 | &nbsp;&nbsp;&nbsp;&nbsp;149124 |
| &nbsp;&nbsp;Flagship Credit Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;Flagship Credit Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;Flagship Credit Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;Flagship Credit Auto Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A |
| &nbsp;&nbsp;06/16/2025 | &nbsp;&nbsp;0.310% | &nbsp;&nbsp;&nbsp;&nbsp;82387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82042 |
| &nbsp;&nbsp;Ford Credit Auto Lease Trust | &nbsp;&nbsp;Ford Credit Auto Lease Trust | &nbsp;&nbsp;Ford Credit Auto Lease Trust | &nbsp;&nbsp;Ford Credit Auto Lease Trust |
| &nbsp;&nbsp;Series 2021-B Class A3 | &nbsp;&nbsp;Series 2021-B Class A3 | &nbsp;&nbsp;Series 2021-B Class A3 | &nbsp;&nbsp;Series 2021-B Class A3 |
| &nbsp;&nbsp;10/15/2024 | &nbsp;&nbsp;0.370% | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;122006 |
| &nbsp;&nbsp;Ford Credit Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Ford Credit Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Ford Credit Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Ford Credit Auto Owner Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;3.520% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;539501 |
| &nbsp;&nbsp;Ford Credit Auto Owner Trust | &nbsp;&nbsp;Ford Credit Auto Owner Trust | &nbsp;&nbsp;Ford Credit Auto Owner Trust | &nbsp;&nbsp;Ford Credit Auto Owner Trust |
| &nbsp;&nbsp;Series 2020-B Class A4 | &nbsp;&nbsp;Series 2020-B Class A4 | &nbsp;&nbsp;Series 2020-B Class A4 | &nbsp;&nbsp;Series 2020-B Class A4 |
| &nbsp;&nbsp;11/15/2025 | &nbsp;&nbsp;0.790% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;288295 |
| &nbsp;&nbsp;Subordinated Series 2019-A Class B | &nbsp;&nbsp;Subordinated Series 2019-A Class B | &nbsp;&nbsp;Subordinated Series 2019-A Class B | &nbsp;&nbsp;Subordinated Series 2019-A Class B |
| &nbsp;&nbsp;10/15/2024 | &nbsp;&nbsp;3.020% | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;449039 |
| &nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust A | &nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust A | &nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust A | &nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust A |
| &nbsp;&nbsp;Series 2020-1 Class A1 | &nbsp;&nbsp;Series 2020-1 Class A1 | &nbsp;&nbsp;Series 2020-1 Class A1 | &nbsp;&nbsp;Series 2020-1 Class A1 |
| &nbsp;&nbsp;09/15/2025 | &nbsp;&nbsp;0.700% | &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;556372 |
| &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-4FP Class A | &nbsp;&nbsp;Series 2022-4FP Class A | &nbsp;&nbsp;Series 2022-4FP Class A | &nbsp;&nbsp;Series 2022-4FP Class A |
| &nbsp;&nbsp;12/18/2029 | &nbsp;&nbsp;6.490% | &nbsp;&nbsp;&nbsp;222060 | &nbsp;&nbsp;&nbsp;&nbsp;222383 |
| &nbsp;&nbsp;Subordinated Series 2021-3FP Class B | &nbsp;&nbsp;Subordinated Series 2021-3FP Class B | &nbsp;&nbsp;Subordinated Series 2021-3FP Class B | &nbsp;&nbsp;Subordinated Series 2021-3FP Class B |
| &nbsp;&nbsp;11/20/2028 | &nbsp;&nbsp;1.010% | &nbsp;&nbsp;&nbsp;&nbsp;77725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77098 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-3A Class C | &nbsp;&nbsp;Subordinated Series 2020-3A Class C | &nbsp;&nbsp;Subordinated Series 2020-3A Class C | &nbsp;&nbsp;Subordinated Series 2020-3A Class C |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;1.920% | &nbsp;&nbsp;&nbsp;731750 | &nbsp;&nbsp;&nbsp;&nbsp;725877 |
| &nbsp;&nbsp;GLS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B |
| &nbsp;&nbsp;09/15/2025 | &nbsp;&nbsp;0.770% | &nbsp;&nbsp;&nbsp;455250 | &nbsp;&nbsp;&nbsp;&nbsp;449834 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;GM Financial Automobile Leasing Trust | &nbsp;&nbsp;GM Financial Automobile Leasing Trust | &nbsp;&nbsp;GM Financial Automobile Leasing Trust | &nbsp;&nbsp;GM Financial Automobile Leasing Trust |
| &nbsp;&nbsp;Series 2020-3 Class A4 | &nbsp;&nbsp;Series 2020-3 Class A4 | &nbsp;&nbsp;Series 2020-3 Class A4 | &nbsp;&nbsp;Series 2020-3 Class A4 |
| &nbsp;&nbsp;10/21/2024 | &nbsp;&nbsp;0.510% | &nbsp;&nbsp;68333 | &nbsp;&nbsp;&nbsp;&nbsp;68132 |
| &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C |
| &nbsp;&nbsp;02/20/2025 | &nbsp;&nbsp;0.700% | 200000 | &nbsp;&nbsp;193886 |
| &nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust | &nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust | &nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust | &nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust |
| &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 |
| &nbsp;&nbsp;03/17/2025 | &nbsp;&nbsp;1.900% | 200000 | &nbsp;&nbsp;194560 |
| &nbsp;&nbsp;Series 2020-3 Class A3 | &nbsp;&nbsp;Series 2020-3 Class A3 | &nbsp;&nbsp;Series 2020-3 Class A3 | &nbsp;&nbsp;Series 2020-3 Class A3 |
| &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;0.450% | 475246 | &nbsp;&nbsp;465608 |
| &nbsp;&nbsp;Series 2021-2 Class A3 | &nbsp;&nbsp;Series 2021-2 Class A3 | &nbsp;&nbsp;Series 2021-2 Class A3 | &nbsp;&nbsp;Series 2021-2 Class A3 |
| &nbsp;&nbsp;04/16/2026 | &nbsp;&nbsp;0.510% | 647022 | &nbsp;&nbsp;621692 |
| &nbsp;&nbsp;Harley-Davidson Motorcycle Trust | &nbsp;&nbsp;Harley-Davidson Motorcycle Trust | &nbsp;&nbsp;Harley-Davidson Motorcycle Trust | &nbsp;&nbsp;Harley-Davidson Motorcycle Trust |
| &nbsp;&nbsp;Series 2020-A Class A3 | &nbsp;&nbsp;Series 2020-A Class A3 | &nbsp;&nbsp;Series 2020-A Class A3 | &nbsp;&nbsp;Series 2020-A Class A3 |
| &nbsp;&nbsp;10/15/2024 | &nbsp;&nbsp;1.870% | &nbsp;&nbsp;33982 | &nbsp;&nbsp;&nbsp;&nbsp;33942 |
| &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;0.370% | 443760 | &nbsp;&nbsp;431992 |
| &nbsp;&nbsp;HPEFS Equipment Trust<sup>(a)</sup> | &nbsp;&nbsp;HPEFS Equipment Trust<sup>(a)</sup> | &nbsp;&nbsp;HPEFS Equipment Trust<sup>(a)</sup> | &nbsp;&nbsp;HPEFS Equipment Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-2A Class A2 | &nbsp;&nbsp;Series 2021-2A Class A2 | &nbsp;&nbsp;Series 2021-2A Class A2 | &nbsp;&nbsp;Series 2021-2A Class A2 |
| &nbsp;&nbsp;09/20/2028 | &nbsp;&nbsp;0.300% | &nbsp;&nbsp;43132 | &nbsp;&nbsp;&nbsp;&nbsp;42969 |
| &nbsp;&nbsp;Hyundai Auto Lease Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Hyundai Auto Lease Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Hyundai Auto Lease Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Hyundai Auto Lease Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-B Class A3 | &nbsp;&nbsp;Series 2021-B Class A3 | &nbsp;&nbsp;Series 2021-B Class A3 | &nbsp;&nbsp;Series 2021-B Class A3 |
| &nbsp;&nbsp;06/17/2024 | &nbsp;&nbsp;0.330% | 500000 | &nbsp;&nbsp;492454 |
| &nbsp;&nbsp;John Deere Owner Trust | &nbsp;&nbsp;John Deere Owner Trust | &nbsp;&nbsp;John Deere Owner Trust | &nbsp;&nbsp;John Deere Owner Trust |
| &nbsp;&nbsp;Series 2021-B Class A2 | &nbsp;&nbsp;Series 2021-B Class A2 | &nbsp;&nbsp;Series 2021-B Class A2 | &nbsp;&nbsp;Series 2021-B Class A2 |
| &nbsp;&nbsp;06/17/2024 | &nbsp;&nbsp;0.250% | 195221 | &nbsp;&nbsp;193836 |
| &nbsp;&nbsp;JPMorgan Chase Bank NA<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Bank NA<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Bank NA<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Bank NA<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-2 Class C | &nbsp;&nbsp;Subordinated Series 2021-2 Class C | &nbsp;&nbsp;Subordinated Series 2021-2 Class C | &nbsp;&nbsp;Subordinated Series 2021-2 Class C |
| &nbsp;&nbsp;12/26/2028 | &nbsp;&nbsp;0.969% | 538782 | &nbsp;&nbsp;513344 |
| &nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-3 Class B | &nbsp;&nbsp;Series 2021-3 Class B | &nbsp;&nbsp;Series 2021-3 Class B | &nbsp;&nbsp;Series 2021-3 Class B |
| &nbsp;&nbsp;02/26/2029 | &nbsp;&nbsp;0.760% | 124982 | &nbsp;&nbsp;117334 |
| &nbsp;&nbsp;LAD Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;LAD Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;LAD Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;LAD Auto Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;08/17/2026 | &nbsp;&nbsp;1.300% | &nbsp;&nbsp;50821 | &nbsp;&nbsp;&nbsp;&nbsp;49380 |
| &nbsp;&nbsp;Lendbuzz Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Lendbuzz Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Lendbuzz Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Lendbuzz Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;1.460% | &nbsp;&nbsp;79286 | &nbsp;&nbsp;&nbsp;&nbsp;75627 |
| &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;1.110% | &nbsp;&nbsp;74021 | &nbsp;&nbsp;&nbsp;&nbsp;73496 |
| &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;1.680% | 186317 | &nbsp;&nbsp;185226 |
| &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;1.070% | &nbsp;&nbsp;53293 | &nbsp;&nbsp;&nbsp;&nbsp;51460 |
| &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A |
| &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;0.510% | &nbsp;&nbsp;&nbsp;&nbsp;6788 | &nbsp;&nbsp;&nbsp;&nbsp;6776 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Marlin Receivables LLC<sup>(a)</sup> | &nbsp;&nbsp;Marlin Receivables LLC<sup>(a)</sup> | &nbsp;&nbsp;Marlin Receivables LLC<sup>(a)</sup> | &nbsp;&nbsp;Marlin Receivables LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class A1 | &nbsp;&nbsp;Series 2022-1A Class A1 | &nbsp;&nbsp;Series 2022-1A Class A1 | &nbsp;&nbsp;Series 2022-1A Class A1 |
| &nbsp;&nbsp;07/20/2023 | &nbsp;&nbsp;3.372% | 276824 | &nbsp;&nbsp;275937 |
| &nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust | &nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust | &nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust | &nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust |
| &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;0.770% | 150000 | &nbsp;&nbsp;142850 |
| &nbsp;&nbsp;MMAF Equipment Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;MMAF Equipment Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;MMAF Equipment Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;MMAF Equipment Finance LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-A Class A2 | &nbsp;&nbsp;Series 2020-A Class A2 | &nbsp;&nbsp;Series 2020-A Class A2 | &nbsp;&nbsp;Series 2020-A Class A2 |
| &nbsp;&nbsp;04/09/2024 | &nbsp;&nbsp;0.740% | &nbsp;&nbsp;91620 | &nbsp;&nbsp;&nbsp;&nbsp;90831 |
| &nbsp;&nbsp;Nissan Auto Lease Trust | &nbsp;&nbsp;Nissan Auto Lease Trust | &nbsp;&nbsp;Nissan Auto Lease Trust | &nbsp;&nbsp;Nissan Auto Lease Trust |
| &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 |
| &nbsp;&nbsp;08/15/2024 | &nbsp;&nbsp;0.520% | 225000 | &nbsp;&nbsp;219797 |
| &nbsp;&nbsp;Nissan Auto Receivables Owner Trust | &nbsp;&nbsp;Nissan Auto Receivables Owner Trust | &nbsp;&nbsp;Nissan Auto Receivables Owner Trust | &nbsp;&nbsp;Nissan Auto Receivables Owner Trust |
| &nbsp;&nbsp;Series 2019-C Class A3 | &nbsp;&nbsp;Series 2019-C Class A3 | &nbsp;&nbsp;Series 2019-C Class A3 | &nbsp;&nbsp;Series 2019-C Class A3 |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;1.930% | 107515 | &nbsp;&nbsp;107130 |
| &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A |
| &nbsp;&nbsp;01/08/2030 | &nbsp;&nbsp;7.451% | 374156 | &nbsp;&nbsp;373828 |
| &nbsp;&nbsp;Oscar US Funding XIII LLC<sup>(a)</sup> | &nbsp;&nbsp;Oscar US Funding XIII LLC<sup>(a)</sup> | &nbsp;&nbsp;Oscar US Funding XIII LLC<sup>(a)</sup> | &nbsp;&nbsp;Oscar US Funding XIII LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-2A Class A2 | &nbsp;&nbsp;Series 2021-2A Class A2 | &nbsp;&nbsp;Series 2021-2A Class A2 | &nbsp;&nbsp;Series 2021-2A Class A2 |
| &nbsp;&nbsp;08/12/2024 | &nbsp;&nbsp;0.390% | 412038 | &nbsp;&nbsp;406342 |
| &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;1.180% | 216794 | &nbsp;&nbsp;213625 |
| &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;1.150% | 313769 | &nbsp;&nbsp;306150 |
| &nbsp;&nbsp;Pagaya AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;2.030% | 476153 | &nbsp;&nbsp;457713 |
| &nbsp;&nbsp;Santander Drive Auto Receivables Trust | &nbsp;&nbsp;Santander Drive Auto Receivables Trust | &nbsp;&nbsp;Santander Drive Auto Receivables Trust | &nbsp;&nbsp;Santander Drive Auto Receivables Trust |
| &nbsp;&nbsp;Series 2020-2 Class D | &nbsp;&nbsp;Series 2020-2 Class D | &nbsp;&nbsp;Series 2020-2 Class D | &nbsp;&nbsp;Series 2020-2 Class D |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;2.220% | 427000 | &nbsp;&nbsp;415141 |
| &nbsp;&nbsp;Series 2022-1 Class A3 | &nbsp;&nbsp;Series 2022-1 Class A3 | &nbsp;&nbsp;Series 2022-1 Class A3 | &nbsp;&nbsp;Series 2022-1 Class A3 |
| &nbsp;&nbsp;11/17/2025 | &nbsp;&nbsp;1.940% | 735000 | &nbsp;&nbsp;724004 |
| &nbsp;&nbsp;Series 2022-2 Class A2 | &nbsp;&nbsp;Series 2022-2 Class A2 | &nbsp;&nbsp;Series 2022-2 Class A2 | &nbsp;&nbsp;Series 2022-2 Class A2 |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;2.120% | 143911 | &nbsp;&nbsp;143500 |
| &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;2.980% | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;97726 |
| &nbsp;&nbsp;Series 2022-4 Class A2 | &nbsp;&nbsp;Series 2022-4 Class A2 | &nbsp;&nbsp;Series 2022-4 Class A2 | &nbsp;&nbsp;Series 2022-4 Class A2 |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;4.050% | 483501 | &nbsp;&nbsp;482456 |
| &nbsp;&nbsp;Subordinated Series 2019-2 Class D | &nbsp;&nbsp;Subordinated Series 2019-2 Class D | &nbsp;&nbsp;Subordinated Series 2019-2 Class D | &nbsp;&nbsp;Subordinated Series 2019-2 Class D |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;3.220% | 101882 | &nbsp;&nbsp;101039 |
| &nbsp;&nbsp;Subordinated Series 2020-4 Class C | &nbsp;&nbsp;Subordinated Series 2020-4 Class C | &nbsp;&nbsp;Subordinated Series 2020-4 Class C | &nbsp;&nbsp;Subordinated Series 2020-4 Class C |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;1.010% | 172459 | &nbsp;&nbsp;170674 |
| &nbsp;&nbsp;Santander Retail Auto Lease Trust<sup>(a)</sup> | &nbsp;&nbsp;Santander Retail Auto Lease Trust<sup>(a)</sup> | &nbsp;&nbsp;Santander Retail Auto Lease Trust<sup>(a)</sup> | &nbsp;&nbsp;Santander Retail Auto Lease Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 |
| &nbsp;&nbsp;07/22/2024 | &nbsp;&nbsp;0.510% | 275000 | &nbsp;&nbsp;267894 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2021-B Class A2 | &nbsp;&nbsp;Series 2021-B Class A2 | &nbsp;&nbsp;Series 2021-B Class A2 | &nbsp;&nbsp;Series 2021-B Class A2 |
| &nbsp;&nbsp;01/22/2024 | &nbsp;&nbsp;0.310% | &nbsp;&nbsp;&nbsp;&nbsp;89953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89498 |
| &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;1.210% | &nbsp;&nbsp;&nbsp;&nbsp;71560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70394 |
| &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;1.850% | &nbsp;&nbsp;&nbsp;327456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319845 |
| &nbsp;&nbsp;United Auto Credit Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;United Auto Credit Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;United Auto Credit Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;United Auto Credit Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A |
| &nbsp;&nbsp;07/10/2024 | &nbsp;&nbsp;1.110% | &nbsp;&nbsp;&nbsp;&nbsp;34436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34363 |
| &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-ST6 Class A | &nbsp;&nbsp;Series 2021-ST6 Class A | &nbsp;&nbsp;Series 2021-ST6 Class A | &nbsp;&nbsp;Series 2021-ST6 Class A |
| &nbsp;&nbsp;08/20/2027 | &nbsp;&nbsp;1.850% | &nbsp;&nbsp;&nbsp;&nbsp;61538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57380 |
| &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A |
| &nbsp;&nbsp;07/20/2031 | &nbsp;&nbsp;0.830% | &nbsp;&nbsp;&nbsp;204708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200331 |
| &nbsp;&nbsp;Verizon Owner Trust | &nbsp;&nbsp;Verizon Owner Trust | &nbsp;&nbsp;Verizon Owner Trust | &nbsp;&nbsp;Verizon Owner Trust |
| &nbsp;&nbsp;Series 2020-A Class A1A | &nbsp;&nbsp;Series 2020-A Class A1A | &nbsp;&nbsp;Series 2020-A Class A1A | &nbsp;&nbsp;Series 2020-A Class A1A |
| &nbsp;&nbsp;07/22/2024 | &nbsp;&nbsp;1.850% | &nbsp;&nbsp;&nbsp;157464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156621 |
| &nbsp;&nbsp;VFI ABS LLC<sup>(a)</sup> | &nbsp;&nbsp;VFI ABS LLC<sup>(a)</sup> | &nbsp;&nbsp;VFI ABS LLC<sup>(a)</sup> | &nbsp;&nbsp;VFI ABS LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A |
| &nbsp;&nbsp;03/24/2028 | &nbsp;&nbsp;2.230% | &nbsp;&nbsp;&nbsp;165923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161771 |
| &nbsp;&nbsp;Volkswagen Auto Lease Trust | &nbsp;&nbsp;Volkswagen Auto Lease Trust | &nbsp;&nbsp;Volkswagen Auto Lease Trust | &nbsp;&nbsp;Volkswagen Auto Lease Trust |
| &nbsp;&nbsp;Series 2020-A Class A3 | &nbsp;&nbsp;Series 2020-A Class A3 | &nbsp;&nbsp;Series 2020-A Class A3 | &nbsp;&nbsp;Series 2020-A Class A3 |
| &nbsp;&nbsp;01/22/2024 | &nbsp;&nbsp;0.390% | &nbsp;&nbsp;&nbsp;122653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122041 |
| &nbsp;&nbsp;Series 2020-A Class A4 | &nbsp;&nbsp;Series 2020-A Class A4 | &nbsp;&nbsp;Series 2020-A Class A4 | &nbsp;&nbsp;Series 2020-A Class A4 |
| &nbsp;&nbsp;07/21/2025 | &nbsp;&nbsp;0.450% | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173037 |
| &nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust | &nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust | &nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust | &nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust |
| &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 |
| &nbsp;&nbsp;08/20/2026 | &nbsp;&nbsp;1.260% | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216944 |
| &nbsp;&nbsp;Westlake Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Westlake Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Westlake Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Westlake Automobile Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class A2A | &nbsp;&nbsp;Series 2022-1A Class A2A | &nbsp;&nbsp;Series 2022-1A Class A2A | &nbsp;&nbsp;Series 2022-1A Class A2A |
| &nbsp;&nbsp;12/16/2024 | &nbsp;&nbsp;1.970% | &nbsp;&nbsp;&nbsp;127767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126336 |
| &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;0.620% | 1134000 | &nbsp;&nbsp;&nbsp;&nbsp;1093981 |
| &nbsp;&nbsp;World Omni Auto Receivables Trust | &nbsp;&nbsp;World Omni Auto Receivables Trust | &nbsp;&nbsp;World Omni Auto Receivables Trust | &nbsp;&nbsp;World Omni Auto Receivables Trust |
| &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;0.300% | &nbsp;&nbsp;&nbsp;151242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146135 |
| &nbsp;&nbsp;World Omni Automobile Lease Securitization Trust | &nbsp;&nbsp;World Omni Automobile Lease Securitization Trust | &nbsp;&nbsp;World Omni Automobile Lease Securitization Trust | &nbsp;&nbsp;World Omni Automobile Lease Securitization Trust |
| &nbsp;&nbsp;Series 2021-A Class A2 | &nbsp;&nbsp;Series 2021-A Class A2 | &nbsp;&nbsp;Series 2021-A Class A2 | &nbsp;&nbsp;Series 2021-A Class A2 |
| &nbsp;&nbsp;04/15/2024 | &nbsp;&nbsp;0.210% | &nbsp;&nbsp;&nbsp;119228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118999 |
| &nbsp;&nbsp;Series 2022-A Class A2 | &nbsp;&nbsp;Series 2022-A Class A2 | &nbsp;&nbsp;Series 2022-A Class A2 | &nbsp;&nbsp;Series 2022-A Class A2 |
| &nbsp;&nbsp;10/15/2024 | &nbsp;&nbsp;2.630% | &nbsp;&nbsp;&nbsp;687934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679066 |
| &nbsp;&nbsp;World Omni Select Auto Trust | &nbsp;&nbsp;World Omni Select Auto Trust | &nbsp;&nbsp;World Omni Select Auto Trust | &nbsp;&nbsp;World Omni Select Auto Trust |
| &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;0.530% | &nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267631 |
| &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $23,886,458) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $23,886,458) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $23,886,458) | &nbsp;&nbsp;**23721655** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 2.3%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 2.3%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 2.3%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 2.3%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;COMM Mortgage Trust | &nbsp;&nbsp;COMM Mortgage Trust | &nbsp;&nbsp;COMM Mortgage Trust | &nbsp;&nbsp;COMM Mortgage Trust |
| &nbsp;&nbsp;Series 2013-CR6 Class A4 | &nbsp;&nbsp;Series 2013-CR6 Class A4 | &nbsp;&nbsp;Series 2013-CR6 Class A4 | &nbsp;&nbsp;Series 2013-CR6 Class A4 |
| &nbsp;&nbsp;03/10/2046 | &nbsp;&nbsp;3.101% | &nbsp;&nbsp;&nbsp;169305 | &nbsp;&nbsp;&nbsp;&nbsp;168761 |
| &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2022-SHIP Class A | &nbsp;&nbsp;Series 2022-SHIP Class A | &nbsp;&nbsp;Series 2022-SHIP Class A | &nbsp;&nbsp;Series 2022-SHIP Class A |
| &nbsp;&nbsp;1-month Term SOFR + 0.731%<br> Floor 0.731%<br> 08/15/2036 | &nbsp;&nbsp;4.525% | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;320889 |
| &nbsp;&nbsp;GS Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;GS Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;GS Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;GS Mortgage Securities Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2013-GC13 Class A5 | &nbsp;&nbsp;Series 2013-GC13 Class A5 | &nbsp;&nbsp;Series 2013-GC13 Class A5 | &nbsp;&nbsp;Series 2013-GC13 Class A5 |
| &nbsp;&nbsp;07/10/2046 | &nbsp;&nbsp;4.045% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;245661 |
| &nbsp;&nbsp;GS Mortgage Securities Trust | &nbsp;&nbsp;GS Mortgage Securities Trust | &nbsp;&nbsp;GS Mortgage Securities Trust | &nbsp;&nbsp;GS Mortgage Securities Trust |
| &nbsp;&nbsp;Series 2013-GC14 Class A5 | &nbsp;&nbsp;Series 2013-GC14 Class A5 | &nbsp;&nbsp;Series 2013-GC14 Class A5 | &nbsp;&nbsp;Series 2013-GC14 Class A5 |
| &nbsp;&nbsp;08/10/2046 | &nbsp;&nbsp;4.243% | 1500000 | &nbsp;&nbsp;1485138 |
| &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2013-C14 Class ASB | &nbsp;&nbsp;Series 2013-C14 Class ASB | &nbsp;&nbsp;Series 2013-C14 Class ASB | &nbsp;&nbsp;Series 2013-C14 Class ASB |
| &nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;3.761% | &nbsp;&nbsp;&nbsp;&nbsp;70758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70098 |
| &nbsp;&nbsp;UBS-Barclays Commercial Mortgage Trust | &nbsp;&nbsp;UBS-Barclays Commercial Mortgage Trust | &nbsp;&nbsp;UBS-Barclays Commercial Mortgage Trust | &nbsp;&nbsp;UBS-Barclays Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2013-C5 Class A4 | &nbsp;&nbsp;Series 2013-C5 Class A4 | &nbsp;&nbsp;Series 2013-C5 Class A4 | &nbsp;&nbsp;Series 2013-C5 Class A4 |
| &nbsp;&nbsp;03/10/2046 | &nbsp;&nbsp;3.185% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 |
| &nbsp;&nbsp;WFRBS Commercial Mortgage Trust | &nbsp;&nbsp;WFRBS Commercial Mortgage Trust | &nbsp;&nbsp;WFRBS Commercial Mortgage Trust | &nbsp;&nbsp;WFRBS Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2013-C14 Class A5 | &nbsp;&nbsp;Series 2013-C14 Class A5 | &nbsp;&nbsp;Series 2013-C14 Class A5 | &nbsp;&nbsp;Series 2013-C14 Class A5 |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;3.337% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;876680 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $3,220,281) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $3,220,281) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $3,220,281) | &nbsp;&nbsp;**3167849** |
| &nbsp;&nbsp;**Corporate Bonds & Notes 25.0%** | &nbsp;&nbsp;**Corporate Bonds & Notes 25.0%** | &nbsp;&nbsp;**Corporate Bonds & Notes 25.0%** | &nbsp;&nbsp;**Corporate Bonds & Notes 25.0%** |
| &nbsp;&nbsp;**Aerospace & Defense 0.9%** | &nbsp;&nbsp;**Aerospace & Defense 0.9%** | &nbsp;&nbsp;**Aerospace & Defense 0.9%** | &nbsp;&nbsp;**Aerospace & Defense 0.9%** |
| &nbsp;&nbsp;BAE Systems Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/07/2024 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp;&nbsp;&nbsp;217750 |
| &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) |
| &nbsp;&nbsp;02/01/2024 | &nbsp;&nbsp;1.950% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;336922 |
| &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;L3Harris Technologies, Inc. |
| &nbsp;&nbsp;06/15/2023 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;337150 |
| &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;Raytheon Technologies Corp. |
| &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;342327 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1234149** |
| &nbsp;&nbsp;**Automotive 0.5%** | &nbsp;&nbsp;**Automotive 0.5%** | &nbsp;&nbsp;**Automotive 0.5%** | &nbsp;&nbsp;**Automotive 0.5%** |
| &nbsp;&nbsp;Daimler Trucks Finance North America LLC<sup>(a),(b)</sup> | &nbsp;&nbsp;Daimler Trucks Finance North America LLC<sup>(a),(b)</sup> | &nbsp;&nbsp;Daimler Trucks Finance North America LLC<sup>(a),(b)</sup> | &nbsp;&nbsp;Daimler Trucks Finance North America LLC<sup>(a),(b)</sup> |
| &nbsp;&nbsp;SOFR + 1.000%<br> 04/05/2024 | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;333627 |
| &nbsp;&nbsp;Toyota Motor Credit Corp. | &nbsp;&nbsp;Toyota Motor Credit Corp. | &nbsp;&nbsp;Toyota Motor Credit Corp. | &nbsp;&nbsp;Toyota Motor Credit Corp. |
| &nbsp;&nbsp;06/14/2024 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;420782 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**754409** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Banking 8.0%** | &nbsp;&nbsp;**Banking 8.0%** | &nbsp;&nbsp;**Banking 8.0%** | &nbsp;&nbsp;**Banking 8.0%** |
| &nbsp;&nbsp;American Express Co.<sup>(b)</sup> | &nbsp;&nbsp;American Express Co.<sup>(b)</sup> | &nbsp;&nbsp;American Express Co.<sup>(b)</sup> | &nbsp;&nbsp;American Express Co.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.750%<br> 08/03/2023 | &nbsp;&nbsp;5.210% | 415000 | &nbsp;&nbsp;415021 |
| &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.430%<br> 05/28/2024 | &nbsp;&nbsp;4.963% | 700000 | &nbsp;&nbsp;693238 |
| &nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;Bank of Montreal |
| &nbsp;&nbsp;09/14/2024 | &nbsp;&nbsp;4.250% | 400000 | &nbsp;&nbsp;394561 |
| &nbsp;&nbsp;Bank of New York Mellon Corp. (The)<sup>(b)</sup> | &nbsp;&nbsp;Bank of New York Mellon Corp. (The)<sup>(b)</sup> | &nbsp;&nbsp;Bank of New York Mellon Corp. (The)<sup>(b)</sup> | &nbsp;&nbsp;Bank of New York Mellon Corp. (The)<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.260%<br> 04/26/2024 | &nbsp;&nbsp;4.560% | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;16880 |
| &nbsp;&nbsp;Bank of Nova Scotia (The)<sup>(b)</sup> | &nbsp;&nbsp;Bank of Nova Scotia (The)<sup>(b)</sup> | &nbsp;&nbsp;Bank of Nova Scotia (The)<sup>(b)</sup> | &nbsp;&nbsp;Bank of Nova Scotia (The)<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.380%<br> 07/31/2024 | &nbsp;&nbsp;4.680% | 400000 | &nbsp;&nbsp;394679 |
| &nbsp;&nbsp;BBVA USA | &nbsp;&nbsp;BBVA USA | &nbsp;&nbsp;BBVA USA | &nbsp;&nbsp;BBVA USA |
| &nbsp;&nbsp;08/27/2024 | &nbsp;&nbsp;2.500% | 464000 | &nbsp;&nbsp;445152 |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce<sup>(b)</sup> | &nbsp;&nbsp;Canadian Imperial Bank of Commerce<sup>(b)</sup> | &nbsp;&nbsp;Canadian Imperial Bank of Commerce<sup>(b)</sup> | &nbsp;&nbsp;Canadian Imperial Bank of Commerce<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.660%<br> 09/13/2023 | &nbsp;&nbsp;5.393% | 415000 | &nbsp;&nbsp;414840 |
| &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 1.100%<br> 05/17/2024 | &nbsp;&nbsp;5.750% | 650000 | &nbsp;&nbsp;650397 |
| &nbsp;&nbsp;Commonwealth Bank of Australia<sup>(a),(b)</sup> | &nbsp;&nbsp;Commonwealth Bank of Australia<sup>(a),(b)</sup> | &nbsp;&nbsp;Commonwealth Bank of Australia<sup>(a),(b)</sup> | &nbsp;&nbsp;Commonwealth Bank of Australia<sup>(a),(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.820%<br> 06/04/2024 | &nbsp;&nbsp;5.585% | 375000 | &nbsp;&nbsp;374839 |
| &nbsp;&nbsp;Credit Suisse AG | &nbsp;&nbsp;Credit Suisse AG | &nbsp;&nbsp;Credit Suisse AG | &nbsp;&nbsp;Credit Suisse AG |
| &nbsp;&nbsp;08/09/2024 | &nbsp;&nbsp;4.750% | 350000 | &nbsp;&nbsp;334336 |
| &nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;Discover Bank |
| &nbsp;&nbsp;09/12/2024 | &nbsp;&nbsp;2.450% | 325000 | &nbsp;&nbsp;308792 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 1.600%<br> 11/29/2023 | &nbsp;&nbsp;6.334% | 650000 | &nbsp;&nbsp;654795 |
| &nbsp;&nbsp;HSBC Holdings PLC<sup>(d)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(d)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(d)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(d)</sup> |
| &nbsp;&nbsp;08/17/2024 | &nbsp;&nbsp;0.732% | 407000 | &nbsp;&nbsp;392315 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(d)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(d)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(d)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(d)</sup> |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;5.546% | 675000 | &nbsp;&nbsp;675042 |
| &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 1.220%<br> 05/08/2024 | &nbsp;&nbsp;5.770% | 650000 | &nbsp;&nbsp;651159 |
| &nbsp;&nbsp;National Australia Bank Ltd. | &nbsp;&nbsp;National Australia Bank Ltd. | &nbsp;&nbsp;National Australia Bank Ltd. | &nbsp;&nbsp;National Australia Bank Ltd. |
| &nbsp;&nbsp;11/22/2024 | &nbsp;&nbsp;5.132% | 350000 | &nbsp;&nbsp;350923 |
| &nbsp;&nbsp;Royal Bank of Canada<sup>(b)</sup> | &nbsp;&nbsp;Royal Bank of Canada<sup>(b)</sup> | &nbsp;&nbsp;Royal Bank of Canada<sup>(b)</sup> | &nbsp;&nbsp;Royal Bank of Canada<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.660%<br> 10/05/2023 | &nbsp;&nbsp;4.408% | 399000 | &nbsp;&nbsp;398570 |
| &nbsp;&nbsp;Skandinaviska Enskilda Banken AB<sup>(a),(b)</sup> | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB<sup>(a),(b)</sup> | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB<sup>(a),(b)</sup> | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB<sup>(a),(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.320%<br> 09/01/2023 | &nbsp;&nbsp;5.081% | 350000 | &nbsp;&nbsp;349291 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;State Street Corp.<sup>(d)</sup> | &nbsp;&nbsp;State Street Corp.<sup>(d)</sup> | &nbsp;&nbsp;State Street Corp.<sup>(d)</sup> | &nbsp;&nbsp;State Street Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;12/03/2024 | &nbsp;&nbsp;3.776% | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321271 |
| &nbsp;&nbsp;Svenska Handelsbanken AB<sup>(a)</sup> | &nbsp;&nbsp;Svenska Handelsbanken AB<sup>(a)</sup> | &nbsp;&nbsp;Svenska Handelsbanken AB<sup>(a)</sup> | &nbsp;&nbsp;Svenska Handelsbanken AB<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2023 | &nbsp;&nbsp;0.625% | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367039 |
| &nbsp;&nbsp;Toronto-Dominion Bank (The)<sup>(b)</sup> | &nbsp;&nbsp;Toronto-Dominion Bank (The)<sup>(b)</sup> | &nbsp;&nbsp;Toronto-Dominion Bank (The)<sup>(b)</sup> | &nbsp;&nbsp;Toronto-Dominion Bank (The)<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.910%<br> 03/08/2024 | &nbsp;&nbsp;5.210% | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374291 |
| &nbsp;&nbsp;Truist Bank<sup>(b)</sup> | &nbsp;&nbsp;Truist Bank<sup>(b)</sup> | &nbsp;&nbsp;Truist Bank<sup>(b)</sup> | &nbsp;&nbsp;Truist Bank<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.200%<br> 01/17/2024 | &nbsp;&nbsp;4.500% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397079 |
| &nbsp;&nbsp;UBS Group AG<sup>(a),(d)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(a),(d)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(a),(d)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(a),(d)</sup> |
| &nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;4.490% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393329 |
| &nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;US Bancorp |
| &nbsp;&nbsp;07/30/2024 | &nbsp;&nbsp;2.400% | 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399130 |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(d)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(d)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(d)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(d)</sup> |
| &nbsp;&nbsp;05/19/2025 | &nbsp;&nbsp;0.805% | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561756 |
| &nbsp;&nbsp;Westpac Banking Corp.<sup>(b)</sup> | &nbsp;&nbsp;Westpac Banking Corp.<sup>(b)</sup> | &nbsp;&nbsp;Westpac Banking Corp.<sup>(b)</sup> | &nbsp;&nbsp;Westpac Banking Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.770%<br> 02/26/2024 | &nbsp;&nbsp;5.506% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349880 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**11078605** |
| &nbsp;&nbsp;**Cable and Satellite 0.5%** | &nbsp;&nbsp;**Cable and Satellite 0.5%** | &nbsp;&nbsp;**Cable and Satellite 0.5%** | &nbsp;&nbsp;**Cable and Satellite 0.5%** |
| &nbsp;&nbsp;Charter Communications Operating LLC/Capital<sup>(b)</sup> | &nbsp;&nbsp;Charter Communications Operating LLC/Capital<sup>(b)</sup> | &nbsp;&nbsp;Charter Communications Operating LLC/Capital<sup>(b)</sup> | &nbsp;&nbsp;Charter Communications Operating LLC/Capital<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 1.650%<br> 02/01/2024 | &nbsp;&nbsp;6.090% | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326624 |
| &nbsp;&nbsp;Comcast Corp.<sup>(b)</sup> | &nbsp;&nbsp;Comcast Corp.<sup>(b)</sup> | &nbsp;&nbsp;Comcast Corp.<sup>(b)</sup> | &nbsp;&nbsp;Comcast Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.630%<br> 04/15/2024 | &nbsp;&nbsp;4.709% | 351000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351199 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**677823** |
| &nbsp;&nbsp;**Chemicals 0.2%** | &nbsp;&nbsp;**Chemicals 0.2%** | &nbsp;&nbsp;**Chemicals 0.2%** | &nbsp;&nbsp;**Chemicals 0.2%** |
| &nbsp;&nbsp;DuPont de Nemours, Inc.<sup>(b)</sup> | &nbsp;&nbsp;DuPont de Nemours, Inc.<sup>(b)</sup> | &nbsp;&nbsp;DuPont de Nemours, Inc.<sup>(b)</sup> | &nbsp;&nbsp;DuPont de Nemours, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 1.110%<br> 11/15/2023 | &nbsp;&nbsp;5.716% | 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339651 |
| &nbsp;&nbsp;**Construction Machinery 0.5%** | &nbsp;&nbsp;**Construction Machinery 0.5%** | &nbsp;&nbsp;**Construction Machinery 0.5%** | &nbsp;&nbsp;**Construction Machinery 0.5%** |
| &nbsp;&nbsp;Caterpillar Financial Services Corp. | &nbsp;&nbsp;Caterpillar Financial Services Corp. | &nbsp;&nbsp;Caterpillar Financial Services Corp. | &nbsp;&nbsp;Caterpillar Financial Services Corp. |
| &nbsp;&nbsp;01/17/2025 | &nbsp;&nbsp;4.900% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350564 |
| &nbsp;&nbsp;John Deere Capital Corp.<sup>(b)</sup> | &nbsp;&nbsp;John Deere Capital Corp.<sup>(b)</sup> | &nbsp;&nbsp;John Deere Capital Corp.<sup>(b)</sup> | &nbsp;&nbsp;John Deere Capital Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.550%<br> 06/07/2023 | &nbsp;&nbsp;5.273% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349487 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**700051** |
| &nbsp;&nbsp;**Diversified Manufacturing 0.3%** | &nbsp;&nbsp;**Diversified Manufacturing 0.3%** | &nbsp;&nbsp;**Diversified Manufacturing 0.3%** | &nbsp;&nbsp;**Diversified Manufacturing 0.3%** |
| &nbsp;&nbsp;Siemens Financieringsmaatschappij NV<sup>(a)</sup> | &nbsp;&nbsp;Siemens Financieringsmaatschappij NV<sup>(a)</sup> | &nbsp;&nbsp;Siemens Financieringsmaatschappij NV<sup>(a)</sup> | &nbsp;&nbsp;Siemens Financieringsmaatschappij NV<sup>(a)</sup> |
| &nbsp;&nbsp;03/11/2023 | &nbsp;&nbsp;0.400% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396730 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Electric 1.8%** | &nbsp;&nbsp;**Electric 1.8%** | &nbsp;&nbsp;**Electric 1.8%** | &nbsp;&nbsp;**Electric 1.8%** |
| &nbsp;&nbsp;CenterPoint Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;CenterPoint Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;CenterPoint Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;CenterPoint Energy, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.650%<br> 05/13/2024 | &nbsp;&nbsp;4.950% | 206000 | &nbsp;&nbsp;&nbsp;&nbsp;203483 |
| &nbsp;&nbsp;Consumers Energy Co. | &nbsp;&nbsp;Consumers Energy Co. | &nbsp;&nbsp;Consumers Energy Co. | &nbsp;&nbsp;Consumers Energy Co. |
| &nbsp;&nbsp;08/15/2023 | &nbsp;&nbsp;3.375% | 297000 | &nbsp;&nbsp;&nbsp;&nbsp;294073 |
| &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. |
| &nbsp;&nbsp;11/01/2024 | &nbsp;&nbsp;4.220% | 355000 | &nbsp;&nbsp;&nbsp;&nbsp;349331 |
| &nbsp;&nbsp;Duke Energy Corp.<sup>(b)</sup> | &nbsp;&nbsp;Duke Energy Corp.<sup>(b)</sup> | &nbsp;&nbsp;Duke Energy Corp.<sup>(b)</sup> | &nbsp;&nbsp;Duke Energy Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.250%<br> 06/10/2023 | &nbsp;&nbsp;4.550% | 347000 | &nbsp;&nbsp;&nbsp;&nbsp;345720 |
| &nbsp;&nbsp;Eversource Energy<sup>(b)</sup> | &nbsp;&nbsp;Eversource Energy<sup>(b)</sup> | &nbsp;&nbsp;Eversource Energy<sup>(b)</sup> | &nbsp;&nbsp;Eversource Energy<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.250%<br> 08/15/2023 | &nbsp;&nbsp;4.550% | 331000 | &nbsp;&nbsp;&nbsp;&nbsp;329145 |
| &nbsp;&nbsp;Mississippi Power Co.<sup>(b)</sup> | &nbsp;&nbsp;Mississippi Power Co.<sup>(b)</sup> | &nbsp;&nbsp;Mississippi Power Co.<sup>(b)</sup> | &nbsp;&nbsp;Mississippi Power Co.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.300%<br> 06/28/2024 | &nbsp;&nbsp;4.600% | 319000 | &nbsp;&nbsp;&nbsp;&nbsp;312020 |
| &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 1.020%<br> 03/21/2024 | &nbsp;&nbsp;5.320% | 281000 | &nbsp;&nbsp;&nbsp;&nbsp;279442 |
| &nbsp;&nbsp;PPL Electric Utilities Corp.<sup>(b)</sup> | &nbsp;&nbsp;PPL Electric Utilities Corp.<sup>(b)</sup> | &nbsp;&nbsp;PPL Electric Utilities Corp.<sup>(b)</sup> | &nbsp;&nbsp;PPL Electric Utilities Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.330%<br> 06/24/2024 | &nbsp;&nbsp;4.630% | 343000 | &nbsp;&nbsp;&nbsp;&nbsp;338548 |
| &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. |
| &nbsp;&nbsp;11/08/2023 | &nbsp;&nbsp;0.841% | &nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69347 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2521109** |
| &nbsp;&nbsp;**Food and Beverage 0.9%** | &nbsp;&nbsp;**Food and Beverage 0.9%** | &nbsp;&nbsp;**Food and Beverage 0.9%** | &nbsp;&nbsp;**Food and Beverage 0.9%** |
| &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;4.450% | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;315579 |
| &nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;Campbell Soup Co. |
| &nbsp;&nbsp;03/15/2023 | &nbsp;&nbsp;3.650% | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;174538 |
| &nbsp;&nbsp;Mondelez International, Inc. | &nbsp;&nbsp;Mondelez International, Inc. | &nbsp;&nbsp;Mondelez International, Inc. | &nbsp;&nbsp;Mondelez International, Inc. |
| &nbsp;&nbsp;03/17/2024 | &nbsp;&nbsp;2.125% | 351000 | &nbsp;&nbsp;&nbsp;&nbsp;338522 |
| &nbsp;&nbsp;Tyson Foods, Inc. | &nbsp;&nbsp;Tyson Foods, Inc. | &nbsp;&nbsp;Tyson Foods, Inc. | &nbsp;&nbsp;Tyson Foods, Inc. |
| &nbsp;&nbsp;09/28/2023 | &nbsp;&nbsp;3.900% | 346000 | &nbsp;&nbsp;&nbsp;&nbsp;342675 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1171314** |
| &nbsp;&nbsp;**Health Care 1.4%** | &nbsp;&nbsp;**Health Care 1.4%** | &nbsp;&nbsp;**Health Care 1.4%** | &nbsp;&nbsp;**Health Care 1.4%** |
| &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. |
| &nbsp;&nbsp;06/06/2024 | &nbsp;&nbsp;3.363% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;341447 |
| &nbsp;&nbsp;Cigna Corp.<sup>(b)</sup> | &nbsp;&nbsp;Cigna Corp.<sup>(b)</sup> | &nbsp;&nbsp;Cigna Corp.<sup>(b)</sup> | &nbsp;&nbsp;Cigna Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.890%<br> 07/15/2023 | &nbsp;&nbsp;4.969% | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;325464 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. |
| &nbsp;&nbsp;08/15/2024 | &nbsp;&nbsp;2.625% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;336037 |
| &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;5.550% | 328000 | &nbsp;&nbsp;&nbsp;&nbsp;329052 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. |
| &nbsp;&nbsp;02/01/2025 | &nbsp;&nbsp;5.375% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;199784 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.350%<br> 04/18/2023 | &nbsp;&nbsp;4.650% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;349623 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1881407** |
| &nbsp;&nbsp;**Healthcare Insurance 0.4%** | &nbsp;&nbsp;**Healthcare Insurance 0.4%** | &nbsp;&nbsp;**Healthcare Insurance 0.4%** | &nbsp;&nbsp;**Healthcare Insurance 0.4%** |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. |
| &nbsp;&nbsp;10/15/2024 | &nbsp;&nbsp;5.000% | 268000 | &nbsp;&nbsp;&nbsp;&nbsp;269698 |
| &nbsp;&nbsp;Wellpoint, Inc. | &nbsp;&nbsp;Wellpoint, Inc. | &nbsp;&nbsp;Wellpoint, Inc. | &nbsp;&nbsp;Wellpoint, Inc. |
| &nbsp;&nbsp;08/15/2024 | &nbsp;&nbsp;3.500% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;341275 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**610973** |
| &nbsp;&nbsp;**Independent Energy 0.3%** | &nbsp;&nbsp;**Independent Energy 0.3%** | &nbsp;&nbsp;**Independent Energy 0.3%** | &nbsp;&nbsp;**Independent Energy 0.3%** |
| &nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;Pioneer Natural Resources Co. |
| &nbsp;&nbsp;05/15/2023 | &nbsp;&nbsp;0.550% | 275000 | &nbsp;&nbsp;&nbsp;&nbsp;270444 |
| &nbsp;&nbsp;Woodside Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Woodside Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Woodside Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Woodside Finance Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;03/05/2025 | &nbsp;&nbsp;3.650% | 108000 | &nbsp;&nbsp;&nbsp;&nbsp;103658 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**374102** |
| &nbsp;&nbsp;**Integrated Energy 0.6%** | &nbsp;&nbsp;**Integrated Energy 0.6%** | &nbsp;&nbsp;**Integrated Energy 0.6%** | &nbsp;&nbsp;**Integrated Energy 0.6%** |
| &nbsp;&nbsp;Chevron USA, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Chevron USA, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Chevron USA, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Chevron USA, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.200%<br> 08/11/2023 | &nbsp;&nbsp;4.850% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;398001 |
| &nbsp;&nbsp;Shell International Finance BV<sup>(b)</sup> | &nbsp;&nbsp;Shell International Finance BV<sup>(b)</sup> | &nbsp;&nbsp;Shell International Finance BV<sup>(b)</sup> | &nbsp;&nbsp;Shell International Finance BV<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.400%<br> 11/13/2023 | &nbsp;&nbsp;5.050% | 415000 | &nbsp;&nbsp;&nbsp;&nbsp;415071 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**813072** |
| &nbsp;&nbsp;**Life Insurance 1.2%** | &nbsp;&nbsp;**Life Insurance 1.2%** | &nbsp;&nbsp;**Life Insurance 1.2%** | &nbsp;&nbsp;**Life Insurance 1.2%** |
| &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;3.500% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;335483 |
| &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2023 | &nbsp;&nbsp;4.419% | 346000 | &nbsp;&nbsp;&nbsp;&nbsp;342705 |
| &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> |
| &nbsp;&nbsp;09/27/2024 | &nbsp;&nbsp;0.700% | 397000 | &nbsp;&nbsp;&nbsp;&nbsp;366877 |
| &nbsp;&nbsp;New York Life Global Funding<sup>(a)</sup> | &nbsp;&nbsp;New York Life Global Funding<sup>(a)</sup> | &nbsp;&nbsp;New York Life Global Funding<sup>(a)</sup> | &nbsp;&nbsp;New York Life Global Funding<sup>(a)</sup> |
| &nbsp;&nbsp;04/10/2024 | &nbsp;&nbsp;2.875% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;291938 |
| &nbsp;&nbsp;Principal Life Global Funding II<sup>(a)</sup> | &nbsp;&nbsp;Principal Life Global Funding II<sup>(a)</sup> | &nbsp;&nbsp;Principal Life Global Funding II<sup>(a)</sup> | &nbsp;&nbsp;Principal Life Global Funding II<sup>(a)</sup> |
| &nbsp;&nbsp;01/08/2024 | &nbsp;&nbsp;0.500% | 365000 | &nbsp;&nbsp;&nbsp;&nbsp;348074 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1685077** |
| &nbsp;&nbsp;**Media and Entertainment 0.5%** | &nbsp;&nbsp;**Media and Entertainment 0.5%** | &nbsp;&nbsp;**Media and Entertainment 0.5%** | &nbsp;&nbsp;**Media and Entertainment 0.5%** |
| &nbsp;&nbsp;Magallanes, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;SOFR + 1.780%<br> 03/15/2024 | &nbsp;&nbsp;6.080% | 340000 | &nbsp;&nbsp;&nbsp;&nbsp;339081 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;Walt Disney Co. (The) |
| &nbsp;&nbsp;09/15/2024 | &nbsp;&nbsp;3.700% | 343000 | &nbsp;&nbsp;&nbsp;&nbsp;335974 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**675055** |
| &nbsp;&nbsp;**Midstream 1.3%** | &nbsp;&nbsp;**Midstream 1.3%** | &nbsp;&nbsp;**Midstream 1.3%** | &nbsp;&nbsp;**Midstream 1.3%** |
| &nbsp;&nbsp;Enable Midstream Partners LP | &nbsp;&nbsp;Enable Midstream Partners LP | &nbsp;&nbsp;Enable Midstream Partners LP | &nbsp;&nbsp;Enable Midstream Partners LP |
| &nbsp;&nbsp;05/15/2024 | &nbsp;&nbsp;3.900% | 193000 | &nbsp;&nbsp;&nbsp;&nbsp;188078 |
| &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;Enbridge, Inc. |
| &nbsp;&nbsp;02/16/2024 | &nbsp;&nbsp;2.150% | 283000 | &nbsp;&nbsp;&nbsp;&nbsp;273296 |
| &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;3.900% | 335000 | &nbsp;&nbsp;&nbsp;&nbsp;330035 |
| &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP |
| &nbsp;&nbsp;02/01/2024 | &nbsp;&nbsp;4.150% | 223000 | &nbsp;&nbsp;&nbsp;&nbsp;220105 |
| &nbsp;&nbsp;05/01/2024 | &nbsp;&nbsp;4.300% | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98728 |
| &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. |
| &nbsp;&nbsp;11/01/2024 | &nbsp;&nbsp;3.600% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;338934 |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) |
| &nbsp;&nbsp;06/24/2024 | &nbsp;&nbsp;4.550% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;346122 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1795298** |
| &nbsp;&nbsp;**Pharmaceuticals 1.5%** | &nbsp;&nbsp;**Pharmaceuticals 1.5%** | &nbsp;&nbsp;**Pharmaceuticals 1.5%** | &nbsp;&nbsp;**Pharmaceuticals 1.5%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. |
| &nbsp;&nbsp;03/15/2025 | &nbsp;&nbsp;3.800% | 360000 | &nbsp;&nbsp;&nbsp;&nbsp;350936 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. |
| &nbsp;&nbsp;05/22/2024 | &nbsp;&nbsp;3.625% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;343546 |
| &nbsp;&nbsp;Astrazeneca Finance LLC | &nbsp;&nbsp;Astrazeneca Finance LLC | &nbsp;&nbsp;Astrazeneca Finance LLC | &nbsp;&nbsp;Astrazeneca Finance LLC |
| &nbsp;&nbsp;05/28/2024 | &nbsp;&nbsp;0.700% | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;353731 |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;Bristol-Myers Squibb Co. |
| &nbsp;&nbsp;11/13/2023 | &nbsp;&nbsp;0.537% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;337373 |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;Gilead Sciences, Inc. |
| &nbsp;&nbsp;02/01/2025 | &nbsp;&nbsp;3.500% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;339056 |
| &nbsp;&nbsp;Roche Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Roche Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Roche Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Roche Holdings, Inc.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.330%<br> 09/11/2023 | &nbsp;&nbsp;4.630% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;349410 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2074052** |
| &nbsp;&nbsp;**Property & Casualty 0.5%** | &nbsp;&nbsp;**Property & Casualty 0.5%** | &nbsp;&nbsp;**Property & Casualty 0.5%** | &nbsp;&nbsp;**Property & Casualty 0.5%** |
| &nbsp;&nbsp;Chubb INA Holdings, Inc. | &nbsp;&nbsp;Chubb INA Holdings, Inc. | &nbsp;&nbsp;Chubb INA Holdings, Inc. | &nbsp;&nbsp;Chubb INA Holdings, Inc. |
| &nbsp;&nbsp;05/15/2024 | &nbsp;&nbsp;3.350% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;342488 |
| &nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;Loews Corp. |
| &nbsp;&nbsp;05/15/2023 | &nbsp;&nbsp;2.625% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;346634 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**689122** |
| &nbsp;&nbsp;**Railroads 0.4%** | &nbsp;&nbsp;**Railroads 0.4%** | &nbsp;&nbsp;**Railroads 0.4%** | &nbsp;&nbsp;**Railroads 0.4%** |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. |
| &nbsp;&nbsp;08/01/2024 | &nbsp;&nbsp;3.400% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;244166 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. |
| &nbsp;&nbsp;01/15/2023 | &nbsp;&nbsp;2.950% | 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334699 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**578865** |
| &nbsp;&nbsp;**Retailers 0.2%** | &nbsp;&nbsp;**Retailers 0.2%** | &nbsp;&nbsp;**Retailers 0.2%** | &nbsp;&nbsp;**Retailers 0.2%** |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. |
| &nbsp;&nbsp;09/15/2024 | &nbsp;&nbsp;3.125% | 278000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269406 |
| &nbsp;&nbsp;**Technology 1.7%** | &nbsp;&nbsp;**Technology 1.7%** | &nbsp;&nbsp;**Technology 1.7%** | &nbsp;&nbsp;**Technology 1.7%** |
| &nbsp;&nbsp;Broadcom Corp./Cayman Finance Ltd. | &nbsp;&nbsp;Broadcom Corp./Cayman Finance Ltd. | &nbsp;&nbsp;Broadcom Corp./Cayman Finance Ltd. | &nbsp;&nbsp;Broadcom Corp./Cayman Finance Ltd. |
| &nbsp;&nbsp;01/15/2024 | &nbsp;&nbsp;3.625% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344018 |
| &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;International Business Machines Corp. |
| &nbsp;&nbsp;02/12/2024 | &nbsp;&nbsp;3.625% | 303000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298410 |
| &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;0.972% | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308981 |
| &nbsp;&nbsp;NXP BV/Funding LLC | &nbsp;&nbsp;NXP BV/Funding LLC | &nbsp;&nbsp;NXP BV/Funding LLC | &nbsp;&nbsp;NXP BV/Funding LLC |
| &nbsp;&nbsp;03/01/2024 | &nbsp;&nbsp;4.875% | 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332311 |
| &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. |
| &nbsp;&nbsp;09/15/2023 | &nbsp;&nbsp;2.400% | 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328209 |
| &nbsp;&nbsp;QUALCOMM, Inc.<sup>(b)</sup> | &nbsp;&nbsp;QUALCOMM, Inc.<sup>(b)</sup> | &nbsp;&nbsp;QUALCOMM, Inc.<sup>(b)</sup> | &nbsp;&nbsp;QUALCOMM, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.730%<br> 01/30/2023 | &nbsp;&nbsp;5.145% | 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340065 |
| &nbsp;&nbsp;RELX Capital, Inc. | &nbsp;&nbsp;RELX Capital, Inc. | &nbsp;&nbsp;RELX Capital, Inc. | &nbsp;&nbsp;RELX Capital, Inc. |
| &nbsp;&nbsp;03/16/2023 | &nbsp;&nbsp;3.500% | 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333316 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2285310** |
| &nbsp;&nbsp;**Transportation Services 0.3%** | &nbsp;&nbsp;**Transportation Services 0.3%** | &nbsp;&nbsp;**Transportation Services 0.3%** | &nbsp;&nbsp;**Transportation Services 0.3%** |
| &nbsp;&nbsp;ERAC USA Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;ERAC USA Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;ERAC USA Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;ERAC USA Finance LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2023 | &nbsp;&nbsp;2.700% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341986 |
| &nbsp;&nbsp;**Wireless 0.5%** | &nbsp;&nbsp;**Wireless 0.5%** | &nbsp;&nbsp;**Wireless 0.5%** | &nbsp;&nbsp;**Wireless 0.5%** |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. |
| &nbsp;&nbsp;05/15/2024 | &nbsp;&nbsp;3.375% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340659 |
| &nbsp;&nbsp;T-Mobile USA, Inc. | &nbsp;&nbsp;T-Mobile USA, Inc. | &nbsp;&nbsp;T-Mobile USA, Inc. | &nbsp;&nbsp;T-Mobile USA, Inc. |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;3.500% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336938 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**677597** |
| &nbsp;&nbsp;**Wirelines 0.6%** | &nbsp;&nbsp;**Wirelines 0.6%** | &nbsp;&nbsp;**Wirelines 0.6%** | &nbsp;&nbsp;**Wirelines 0.6%** |
| &nbsp;&nbsp;AT&T, Inc.<sup>(b)</sup> | &nbsp;&nbsp;AT&T, Inc.<sup>(b)</sup> | &nbsp;&nbsp;AT&T, Inc.<sup>(b)</sup> | &nbsp;&nbsp;AT&T, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 1.180%<br> 06/12/2024 | &nbsp;&nbsp;5.915% | 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417095 |
| &nbsp;&nbsp;Verizon Communications, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Verizon Communications, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Verizon Communications, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Verizon Communications, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.500%<br> 03/22/2024 | &nbsp;&nbsp;4.800% | 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422399 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**839494** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $34,940,837) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $34,940,837) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $34,940,837) | &nbsp;&nbsp;**34464657** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(e)</sup> 0.5%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(e)</sup> 0.5%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(e)</sup> 0.5%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(e)</sup> 0.5%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Canada 0.5%** | &nbsp;&nbsp;**Canada 0.5%** | &nbsp;&nbsp;**Canada 0.5%** | &nbsp;&nbsp;**Canada 0.5%** |
| &nbsp;&nbsp;Province of Ontario | &nbsp;&nbsp;Province of Ontario | &nbsp;&nbsp;Province of Ontario | &nbsp;&nbsp;Province of Ontario |
| &nbsp;&nbsp;01/29/2024 | &nbsp;&nbsp;3.050% | 350000 | &nbsp;&nbsp;343329 |
| &nbsp;&nbsp;Province of Quebec | &nbsp;&nbsp;Province of Quebec | &nbsp;&nbsp;Province of Quebec | &nbsp;&nbsp;Province of Quebec |
| &nbsp;&nbsp;02/13/2023 | &nbsp;&nbsp;2.625% | 342000 | &nbsp;&nbsp;341054 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**684383** |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $686,494) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $686,494) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $686,494) | &nbsp;&nbsp;**684383** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 2.1%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 2.1%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 2.1%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 2.1%** |
| &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-3A Class M1A | &nbsp;&nbsp;CMO Series 2021-3A Class M1A | &nbsp;&nbsp;CMO Series 2021-3A Class M1A | &nbsp;&nbsp;CMO Series 2021-3A Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 1.000%<br> Floor 1.000%<br> 09/25/2031 | &nbsp;&nbsp;4.928% | 235897 | &nbsp;&nbsp;231099 |
| &nbsp;&nbsp;CFMT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;CFMT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;CFMT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;CFMT LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-EBO1 Class A | &nbsp;&nbsp;CMO Series 2021-EBO1 Class A | &nbsp;&nbsp;CMO Series 2021-EBO1 Class A | &nbsp;&nbsp;CMO Series 2021-EBO1 Class A |
| &nbsp;&nbsp;11/25/2050 | &nbsp;&nbsp;0.985% | 153439 | &nbsp;&nbsp;144125 |
| &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2022-R05 Class 2M1 | &nbsp;&nbsp;CMO Series 2022-R05 Class 2M1 | &nbsp;&nbsp;CMO Series 2022-R05 Class 2M1 | &nbsp;&nbsp;CMO Series 2022-R05 Class 2M1 |
| &nbsp;&nbsp;30-day Average SOFR + 1.900%<br> 04/25/2042 | &nbsp;&nbsp;5.828% | 241288 | &nbsp;&nbsp;239529 |
| &nbsp;&nbsp;Oceanview Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Oceanview Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Oceanview Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Oceanview Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A | &nbsp;&nbsp;CMO Series 2021-1 Class A | &nbsp;&nbsp;CMO Series 2021-1 Class A | &nbsp;&nbsp;CMO Series 2021-1 Class A |
| &nbsp;&nbsp;12/29/2051 | &nbsp;&nbsp;1.219% | 214287 | &nbsp;&nbsp;205265 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 |
| &nbsp;&nbsp;07/25/2051 | &nbsp;&nbsp;1.744% | 186811 | &nbsp;&nbsp;168588 |
| &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-SJ1 Class A1 | &nbsp;&nbsp;CMO Series 2021-SJ1 Class A1 | &nbsp;&nbsp;CMO Series 2021-SJ1 Class A1 | &nbsp;&nbsp;CMO Series 2021-SJ1 Class A1 |
| &nbsp;&nbsp;07/25/2068 | &nbsp;&nbsp;2.250% | 558316 | &nbsp;&nbsp;516065 |
| &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 |
| &nbsp;&nbsp;09/25/2051 | &nbsp;&nbsp;1.917% | 804981 | &nbsp;&nbsp;700790 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 |
| &nbsp;&nbsp;08/25/2051 | &nbsp;&nbsp;1.868% | 494000 | &nbsp;&nbsp;&nbsp;&nbsp;439937 |
| &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 |
| &nbsp;&nbsp;08/25/2051 | &nbsp;&nbsp;1.868% | 210529 | &nbsp;&nbsp;&nbsp;&nbsp;185487 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $3,102,277) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $3,102,277) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $3,102,277) | &nbsp;&nbsp;**2830885** |
| &nbsp;&nbsp;**U.S. Government & Agency Obligations 0.5%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 0.5%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 0.5%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 0.5%** |
| &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.050%<br> 08/22/2023 | &nbsp;&nbsp;4.350% | 280000 | &nbsp;&nbsp;&nbsp;&nbsp;279812 |
| &nbsp;&nbsp;SOFR + 0.060%<br> 12/27/2023 | &nbsp;&nbsp;4.360% | 425000 | &nbsp;&nbsp;&nbsp;&nbsp;424623 |
| &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $705,000) | &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $705,000) | &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $705,000) | &nbsp;&nbsp;&nbsp;&nbsp;**704435** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 0.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations 0.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations 0.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations 0.5%** |
| &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury |
| &nbsp;&nbsp;04/30/2023 | &nbsp;&nbsp;0.125% | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;689965 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $689,806) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $689,806) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $689,806) | &nbsp;&nbsp;&nbsp;&nbsp;**689965** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 38.9%** | &nbsp;&nbsp;**Money Market Funds 38.9%** | &nbsp;&nbsp;**Money Market Funds 38.9%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(f),(g)</sup> | &nbsp;&nbsp;53546991 | &nbsp;&nbsp;&nbsp;&nbsp;53530926 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $53,523,783) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $53,523,783) | &nbsp;&nbsp;&nbsp;&nbsp;**53530926** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $120,754,936)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $120,754,936)** | &nbsp;&nbsp;**119794755** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**17929623** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**137724378** |

---

At December 31, 2022, securities and/or cash totaling $11,892,465 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Brent Crude | 2 | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Brent Crude | 28 | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2405480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330) |
| &nbsp;&nbsp;Brent Crude | 2 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Brent Crude | 21 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1790670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26463) |
| &nbsp;&nbsp;Brent Crude | 6 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Brent Crude | 17 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1431400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(724) |
| &nbsp;&nbsp;Brent Crude | 46 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3822600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Cocoa | 5 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Coffee | 4 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Coffee | 4 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Coffee | 4 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35622) |
| &nbsp;&nbsp;Coffee | 7 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Coffee | 10 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1903) |
| &nbsp;&nbsp;Coffee | 8 | &nbsp;&nbsp;&nbsp;&nbsp;09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Copper | 4 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Copper | 13 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1239713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Copper | 26 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2480400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Copper | 13 | &nbsp;&nbsp;&nbsp;&nbsp;09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1239875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8882) |
| &nbsp;&nbsp;Corn | 92 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3121100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Corn | 49 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1661100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Corn | 41 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1377088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Corn | 58 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1948075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2452) |
| &nbsp;&nbsp;Corn | 53 | &nbsp;&nbsp;&nbsp;&nbsp;09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1661550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cotton | 16 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cotton | 7 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1949) |
| &nbsp;&nbsp;Cotton | 14 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cotton | 7 | &nbsp;&nbsp;&nbsp;&nbsp;12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Feeder Cattle | 1 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Gas Oil | 31 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2735750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Gas Oil | 10 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41927) |
| &nbsp;&nbsp;Gas Oil | 21 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1705200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126552) |
| &nbsp;&nbsp;Gas Oil | 11 | &nbsp;&nbsp;&nbsp;&nbsp;09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Gold 100 oz. | 23 | &nbsp;&nbsp;&nbsp;&nbsp;02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4200260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Gold 100 oz. | 22 | &nbsp;&nbsp;&nbsp;&nbsp;04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4052840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Gold 100 oz. | 21 | &nbsp;&nbsp;&nbsp;&nbsp;06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3901170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Gold 100 oz. | 42 | &nbsp;&nbsp;&nbsp;&nbsp;08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;7869120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Lead | 11 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Lean Hogs | 12 | &nbsp;&nbsp;&nbsp;&nbsp;02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Lean Hogs | 67 | &nbsp;&nbsp;&nbsp;&nbsp;02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2350360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45488) |
| &nbsp;&nbsp;Lean Hogs | 13 | &nbsp;&nbsp;&nbsp;&nbsp;04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Lean Hogs | 11 | &nbsp;&nbsp;&nbsp;&nbsp;06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Lean Hogs | 11 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Lean Hogs | 11 | &nbsp;&nbsp;&nbsp;&nbsp;08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Live Cattle | 21 | &nbsp;&nbsp;&nbsp;&nbsp;02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1326360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Live Cattle | 17 | &nbsp;&nbsp;&nbsp;&nbsp;04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1100240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Live Cattle | 17 | &nbsp;&nbsp;&nbsp;&nbsp;06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1073210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Live Cattle | 35 | &nbsp;&nbsp;&nbsp;&nbsp;08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2206050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Natural Gas | 68 | &nbsp;&nbsp;&nbsp;&nbsp;02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2790720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(856988) |
| &nbsp;&nbsp;Natural Gas | 61 | &nbsp;&nbsp;&nbsp;&nbsp;04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2397910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(476450) |
| &nbsp;&nbsp;Natural Gas | 116 | &nbsp;&nbsp;&nbsp;&nbsp;06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4822120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1022223) |
| &nbsp;&nbsp;Natural Gas | 59 | &nbsp;&nbsp;&nbsp;&nbsp;08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2424900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(549552) |
| &nbsp;&nbsp;Nickel | 1 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Nickel | 6 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1087452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Nickel | 11 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2004882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Nickel | 6 | &nbsp;&nbsp;&nbsp;&nbsp;09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1100376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;NY Harbor ULSD Heat Oil | 10 | &nbsp;&nbsp;&nbsp;&nbsp;02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1335264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;NY Harbor ULSD Heat Oil | 6 | &nbsp;&nbsp;&nbsp;&nbsp;04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;NY Harbor ULSD Heat Oil | 11 | &nbsp;&nbsp;&nbsp;&nbsp;06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1345344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46227) |
| &nbsp;&nbsp;NY Harbor ULSD Heat Oil | 6 | &nbsp;&nbsp;&nbsp;&nbsp;08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Primary Aluminum | 10 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Primary Aluminum | 15 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Primary Aluminum | 30 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1810500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Primary Aluminum | 15 | &nbsp;&nbsp;&nbsp;&nbsp;09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29610) |
| &nbsp;&nbsp;RBOB Gasoline | 16 | &nbsp;&nbsp;&nbsp;&nbsp;02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1665418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;RBOB Gasoline | 6 | &nbsp;&nbsp;&nbsp;&nbsp;04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;RBOB Gasoline | 2 | &nbsp;&nbsp;&nbsp;&nbsp;06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;RBOB Gasoline | 9 | &nbsp;&nbsp;&nbsp;&nbsp;06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
| &nbsp;&nbsp;RBOB Gasoline | 6 | &nbsp;&nbsp;&nbsp;&nbsp;08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Silver | 12 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1442400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Silver | 11 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1331385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Silver | 22 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2682350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Silver | 11 | &nbsp;&nbsp;&nbsp;&nbsp;09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1352340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Soybean | 22 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1676400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Soybean | 22 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1683000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Soybean | 43 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3296488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Soybean | 23 | &nbsp;&nbsp;&nbsp;&nbsp;11/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1629263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Soybean Meal | 37 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1742700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Soybean Meal | 23 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1060300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Soybean Meal | 46 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2089780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Soybean Meal | 25 | &nbsp;&nbsp;&nbsp;&nbsp;12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1029000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12679) |
| &nbsp;&nbsp;Soybean Oil | 73 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2806266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Soybean Oil | 24 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Soybean Oil | 48 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1830528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29561) |
| &nbsp;&nbsp;Soybean Oil | 25 | &nbsp;&nbsp;&nbsp;&nbsp;12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Sugar #11 | 53 | &nbsp;&nbsp;&nbsp;&nbsp;02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1189574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Sugar #11 | 40 | &nbsp;&nbsp;&nbsp;&nbsp;04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Sugar #11 | 83 | &nbsp;&nbsp;&nbsp;&nbsp;06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1671421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Sugar #11 | 42 | &nbsp;&nbsp;&nbsp;&nbsp;09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Wheat | 15 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Wheat | 16 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20553) |
| &nbsp;&nbsp;Wheat | 12 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Wheat | 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Wheat | 18 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16409) |
| &nbsp;&nbsp;Wheat | 23 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1007975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57668) |
| &nbsp;&nbsp;Wheat | 40 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1606000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110589) |
| &nbsp;&nbsp;Wheat | 20 | &nbsp;&nbsp;&nbsp;&nbsp;09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Wheat | 12 | &nbsp;&nbsp;&nbsp;&nbsp;09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;WTI Crude | 34 | &nbsp;&nbsp;&nbsp;&nbsp;02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2735300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;WTI Crude | 27 | &nbsp;&nbsp;&nbsp;&nbsp;04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2172150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;WTI Crude | 49 | &nbsp;&nbsp;&nbsp;&nbsp;06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3911670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;WTI Crude | 6 | &nbsp;&nbsp;&nbsp;&nbsp;06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(961) |
| &nbsp;&nbsp;WTI Crude | 28 | &nbsp;&nbsp;&nbsp;&nbsp;08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2207800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Zinc | 39 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2902088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193699) |
| &nbsp;&nbsp;Zinc | 9 | &nbsp;&nbsp;&nbsp;&nbsp;05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5860) |
| &nbsp;&nbsp;Zinc | 18 | &nbsp;&nbsp;&nbsp;&nbsp;07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1324013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Zinc | 9 | &nbsp;&nbsp;&nbsp;&nbsp;09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61829) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6152601 | &nbsp;&nbsp;&nbsp;&nbsp;(3783175) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | (40) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(8203125) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1974) |

---

#### Notes to Consolidated Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $21,768,257, which represents 15.81% of total net assets.

(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The
interest rate shown was the current rate as of December 31, 2022.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Portfolio of Investments (continued)

December 31, 2022

#### Notes to Consolidated Portfolio of Investments (continued)
**(d)** **Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.** 

**(e)** **Principal and interest may not be guaranteed by a governmental entity.** 

**(f)** **The rate shown is the seven-day current annualized yield at December 31, 2022.** 

**(g)** **As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 51438236 | &nbsp;&nbsp;120465984 | &nbsp;&nbsp;(118376789) | &nbsp;&nbsp;3495 | &nbsp;&nbsp;53530926 | &nbsp;&nbsp;(16625) | &nbsp;&nbsp;803695 | &nbsp;&nbsp;53546991 |

---

#### Abbreviation Legend
CMO Collateralized Mortgage Obligation <br> LIBOR London Interbank Offered Rate <br> SOFR Secured Overnight Financing Rate

#### Currency Legend
USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23721655 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23721655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167849 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34464657 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34464657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684383 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830885 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830885 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704435 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704435 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689965 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 53530926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53530926 |
| &nbsp;&nbsp;Total Investments in Securities | 53530926 | &nbsp;&nbsp;&nbsp;&nbsp;66263829 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;119794755 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;6152601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6152601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;(3785149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3785149) |
| &nbsp;&nbsp;Total | 55898378 | &nbsp;&nbsp;&nbsp;&nbsp;66263829 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;122162207 |

---

See the Consolidated Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

18 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $67,231,153) | &nbsp;&nbsp;&nbsp;$66263829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $53,523,783) | &nbsp;&nbsp;&nbsp;&nbsp;53530926 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5483336 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;11892465 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6537 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;138726272 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28184 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001894 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$137724378** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;256032387 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;(118308009) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$137724378** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$87122757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;17056920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.11 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$50601621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;10091231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.01 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$803695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;1198347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;2002072 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10619 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;1216513 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15773) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;1200740 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801332 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188490) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16625) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;27361018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148396 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;27304299 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689892) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(2989430) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(3675827) |
| &nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;23628472 |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | **$24429804** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

20 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$801332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(799669) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;27304299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41254210 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(3675827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3539356) |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;24429804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36915185 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(24044863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254188) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;(12866164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(36911027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254188) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;18688156 | &nbsp;&nbsp;&nbsp;&nbsp;(24249059) |
| &nbsp;&nbsp;Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6206933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12411938 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;131517445 | &nbsp;&nbsp;&nbsp;&nbsp;119105507 |
| &nbsp;&nbsp;**Net assets at end of year** | **$137724378** | &nbsp;&nbsp;**$131517445** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;641720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;4571267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24044863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (6058930) | &nbsp;&nbsp;&nbsp;&nbsp;(39870413) | &nbsp;&nbsp;&nbsp;&nbsp;(6362572) | &nbsp;&nbsp;&nbsp;&nbsp;(34120629) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(845943) | &nbsp;&nbsp;&nbsp;&nbsp;(11468995) | &nbsp;&nbsp;&nbsp;&nbsp;(5922065) | &nbsp;&nbsp;&nbsp;&nbsp;(31746662) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;4640308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30920837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12553461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;2488619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12866164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2169967) | &nbsp;&nbsp;&nbsp;&nbsp;(13629850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(979530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5055858) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;4958960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30157151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7497603 |
| &nbsp;&nbsp;**Total net increase (decrease)** | &nbsp;&nbsp;**4113017** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18688156** | &nbsp;&nbsp;&nbsp;&nbsp;**(4499044)** | &nbsp;&nbsp;&nbsp;&nbsp;**(24249059)** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $5.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;(1.76) | &nbsp;&nbsp;(1.76) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $4.33 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $5.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(1.01) | &nbsp;&nbsp;(1.01) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $5.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $6.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.90) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $5.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;(1.75) | &nbsp;&nbsp;(1.75) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $4.28 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $5.50 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;(1.00) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $5.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $6.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.91) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | |
|:---|:---|
| **Notes to Consolidated Financial Highlights** | **Notes to Consolidated Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | **12/31/2022** | &nbsp;&nbsp;**12/31/2021** |
| &nbsp;&nbsp;Class 1 | 0.01% | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;Class 2 | less than 0.01% | &nbsp;&nbsp;0.01% |

---

(d) Ratios include interfund lending expense which is less than 0.01%.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

22 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Consolidated Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $5.11 | 19.09% | 0.75%<sup>(c)</sup> | 0.74%<sup>(c)</sup> | 0.58% | &nbsp;&nbsp;93% | &nbsp;&nbsp;$87123 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $5.73 | 32.63% | 0.76%<sup>(c)</sup> | 0.76%<sup>(c)</sup> | (0.56%) | 101% | $102522 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $4.33 | &nbsp;&nbsp;(1.29%) | 0.70% | 0.70% | 0.23% | &nbsp;&nbsp;&nbsp;0% | $103243 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $5.55 | &nbsp;&nbsp;&nbsp;7.80% | 0.66% | 0.66% | 1.53% | &nbsp;&nbsp;&nbsp;0% | $404193 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $5.21 | (13.77%) | 0.66%<sup>(d)</sup> | 0.66%<sup>(d)</sup> | 1.18% | &nbsp;&nbsp;&nbsp;0% | $226877 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $5.01 | 18.70% | 1.01%<sup>(c)</sup> | 0.99%<sup>(c)</sup> | 0.48% | &nbsp;&nbsp;93% | &nbsp;&nbsp;$50602 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $5.65 | 32.01% | 1.01%<sup>(c)</sup> | 1.01%<sup>(c)</sup> | (0.80%) | 101% | &nbsp;&nbsp;$28996 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $4.28 | &nbsp;&nbsp;(1.55%) | 0.98% | 0.98% | (0.39%) | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;$15862 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $5.50 | &nbsp;&nbsp;&nbsp;7.78% | 0.91% | 0.91% | 1.29% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;$16059 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $5.15 | (14.17%) | 0.92%<sup>(d)</sup> | 0.92%<sup>(d)</sup> | 1.05% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;$15269 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Commodity Strategy Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Basis for consolidation
CVPCSF Offshore Fund, Ltd. (the Subsidiary) is a Cayman Islands exempted company and wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle in order to effect certain investment strategies consistent with the Fund's investment objective and policies as stated in its current prospectus and statement of additional information. In accordance with the Memorandum and Articles of Association of the Subsidiary (the Articles), the Fund owns the sole issued share of the Subsidiary and retains all rights associated with such share, including the right to receive notice of, attend and vote at general meetings of the Subsidiary, rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The consolidated financial statements (financial statements) include the accounts of the consolidated Fund and the respective Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All intercompany transactions and balances have been eliminated in the consolidation process.

At December 31, 2022, the Subsidiary financial statement information is as follows:

---

| | |
|:---|:---|
|  | **CVPCSF Offshore Fund, Ltd.** |
| &nbsp;&nbsp;% of consolidated fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.53% |
| &nbsp;&nbsp;Net assets | $26900073 |
| &nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55026) |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;27025074 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(2966870) |

---

The financial statements present the portfolio holdings, financial position and results of operations of the Fund and the Subsidiary on a consolidated basis.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

24 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements (continued)

December 31, 2022

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Consolidated Portfolio of Investments.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Consolidated Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements (continued)

December 31, 2022

variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Consolidated Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates and to manage exposure to the commodities market. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

26 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements (continued)

December 31, 2022

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Consolidated Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Consolidated Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities.

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Consolidated Portfolio of Investments and cash deposited is recorded in the Consolidated Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.

#### Interest rate and inflation rate swap contracts
The Fund entered into interest rate swap transactions and/or inflation rate swap contracts to manage interest rate and market risk exposure to produce incremental earnings and to hedge the portfolio risk associated with some or all of the Fund's securities. These instruments may be used for other purposes in future periods. An interest rate swap or inflation rate swap, as applicable, is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a nominal amount. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Consolidated Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Consolidated Statement

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements (continued)

December 31, 2022

of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Consolidated Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Consolidated statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Commodity-related investment risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;6,152,601\* |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Consolidated statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,974\* |
| &nbsp;&nbsp;Commodity-related investment risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;3,783,175\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3785149 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Consolidated Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Consolidated Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Consolidated Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Commodity-related investment risk | &nbsp;&nbsp;27025065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27025065 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335953 | &nbsp;&nbsp;&nbsp;&nbsp;148396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484349 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;27361018 | &nbsp;&nbsp;&nbsp;&nbsp;148396 | &nbsp;&nbsp;&nbsp;&nbsp;27509414 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Commodity-related investment risk | &nbsp;&nbsp;(2966870) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22560) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(2989430) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 155595254 |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;5672145 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Interest rate swap contracts | &nbsp;&nbsp;40470 | &nbsp;&nbsp;&nbsp;&nbsp;(4844) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

28 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements (continued)

December 31, 2022

#### Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Consolidated Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Consolidated Statement of Assets and Liabilities.

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements (continued)

December 31, 2022

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.63% to 0.49% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.63% of the Fund's average daily net assets.

#### Subadvisory agreement
The Fund's Board of Trustees has approved a Subadvisory Agreement between the Investment Manager and Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and an indirect wholly-owned subsidiary of Ameriprise Financial. As of December 31, 2022, Threadneedle is not providing services to the Fund pursuant to the Subadvisory Agreement.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Consolidated Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the

30 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements (continued)

December 31, 2022

Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Consolidated Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Consolidated Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.05% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.74% | 0.80% |
| &nbsp;&nbsp;Class 2 | 0.99 | 1.05 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements (continued)

December 31, 2022

specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred compensation, non-deductible expenses, investments in commodity subsidiaries, swap investments and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Excess of distributions<br> over net investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;2643685 | (673638) | (1970047) |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Consolidated Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;36911027 |  | 36911027 | 254188 |  | 254188 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;25549140 – (304922) | (133015815) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;279708669 – (133015815) | (133015815) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

32 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements (continued)

December 31, 2022

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(57780) | (247142) | (304922) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $62,995,348 and $62,099,172, respectively, for the year ended December 31, 2022, of which $2,080,695 and $1,396,855, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Consolidated Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests significantly in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Consolidated Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Consolidated Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements (continued)

December 31, 2022

an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Consolidated Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Commodity-related investment risk
The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include demand for the commodity, weather, embargoes, tariffs, and economic health, political, international, regulatory and other developments. Exposure to commodities and commodities markets may subject the value of the Fund's investments (and therefore the Fund) to greater volatility than other types of investments. Commodities investments may also subject the Fund to counterparty risk and liquidity risk. The Fund may make commodity-related investments through one or more wholly-owned subsidiaries organized outside the U.S. that are generally not subject to U.S. laws (including securities laws) and their protections.

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

34 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements (continued)

December 31, 2022

#### Leverage risk
Leverage occurs when the Fund increases its assets available for investment using borrowings, short sales, derivatives, or similar instruments or techniques. The use of leverage may produce volatility and may exaggerate changes in the Fund's net asset value and in the return on the Fund's portfolio, which may increase the risk that the Fund will lose more than it has invested. Because short sales involve borrowing securities and then selling them, the Fund's short sales effectively leverage the Fund's assets. The Fund's assets that are used as collateral to secure the Fund's obligations to return the securities sold short may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase the collateral. Leverage can create an interest expense that may lower the Fund's overall returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund's volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements (continued)

December 31, 2022

infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Money market fund investment risk
An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Investment Manager would otherwise redeem shares. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from the Fund's investments in such instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

#### Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

#### Shareholder concentration risk
At December 31, 2022, one unaffiliated shareholder of record owned 12.8% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 80.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a

36 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Notes to Consolidated Financial Statements (continued)

December 31, 2022

large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Commodity Strategy Fund

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Columbia Variable Portfolio – Commodity Strategy Fund and its subsidiary (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related consolidated statement of operations for the year ended December 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

38 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

40 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

42 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022 43

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

44 Columbia Variable Portfolio – Commodity Strategy Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_500_b70bcd4e-91cc-493c-a6d3-0de92d6a97f3_TOC)

#### Columbia Variable Portfolio – Commodity Strategy Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img4b27c5b82.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7001_12_B01_(02/23

------

![](imgf3e8fd5b1.jpg)

Annual Report

December 31, 2022

![](imgdae668bc2.jpg)

## Portfolio Navigator Funds
References to "Fund" throughout this annual report refer to the following individual funds, singularly or collectively as the context requires:

Variable Portfolio — Conservative Portfolio

Variable Portfolio — Moderately Conservative Portfolio

Variable Portfolio — Moderate Portfolio

Variable Portfolio — Moderately Aggressive Portfolio

Variable Portfolio — Aggressive Portfolio

Please remember that you may not buy (nor will you own) shares of the Fund directly. Each Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| **[Variable Portfolio – Conservative Portfolio](#xx_08260d9a-eeb8-4e33-a3fe-8c507b67b9a0_1)[Fund at a Glance](#xx_08260d9a-eeb8-4e33-a3fe-8c507b67b9a0_1)<br>**  | 3 |
| **[Variable Portfolio – Moderately Conservative Portfolio](#xx_08260d9a-eeb8-4e33-a3fe-8c507b67b9a0_3)[Fund at a Glance](#xx_08260d9a-eeb8-4e33-a3fe-8c507b67b9a0_3)<br>**  | 5 |
| **[Variable Portfolio – Moderate Portfolio](#xx_08260d9a-eeb8-4e33-a3fe-8c507b67b9a0_5)[Fund at a Glance](#xx_08260d9a-eeb8-4e33-a3fe-8c507b67b9a0_5)<br>**  | 7 |
| **[Variable Portfolio – Moderately Aggressive Portfolio](#xx_08260d9a-eeb8-4e33-a3fe-8c507b67b9a0_7)[Fund at a Glance](#xx_08260d9a-eeb8-4e33-a3fe-8c507b67b9a0_7)<br>**  | 9 |
| **[Variable Portfolio – Aggressive Portfolio](#xx_08260d9a-eeb8-4e33-a3fe-8c507b67b9a0_9)[Fund at a Glance](#xx_08260d9a-eeb8-4e33-a3fe-8c507b67b9a0_9)<br>**  | 11 |
| [Manager Discussion of Fund Performance](#xx_08260d9a-eeb8-4e33-a3fe-8c507b67b9a0_11)<br>| 13 |
| [Understanding Your Fund's Expenses](#xx_b28adf7a-3094-448f-a506-28743134bdac_1)<br>| 15 |
| [Portfolio of Investments](#xx_d791692d-a375-4e78-b535-fbf7a7502a9d_1)<br>| 17 |
| [Statement of Assets and Liabilities](#xx_44c0f0a9-d753-4bdf-a4d2-39dcb0372386_1)<br>| 42 |
| [Statement of Operations](#xx_44c0f0a9-d753-4bdf-a4d2-39dcb0372386_3)<br>| 44 |
| [Statement of Changes in Net Assets](#xx_44c0f0a9-d753-4bdf-a4d2-39dcb0372386_5)<br>| 46 |
| [Financial Highlights](#xx_e10bc014-48f9-4e8d-872b-e04e231f7ece_2)<br>| 50 |
| [Notes to Financial Statements](#xx_0c1ccffa-170a-4ba4-b013-0ad6d25661d2_1)<br>| 60 |
| [Report of Independent Registered Public Accounting Firm](#xx_f9ae5679-5931-412c-81f5-3b84a98a654f_1)<br>| 76 |
| [Trustees and Officers](#xx_f8b93f8a-9784-402f-beaf-37985c90f085_1)<br>| 77 |
| [Additional Information](#xx_eda56514-5139-4040-bcb0-1defc49dd057_1)<br>| 83 |

---

Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Fund at a Glance

Variable Portfolio – Conservative Portfolio (Unaudited)

Investment objective

Variable Portfolio — Conservative Portfolio (the Fund) seeks to provide a high level of total return that is consistent with a conservative level of risk.

Portfolio management

#### Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager

Managed Fund since 2015

#### Brian Virginia
Portfolio Manager

Managed Fund since 2015

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2016

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-15.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-15.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-15.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;Russell 3000 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-19.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;12.13 |
| &nbsp;&nbsp;MSCI EAFE Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class 2 shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 80% Bloomberg U.S. Aggregate Bond Index, 14% Russell 3000 Index, and 6% MSCI EAFE Index (Net).

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Portfolio Navigator Funds \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Fund at a Glance (continued)

Variable Portfolio – Conservative Portfolio (Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img60a596983.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Conservative Portfolio during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Alternative Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;&nbsp;19.3 |
| &nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;73.2 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;7.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Fund at a Glance

Variable Portfolio – Moderately Conservative Portfolio (Unaudited)

Investment objective

Variable Portfolio — Moderately Conservative Portfolio (the Fund) seeks to provide a high level of total return that is consistent with a moderately conservative level of risk.

Portfolio management

#### Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager

Managed Fund since 2015

#### Brian Virginia
Portfolio Manager

Managed Fund since 2015

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2016

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-15.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-16.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-16.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;Russell 3000 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-19.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;12.13 |
| &nbsp;&nbsp;MSCI EAFE Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class 2 shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 65% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000 Index, and 11% MSCI EAFE Index (Net).

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Portfolio Navigator Funds \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Fund at a Glance (continued)

Variable Portfolio – Moderately Conservative Portfolio (Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgb890c9154.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Moderately Conservative Portfolio during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Alternative Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;&nbsp;35.0 |
| &nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;60.4 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

6 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Fund at a Glance

Variable Portfolio – Moderate Portfolio (Unaudited)

Investment objective

Variable Portfolio — Moderate Portfolio (the Fund) seeks to provide a high level of total return that is consistent with a moderate level of risk.

Portfolio management

#### Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager

Managed Fund since 2015

#### Brian Virginia
Portfolio Manager

Managed Fund since 2015

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2016

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-16.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-16.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48 |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-16.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-15.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;Russell 3000 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-19.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;12.13 |
| &nbsp;&nbsp;MSCI EAFE Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class 2 shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000 Index, and 15% MSCI EAFE Index (Net).

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Portfolio Navigator Funds \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Fund at a Glance (continued)

Variable Portfolio – Moderate Portfolio (Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img93cf77a45.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Moderate Portfolio during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Alternative Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;&nbsp;49.0 |
| &nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;45.0 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

8 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Fund at a Glance

Variable Portfolio – Moderately Aggressive Portfolio (Unaudited)

Investment objective

Variable Portfolio — Moderately Aggressive Portfolio (the Fund) seeks to provide a high level of total return that is consistent with a moderately aggressive level of risk.

Portfolio management

#### Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager

Managed Fund since 2015

#### Brian Virginia
Portfolio Manager

Managed Fund since 2015

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2016

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-17.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-17.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61 |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-17.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-15.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 |
| &nbsp;&nbsp;Russell 3000 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-19.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;12.13 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;MSCI EAFE Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class 2 shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 46% Russell 3000 Index, 35% Bloomberg U.S. Aggregate Bond Index and 19% MSCI EAFE Index (Net).

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Portfolio Navigator Funds \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Fund at a Glance (continued)

Variable Portfolio – Moderately Aggressive Portfolio (Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgc51d2e756.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Moderately Aggressive Portfolio during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Alternative Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;&nbsp;64.9 |
| &nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;29.1 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

10 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Fund at a Glance

Variable Portfolio – Aggressive Portfolio (Unaudited)

Investment objective

Variable Portfolio – Aggressive Portfolio (the Fund) seeks to provide a high level of total return that is consistent with an aggressive level of risk.

Portfolio management

#### Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager

Managed Fund since 2015

#### Brian Virginia
Portfolio Manager

Managed Fund since 2015

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2016

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-17.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-18.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.78 |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-18.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.78 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-16.61 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 |
| &nbsp;&nbsp;Russell 3000 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-19.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;12.13 |
| &nbsp;&nbsp;MSCI EAFE Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class 2 shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 56% Russell 3000 Index, 24% MSCI EAFE Index (Net) and 20% Bloomberg U.S. Aggregate Bond Index.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Portfolio Navigator Funds \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Fund at a Glance (continued)

Variable Portfolio – Aggressive Portfolio (Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img043155a27.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Aggressive Portfolio during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Alternative Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;&nbsp;81.3 |
| &nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;15.3 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

12 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

MANAGER DISCUSSION OF FUND PERFORMANCE

(Unaudited)

During the period, the Funds' bond benchmark, the Bloomberg U.S. Aggregate Bond Index, returned -13.01%; the Funds' domestic equity benchmark, the Russell 3000 Index, returned -19.21%; and the Funds' international equity benchmark, the MSCI EAFE Index (Net), returned -14.45%. While these individual benchmark returns are informative, we believe that the Blended Benchmarks, which are comprised of these individual indices in varying percentages, serve as a more relevant performance comparison for each of the Funds.

• Variable Portfolio – Conservative Portfolio Class 2 shares returned -15.55%, underperforming its Blended Benchmark, which returned -13.78%.

• Variable Portfolio – Moderately Conservative Portfolio Class 2 shares returned -16.09%, underperforming its Blended Benchmark, which returned -14.40%.

• Variable Portfolio – Moderate Portfolio Class 2 shares returned -16.61%, underperforming its Blended Benchmark, which returned -15.11%.

• Variable Portfolio – Moderately Aggressive Portfolio Class 2 shares returned -17.59%, underperforming its Blended Benchmark, which returned -15.86%.

• Variable Portfolio – Aggressive Portfolio Class 2 shares returned -18.19%, underperforming its Blended Benchmark, which returned -16.61%.

Market overview

Global equities gave back some of the gains from 2020 and 2021 in calendar year 2022. The S&P 500 Index was down 18.11%, its worst calendar year return since 2008 when it fell 37.00%. The Russell 3000 Index, a broad-based domestic equity benchmark that includes exposure to small and large capitalization companies, ended the full 12-month period down 19.21%.

The "everything bubble" that corresponded with inflated markets and asset prices hit a crescendo in 2021, and it was built on 0% interest rates and quantitative easing by the U.S. Federal Reserve (Fed). With investors confronted in 2022 with near 5% short-term interest rates and quantitative tightening by the Fed, the pressure on large parts of the market was palpable. Markets slowed in 2022, and multi-asset investors experienced the formidable challenge of stocks and bonds falling in unison. During most cyclical bear markets, risk-off assets, such as U.S. Treasury bonds, usually offer some safety, or at least relative strength. However, that was largely not the case during the 12 months that ended December 31, 2022. The Bloomberg U.S. Long Treasury Index shed 29.26% during the annual period and the Bloomberg U.S. Aggregate Bond Index was down 13.01% for the 12-month period.

In foreign developed markets, the MSCI EAFE Index (Net), a broad proxy for international developed market equities, delivered a return of -14.45% (quoted in US dollar terms). In emerging markets, as measured by the MSCI Emerging Markets Index (Net), stocks fell by 20.09% in the 12-month period. It's noteworthy that these returns are quoted in U.S. dollar terms. In local currency terms, the returns for these two overseas equity indices would be improved by several percentage points for the 12-month period.

Commodity markets served as one of the only positive areas within global capital markets during the year. A broad-based index covering the commodity markets, the S&P Goldman Sachs Commodity Index (GSCI), rose by 25.99% over the 12-month period.

The Funds' notable detractors during the period

• Underlying manager performance in U.S. fixed-income funds detracted from performance in each of the Funds.

• An underweight allocation to fixed-income, on average, across the Funds over the 12-month period also weighed on returns.

• International equity manager performance detracted from performance in each of the Funds.

• U.S. growth-oriented equity manager performance also had a negative impact on Fund returns.

Portfolio Navigator Funds \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

(Unaudited)

The Funds' notable contributors during the period

• Strong relative performance emanating from U.S. equity managers that incorporate a value-focused orientation to their investment strategy contributed to returns for the Funds.

• A small yet dedicated allocation to a commodity-centric investment strategy was also additive.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund's investment in underlying funds subject them to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer-term securities. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. Asset allocation does not assure a profit or protect against loss. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective partieswho have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

14 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Fund bears directly, the Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the "Effective expenses paid during the period" column.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's effective<br> annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978.20 | &nbsp;&nbsp;&nbsp;&nbsp;1024.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976.60 | &nbsp;&nbsp;&nbsp;&nbsp;1023.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976.60 | &nbsp;&nbsp;&nbsp;&nbsp;1023.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988.60 | &nbsp;&nbsp;&nbsp;&nbsp;1024.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987.90 | &nbsp;&nbsp;&nbsp;&nbsp;1023.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |

---

Portfolio Navigator Funds \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Understanding Your Fund's Expenses (continued)

(Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's effective<br> annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.50 | &nbsp;&nbsp;&nbsp;&nbsp;1024.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999.50 | &nbsp;&nbsp;&nbsp;&nbsp;1023.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.40 | &nbsp;&nbsp;&nbsp;&nbsp;1024.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1007.10 | &nbsp;&nbsp;&nbsp;&nbsp;1023.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1007.50 | &nbsp;&nbsp;&nbsp;&nbsp;1023.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio | &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.80 | &nbsp;&nbsp;&nbsp;&nbsp;1024.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1018.70 | &nbsp;&nbsp;&nbsp;&nbsp;1023.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| &nbsp;&nbsp;Class 4 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.10 | &nbsp;&nbsp;&nbsp;&nbsp;1023.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

16 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

## Portfolio of Investments Variable Portfolio – Conservative Portfolio, December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Strategies Funds 0.1%** | &nbsp;&nbsp;**Alternative Strategies Funds 0.1%** | &nbsp;&nbsp;**Alternative Strategies Funds 0.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;257892 | &nbsp;&nbsp;&nbsp;&nbsp;1317827 |
| &nbsp;&nbsp;Total Alternative Strategies Funds<br> (Cost $1,264,191) | &nbsp;&nbsp;Total Alternative Strategies Funds<br> (Cost $1,264,191) | &nbsp;&nbsp;&nbsp;&nbsp;**1317827** |
| &nbsp;&nbsp;**Equity Funds 19.3%** | &nbsp;&nbsp;**Equity Funds 19.3%** | &nbsp;&nbsp;**Equity Funds 19.3%** |
| &nbsp;&nbsp;**Global Real Estate 0.2%** | &nbsp;&nbsp;**Global Real Estate 0.2%** | &nbsp;&nbsp;**Global Real Estate 0.2%** |
| &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;279518 | &nbsp;&nbsp;&nbsp;&nbsp;1705058 |
| &nbsp;&nbsp;**International 5.9%** | &nbsp;&nbsp;**International 5.9%** | &nbsp;&nbsp;**International 5.9%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;2717050 | &nbsp;&nbsp;&nbsp;&nbsp;31979674 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;512526 | &nbsp;&nbsp;&nbsp;&nbsp;4510225 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;834377 | &nbsp;&nbsp;&nbsp;&nbsp;8393833 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;1052491 | &nbsp;&nbsp;&nbsp;&nbsp;9219826 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**54103558** |
| &nbsp;&nbsp;**U.S. Large Cap 11.9%** | &nbsp;&nbsp;**U.S. Large Cap 11.9%** | &nbsp;&nbsp;**U.S. Large Cap 11.9%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;456746 | &nbsp;&nbsp;&nbsp;&nbsp;15118307 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;204352 | &nbsp;&nbsp;&nbsp;&nbsp;14721497 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;321760 | &nbsp;&nbsp;&nbsp;&nbsp;8378625 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;2041542 | &nbsp;&nbsp;&nbsp;&nbsp;30235241 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250824 | &nbsp;&nbsp;&nbsp;&nbsp;9212770 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;126851 | &nbsp;&nbsp;&nbsp;&nbsp;4512090 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97421 | &nbsp;&nbsp;&nbsp;&nbsp;3444817 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;102383 | &nbsp;&nbsp;&nbsp;&nbsp;4329788 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;143736 | &nbsp;&nbsp;&nbsp;&nbsp;4602426 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;475727 | &nbsp;&nbsp;&nbsp;&nbsp;14209954 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**108765515** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** |
| &nbsp;&nbsp;**U.S. Small Cap 1.3%** | &nbsp;&nbsp;**U.S. Small Cap 1.3%** | &nbsp;&nbsp;**U.S. Small Cap 1.3%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225294 | &nbsp;&nbsp;&nbsp;&nbsp;2590882 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241797 | &nbsp;&nbsp;&nbsp;&nbsp;2224528 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113220 | &nbsp;&nbsp;&nbsp;&nbsp;3067135 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106710 | &nbsp;&nbsp;&nbsp;&nbsp;3488352 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**11370897** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $171,132,217) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $171,132,217) | &nbsp;&nbsp;**175945028** |
| &nbsp;&nbsp;**Fixed Income Funds 73.0%** | &nbsp;&nbsp;**Fixed Income Funds 73.0%** | &nbsp;&nbsp;**Fixed Income Funds 73.0%** |
| &nbsp;&nbsp;**Emerging Markets 0.6%** | &nbsp;&nbsp;**Emerging Markets 0.6%** | &nbsp;&nbsp;**Emerging Markets 0.6%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739873 | &nbsp;&nbsp;&nbsp;&nbsp;5563850 |
| &nbsp;&nbsp;**Investment Grade 72.4%** | &nbsp;&nbsp;**Investment Grade 72.4%** | &nbsp;&nbsp;**Investment Grade 72.4%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;14991570 | &nbsp;&nbsp;123980285 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3026626 | &nbsp;&nbsp;&nbsp;&nbsp;27754158 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3415211 | &nbsp;&nbsp;&nbsp;&nbsp;26092209 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4224355 | &nbsp;&nbsp;&nbsp;&nbsp;36709649 |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7139243 | &nbsp;&nbsp;&nbsp;&nbsp;64181792 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;12096324 | &nbsp;&nbsp;110197514 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;28811088 | &nbsp;&nbsp;271112338 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**660027945** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $805,229,755) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $805,229,755) | &nbsp;&nbsp;**665591795** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Conservative Portfolio, December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 7.3%** | &nbsp;&nbsp;**Money Market Funds 7.3%** | &nbsp;&nbsp;**Money Market Funds 7.3%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(c)</sup> | &nbsp;&nbsp;66846372 | &nbsp;&nbsp;&nbsp;&nbsp;66826318 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $66,826,927) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $66,826,927) | &nbsp;&nbsp;&nbsp;&nbsp;**66826318** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,044,453,090)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,044,453,090)** | &nbsp;&nbsp;**909680968** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2504992** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**912185960** |

---

At December 31, 2022, securities and/or cash totaling $2,519,114 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Russell 2000 Index E-mini | 110 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9739950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(224458) |
| &nbsp;&nbsp;S&P 500 Index E-mini | 45 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8687250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(241762) |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 197 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;22122484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61033) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 43 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775438 | &nbsp;&nbsp;&nbsp;&nbsp;11997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 39 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5238188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79139) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11997 | &nbsp;&nbsp;&nbsp;&nbsp;(606392) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro STOXX 50 Index | (55) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;(2081750) | &nbsp;&nbsp;&nbsp;&nbsp;79180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE 100 Index | (26) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;(1941160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7152) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;79180 | &nbsp;&nbsp;&nbsp;&nbsp;(7152) |

---

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;80580194 | &nbsp;&nbsp;58156772 | &nbsp;&nbsp;(71917871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7223 | &nbsp;&nbsp;&nbsp;&nbsp;66826318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16241) | &nbsp;&nbsp;&nbsp;&nbsp;1123306 | &nbsp;&nbsp;66846372 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129454) | &nbsp;&nbsp;&nbsp;&nbsp;1317827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257892 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;20040173 | &nbsp;&nbsp;&nbsp;&nbsp;1276685 | &nbsp;&nbsp;&nbsp;&nbsp;(1605713) | &nbsp;&nbsp;&nbsp;&nbsp;(4592838) | &nbsp;&nbsp;&nbsp;&nbsp;15118307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1201444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456746 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;20047247 | &nbsp;&nbsp;&nbsp;&nbsp;1323168 | &nbsp;&nbsp;&nbsp;&nbsp;(2025727) | &nbsp;&nbsp;&nbsp;&nbsp;(4623191) | &nbsp;&nbsp;&nbsp;&nbsp;14721497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1251278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204352 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7091612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(641634) | &nbsp;&nbsp;&nbsp;&nbsp;(1276115) | &nbsp;&nbsp;&nbsp;&nbsp;5563850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(115702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739873 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;134170309 | &nbsp;&nbsp;19005350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(904809) | &nbsp;&nbsp;&nbsp;&nbsp;(28290565) | &nbsp;&nbsp;123980285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87150 | &nbsp;&nbsp;&nbsp;&nbsp;(137936) | &nbsp;&nbsp;&nbsp;&nbsp;4221496 | &nbsp;&nbsp;14991570 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Conservative Portfolio, December 31, 2022

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;11777551 | &nbsp;&nbsp;&nbsp;&nbsp;1078253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596427) | &nbsp;&nbsp;&nbsp;&nbsp;(3880752) | &nbsp;&nbsp;&nbsp;&nbsp;8378625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;311727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321760 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;35268819 | &nbsp;&nbsp;31755817 | &nbsp;&nbsp;(39397371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126893 | &nbsp;&nbsp;&nbsp;&nbsp;27754158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2628936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314232 | &nbsp;&nbsp;&nbsp;&nbsp;3026626 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;35415685 | &nbsp;&nbsp;&nbsp;&nbsp;3161387 | &nbsp;&nbsp;&nbsp;&nbsp;(1282272) | &nbsp;&nbsp;&nbsp;&nbsp;(11202591) | &nbsp;&nbsp;&nbsp;&nbsp;26092209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877402 | &nbsp;&nbsp;&nbsp;&nbsp;(160626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800835 | &nbsp;&nbsp;&nbsp;&nbsp;3415211 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;41520265 | &nbsp;&nbsp;&nbsp;&nbsp;5319016 | &nbsp;&nbsp;&nbsp;&nbsp;(7081989) | &nbsp;&nbsp;&nbsp;&nbsp;(7777618) | &nbsp;&nbsp;&nbsp;&nbsp;31979674 | &nbsp;&nbsp;&nbsp;&nbsp;2490666 | &nbsp;&nbsp;&nbsp;&nbsp;(476671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277054 | &nbsp;&nbsp;&nbsp;&nbsp;2717050 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;40083009 | &nbsp;&nbsp;&nbsp;&nbsp;2097665 | &nbsp;&nbsp;&nbsp;&nbsp;(3552988) | &nbsp;&nbsp;&nbsp;&nbsp;(8392445) | &nbsp;&nbsp;&nbsp;&nbsp;30235241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1058593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2041542 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;11472923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462906 | &nbsp;&nbsp;&nbsp;&nbsp;(1231305) | &nbsp;&nbsp;&nbsp;&nbsp;(1491754) | &nbsp;&nbsp;&nbsp;&nbsp;9212770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1390303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250824 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3504807 | &nbsp;&nbsp;&nbsp;&nbsp;1265015 | &nbsp;&nbsp;&nbsp;&nbsp;(1023719) | &nbsp;&nbsp;&nbsp;&nbsp;(1155221) | &nbsp;&nbsp;&nbsp;&nbsp;2590882 | &nbsp;&nbsp;&nbsp;&nbsp;1053200 | &nbsp;&nbsp;&nbsp;&nbsp;(160177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225294 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2219714) | &nbsp;&nbsp;&nbsp;&nbsp;2224528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241797 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;47425646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974962 | &nbsp;&nbsp;&nbsp;&nbsp;(4896918) | &nbsp;&nbsp;&nbsp;&nbsp;(6794041) | &nbsp;&nbsp;&nbsp;&nbsp;36709649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(440276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870796 | &nbsp;&nbsp;&nbsp;&nbsp;4224355 |
| &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;35619459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253319 | &nbsp;&nbsp;(37291208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169594 | &nbsp;&nbsp;(2802365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;82163499 | &nbsp;&nbsp;&nbsp;&nbsp;4121431 | &nbsp;&nbsp;&nbsp;&nbsp;(6573768) | &nbsp;&nbsp;&nbsp;&nbsp;(15529370) | &nbsp;&nbsp;&nbsp;&nbsp;64181792 | &nbsp;&nbsp;&nbsp;&nbsp;1861284 | &nbsp;&nbsp;&nbsp;&nbsp;(834160) | &nbsp;&nbsp;&nbsp;&nbsp;2220245 | &nbsp;&nbsp;&nbsp;&nbsp;7139243 |
| &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(640183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(862727) | &nbsp;&nbsp;&nbsp;&nbsp;1705058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279518 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5893259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677260 | &nbsp;&nbsp;&nbsp;&nbsp;(1345232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(713197) | &nbsp;&nbsp;&nbsp;&nbsp;4512090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;440292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126851 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5210497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244220) | &nbsp;&nbsp;&nbsp;&nbsp;(2270501) | &nbsp;&nbsp;&nbsp;&nbsp;3444817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;167980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97421 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5899900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(405333) | &nbsp;&nbsp;&nbsp;&nbsp;(1842047) | &nbsp;&nbsp;&nbsp;&nbsp;4329788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;312880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102383 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(844978) | &nbsp;&nbsp;&nbsp;&nbsp;4602426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;617139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143736 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;142689006 | &nbsp;&nbsp;&nbsp;&nbsp;1477590 | &nbsp;&nbsp;(14052140) | &nbsp;&nbsp;&nbsp;&nbsp;(19916942) | &nbsp;&nbsp;110197514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(989369) | &nbsp;&nbsp;&nbsp;&nbsp;1417624 | &nbsp;&nbsp;12096324 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;350699116 | &nbsp;&nbsp;&nbsp;&nbsp;7382230 | &nbsp;&nbsp;(37773072) | &nbsp;&nbsp;&nbsp;&nbsp;(49195936) | &nbsp;&nbsp;271112338 | &nbsp;&nbsp;&nbsp;&nbsp;2206030 | &nbsp;&nbsp;(3025187) | &nbsp;&nbsp;&nbsp;&nbsp;5046128 | &nbsp;&nbsp;28811088 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;18841199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899924 | &nbsp;&nbsp;&nbsp;&nbsp;(1225504) | &nbsp;&nbsp;&nbsp;&nbsp;(4305665) | &nbsp;&nbsp;&nbsp;&nbsp;14209954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1268688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475727 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916423 | &nbsp;&nbsp;&nbsp;&nbsp;1517416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(981143) | &nbsp;&nbsp;&nbsp;&nbsp;(1942471) | &nbsp;&nbsp;&nbsp;&nbsp;4510225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512526 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;11876951 | &nbsp;&nbsp;&nbsp;&nbsp;1531827 | &nbsp;&nbsp;&nbsp;&nbsp;(1057768) | &nbsp;&nbsp;&nbsp;&nbsp;(3957177) | &nbsp;&nbsp;&nbsp;&nbsp;8393833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514058 | &nbsp;&nbsp;&nbsp;&nbsp;468329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834377 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;11773624 | &nbsp;&nbsp;&nbsp;&nbsp;1178379 | &nbsp;&nbsp;&nbsp;&nbsp;(1533208) | &nbsp;&nbsp;&nbsp;&nbsp;(2198969) | &nbsp;&nbsp;&nbsp;&nbsp;9219826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;817964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240114 | &nbsp;&nbsp;&nbsp;&nbsp;1052491 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Conservative Portfolio, December 31, 2022

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305552) | &nbsp;&nbsp;&nbsp;&nbsp;(1511171) | &nbsp;&nbsp;&nbsp;&nbsp;3067135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;282398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113220 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4723556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(962608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(577241) | &nbsp;&nbsp;&nbsp;&nbsp;3488352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106710 |
| &nbsp;&nbsp;Total | 1187046091 |  |  | &nbsp;&nbsp;(185942145) | &nbsp;&nbsp;909680968 | &nbsp;&nbsp;11342195 | &nbsp;&nbsp;(2020608) | &nbsp;&nbsp;17351173 |  |

---

(b) Non-income producing investment.

(c) The rate shown is the seven-day current annualized yield at December 31, 2022.

#### Currency Legend
EUR Euro <br> GBP British Pound <br> USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Conservative Portfolio, December 31, 2022

#### Fair value measurements (continued) The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;175945028 | &nbsp;&nbsp;&nbsp;&nbsp;175945028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;665591795 | &nbsp;&nbsp;&nbsp;&nbsp;665591795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 66826318 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66826318 |
| &nbsp;&nbsp;Total Investments in Securities | 66826318 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;842854650 | &nbsp;&nbsp;&nbsp;&nbsp;909680968 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91177 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(613544) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(613544) |
| &nbsp;&nbsp;Total | 66303951 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;842854650 | &nbsp;&nbsp;&nbsp;&nbsp;909158601 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

## Portfolio of Investments Variable Portfolio – Moderately Conservative Portfolio, December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Strategies Funds 0.3%** | &nbsp;&nbsp;**Alternative Strategies Funds 0.3%** | &nbsp;&nbsp;**Alternative Strategies Funds 0.3%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;1055763 | &nbsp;&nbsp;&nbsp;&nbsp;5394952 |
| &nbsp;&nbsp;Total Alternative Strategies Funds<br> (Cost $5,088,780) | &nbsp;&nbsp;Total Alternative Strategies Funds<br> (Cost $5,088,780) | &nbsp;&nbsp;&nbsp;&nbsp;**5394952** |
| &nbsp;&nbsp;**Equity Funds 35.0%** | &nbsp;&nbsp;**Equity Funds 35.0%** | &nbsp;&nbsp;**Equity Funds 35.0%** |
| &nbsp;&nbsp;**Global Real Estate 0.4%** | &nbsp;&nbsp;**Global Real Estate 0.4%** | &nbsp;&nbsp;**Global Real Estate 0.4%** |
| &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;1381758 | &nbsp;&nbsp;&nbsp;&nbsp;8428721 |
| &nbsp;&nbsp;**International 11.6%** | &nbsp;&nbsp;**International 11.6%** | &nbsp;&nbsp;**International 11.6%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;1002150 | &nbsp;&nbsp;&nbsp;&nbsp;9019348 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;8923322 | &nbsp;&nbsp;105027505 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;6483481 | &nbsp;&nbsp;&nbsp;&nbsp;57054632 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;3693915 | &nbsp;&nbsp;&nbsp;&nbsp;37160787 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;5159284 | &nbsp;&nbsp;&nbsp;&nbsp;45195328 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**253457600** |
| &nbsp;&nbsp;**U.S. Large Cap 20.9%** | &nbsp;&nbsp;**U.S. Large Cap 20.9%** | &nbsp;&nbsp;**U.S. Large Cap 20.9%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;1330808 | &nbsp;&nbsp;&nbsp;&nbsp;44049756 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;614090 | &nbsp;&nbsp;&nbsp;&nbsp;44239078 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;1692001 | &nbsp;&nbsp;&nbsp;&nbsp;44059699 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;5978124 | &nbsp;&nbsp;&nbsp;&nbsp;88536016 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;1152416 | &nbsp;&nbsp;&nbsp;&nbsp;42328225 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;1081337 | &nbsp;&nbsp;&nbsp;&nbsp;38463176 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;719639 | &nbsp;&nbsp;&nbsp;&nbsp;25446429 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;819106 | &nbsp;&nbsp;&nbsp;&nbsp;34640016 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;1185950 | &nbsp;&nbsp;&nbsp;&nbsp;37974107 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;1945647 | &nbsp;&nbsp;&nbsp;&nbsp;58116466 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**457852968** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** |
| &nbsp;&nbsp;**U.S. Mid Cap 0.7%** | &nbsp;&nbsp;**U.S. Mid Cap 0.7%** | &nbsp;&nbsp;**U.S. Mid Cap 0.7%** |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8122141 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7566648 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15688789** |
| &nbsp;&nbsp;**U.S. Small Cap 1.4%** | &nbsp;&nbsp;**U.S. Small Cap 1.4%** | &nbsp;&nbsp;**U.S. Small Cap 1.4%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030769 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6512163 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9912719 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6576080 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31031731** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $671,711,005) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $671,711,005) | &nbsp;&nbsp;&nbsp;&nbsp;**766459809** |
| &nbsp;&nbsp;**Fixed Income Funds 60.2%** | &nbsp;&nbsp;**Fixed Income Funds 60.2%** | &nbsp;&nbsp;**Fixed Income Funds 60.2%** |
| &nbsp;&nbsp;**Emerging Markets 0.6%** | &nbsp;&nbsp;**Emerging Markets 0.6%** | &nbsp;&nbsp;**Emerging Markets 0.6%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1851570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13923806 |
| &nbsp;&nbsp;**Investment Grade 59.6%** | &nbsp;&nbsp;**Investment Grade 59.6%** | &nbsp;&nbsp;**Investment Grade 59.6%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;23151789 | &nbsp;&nbsp;&nbsp;&nbsp;191465292 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5825186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53416954 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5589009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42700027 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5188683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45089654 |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;16294855 | &nbsp;&nbsp;&nbsp;&nbsp;146490749 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;27325526 | &nbsp;&nbsp;&nbsp;&nbsp;248935545 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;61479862 | &nbsp;&nbsp;&nbsp;&nbsp;578525501 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1306623722** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $1,585,727,873) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $1,585,727,873) | &nbsp;&nbsp;**1320547528** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Moderately Conservative Portfolio, December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 4.3%** | &nbsp;&nbsp;**Money Market Funds 4.3%** | &nbsp;&nbsp;**Money Market Funds 4.3%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(c)</sup> | &nbsp;&nbsp;95105755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95077223 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $95,073,045) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $95,073,045) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95077223** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $2,357,600,703)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $2,357,600,703)** | &nbsp;&nbsp;**2187479512** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5327332** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**2192806844** |

---

At December 31, 2022, securities and/or cash totaling $5,463,210 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Russell 2000 Index E-mini | 457 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;40465065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(932521) |
| &nbsp;&nbsp;S&P 500 Index E-mini | 12 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64470) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 164 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;22027250 | &nbsp;&nbsp;&nbsp;&nbsp;45756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 99 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;13296938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200892) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;45756 | &nbsp;&nbsp;&nbsp;&nbsp;(1197883) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro STOXX 50 Index | (160) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;(6056000) | &nbsp;&nbsp;&nbsp;&nbsp;230341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE 100 Index | (74) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;(5524840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(20355) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;230341 | &nbsp;&nbsp;&nbsp;&nbsp;(20355) |

---

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;118825058 | &nbsp;&nbsp;131760345 | &nbsp;&nbsp;(155523588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95077223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29005) | &nbsp;&nbsp;&nbsp;&nbsp;1589297 | &nbsp;&nbsp;95105755 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6922099 | &nbsp;&nbsp;&nbsp;&nbsp;1446366 | &nbsp;&nbsp;&nbsp;&nbsp;(2324273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(649240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5394952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;602982 | &nbsp;&nbsp;&nbsp;&nbsp;1446366 | &nbsp;&nbsp;&nbsp;&nbsp;1055763 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;59775278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1871670) | &nbsp;&nbsp;&nbsp;&nbsp;(13853852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44049756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3433489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1330808 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;60084868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2399699) | &nbsp;&nbsp;&nbsp;&nbsp;(13446091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44239078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2777974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614090 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;17789981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648127 | &nbsp;&nbsp;&nbsp;&nbsp;(1262777) | &nbsp;&nbsp;&nbsp;&nbsp;(3251525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13923806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(236593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645547 | &nbsp;&nbsp;&nbsp;&nbsp;1851570 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;13441489 | &nbsp;&nbsp;&nbsp;&nbsp;2948129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7370270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9019348 | &nbsp;&nbsp;&nbsp;&nbsp;2948130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1002150 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Moderately Conservative Portfolio, December 31, 2022

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;251634555 | &nbsp;&nbsp;&nbsp;&nbsp;7030501 | &nbsp;&nbsp;&nbsp;&nbsp;(21061143) | &nbsp;&nbsp;&nbsp;&nbsp;(46138621) | &nbsp;&nbsp;&nbsp;&nbsp;191465292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142157 | &nbsp;&nbsp;(2566728) | &nbsp;&nbsp;&nbsp;&nbsp;6885968 | &nbsp;&nbsp;23151789 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;59365722 | &nbsp;&nbsp;&nbsp;&nbsp;7595186 | &nbsp;&nbsp;&nbsp;&nbsp;(1627587) | &nbsp;&nbsp;&nbsp;&nbsp;(21273622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44059699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1980808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1692001 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;59300108 | &nbsp;&nbsp;&nbsp;&nbsp;80909274 | &nbsp;&nbsp;&nbsp;&nbsp;(86504121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53416954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(4428519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711022 | &nbsp;&nbsp;&nbsp;&nbsp;5825186 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;59024805 | &nbsp;&nbsp;&nbsp;&nbsp;2783105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104076) | &nbsp;&nbsp;&nbsp;&nbsp;(19003807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42700027 | &nbsp;&nbsp;&nbsp;&nbsp;1443426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8119) | &nbsp;&nbsp;&nbsp;&nbsp;1317464 | &nbsp;&nbsp;&nbsp;&nbsp;5589009 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;132621660 | &nbsp;&nbsp;&nbsp;&nbsp;9120089 | &nbsp;&nbsp;&nbsp;&nbsp;(8501013) | &nbsp;&nbsp;&nbsp;&nbsp;(28213231) | &nbsp;&nbsp;&nbsp;&nbsp;105027505 | &nbsp;&nbsp;&nbsp;&nbsp;8171672 | &nbsp;&nbsp;&nbsp;&nbsp;268208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906604 | &nbsp;&nbsp;&nbsp;&nbsp;8923322 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;119690493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5447144) | &nbsp;&nbsp;&nbsp;&nbsp;(25707333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88536016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3349055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5978124 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;59812281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38018 | &nbsp;&nbsp;&nbsp;&nbsp;(12147791) | &nbsp;&nbsp;&nbsp;&nbsp;(5374283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42328225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4276485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1152416 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;10143684 | &nbsp;&nbsp;&nbsp;&nbsp;3389448 | &nbsp;&nbsp;&nbsp;&nbsp;(1744740) | &nbsp;&nbsp;&nbsp;&nbsp;(3757623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030769 | &nbsp;&nbsp;&nbsp;&nbsp;3324391 | &nbsp;&nbsp;&nbsp;&nbsp;(462564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698327 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;10138144 | &nbsp;&nbsp;&nbsp;&nbsp;2872088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6498069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6512163 | &nbsp;&nbsp;&nbsp;&nbsp;2872088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707844 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;58976393 | &nbsp;&nbsp;&nbsp;&nbsp;1085994 | &nbsp;&nbsp;&nbsp;&nbsp;(6597131) | &nbsp;&nbsp;&nbsp;&nbsp;(8375602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45089654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(673168) | &nbsp;&nbsp;&nbsp;&nbsp;1085661 | &nbsp;&nbsp;&nbsp;&nbsp;5188683 |
| &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;88652918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620655 | &nbsp;&nbsp;&nbsp;&nbsp;(91226405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432777 | &nbsp;&nbsp;(5443079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;192847249 | &nbsp;&nbsp;&nbsp;&nbsp;9422375 | &nbsp;&nbsp;&nbsp;&nbsp;(19840100) | &nbsp;&nbsp;&nbsp;&nbsp;(35938775) | &nbsp;&nbsp;&nbsp;&nbsp;146490749 | &nbsp;&nbsp;&nbsp;&nbsp;4296352 | &nbsp;&nbsp;(1969136) | &nbsp;&nbsp;&nbsp;&nbsp;5124930 | &nbsp;&nbsp;16294855 |
| &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12486511 | &nbsp;&nbsp;&nbsp;&nbsp;1986457 | &nbsp;&nbsp;&nbsp;&nbsp;(1259679) | &nbsp;&nbsp;&nbsp;&nbsp;(4784568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8428721 | &nbsp;&nbsp;&nbsp;&nbsp;1834006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149019 | &nbsp;&nbsp;&nbsp;&nbsp;1381758 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;49502578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6168778) | &nbsp;&nbsp;&nbsp;&nbsp;(4870624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38463176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1925329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1081337 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;42931563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(17648878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25446429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719639 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;48655557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194245) | &nbsp;&nbsp;&nbsp;&nbsp;(13847789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34640016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;345401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819106 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;49363621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2935920) | &nbsp;&nbsp;&nbsp;&nbsp;(8453594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37974107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6384412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1185950 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;325985605 | &nbsp;&nbsp;&nbsp;&nbsp;3229713 | &nbsp;&nbsp;&nbsp;&nbsp;(34647725) | &nbsp;&nbsp;&nbsp;&nbsp;(45632048) | &nbsp;&nbsp;&nbsp;&nbsp;248935545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2209924) | &nbsp;&nbsp;&nbsp;&nbsp;3228544 | &nbsp;&nbsp;27325526 |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;10497658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(803880) | &nbsp;&nbsp;&nbsp;&nbsp;(1571637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8122141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1310295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193292 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;10375684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74563) | &nbsp;&nbsp;&nbsp;&nbsp;(2739400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7566648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;114481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212368 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;755407740 | &nbsp;&nbsp;&nbsp;&nbsp;15596275 | &nbsp;&nbsp;&nbsp;&nbsp;(87711030) | &nbsp;&nbsp;(104767484) | &nbsp;&nbsp;&nbsp;&nbsp;578525501 | &nbsp;&nbsp;&nbsp;&nbsp;4743523 | &nbsp;&nbsp;(7859246) | &nbsp;&nbsp;10850450 | &nbsp;&nbsp;61479862 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;77729995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2013293) | &nbsp;&nbsp;&nbsp;&nbsp;(17600236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58116466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4739540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1945647 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Moderately Conservative Portfolio, December 31, 2022

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;74018268 | &nbsp;&nbsp;&nbsp;&nbsp;11490766 | &nbsp;&nbsp;&nbsp;&nbsp;(3087354) | &nbsp;&nbsp;&nbsp;&nbsp;(25367048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57054632 | &nbsp;&nbsp;10197406 | &nbsp;&nbsp;&nbsp;&nbsp;(328132) | &nbsp;&nbsp;&nbsp;&nbsp;1251267 | &nbsp;&nbsp;&nbsp;&nbsp;6483481 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;50491200 | &nbsp;&nbsp;&nbsp;&nbsp;2404511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(15734924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37160787 | &nbsp;&nbsp;&nbsp;&nbsp;2252837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3693915 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;51314528 | &nbsp;&nbsp;&nbsp;&nbsp;1181482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343095) | &nbsp;&nbsp;&nbsp;&nbsp;(6957587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45195328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31124) | &nbsp;&nbsp;&nbsp;&nbsp;1108999 | &nbsp;&nbsp;&nbsp;&nbsp;5159284 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;13927091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4036757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9912719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365918 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7471340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(969819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6576080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201165 |
| &nbsp;&nbsp;Total | 2959205724 |  |  | &nbsp;&nbsp;(512154404) | &nbsp;&nbsp;2187479512 | &nbsp;&nbsp;42658765 | &nbsp;&nbsp;&nbsp;5347586 | &nbsp;&nbsp;36554070 |  |

---

(b) Non-income producing investment.

(c) The rate shown is the seven-day current annualized yield at December 31, 2022.

#### Currency Legend
EUR Euro <br> GBP British Pound <br> USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Moderately Conservative Portfolio, December 31, 2022

**Fair value measurements (continued) The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5394952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5394952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766459809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766459809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1320547528 | &nbsp;&nbsp;&nbsp;&nbsp;1320547528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 95077223 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95077223 |
| &nbsp;&nbsp;Total Investments in Securities | 95077223 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2092402289 | &nbsp;&nbsp;&nbsp;&nbsp;2187479512 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;276097 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;(1218238) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1218238) |
| &nbsp;&nbsp;Total | 94135082 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2092402289 | &nbsp;&nbsp;&nbsp;&nbsp;2186537371 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

## Portfolio of Investments Variable Portfolio – Moderate Portfolio, December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Strategies Funds 0.3%** | &nbsp;&nbsp;**Alternative Strategies Funds 0.3%** | &nbsp;&nbsp;**Alternative Strategies Funds 0.3%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8663720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44271607 |
| &nbsp;&nbsp;Total Alternative Strategies Funds<br> (Cost $42,338,319) | &nbsp;&nbsp;Total Alternative Strategies Funds<br> (Cost $42,338,319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44271607** |
| &nbsp;&nbsp;**Equity Funds 48.8%** | &nbsp;&nbsp;**Equity Funds 48.8%** | &nbsp;&nbsp;**Equity Funds 48.8%** |
| &nbsp;&nbsp;**Global Real Estate 0.6%** | &nbsp;&nbsp;**Global Real Estate 0.6%** | &nbsp;&nbsp;**Global Real Estate 0.6%** |
| &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;13038176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79532870 |
| &nbsp;&nbsp;**International 14.8%** | &nbsp;&nbsp;**International 14.8%** | &nbsp;&nbsp;**International 14.8%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3169469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28525217 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;77035131 | &nbsp;&nbsp;&nbsp;&nbsp;906703495 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;44877191 | &nbsp;&nbsp;&nbsp;&nbsp;394919281 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;30281312 | &nbsp;&nbsp;&nbsp;&nbsp;304630004 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;44114999 | &nbsp;&nbsp;&nbsp;&nbsp;386447388 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2021225385** |
| &nbsp;&nbsp;**U.S. Large Cap 30.4%** | &nbsp;&nbsp;**U.S. Large Cap 30.4%** | &nbsp;&nbsp;**U.S. Large Cap 30.4%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;10385072 | &nbsp;&nbsp;&nbsp;&nbsp;343745896 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4798945 | &nbsp;&nbsp;&nbsp;&nbsp;345716005 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;16044417 | &nbsp;&nbsp;&nbsp;&nbsp;417796622 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;46646724 | &nbsp;&nbsp;&nbsp;&nbsp;690837982 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;10445862 | &nbsp;&nbsp;&nbsp;&nbsp;383676504 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;10796621 | &nbsp;&nbsp;&nbsp;&nbsp;384035812 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6861295 | &nbsp;&nbsp;&nbsp;&nbsp;242615387 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7922424 | &nbsp;&nbsp;&nbsp;&nbsp;335039301 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;11788424 | &nbsp;&nbsp;&nbsp;&nbsp;377465325 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;20984348 | &nbsp;&nbsp;&nbsp;&nbsp;626802486 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4147731320** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** |
| &nbsp;&nbsp;**U.S. Mid Cap 1.1%** | &nbsp;&nbsp;**U.S. Mid Cap 1.1%** | &nbsp;&nbsp;**U.S. Mid Cap 1.1%** |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1927763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81004603 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2058067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73328923 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**154333526** |
| &nbsp;&nbsp;**U.S. Small Cap 1.9%** | &nbsp;&nbsp;**U.S. Small Cap 1.9%** | &nbsp;&nbsp;**U.S. Small Cap 1.9%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6917954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79556468 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6197818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57019926 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2891685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78335746 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1595954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52171749 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**267083889** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $5,643,034,627) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $5,643,034,627) | &nbsp;&nbsp;**6669906990** |
| &nbsp;&nbsp;**Fixed Income Funds 44.9%** | &nbsp;&nbsp;**Fixed Income Funds 44.9%** | &nbsp;&nbsp;**Fixed Income Funds 44.9%** |
| &nbsp;&nbsp;**Emerging Markets 0.7%** | &nbsp;&nbsp;**Emerging Markets 0.7%** | &nbsp;&nbsp;**Emerging Markets 0.7%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11395495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85694124 |
| &nbsp;&nbsp;**Investment Grade 44.2%** | &nbsp;&nbsp;**Investment Grade 44.2%** | &nbsp;&nbsp;**Investment Grade 44.2%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;123856405 | &nbsp;&nbsp;1024292470 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26647165 | &nbsp;&nbsp;&nbsp;&nbsp;244354498 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75826765 | &nbsp;&nbsp;&nbsp;&nbsp;579316486 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28156691 | &nbsp;&nbsp;&nbsp;&nbsp;244681647 |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75205600 | &nbsp;&nbsp;&nbsp;&nbsp;676098346 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;150692719 | &nbsp;&nbsp;1372810669 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;201968368 | &nbsp;&nbsp;1900522345 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6042076461** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $7,373,655,271) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $7,373,655,271) | &nbsp;&nbsp;**6127770585** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Moderate Portfolio, December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 5.7%** | &nbsp;&nbsp;**Money Market Funds 5.7%** | &nbsp;&nbsp;**Money Market Funds 5.7%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(c)</sup> | &nbsp;&nbsp;745549792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745326127 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Government Money Market Fund, Class 1 Shares, 3.492%<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30273440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30273440 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $775,500,365) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $775,500,365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**775599567** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $13,834,528,582)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $13,834,528,582)** | &nbsp;&nbsp;**13617548749** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45197410** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**13662746159** |

---

At December 31, 2022, securities and/or cash totaling $45,558,064 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;MSCI EAFE Index | 854 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83239380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1447615) |
| &nbsp;&nbsp;Russell 2000 Index E-mini | 3624 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;320887080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7394867) |
| &nbsp;&nbsp;S&P 500 Index E-mini | 152 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29343600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(816617) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 314 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42174125 | &nbsp;&nbsp;&nbsp;&nbsp;87606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 1070 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;143714375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2171257) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;87606 | &nbsp;&nbsp;&nbsp;&nbsp;(11830356) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro STOXX 50 Index | (1079) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;(40840150) | &nbsp;&nbsp;&nbsp;&nbsp;1553360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE 100 Index | (505) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;(37703300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(138912) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1553360 | &nbsp;&nbsp;&nbsp;&nbsp;(138912) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Receive<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Implied<br> credit<br> spread<br> (%)\*** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.820 | USD | 52323000 | 358458 |  |  | 358458 |  |

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The accompanying Notes to Financial Statements are an integral part of this statement.

28 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Moderate Portfolio, December 31, 2022

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;983397100 | &nbsp;&nbsp;1251860036 | &nbsp;&nbsp;(1490109368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745326127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312007) | &nbsp;&nbsp;&nbsp;&nbsp;16470782 | &nbsp;&nbsp;745549792 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55257709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12161049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17907643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5239508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44271607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3936816 | &nbsp;&nbsp;&nbsp;&nbsp;12161049 | &nbsp;&nbsp;&nbsp;&nbsp;8663720 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;458128586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11832939) | &nbsp;&nbsp;&nbsp;&nbsp;(102549751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343745896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21404106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10385072 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;465469284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17023770) | &nbsp;&nbsp;&nbsp;&nbsp;(102729509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345716005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19575750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4798945 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;103283790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3853174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1313006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20129834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85694124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292614) | &nbsp;&nbsp;&nbsp;&nbsp;3852086 | &nbsp;&nbsp;&nbsp;&nbsp;11395495 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42505343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9326852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23306978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28525217 | &nbsp;&nbsp;&nbsp;&nbsp;9323111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3169469 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Government Money Market Fund, Class 1 Shares, 3.492% | &nbsp;&nbsp;Columbia Variable Portfolio – Government Money Market Fund, Class 1 Shares, 3.492% | &nbsp;&nbsp;Columbia Variable Portfolio – Government Money Market Fund, Class 1 Shares, 3.492% | &nbsp;&nbsp;Columbia Variable Portfolio – Government Money Market Fund, Class 1 Shares, 3.492% | &nbsp;&nbsp;Columbia Variable Portfolio – Government Money Market Fund, Class 1 Shares, 3.492% | &nbsp;&nbsp;Columbia Variable Portfolio – Government Money Market Fund, Class 1 Shares, 3.492% | &nbsp;&nbsp;Columbia Variable Portfolio – Government Money Market Fund, Class 1 Shares, 3.492% | &nbsp;&nbsp;Columbia Variable Portfolio – Government Money Market Fund, Class 1 Shares, 3.492% | &nbsp;&nbsp;Columbia Variable Portfolio – Government Money Market Fund, Class 1 Shares, 3.492% | &nbsp;&nbsp;Columbia Variable Portfolio – Government Money Market Fund, Class 1 Shares, 3.492% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29915616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30273440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360861 | &nbsp;&nbsp;&nbsp;&nbsp;30273440 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;1406491366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36220275 | &nbsp;&nbsp;&nbsp;&nbsp;(171588586) | &nbsp;&nbsp;&nbsp;&nbsp;(246830585) | &nbsp;&nbsp;&nbsp;&nbsp;1024292470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730674 | &nbsp;&nbsp;&nbsp;&nbsp;(3328586) | &nbsp;&nbsp;&nbsp;&nbsp;35393378 | &nbsp;&nbsp;123856405 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;547236442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82012507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9712044) | &nbsp;&nbsp;&nbsp;&nbsp;(201740283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417796622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21682617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16044417 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;173153922 | &nbsp;&nbsp;&nbsp;&nbsp;491625862 | &nbsp;&nbsp;&nbsp;&nbsp;(419443216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(982070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244354498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(16959734) | &nbsp;&nbsp;&nbsp;&nbsp;3568236 | &nbsp;&nbsp;&nbsp;&nbsp;26647165 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;801802808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37446050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1957174) | &nbsp;&nbsp;&nbsp;&nbsp;(257975198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579316486 | &nbsp;&nbsp;&nbsp;&nbsp;19561121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154365 | &nbsp;&nbsp;&nbsp;&nbsp;17854095 | &nbsp;&nbsp;&nbsp;&nbsp;75826765 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;1099785818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76757762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32539359) | &nbsp;&nbsp;&nbsp;&nbsp;(237300726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906703495 | &nbsp;&nbsp;&nbsp;&nbsp;69109081 | &nbsp;&nbsp;&nbsp;&nbsp;1296190 | &nbsp;&nbsp;&nbsp;&nbsp;7639169 | &nbsp;&nbsp;&nbsp;&nbsp;77035131 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;924516426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37178705) | &nbsp;&nbsp;&nbsp;&nbsp;(196499739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690837982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22837846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;46646724 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;550308803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15831 | &nbsp;&nbsp;&nbsp;&nbsp;(118197028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48451102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383676504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36460726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10445862 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99531944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32974907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11168454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41781929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79556468 | &nbsp;&nbsp;&nbsp;&nbsp;32342003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632905 | &nbsp;&nbsp;&nbsp;&nbsp;6917954 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88768695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25147746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56896515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57019926 | &nbsp;&nbsp;&nbsp;&nbsp;25147746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6197818 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;301938219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5748023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16791394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46213201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244681647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1359247) | &nbsp;&nbsp;&nbsp;&nbsp;5746791 | &nbsp;&nbsp;&nbsp;&nbsp;28156691 |
| &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;528197882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777080 | &nbsp;&nbsp;&nbsp;&nbsp;(541961257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9986295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2633725 | &nbsp;&nbsp;&nbsp;(31032309) | &nbsp;&nbsp;&nbsp;&nbsp;1143355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;969783402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41387911 | &nbsp;&nbsp;&nbsp;&nbsp;(164255748) | &nbsp;&nbsp;&nbsp;&nbsp;(170817219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676098346 | &nbsp;&nbsp;&nbsp;&nbsp;18831152 | &nbsp;&nbsp;&nbsp;&nbsp;4004251 | &nbsp;&nbsp;&nbsp;&nbsp;22462860 | &nbsp;&nbsp;&nbsp;&nbsp;75205600 |
| &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;116034362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18793375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10317682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44977185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79532870 | &nbsp;&nbsp;&nbsp;&nbsp;17379159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353826 | &nbsp;&nbsp;&nbsp;&nbsp;1412115 | &nbsp;&nbsp;&nbsp;&nbsp;13038176 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;478884340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36818143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58030385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384035812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28647469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10796621 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Moderate Portfolio, December 31, 2022

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;411595124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(169033603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242615387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6861295 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;468936174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1210872) | &nbsp;&nbsp;&nbsp;&nbsp;(132693194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335039301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2188080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7922424 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;476570024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26697530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72407169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377465325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;51091997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11788424 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;1420783626 | &nbsp;&nbsp;&nbsp;&nbsp;295252887 | &nbsp;&nbsp;&nbsp;&nbsp;(135362004) | &nbsp;&nbsp;&nbsp;&nbsp;(207863840) | &nbsp;&nbsp;&nbsp;&nbsp;1372810669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9457035) | &nbsp;&nbsp;&nbsp;&nbsp;14248147 | &nbsp;&nbsp;150692719 |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;101650599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3909961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16736035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81004603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13921772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1927763 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99543250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25981368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73328923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2058067 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;2303149525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49713930 | &nbsp;&nbsp;&nbsp;&nbsp;(108146404) | &nbsp;&nbsp;&nbsp;&nbsp;(344194706) | &nbsp;&nbsp;&nbsp;&nbsp;1900522345 | &nbsp;&nbsp;&nbsp;&nbsp;15118489 | &nbsp;&nbsp;&nbsp;&nbsp;(9806594) | &nbsp;&nbsp;&nbsp;&nbsp;34582400 | &nbsp;&nbsp;201968368 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;785116658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18239139) | &nbsp;&nbsp;&nbsp;&nbsp;(140075033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626802486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5145126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20984348 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;449583842 | &nbsp;&nbsp;&nbsp;&nbsp;271232433 | &nbsp;&nbsp;&nbsp;&nbsp;(145141880) | &nbsp;&nbsp;&nbsp;&nbsp;(180755114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394919281 | &nbsp;&nbsp;&nbsp;&nbsp;82897734 | &nbsp;&nbsp;&nbsp;(14478208) | &nbsp;&nbsp;&nbsp;&nbsp;7598969 | &nbsp;&nbsp;&nbsp;&nbsp;44877191 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;415466803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18569755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(129406554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304630004 | &nbsp;&nbsp;&nbsp;&nbsp;18500854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30281312 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;436443001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9460403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59456016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386447388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9423632 | &nbsp;&nbsp;&nbsp;&nbsp;44114999 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;110281291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31951149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78335746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2891685 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59903551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7753416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52171749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1595954 |
| &nbsp;&nbsp;Total | 17763415325 |  |  | &nbsp;&nbsp;(3370594260) | &nbsp;&nbsp;13617548749 | &nbsp;&nbsp;311574849 | &nbsp;&nbsp;146923164 | &nbsp;&nbsp;194550830 |  |

---

(b) Non-income producing investment.

(c) The rate shown is the seven-day current annualized yield at December 31, 2022.

#### Currency Legend
EUR Euro <br> GBP British Pound <br> USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

The accompanying Notes to Financial Statements are an integral part of this statement.

30 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Moderate Portfolio, December 31, 2022

#### Fair value measurements (continued)
**■** **Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).** 

**■** **Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).** 

**Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44271607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44271607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6669906990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6669906990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6127770585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6127770585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 775599567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775599567 |
| &nbsp;&nbsp;Total Investments in Securities | 775599567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12841949182 | &nbsp;&nbsp;&nbsp;&nbsp;13617548749 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1640966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;358458 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;(11969268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11969268) |
| &nbsp;&nbsp;Total | 765271265 | &nbsp;&nbsp;&nbsp;&nbsp;358458 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12841949182 | &nbsp;&nbsp;&nbsp;&nbsp;13607578905 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

## Portfolio of Investments Variable Portfolio – Moderately Aggressive Portfolio, December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Strategies Funds 0.4%** | &nbsp;&nbsp;**Alternative Strategies Funds 0.4%** | &nbsp;&nbsp;**Alternative Strategies Funds 0.4%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3951055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20189894 |
| &nbsp;&nbsp;Total Alternative Strategies Funds<br> (Cost $19,247,713) | &nbsp;&nbsp;Total Alternative Strategies Funds<br> (Cost $19,247,713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20189894** |
| &nbsp;&nbsp;**Equity Funds 64.7%** | &nbsp;&nbsp;**Equity Funds 64.7%** | &nbsp;&nbsp;**Equity Funds 64.7%** |
| &nbsp;&nbsp;**Global Real Estate 0.8%** | &nbsp;&nbsp;**Global Real Estate 0.8%** | &nbsp;&nbsp;**Global Real Estate 0.8%** |
| &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7534045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45957672 |
| &nbsp;&nbsp;**International 19.2%** | &nbsp;&nbsp;**International 19.2%** | &nbsp;&nbsp;**International 19.2%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1308363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11775267 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;37701460 | &nbsp;&nbsp;&nbsp;&nbsp;443746187 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;26611386 | &nbsp;&nbsp;&nbsp;&nbsp;234180190 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;17793045 | &nbsp;&nbsp;&nbsp;&nbsp;178998034 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;24524397 | &nbsp;&nbsp;&nbsp;&nbsp;214833718 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1083533396** |
| &nbsp;&nbsp;**U.S. Large Cap 40.5%** | &nbsp;&nbsp;**U.S. Large Cap 40.5%** | &nbsp;&nbsp;**U.S. Large Cap 40.5%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5134054 | &nbsp;&nbsp;&nbsp;&nbsp;169937192 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2371939 | &nbsp;&nbsp;&nbsp;&nbsp;170874472 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9061679 | &nbsp;&nbsp;&nbsp;&nbsp;235966126 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;23047659 | &nbsp;&nbsp;&nbsp;&nbsp;341335829 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5868845 | &nbsp;&nbsp;&nbsp;&nbsp;215562674 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6655953 | &nbsp;&nbsp;&nbsp;&nbsp;236752233 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4334122 | &nbsp;&nbsp;&nbsp;&nbsp;153254557 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4917284 | &nbsp;&nbsp;&nbsp;&nbsp;207951964 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7264875 | &nbsp;&nbsp;&nbsp;&nbsp;232621303 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;10995644 | &nbsp;&nbsp;&nbsp;&nbsp;328439887 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2292696237** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** |
| &nbsp;&nbsp;**U.S. Mid Cap 1.6%** | &nbsp;&nbsp;**U.S. Mid Cap 1.6%** | &nbsp;&nbsp;**U.S. Mid Cap 1.6%** |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1111035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46685717 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1187304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42303631 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**88989348** |
| &nbsp;&nbsp;**U.S. Small Cap 2.6%** | &nbsp;&nbsp;**U.S. Small Cap 2.6%** | &nbsp;&nbsp;**U.S. Small Cap 2.6%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3968230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45634649 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3620358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33307293 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1541783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41766885 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25158518 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**145867345** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $3,169,871,215) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $3,169,871,215) | &nbsp;&nbsp;**3657043998** |
| &nbsp;&nbsp;**Fixed Income Funds 29.0%** | &nbsp;&nbsp;**Fixed Income Funds 29.0%** | &nbsp;&nbsp;**Fixed Income Funds 29.0%** |
| &nbsp;&nbsp;**Emerging Markets 0.6%** | &nbsp;&nbsp;**Emerging Markets 0.6%** | &nbsp;&nbsp;**Emerging Markets 0.6%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4010778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30161052 |
| &nbsp;&nbsp;**Investment Grade 28.4%** | &nbsp;&nbsp;**Investment Grade 28.4%** | &nbsp;&nbsp;**Investment Grade 28.4%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;45896190 | &nbsp;&nbsp;&nbsp;&nbsp;379561492 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8950048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82071941 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;10766510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82256131 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;10132837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88054356 |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;32666139 | &nbsp;&nbsp;&nbsp;&nbsp;293668586 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;25932967 | &nbsp;&nbsp;&nbsp;&nbsp;236249331 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;47293017 | &nbsp;&nbsp;&nbsp;&nbsp;445027292 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1606889129** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $1,985,352,726) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $1,985,352,726) | &nbsp;&nbsp;**1637050181** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

32 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Moderately Aggressive Portfolio, December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 5.6%** | &nbsp;&nbsp;**Money Market Funds 5.6%** | &nbsp;&nbsp;**Money Market Funds 5.6%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(c)</sup> | &nbsp;&nbsp;318810819 | &nbsp;&nbsp;&nbsp;&nbsp;318715176 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $318,664,863) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $318,664,863) | &nbsp;&nbsp;&nbsp;&nbsp;**318715176** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $5,493,136,517)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $5,493,136,517)** | &nbsp;&nbsp;**5632999249** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19296472** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**5652295721** |

---

At December 31, 2022, securities and/or cash totaling $19,527,978 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;MSCI EAFE Index | 177 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17252190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300033) |
| &nbsp;&nbsp;Russell 2000 Index E-mini | 1645 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;145656525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3356666) |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 1642 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;184391469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508709) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 88 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11819500 | &nbsp;&nbsp;&nbsp;&nbsp;24552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 324 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43517250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(657465) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;24552 | &nbsp;&nbsp;&nbsp;&nbsp;(4822873) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro STOXX 50 Index | (529) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;(20022650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE 100 Index | (241) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;(17993060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(66292) |
| &nbsp;&nbsp;S&P 500 Index E-mini | (102) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(19691100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1308796 | &nbsp;&nbsp;&nbsp;&nbsp;(66292) |

---

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;497839691 | &nbsp;&nbsp;445799523 | &nbsp;&nbsp;(625023342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99304 | &nbsp;&nbsp;&nbsp;&nbsp;318715176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151756) | &nbsp;&nbsp;&nbsp;&nbsp;5423164 | &nbsp;&nbsp;318810819 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;25094136 | &nbsp;&nbsp;&nbsp;&nbsp;5697634 | &nbsp;&nbsp;&nbsp;&nbsp;(8222969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2378907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20189894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1676145 | &nbsp;&nbsp;&nbsp;&nbsp;5697634 | &nbsp;&nbsp;&nbsp;&nbsp;3951055 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;230260343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7177880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53145271) | &nbsp;&nbsp;&nbsp;&nbsp;169937192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12408086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5134054 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;233251063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9765904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52610687) | &nbsp;&nbsp;&nbsp;&nbsp;170874472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10930695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2371939 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;37323828 | &nbsp;&nbsp;&nbsp;&nbsp;1373475 | &nbsp;&nbsp;&nbsp;&nbsp;(1591850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6944401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30161052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416880) | &nbsp;&nbsp;&nbsp;&nbsp;1373475 | &nbsp;&nbsp;&nbsp;&nbsp;4010778 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Moderately Aggressive Portfolio, December 31, 2022

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;17490304 | &nbsp;&nbsp;&nbsp;&nbsp;3878651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9593688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11775267 | &nbsp;&nbsp;&nbsp;&nbsp;3839098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1308363 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;494574681 | &nbsp;&nbsp;&nbsp;&nbsp;13760307 | &nbsp;&nbsp;&nbsp;&nbsp;(37361173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91412323) | &nbsp;&nbsp;&nbsp;&nbsp;379561492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278327 | &nbsp;&nbsp;&nbsp;&nbsp;(4201853) | &nbsp;&nbsp;13481980 | &nbsp;&nbsp;&nbsp;&nbsp;45896190 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;309819393 | &nbsp;&nbsp;&nbsp;&nbsp;48948428 | &nbsp;&nbsp;&nbsp;&nbsp;(7646260) | &nbsp;&nbsp;&nbsp;&nbsp;(115155435) | &nbsp;&nbsp;&nbsp;&nbsp;235966126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14300103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9061679 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;56529405 | &nbsp;&nbsp;140259082 | &nbsp;&nbsp;(114135207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(581339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82071941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4942311) | &nbsp;&nbsp;&nbsp;&nbsp;1086730 | &nbsp;&nbsp;&nbsp;&nbsp;8950048 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;114561334 | &nbsp;&nbsp;&nbsp;&nbsp;5355392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(976283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36684312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82256131 | &nbsp;&nbsp;&nbsp;&nbsp;2778967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4655 | &nbsp;&nbsp;&nbsp;&nbsp;2536457 | &nbsp;&nbsp;&nbsp;&nbsp;10766510 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;552360832 | &nbsp;&nbsp;&nbsp;&nbsp;37825787 | &nbsp;&nbsp;&nbsp;&nbsp;(29556470) | &nbsp;&nbsp;&nbsp;&nbsp;(116883962) | &nbsp;&nbsp;&nbsp;&nbsp;443746187 | &nbsp;&nbsp;&nbsp;&nbsp;34038425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33570) | &nbsp;&nbsp;&nbsp;&nbsp;3786400 | &nbsp;&nbsp;&nbsp;&nbsp;37701460 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;463186674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp;(21985010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99866697) | &nbsp;&nbsp;&nbsp;&nbsp;341335829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12855032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23047659 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;312533232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160416 | &nbsp;&nbsp;&nbsp;&nbsp;(46118871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51012103) | &nbsp;&nbsp;&nbsp;&nbsp;215562674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;43142105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5868845 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;57670939 | &nbsp;&nbsp;&nbsp;&nbsp;19041924 | &nbsp;&nbsp;&nbsp;&nbsp;(8821850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22256364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45634649 | &nbsp;&nbsp;&nbsp;&nbsp;18676443 | &nbsp;&nbsp;&nbsp;&nbsp;(1572636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365483 | &nbsp;&nbsp;&nbsp;&nbsp;3968230 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;51852838 | &nbsp;&nbsp;&nbsp;&nbsp;14689660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33235205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33307293 | &nbsp;&nbsp;&nbsp;&nbsp;14689660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3620358 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;112544076 | &nbsp;&nbsp;&nbsp;&nbsp;2092803 | &nbsp;&nbsp;&nbsp;&nbsp;(10144839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16437684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88054356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1011074) | &nbsp;&nbsp;&nbsp;&nbsp;2092803 | &nbsp;&nbsp;&nbsp;&nbsp;10132837 |
| &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;151702567 | &nbsp;&nbsp;&nbsp;&nbsp;1077055 | &nbsp;&nbsp;(157012411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751021 | &nbsp;&nbsp;&nbsp;(10250375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;382156166 | &nbsp;&nbsp;&nbsp;&nbsp;18629428 | &nbsp;&nbsp;&nbsp;&nbsp;(34544286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72572722) | &nbsp;&nbsp;&nbsp;&nbsp;293668586 | &nbsp;&nbsp;&nbsp;&nbsp;8495508 | &nbsp;&nbsp;&nbsp;&nbsp;(2485123) | &nbsp;&nbsp;10133920 | &nbsp;&nbsp;&nbsp;&nbsp;32666139 |
| &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;66979071 | &nbsp;&nbsp;&nbsp;&nbsp;10923893 | &nbsp;&nbsp;&nbsp;&nbsp;(5981955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25963337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45957672 | &nbsp;&nbsp;&nbsp;&nbsp;10094549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820216 | &nbsp;&nbsp;&nbsp;&nbsp;7534045 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;298203524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(35469307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25981984) | &nbsp;&nbsp;&nbsp;&nbsp;236752233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7563923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6655953 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;258705725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(106296747) | &nbsp;&nbsp;&nbsp;&nbsp;153254557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4334122 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;291844463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98600 | &nbsp;&nbsp;&nbsp;&nbsp;(1059593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82931506) | &nbsp;&nbsp;&nbsp;&nbsp;207951964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1866679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4917284 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;296852311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(25291292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38939716) | &nbsp;&nbsp;&nbsp;&nbsp;232621303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25505138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7264875 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;304994261 | &nbsp;&nbsp;&nbsp;&nbsp;3018782 | &nbsp;&nbsp;&nbsp;&nbsp;(29060012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42703700) | &nbsp;&nbsp;&nbsp;&nbsp;236249331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2104335) | &nbsp;&nbsp;&nbsp;&nbsp;3018782 | &nbsp;&nbsp;&nbsp;&nbsp;25932967 |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;58887441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2941798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9259926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46685717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7603229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1111035 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;57818380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15284384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42303631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1187304 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;572991919 | &nbsp;&nbsp;&nbsp;&nbsp;11806170 | &nbsp;&nbsp;&nbsp;&nbsp;(60015675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79755122) | &nbsp;&nbsp;&nbsp;&nbsp;445027292 | &nbsp;&nbsp;&nbsp;&nbsp;3591313 | &nbsp;&nbsp;&nbsp;&nbsp;(5601706) | &nbsp;&nbsp;&nbsp;&nbsp;8214857 | &nbsp;&nbsp;&nbsp;&nbsp;47293017 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

34 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Moderately Aggressive Portfolio, December 31, 2022

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;433091822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;(12360529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92291486) | &nbsp;&nbsp;&nbsp;&nbsp;328439887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19308808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10995644 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;269598733 | &nbsp;&nbsp;156050521 | &nbsp;&nbsp;&nbsp;&nbsp;(77735950) | &nbsp;&nbsp;&nbsp;&nbsp;(113733114) | &nbsp;&nbsp;&nbsp;&nbsp;234180190 | &nbsp;&nbsp;&nbsp;&nbsp;48422640 | &nbsp;&nbsp;&nbsp;&nbsp;(1524570) | &nbsp;&nbsp;&nbsp;&nbsp;4526881 | &nbsp;&nbsp;&nbsp;&nbsp;26611386 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;243163338 | &nbsp;&nbsp;&nbsp;&nbsp;11601147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75766451) | &nbsp;&nbsp;&nbsp;&nbsp;178998034 | &nbsp;&nbsp;&nbsp;&nbsp;10842796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17793045 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;242251331 | &nbsp;&nbsp;&nbsp;&nbsp;5578653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32996266) | &nbsp;&nbsp;&nbsp;&nbsp;214833718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5230666 | &nbsp;&nbsp;&nbsp;&nbsp;24524397 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;58728627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17016583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41766885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1541783 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;28563644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3704852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25158518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769609 |
| &nbsp;&nbsp;Total | 7583426092 |  |  | &nbsp;&nbsp;(1539064181) | &nbsp;&nbsp;5632999249 | &nbsp;&nbsp;156498747 | &nbsp;&nbsp;123543656 | &nbsp;&nbsp;68115482 |  |

---

(b) Non-income producing investment.

(c) The rate shown is the seven-day current annualized yield at December 31, 2022.

#### Currency Legend
EUR Euro <br> GBP British Pound <br> USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Moderately Aggressive Portfolio, December 31, 2022

**Fair value measurements (continued) The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20189894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20189894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3657043998 | &nbsp;&nbsp;&nbsp;&nbsp;3657043998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1637050181 | &nbsp;&nbsp;&nbsp;&nbsp;1637050181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 318715176 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318715176 |
| &nbsp;&nbsp;Total Investments in Securities | 318715176 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5314284073 | &nbsp;&nbsp;&nbsp;&nbsp;5632999249 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1333348 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(4889165) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4889165) |
| &nbsp;&nbsp;Total | 315159359 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5314284073 | &nbsp;&nbsp;&nbsp;&nbsp;5629443432 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

36 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

## Portfolio of Investments Variable Portfolio – Aggressive Portfolio, December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Strategies Funds 0.5%** | &nbsp;&nbsp;**Alternative Strategies Funds 0.5%** | &nbsp;&nbsp;**Alternative Strategies Funds 0.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2089646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10678091 |
| &nbsp;&nbsp;Total Alternative Strategies Funds<br> (Cost $10,414,524) | &nbsp;&nbsp;Total Alternative Strategies Funds<br> (Cost $10,414,524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10678091** |
| &nbsp;&nbsp;**Equity Funds 81.0%** | &nbsp;&nbsp;**Equity Funds 81.0%** | &nbsp;&nbsp;**Equity Funds 81.0%** |
| &nbsp;&nbsp;**Global Real Estate 1.0%** | &nbsp;&nbsp;**Global Real Estate 1.0%** | &nbsp;&nbsp;**Global Real Estate 1.0%** |
| &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3399256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20735462 |
| &nbsp;&nbsp;**International 24.7%** | &nbsp;&nbsp;**International 24.7%** | &nbsp;&nbsp;**International 24.7%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4682441 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;15330577 | &nbsp;&nbsp;&nbsp;&nbsp;180440894 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;16080047 | &nbsp;&nbsp;&nbsp;&nbsp;141504410 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8405181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84556118 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;11125859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97462527 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**508646390** |
| &nbsp;&nbsp;**U.S. Large Cap 50.1%** | &nbsp;&nbsp;**U.S. Large Cap 50.1%** | &nbsp;&nbsp;**U.S. Large Cap 50.1%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2271204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75176851 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1056925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76140903 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4338204 | &nbsp;&nbsp;&nbsp;&nbsp;112966837 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;10228323 | &nbsp;&nbsp;&nbsp;&nbsp;151481465 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2667314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97970431 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3080654 | &nbsp;&nbsp;&nbsp;&nbsp;109578874 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2025359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71616704 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2167356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91657482 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3381348 | &nbsp;&nbsp;&nbsp;&nbsp;108270745 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4589362 | &nbsp;&nbsp;&nbsp;&nbsp;137084228 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1031944520** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** |
| &nbsp;&nbsp;**U.S. Mid Cap 1.9%** | &nbsp;&nbsp;**U.S. Mid Cap 1.9%** | &nbsp;&nbsp;**U.S. Mid Cap 1.9%** |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;513700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21585681 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;511670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18230784 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39816465** |
| &nbsp;&nbsp;**U.S. Small Cap 3.3%** | &nbsp;&nbsp;**U.S. Small Cap 3.3%** | &nbsp;&nbsp;**U.S. Small Cap 3.3%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;1811313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20830102 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;1530790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14083268 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;694883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18824382 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;453197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14815005 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68552757** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $1,433,914,872) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $1,433,914,872) | &nbsp;&nbsp;**1669695594** |
| &nbsp;&nbsp;**Fixed Income Funds 15.3%** | &nbsp;&nbsp;**Fixed Income Funds 15.3%** | &nbsp;&nbsp;**Fixed Income Funds 15.3%** |
| &nbsp;&nbsp;**Emerging Markets 0.5%** | &nbsp;&nbsp;**Emerging Markets 0.5%** | &nbsp;&nbsp;**Emerging Markets 0.5%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;1406408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10576187 |
| &nbsp;&nbsp;**Investment Grade 14.8%** | &nbsp;&nbsp;**Investment Grade 14.8%** | &nbsp;&nbsp;**Investment Grade 14.8%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;7657719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63329334 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;1417266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12996330 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;5098682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38953929 |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;7156974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64341197 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;4738427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43167075 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(a)</sup> | &nbsp;&nbsp;8669096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81576193 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**304364058** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $386,697,750) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $386,697,750) | &nbsp;&nbsp;&nbsp;&nbsp;**314940245** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Aggressive Portfolio, December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 2.9%** | &nbsp;&nbsp;**Money Market Funds 2.9%** | &nbsp;&nbsp;**Money Market Funds 2.9%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(c)</sup> | &nbsp;&nbsp;58976773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58959080 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $58,954,005) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $58,954,005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58959080** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,889,981,151)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,889,981,151)** | &nbsp;&nbsp;**2054273010** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5916383** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**2060189393** |

---

At December 31, 2022, securities and/or cash totaling $5,993,213 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Russell 2000 Index E-mini | 604 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;53481180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1232478) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 54 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7252875 | &nbsp;&nbsp;&nbsp;&nbsp;15067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 132 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;17729250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267856) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15067 | &nbsp;&nbsp;&nbsp;&nbsp;(1500334) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro STOXX 50 Index | (256) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9689600) | &nbsp;&nbsp;&nbsp;&nbsp;368545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE 100 Index | (116) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8660560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(31909) |
| &nbsp;&nbsp;S&P 500 Index E-mini | (97) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(18725850) | &nbsp;&nbsp;&nbsp;&nbsp;520407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;888952 | &nbsp;&nbsp;&nbsp;&nbsp;(31909) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Receive<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Implied<br> credit<br> spread<br> (%)\*** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.820 | USD | 10308000 | 70619 |  |  | 70619 |  |

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The accompanying Notes to Financial Statements are an integral part of this statement.

38 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Aggressive Portfolio, December 31, 2022

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;119218990 | &nbsp;&nbsp;105572938 | &nbsp;&nbsp;(165849444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58959080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27739) | &nbsp;&nbsp;&nbsp;&nbsp;1022015 | &nbsp;&nbsp;58976773 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;11630211 | &nbsp;&nbsp;&nbsp;&nbsp;3088472 | &nbsp;&nbsp;&nbsp;&nbsp;(2868083) | &nbsp;&nbsp;&nbsp;&nbsp;(1172508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10678092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379016 | &nbsp;&nbsp;&nbsp;&nbsp;3088472 | &nbsp;&nbsp;&nbsp;&nbsp;2089646 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;98258088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1944249) | &nbsp;&nbsp;&nbsp;&nbsp;(21136988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75176851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3330061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2271204 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;100930601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3077140) | &nbsp;&nbsp;&nbsp;&nbsp;(21712558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76140903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3375707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1056925 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12509957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48101) | &nbsp;&nbsp;&nbsp;&nbsp;(2468325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10576186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471236 | &nbsp;&nbsp;&nbsp;&nbsp;1406408 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810879 | &nbsp;&nbsp;&nbsp;&nbsp;1652504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39090) | &nbsp;&nbsp;&nbsp;&nbsp;(3741852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4682441 | &nbsp;&nbsp;&nbsp;&nbsp;1506110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520271 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;78625388 | &nbsp;&nbsp;&nbsp;&nbsp;2320701 | &nbsp;&nbsp;&nbsp;&nbsp;(2364328) | &nbsp;&nbsp;&nbsp;&nbsp;(15252427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63329334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45853 | &nbsp;&nbsp;&nbsp;&nbsp;(315348) | &nbsp;&nbsp;&nbsp;&nbsp;2221094 | &nbsp;&nbsp;&nbsp;&nbsp;7657719 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;140511251 | &nbsp;&nbsp;&nbsp;&nbsp;28507164 | &nbsp;&nbsp;&nbsp;&nbsp;(3314391) | &nbsp;&nbsp;&nbsp;&nbsp;(52737187) | &nbsp;&nbsp;&nbsp;&nbsp;112966837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6733434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4338204 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24936589 | &nbsp;&nbsp;&nbsp;&nbsp;(11756561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12996330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(180521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168831 | &nbsp;&nbsp;&nbsp;&nbsp;1417266 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;53452752 | &nbsp;&nbsp;&nbsp;&nbsp;2922224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197748) | &nbsp;&nbsp;&nbsp;&nbsp;(17223299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38953929 | &nbsp;&nbsp;&nbsp;&nbsp;1309282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4954 | &nbsp;&nbsp;&nbsp;&nbsp;1195026 | &nbsp;&nbsp;&nbsp;&nbsp;5098682 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;213608565 | &nbsp;&nbsp;&nbsp;&nbsp;15528065 | &nbsp;&nbsp;&nbsp;&nbsp;(2493787) | &nbsp;&nbsp;&nbsp;&nbsp;(46201949) | &nbsp;&nbsp;&nbsp;&nbsp;180440894 | &nbsp;&nbsp;13597695 | &nbsp;&nbsp;&nbsp;&nbsp;(144906) | &nbsp;&nbsp;&nbsp;&nbsp;1501541 | &nbsp;&nbsp;15330577 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;201512524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7469131) | &nbsp;&nbsp;&nbsp;&nbsp;(42561928) | &nbsp;&nbsp;&nbsp;&nbsp;151481465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4262094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10228323 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;138427652 | &nbsp;&nbsp;&nbsp;&nbsp;1083766 | &nbsp;&nbsp;&nbsp;&nbsp;(19559505) | &nbsp;&nbsp;&nbsp;&nbsp;(21981482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97970431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;17665755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2667314 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;25815747 | &nbsp;&nbsp;&nbsp;&nbsp;8630303 | &nbsp;&nbsp;&nbsp;&nbsp;(2745739) | &nbsp;&nbsp;&nbsp;&nbsp;(10870209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20830102 | &nbsp;&nbsp;&nbsp;&nbsp;8464658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165645 | &nbsp;&nbsp;&nbsp;&nbsp;1811313 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;21924851 | &nbsp;&nbsp;&nbsp;&nbsp;6211205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(14052788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14083268 | &nbsp;&nbsp;&nbsp;&nbsp;6211205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1530790 |
| &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;25973949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192969 | &nbsp;&nbsp;&nbsp;&nbsp;(27425535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133655 | &nbsp;&nbsp;&nbsp;(2316716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;79430954 | &nbsp;&nbsp;&nbsp;&nbsp;4042653 | &nbsp;&nbsp;&nbsp;&nbsp;(3495919) | &nbsp;&nbsp;&nbsp;&nbsp;(15636491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64341197 | &nbsp;&nbsp;&nbsp;&nbsp;1835456 | &nbsp;&nbsp;&nbsp;&nbsp;(383894) | &nbsp;&nbsp;&nbsp;&nbsp;2189435 | &nbsp;&nbsp;&nbsp;&nbsp;7156974 |
| &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;29628863 | &nbsp;&nbsp;&nbsp;&nbsp;4960646 | &nbsp;&nbsp;&nbsp;&nbsp;(2202277) | &nbsp;&nbsp;&nbsp;&nbsp;(11651770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20735462 | &nbsp;&nbsp;&nbsp;&nbsp;4584511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372507 | &nbsp;&nbsp;&nbsp;&nbsp;3399256 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;130288443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10464081) | &nbsp;&nbsp;&nbsp;&nbsp;(10245488) | &nbsp;&nbsp;&nbsp;&nbsp;109578874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2183013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3080654 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;109104829 | &nbsp;&nbsp;&nbsp;&nbsp;8293075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(45781200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71616704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2025359 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;127186612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406469) | &nbsp;&nbsp;&nbsp;&nbsp;(36096529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91657482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2167356 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Aggressive Portfolio, December 31, 2022

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;129088371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7992931) | &nbsp;&nbsp;&nbsp;&nbsp;(12824695) | &nbsp;&nbsp;&nbsp;&nbsp;108270745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6651386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3381348 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;52664172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556896 | &nbsp;&nbsp;&nbsp;&nbsp;(2297199) | &nbsp;&nbsp;&nbsp;&nbsp;(7756794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43167075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(174324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543220 | &nbsp;&nbsp;&nbsp;&nbsp;4738427 |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;25639411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(912545) | &nbsp;&nbsp;&nbsp;&nbsp;(3141185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21585681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2410876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513700 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;24388496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30670) | &nbsp;&nbsp;&nbsp;&nbsp;(6308081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18230784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511670 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;112759628 | &nbsp;&nbsp;&nbsp;&nbsp;2215005 | &nbsp;&nbsp;&nbsp;&nbsp;(19454817) | &nbsp;&nbsp;&nbsp;&nbsp;(13943623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81576193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673781 | &nbsp;&nbsp;&nbsp;(2217030) | &nbsp;&nbsp;&nbsp;&nbsp;1541224 | &nbsp;&nbsp;&nbsp;&nbsp;8669096 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;165584059 | &nbsp;&nbsp;&nbsp;&nbsp;1077705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368253) | &nbsp;&nbsp;&nbsp;&nbsp;(29209283) | &nbsp;&nbsp;&nbsp;&nbsp;137084228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4589362 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;148401307 | &nbsp;&nbsp;&nbsp;&nbsp;78445155 | &nbsp;&nbsp;&nbsp;&nbsp;(26587669) | &nbsp;&nbsp;&nbsp;&nbsp;(58754383) | &nbsp;&nbsp;&nbsp;&nbsp;141504410 | &nbsp;&nbsp;27392023 | &nbsp;&nbsp;&nbsp;(4940368) | &nbsp;&nbsp;&nbsp;&nbsp;2517799 | &nbsp;&nbsp;16080047 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;103712294 | &nbsp;&nbsp;&nbsp;&nbsp;13867895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(33024071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84556118 | &nbsp;&nbsp;&nbsp;&nbsp;4953169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8405181 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;103960342 | &nbsp;&nbsp;&nbsp;&nbsp;7680041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(14177856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97462527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2275955 | &nbsp;&nbsp;11125859 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;25455840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7419419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18824382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694883 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;13986653 | &nbsp;&nbsp;&nbsp;&nbsp;2726267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1897915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14815005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453197 |
| &nbsp;&nbsp;Total | 2630491679 |  |  | &nbsp;&nbsp;(577890768) | &nbsp;&nbsp;2054273010 | &nbsp;&nbsp;70707398 | &nbsp;&nbsp;37538006 | &nbsp;&nbsp;19332023 |  |

---

(b) Non-income producing investment.

(c) The rate shown is the seven-day current annualized yield at December 31, 2022.

#### Currency Legend
EUR Euro <br> GBP British Pound <br> USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

The accompanying Notes to Financial Statements are an integral part of this statement.

40 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Portfolio of Investments (continued)

Variable Portfolio – Aggressive Portfolio, December 31, 2022

**Fair value measurements (continued) Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10678091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10678091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1669695594 | &nbsp;&nbsp;&nbsp;&nbsp;1669695594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314940245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314940245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 58959080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58959080 |
| &nbsp;&nbsp;Total Investments in Securities | 58959080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1995313930 | &nbsp;&nbsp;&nbsp;&nbsp;2054273010 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;904019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;70619 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;(1532243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1532243) |
| &nbsp;&nbsp;Total | 58330856 | &nbsp;&nbsp;&nbsp;&nbsp;70619 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1995313930 | &nbsp;&nbsp;&nbsp;&nbsp;2053715405 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Variable<br> Portfolio –<br> Conservative<br> Portfolio** | &nbsp;&nbsp;**Variable<br> Portfolio –<br> Moderately<br> Conservative<br> Portfolio** | &nbsp;&nbsp;**Variable<br> Portfolio –<br> Moderate<br> Portfolio** |
| &nbsp;&nbsp;**Assets** |  |  |  |
| &nbsp;&nbsp;Investments in securities, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $1,044,453,090, $2,357,600,703, $13,834,528,582, respectively) | $909680968 | &nbsp;&nbsp;$2187479512 | &nbsp;&nbsp;$13617548749 |
| &nbsp;&nbsp;Margin deposits on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5463210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44022383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535681 |
| &nbsp;&nbsp;Receivable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13219232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005198 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105339 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;913342333 | &nbsp;&nbsp;&nbsp;&nbsp;2195372916 | &nbsp;&nbsp;&nbsp;&nbsp;13680476459 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |
| &nbsp;&nbsp;Payable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13247874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94121 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17730300 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$912185960** | &nbsp;&nbsp;**$2192806844** | &nbsp;&nbsp;**$13662746159** |
| &nbsp;&nbsp;**Represented by** |  |  |  |
| &nbsp;&nbsp;Trust capital | $912185960 | &nbsp;&nbsp;$2192806844 | &nbsp;&nbsp;$13662746159 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$912185960** | &nbsp;&nbsp;**$2192806844** | &nbsp;&nbsp;**$13662746159** |
| &nbsp;&nbsp;**Class 1** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1014423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2117980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38960596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.14 |
| &nbsp;&nbsp;**Class 2** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $515882519 | &nbsp;&nbsp;$1163336301 | &nbsp;&nbsp;&nbsp;&nbsp;$7213761335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;36371383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71043166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380056469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.98 |
| &nbsp;&nbsp;**Class 4** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $395289018 | &nbsp;&nbsp;$1027352563 | &nbsp;&nbsp;&nbsp;&nbsp;$6410024228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;27878919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62620957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337273525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.01 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

42 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Statement of Assets and Liabilities (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Variable<br> Portfolio –<br> Moderately<br> Aggressive Portfolio** | &nbsp;&nbsp;**Variable<br> Portfolio –<br> Aggressive<br> Portfolio** |
| &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;Investments in securities, at value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $5,493,136,517, $1,889,981,151, respectively) | $5632999249 | &nbsp;&nbsp;$2054273010 |
| &nbsp;&nbsp;Margin deposits on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19527978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302540 |
| &nbsp;&nbsp;Receivable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288967 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20249 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;5658140633 | &nbsp;&nbsp;&nbsp;&nbsp;2062682458 |
| &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32380 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5844912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493065 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$5652295721** | &nbsp;&nbsp;**$2060189393** |
| &nbsp;&nbsp;**Represented by** |  |  |
| &nbsp;&nbsp;Trust capital | $5652295721 | &nbsp;&nbsp;$2060189393 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$5652295721** | &nbsp;&nbsp;**$2060189393** |
| &nbsp;&nbsp;**Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$130084294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$62599689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6038427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.16 |
| &nbsp;&nbsp;**Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2986446347 | &nbsp;&nbsp;$1135243485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;139801377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47342122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.98 |
| &nbsp;&nbsp;**Class 4** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2535765080 | &nbsp;&nbsp;&nbsp;&nbsp;$862346219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;118519235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35904858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.02 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 43

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Variable<br> Portfolio –<br> Conservative<br> Portfolio** | &nbsp;&nbsp;**Variable<br> Portfolio –<br> Moderately<br> Conservative<br> Portfolio** | &nbsp;&nbsp;**Variable<br> Portfolio –<br> Moderate<br> Portfolio** |
| &nbsp;&nbsp;**Net investment income** |  |  |  |
| &nbsp;&nbsp;Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$17351173 | &nbsp;&nbsp;&nbsp;&nbsp;$36554070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$194550830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411967 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17379114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36557869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194962797 |
| &nbsp;&nbsp;Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10315853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19529984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2901322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17858847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8974050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182811 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9069166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57655138 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13414607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27488703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137307659 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3845299) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2020608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5347586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146923164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11342195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42658765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311574849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1804308) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(13657423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22149233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98500345) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(411275) |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4391025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25748291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353936786 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;(185942145) | &nbsp;&nbsp;&nbsp;&nbsp;(512154404) | &nbsp;&nbsp;&nbsp;&nbsp;(3370594260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1379067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3162292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25307468) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333946 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(187321212) | &nbsp;&nbsp;&nbsp;&nbsp;(515316696) | &nbsp;&nbsp;&nbsp;&nbsp;(3395567782) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(191712237) | &nbsp;&nbsp;&nbsp;&nbsp;(489568405) | &nbsp;&nbsp;&nbsp;&nbsp;(3041630996) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(178297630)** | &nbsp;&nbsp;**$(462079702)** | &nbsp;&nbsp;**$(2904323337)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

44 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Statement of Operations (continued)

Year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Variable<br> Portfolio –<br> Moderately<br> Aggressive Portfolio** | &nbsp;&nbsp;**Variable<br> Portfolio –<br> Aggressive<br> Portfolio** |
| &nbsp;&nbsp;**Net investment income** |  |  |
| &nbsp;&nbsp;Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68115482 | &nbsp;&nbsp;&nbsp;&nbsp;$19332023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97338 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68421148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19429361 |
| &nbsp;&nbsp;Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8342089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7018869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31976 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23534872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7977428 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44886276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11451933 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123543656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37538006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156498747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70707398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(796127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346993) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74424225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12119517) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82144) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204822051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95696750 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;(1539064181) | &nbsp;&nbsp;&nbsp;&nbsp;(577890768) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11833369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3373431) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66910 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(1550897550) | &nbsp;&nbsp;&nbsp;&nbsp;(581197289) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(1346075499) | &nbsp;&nbsp;&nbsp;&nbsp;(485500539) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(1301189223)** | &nbsp;&nbsp;**$(474048606)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 45

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Statement of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Variable Portfolio –<br> Conservative Portfolio** | **Variable Portfolio –<br> Conservative Portfolio** | &nbsp;&nbsp;**Variable Portfolio –<br> Moderately Conservative Portfolio** | &nbsp;&nbsp;**Variable Portfolio –<br> Moderately Conservative Portfolio** |
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$13414607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15586006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27488703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30278547 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4391025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122645112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25748291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293023686 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(187321212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103187226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(515316696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151179205) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;(178297630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35043892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462079702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172123028 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(99266588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233106490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309738054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352077035) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;(277564218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198062598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(771817756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179954007) |
| &nbsp;&nbsp;Net assets at beginning of year | 1189750178 | &nbsp;&nbsp;&nbsp;&nbsp;1387812776 | &nbsp;&nbsp;&nbsp;&nbsp;2964624600 | &nbsp;&nbsp;&nbsp;&nbsp;3144578607 |
| &nbsp;&nbsp;**Net assets at end of year** | &nbsp;&nbsp;**$912185960** | &nbsp;&nbsp;**$1189750178** | &nbsp;&nbsp;**$2192806844** | &nbsp;&nbsp;**$2964624600** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Variable Portfolio –<br> Conservative Portfolio** | **Variable Portfolio –<br> Conservative Portfolio** | **Variable Portfolio –<br> Conservative Portfolio** | **Variable Portfolio –<br> Conservative Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**Variable Portfolio –<br> Moderately Conservative Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**Variable Portfolio –<br> Moderately Conservative Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**Variable Portfolio –<br> Moderately Conservative Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**Variable Portfolio –<br> Moderately Conservative Portfolio** |
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(794690) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523261 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;2588535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38492489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48663645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11030218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29847265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (5180239) | &nbsp;&nbsp;&nbsp;&nbsp;(78000364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9710378) | &nbsp;&nbsp;&nbsp;&nbsp;(160288681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9038411) | &nbsp;&nbsp;&nbsp;&nbsp;(155556639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9118849) | &nbsp;&nbsp;&nbsp;&nbsp;(173584537) |
| &nbsp;&nbsp;Net decrease | (2591704) | &nbsp;&nbsp;&nbsp;&nbsp;(39507875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6765524) | &nbsp;&nbsp;&nbsp;&nbsp;(111625036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8398553) | &nbsp;&nbsp;&nbsp;&nbsp;(144526421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7550054) | &nbsp;&nbsp;&nbsp;&nbsp;(143737272) |
| &nbsp;&nbsp;Class 4 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;1225672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18241779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12558711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4887995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5331862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (5199441) | &nbsp;&nbsp;&nbsp;&nbsp;(78017550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8175661) | &nbsp;&nbsp;&nbsp;&nbsp;(134875400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9846393) | &nbsp;&nbsp;&nbsp;&nbsp;(170552454) | &nbsp;&nbsp;&nbsp;&nbsp;(11225157) | &nbsp;&nbsp;&nbsp;&nbsp;(214194886) |
| &nbsp;&nbsp;Net decrease | (3973769) | &nbsp;&nbsp;&nbsp;&nbsp;(59775771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7412466) | &nbsp;&nbsp;&nbsp;&nbsp;(122316689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9565197) | &nbsp;&nbsp;&nbsp;&nbsp;(165664459) | &nbsp;&nbsp;&nbsp;&nbsp;(10946146) | &nbsp;&nbsp;&nbsp;&nbsp;(208863024) |
| &nbsp;&nbsp;**Total net decrease** | **(6563802)** | &nbsp;&nbsp;&nbsp;&nbsp;**(99266588)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14127808)** | &nbsp;&nbsp;&nbsp;&nbsp;**(233106490)** | &nbsp;&nbsp;&nbsp;&nbsp;**(17935533)** | &nbsp;&nbsp;&nbsp;&nbsp;**(309738054)** | &nbsp;&nbsp;&nbsp;&nbsp;**(18469211)** | &nbsp;&nbsp;&nbsp;&nbsp;**(352077035)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

46 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Variable Portfolio –<br> Moderate<br> Portfolio** | **Variable Portfolio –<br> Moderate<br> Portfolio** | &nbsp;&nbsp;**Variable Portfolio –<br> Moderately Aggressive Portfolio** | &nbsp;&nbsp;**Variable Portfolio –<br> Moderately Aggressive Portfolio** |
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$137307659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$151857458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44886276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46188798 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353936786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757717911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204822051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961401865 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(3395567782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364624123) | &nbsp;&nbsp;&nbsp;(1550897550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105291966) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(2904323337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544951246 | &nbsp;&nbsp;&nbsp;(1301189223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902298697 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(1241616318) | &nbsp;&nbsp;&nbsp;&nbsp;(1335156447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(654720827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(955214164) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(4145939655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209794799 | &nbsp;&nbsp;&nbsp;(1955910050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52915467) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;17808685814 | &nbsp;&nbsp;&nbsp;&nbsp;17598891015 | &nbsp;&nbsp;&nbsp;&nbsp;7608205771 | &nbsp;&nbsp;&nbsp;&nbsp;7661121238 |
| &nbsp;&nbsp;**Net assets at end of year** | **$13662746159** | &nbsp;&nbsp;**$17808685814** | &nbsp;&nbsp;**$5652295721** | &nbsp;&nbsp;**$7608205771** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Variable Portfolio –<br> Moderate<br> Portfolio** | **Variable Portfolio –<br> Moderate<br> Portfolio** | **Variable Portfolio –<br> Moderate<br> Portfolio** | **Variable Portfolio –<br> Moderate<br> Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**Variable Portfolio –<br> Moderately Aggressive Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**Variable Portfolio –<br> Moderately Aggressive Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**Variable Portfolio –<br> Moderately Aggressive Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**Variable Portfolio –<br> Moderately Aggressive Portfolio** |
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18325425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17852828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54312617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53145081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1395947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1351310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(950388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1553693) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16929478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16501518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53362229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51591388 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;2204404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44612678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102545690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13351960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17565831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (24335121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(480729416) | &nbsp;&nbsp;&nbsp;&nbsp;(19243186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424611786) | &nbsp;&nbsp;&nbsp;&nbsp;(18983519) | &nbsp;&nbsp;&nbsp;&nbsp;(430008569) | &nbsp;&nbsp;&nbsp;&nbsp;(24659087) | &nbsp;&nbsp;&nbsp;&nbsp;(614123878) |
| &nbsp;&nbsp;Net decrease | (22130717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436116738) | &nbsp;&nbsp;&nbsp;&nbsp;(14569744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322066096) | &nbsp;&nbsp;&nbsp;&nbsp;(18383485) | &nbsp;&nbsp;&nbsp;&nbsp;(416656609) | &nbsp;&nbsp;&nbsp;&nbsp;(23956870) | &nbsp;&nbsp;&nbsp;&nbsp;(596558047) |
| &nbsp;&nbsp;Class 4 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6305002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7577548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5375082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6178469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (41516352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828734060) | &nbsp;&nbsp;&nbsp;&nbsp;(47066979) | &nbsp;&nbsp;&nbsp;&nbsp;(1037169417) | &nbsp;&nbsp;&nbsp;&nbsp;(13177066) | &nbsp;&nbsp;&nbsp;&nbsp;(296801529) | &nbsp;&nbsp;&nbsp;&nbsp;(16790262) | &nbsp;&nbsp;&nbsp;&nbsp;(416425974) |
| &nbsp;&nbsp;Net decrease | (41205871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(822429058) | &nbsp;&nbsp;&nbsp;&nbsp;(46722327) | &nbsp;&nbsp;&nbsp;&nbsp;(1029591869) | &nbsp;&nbsp;&nbsp;&nbsp;(12940895) | &nbsp;&nbsp;&nbsp;&nbsp;(291426447) | &nbsp;&nbsp;&nbsp;&nbsp;(16539487) | &nbsp;&nbsp;&nbsp;&nbsp;(410247505) |
| &nbsp;&nbsp;**Total net decrease** | **(62491654)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1241616318)** | &nbsp;&nbsp;&nbsp;&nbsp;**(60553836)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1335156447)** | &nbsp;&nbsp;&nbsp;&nbsp;**(28958753)** | &nbsp;&nbsp;&nbsp;&nbsp;**(654720827)** | &nbsp;&nbsp;&nbsp;&nbsp;**(38447406)** | &nbsp;&nbsp;&nbsp;&nbsp;**(955214164)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 47

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Statement of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | **Variable Portfolio –<br> Aggressive Portfolio** | **Variable Portfolio –<br> Aggressive Portfolio** |
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$11451933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10494665 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95696750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294280543 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(581197289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76986058 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(474048606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381761266 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(105236347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281808556) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(579284953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99952710 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;2639474346 | &nbsp;&nbsp;&nbsp;&nbsp;2539521636 |
| &nbsp;&nbsp;**Net assets at end of year** | **$2060189393** | &nbsp;&nbsp;**$2639474346** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Variable Portfolio –<br> Aggressive Portfolio** | **Variable Portfolio –<br> Aggressive Portfolio** | **Variable Portfolio –<br> Aggressive Portfolio** | **Variable Portfolio –<br> Aggressive Portfolio** |
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;1187614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30099960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26469369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1854320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(967321) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;1112920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28245640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25502048 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;1560147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39118606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21342634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (4012579) | &nbsp;&nbsp;&nbsp;&nbsp;(101602817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7414346) | &nbsp;&nbsp;&nbsp;&nbsp;(204604175) |
| &nbsp;&nbsp;Net decrease | (2452432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62484211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6658999) | &nbsp;&nbsp;&nbsp;&nbsp;(183261541) |
| &nbsp;&nbsp;Class 4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;259046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6519754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9696348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (3068586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77517530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4830251) | &nbsp;&nbsp;&nbsp;&nbsp;(133745411) |
| &nbsp;&nbsp;Net decrease | (2809540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70997776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4481349) | &nbsp;&nbsp;&nbsp;&nbsp;(124049063) |
| &nbsp;&nbsp;**Total net decrease** | **(4149052)** | &nbsp;&nbsp;&nbsp;&nbsp;**(105236347)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10233051)** | &nbsp;&nbsp;&nbsp;&nbsp;**(281808556)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

48 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Portfolio Navigator Funds \| Annual Report 2022 49

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Financial Highlights

Variable Portfolio – Conservative Portfolio

The following tables are intended to help you understand the Funds' financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, a fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $16.91 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(2.81) | &nbsp;&nbsp;(2.58) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $16.41 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.98 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $13.95 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $16.79 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(2.81) | &nbsp;&nbsp;(2.61) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $16.33 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.94 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $13.49 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $13.90 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $16.78 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(2.80) | &nbsp;&nbsp;(2.60) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $16.32 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.94 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $13.49 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $13.89 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.40) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
| (e) | Annualized. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

50 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Financial Highlights (continued)

Variable Portfolio – Conservative Portfolio

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.33 | (15.26%) | 0.14%<sup>(c)</sup> | 0.14%<sup>(c)</sup> | 1.51% | 10% | &nbsp;&nbsp;&nbsp;$1014 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $16.91 | &nbsp;&nbsp;&nbsp;3.05% | 0.12%<sup>(c)</sup> | 0.12%<sup>(c)</sup> | 1.70% | 22% | &nbsp;&nbsp;&nbsp;$1169 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $16.41 | &nbsp;&nbsp;&nbsp;9.55% | 0.12%<sup>(c)</sup> | 0.12%<sup>(c)</sup> | 1.00% | 25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$311 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $14.98 | &nbsp;&nbsp;&nbsp;7.38% | 0.13%<sup>(e)</sup> | 0.13%<sup>(e)</sup> | 1.10%<sup>(e)</sup> | 18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$173 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.18 | (15.55%) | 0.39%<sup>(c)</sup> | 0.39%<sup>(c)</sup> | 1.34% | 10% | $515883 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $16.79 | &nbsp;&nbsp;&nbsp;2.82% | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 1.22% | 22% | $654063 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $16.33 | &nbsp;&nbsp;&nbsp;9.30% | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 1.51% | 25% | $746628 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $14.94 | 10.75% | 0.38% | 0.38% | 1.90% | 18% | $520608 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $13.49 | &nbsp;&nbsp;(2.95%) | 0.37% | 0.37% | 1.61% | 18% | $450440 |
| &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.18 | (15.49%) | 0.39%<sup>(c)</sup> | 0.39%<sup>(c)</sup> | 1.33% | 10% | $395289 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $16.78 | &nbsp;&nbsp;&nbsp;2.82% | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 1.21% | 22% | $534518 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $16.32 | &nbsp;&nbsp;&nbsp;9.24% | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 1.48% | 25% | $640874 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $14.94 | 10.75% | 0.38% | 0.38% | 1.94% | 18% | $562599 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $13.49 | &nbsp;&nbsp;(2.88%) | 0.37% | 0.37% | 1.60% | 18% | $570600 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 51

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Financial Highlights

Variable Portfolio – Moderately Conservative Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $19.65 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(3.36) | &nbsp;&nbsp;(3.13) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $18.54 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $16.66 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $15.35 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $19.52 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(3.33) | &nbsp;&nbsp;(3.14) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $18.46 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $16.63 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $14.65 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $15.28 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(0.63) |
| &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $19.56 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(3.34) | &nbsp;&nbsp;(3.15) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $18.49 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $16.66 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $14.68 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $15.30 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.82) | &nbsp;&nbsp;(0.62) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
| (e) | Annualized. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

52 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Financial Highlights (continued)

Variable Portfolio – Moderately Conservative Portfolio

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $16.52 | (15.93%) | 0.12%<sup>(c)</sup> | 0.12%<sup>(c)</sup> | 1.36% | &nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2118 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $19.65 | &nbsp;&nbsp;&nbsp;5.99% | 0.12%<sup>(c)</sup> | 0.12%<sup>(c)</sup> | 1.33% | 18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1964 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $18.54 | 11.28% | 0.13%<sup>(c)</sup> | 0.12%<sup>(c)</sup> | 1.70% | 23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1353 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $16.66 | &nbsp;&nbsp;&nbsp;8.53% | 0.12%<sup>(e)</sup> | 0.11%<sup>(e)</sup> | 1.91%<sup>(e)</sup> | 12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$156 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $16.38 | (16.09%) | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 1.12% | &nbsp;&nbsp;7% | $1163336 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $19.52 | &nbsp;&nbsp;&nbsp;5.74% | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 0.99% | 18% | $1550825 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $18.46 | 11.00% | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 1.26% | 23% | $1605788 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $16.63 | 13.51% | 0.37% | 0.36% | 1.54% | 12% | $1463901 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $14.65 | &nbsp;&nbsp;(4.12%) | 0.36% | 0.36% | 1.31% | 10% | $1311637 |
| &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $16.41 | (16.10%) | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 1.11% | &nbsp;&nbsp;7% | $1027353 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $19.56 | &nbsp;&nbsp;&nbsp;5.79% | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 0.99% | 18% | $1411835 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $18.49 | 10.98% | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 1.25% | 23% | $1537438 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $16.66 | 13.49% | 0.37% | 0.36% | 1.55% | 12% | $1562773 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $14.68 | &nbsp;&nbsp;(4.05%) | 0.36% | 0.36% | 1.31% | 10% | $1578450 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 53

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Financial Highlights

Variable Portfolio – Moderate Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $22.90 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(4.00) | &nbsp;&nbsp;(3.76) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $20.95 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $18.52 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $16.92 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $22.76 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(3.96) | &nbsp;&nbsp;(3.78) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $20.88 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $18.50 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $15.93 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $16.87 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(0.94) |
| &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $22.79 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(3.96) | &nbsp;&nbsp;(3.78) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $20.90 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $18.53 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $15.95 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $16.89 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(0.94) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
| (e) | Annualized. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

54 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Financial Highlights (continued)

Variable Portfolio – Moderate Portfolio

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $19.14 | (16.42%) | 0.14%<sup>(c)</sup> | 0.14%<sup>(c)</sup> | 1.20% | 12% | &nbsp;&nbsp;&nbsp;&nbsp;$38961 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $22.90 | &nbsp;&nbsp;&nbsp;9.31% | 0.12%<sup>(c)</sup> | 0.12%<sup>(c)</sup> | 1.10% | 21% | &nbsp;&nbsp;&nbsp;&nbsp;$27263 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $20.95 | 13.12% | 0.12%<sup>(c)</sup> | 0.12%<sup>(c)</sup> | 1.34% | 20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9478 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $18.52 | &nbsp;&nbsp;&nbsp;9.46% | 0.10%<sup>(e)</sup> | 0.10%<sup>(e)</sup> | 1.38%<sup>(e)</sup> | &nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3412 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $18.98 | (16.61%) | 0.39%<sup>(c)</sup> | 0.39%<sup>(c)</sup> | 0.92% | 12% | $7213761 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $22.76 | &nbsp;&nbsp;&nbsp;9.00% | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 0.85% | 21% | $9154944 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $20.88 | 12.86% | 0.36%<sup>(c)</sup> | 0.36%<sup>(c)</sup> | 1.02% | 20% | $8700781 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $18.50 | 16.13% | 0.35% | 0.35% | 1.23% | &nbsp;&nbsp;9% | $8144403 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $15.93 | &nbsp;&nbsp;(5.57%) | 0.35% | 0.35% | 1.05% | 10% | $7293208 |
| &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $19.01 | (16.59%) | 0.39%<sup>(c)</sup> | 0.39%<sup>(c)</sup> | 0.91% | 12% | $6410024 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $22.79 | &nbsp;&nbsp;&nbsp;9.04% | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 0.85% | 21% | $8626480 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $20.90 | 12.79% | 0.36%<sup>(c)</sup> | 0.36%<sup>(c)</sup> | 1.01% | 20% | $8888631 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $18.53 | 16.18% | 0.35% | 0.35% | 1.23% | &nbsp;&nbsp;9% | $9035588 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $15.95 | &nbsp;&nbsp;(5.56%) | 0.35% | 0.35% | 1.05% | 10% | $9032721 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 55

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Financial Highlights

Variable Portfolio – Moderately Aggressive Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $26.07 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(4.75) | &nbsp;&nbsp;(4.53) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $23.15 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $20.26 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $18.37 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $25.92 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(4.72) | &nbsp;&nbsp;(4.56) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $23.08 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $20.24 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $17.05 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $18.34 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;(1.29) |
| &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $25.96 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(4.72) | &nbsp;&nbsp;(4.56) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $23.11 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $20.27 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $17.07 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $18.37 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(1.45) | &nbsp;&nbsp;(1.30) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Class 1 shares are based on operations from February 20, 2019 (commencement of operations) through the stated period end. |
| (e) | Annualized. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

56 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Financial Highlights (continued)

Variable Portfolio – Moderately Aggressive Portfolio

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $21.54 | (17.38%) | 0.13%<sup>(c)</sup> | 0.13%<sup>(c)</sup> | 0.98% | &nbsp;&nbsp;9% | &nbsp;&nbsp;$130084 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $26.07 | 12.61% | 0.13%<sup>(c)</sup> | 0.13%<sup>(c)</sup> | 0.81% | 20% | &nbsp;&nbsp;&nbsp;&nbsp;$95758 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $23.15 | 14.26% | 0.14%<sup>(c)</sup> | 0.14%<sup>(c)</sup> | 0.89% | 21% | &nbsp;&nbsp;&nbsp;&nbsp;$37600 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $20.26 | 10.29% | 0.12%<sup>(e)</sup> | 0.12%<sup>(e)</sup> | 1.11%<sup>(e)</sup> | 10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9932 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $21.36 | (17.59%) | 0.38%<sup>(c)</sup> | 0.38%<sup>(c)</sup> | 0.71% | &nbsp;&nbsp;9% | $2986446 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $25.92 | 12.31% | 0.38%<sup>(c)</sup> | 0.38%<sup>(c)</sup> | 0.59% | 20% | $4099901 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $23.08 | 14.03% | 0.39%<sup>(c)</sup> | 0.39%<sup>(c)</sup> | 0.61% | 21% | $4203023 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $20.24 | 18.71% | 0.37% | 0.37% | 0.97% | 10% | $4208417 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $17.05 | &nbsp;&nbsp;(7.03%) | 0.36% | 0.36% | 0.80% | 10% | $4016103 |
| &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $21.40 | (17.57%) | 0.38%<sup>(c)</sup> | 0.38%<sup>(c)</sup> | 0.71% | &nbsp;&nbsp;9% | $2535765 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $25.96 | 12.33% | 0.38%<sup>(c)</sup> | 0.38%<sup>(c)</sup> | 0.59% | 20% | $3412547 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $23.11 | 14.01% | 0.39%<sup>(c)</sup> | 0.39%<sup>(c)</sup> | 0.60% | 21% | $3420498 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $20.27 | 18.75% | 0.37% | 0.37% | 0.97% | 10% | $3546614 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $17.07 | &nbsp;&nbsp;(7.08%) | 0.36% | 0.36% | 0.80% | 10% | $3625919 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 57

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Financial Highlights

Variable Portfolio – Aggressive Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $29.46 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(5.49) | &nbsp;&nbsp;(5.30) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $25.39 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $22.02 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $19.79 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $29.31 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(5.46) | &nbsp;&nbsp;(5.33) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $25.32 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $22.02 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $18.11 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $19.81 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(1.81) | &nbsp;&nbsp;(1.70) |
| &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $29.36 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(5.47) | &nbsp;&nbsp;(5.34) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $25.36 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $22.06 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $18.13 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $19.84 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(1.82) | &nbsp;&nbsp;(1.71) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
| (e) | Annualized. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

58 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Financial Highlights (continued)

Variable Portfolio – Aggressive Portfolio

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $24.16 | (17.99%) | 0.12%<sup>(c)</sup> | 0.12%<sup>(c)</sup> | 0.76% | &nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;$62600 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.46 | 16.03% | 0.13%<sup>(c)</sup> | 0.13%<sup>(c)</sup> | 0.58% | 22% | &nbsp;&nbsp;&nbsp;&nbsp;$43538 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $25.39 | 15.30% | 0.13%<sup>(c)</sup> | 0.13%<sup>(c)</sup> | 0.58% | 21% | &nbsp;&nbsp;&nbsp;&nbsp;$14487 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $22.02 | 11.27% | 0.11%<sup>(e)</sup> | 0.11%<sup>(e)</sup> | 0.78%<sup>(e)</sup> | 14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4083 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $23.98 | (18.19%) | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 0.51% | &nbsp;&nbsp;9% | $1135243 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.31 | 15.76% | 0.38%<sup>(c)</sup> | 0.38%<sup>(c)</sup> | 0.40% | 22% | $1459446 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $25.32 | 14.99% | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 0.32% | 21% | $1429508 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $22.02 | 21.59% | 0.36% | 0.36% | 0.64% | 14% | $1403662 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $18.11 | &nbsp;&nbsp;(8.58%) | 0.36% | 0.36% | 0.53% | 10% | $1301923 |
| &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 4** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $24.02 | (18.19%) | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 0.51% | &nbsp;&nbsp;9% | &nbsp;&nbsp;$862346 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.36 | 15.77% | 0.38%<sup>(c)</sup> | 0.38%<sup>(c)</sup> | 0.40% | 22% | $1136491 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $25.36 | 14.96% | 0.37%<sup>(c)</sup> | 0.37%<sup>(c)</sup> | 0.31% | 21% | $1095527 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $22.06 | 21.68% | 0.36% | 0.36% | 0.64% | 14% | $1112840 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $18.13 | &nbsp;&nbsp;(8.62%) | 0.36% | 0.36% | 0.53% | 10% | $1079305 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| Annual Report 2022 59

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Funds Variable Series Trust II (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Information presented in these financial statements pertains to the following series of the Trust (each, a Fund and collectively, the Funds): Variable Portfolio – Conservative Portfolio; Variable Portfolio – Moderately Conservative Portfolio; Variable Portfolio – Moderate Portfolio; Variable Portfolio – Moderately Aggressive Portfolio and Variable Portfolio – Aggressive Portfolio. Each Fund currently operates as a diversified fund.

Each Fund is a "fund-of-funds", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). Each Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at columbiathreadneedleus.com/investor/.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). Each Fund offers Class 1, Class 2 and Class 4 shares. Class 1 shares are offered to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated life insurance companies (Participating Insurance Companies) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). Class 2 shares are offered to Contracts issued by affiliated life insurance companies, RiverSource Life Insurance Company and RiverSource Life Insurance Co. of New York (Participating Insurance Companies). Class 4 shares are offered to participants in the Portfolio Navigator program, and to owners of other series of annuity contracts or life insurance policies issued by Participating Insurance Companies. You may not buy (nor will you own) shares of the Funds directly. You invest by buying a Contract and making all allocations to the subaccounts that invest in each Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Each share class has its own expense structure.

Note 2. Summary of significant accounting policies

#### Basis of preparation
Each Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies (ASC 946).* The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

#### Security valuation
Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

60 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Funds' Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Funds do not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
Each Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a clearing broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

Portfolio Navigator Funds \| Annual Report 2022 61

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on collateral to the broker and/or CCP. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivatives contracts based on whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. Each Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

62 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.

#### Credit default swap contracts
Certain Funds entered into credit default swap contracts as detailed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Credit default swap contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Funds** |
| &nbsp;&nbsp;To increase or decrease its credit exposure to an index | &nbsp;&nbsp;&nbsp;&nbsp;Variable Portfolio — Moderate Portfolio<br> Variable Portfolio — Aggressive Portfolio |
| &nbsp;&nbsp;To manage credit risk exposure | &nbsp;&nbsp;&nbsp;&nbsp;Variable Portfolio — Moderate Portfolio<br> Variable Portfolio — Aggressive Portfolio |

---

These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be

Portfolio Navigator Funds \| Annual Report 2022 63

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Funds, including: the fair value of derivatives by risk category and the location of those fair values in the Statements of Assets and Liabilities; and the impact of derivative transactions over the period in the Statements of Operations, including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

#### Variable Portfolio – Conservative Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;79,180\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;11,997\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;91177 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;473,372\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;140,172\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;613544 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

64 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5888213) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7769210) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;(13657423) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1142234) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236833) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1379067) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)** |
| &nbsp;&nbsp;Futures contracts — long | 59,129,532\* |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;1,307,783\*\* |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

\*\* Based on the ending daily outstanding amounts for the year ended December 31, 2022.

#### Variable Portfolio – Moderately Conservative Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;230,341\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,756\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;276097 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,017,346\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200,892\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;1218238 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Portfolio Navigator Funds \| Annual Report 2022 65

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;(13548754) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8600479) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;(22149233) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2965942) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196350) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3162292) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)** |
| &nbsp;&nbsp;Futures contracts — long | 93,727,392\* |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;2,696,176\*\* |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

\*\* Based on the ending daily outstanding amounts for the year ended December 31, 2022.

#### Variable Portfolio – Moderate Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358,458\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,553,360\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87,606\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;1999424 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,798,011\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,171,257\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;11969268 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

66 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(411275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(411275) |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;(68714828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(68714828) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;(29785517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(29785517) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;(98500345) | &nbsp;&nbsp;&nbsp;&nbsp;(411275) | &nbsp;&nbsp;&nbsp;&nbsp;(98911620) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333946 |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;(23223817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(23223817) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2083651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2083651) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;(25307468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333946 | &nbsp;&nbsp;&nbsp;&nbsp;(24973522) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)** |
| &nbsp;&nbsp;Futures contracts — long | 638,678,538\* |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;8,002,314\*\* |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | &nbsp;&nbsp;&nbsp;52,323,000\* |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

\*\* Based on the ending daily outstanding amounts for the year ended December 31, 2022.

#### Variable Portfolio – Moderately Aggressive Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,308,796\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,552\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;1333348 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;3,722,991\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,166,174\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4889165 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Portfolio Navigator Funds \| Annual Report 2022 67

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;(36912867) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;(37511358) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;(74424225) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9973675) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1859694) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;(11833369) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)** |
| &nbsp;&nbsp;Futures contracts — long | 435,476,950\* |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;8,918,982\*\* |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

\*\* Based on the ending daily outstanding amounts for the year ended December 31, 2022.

#### Variable Portfolio – Aggressive Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,619\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;888,952\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,067\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;974638 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,264,387\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267,856\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;1532243 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

68 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(82144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82144) |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9275957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9275957) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2843560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2843560) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;(12119517) | &nbsp;&nbsp;&nbsp;&nbsp;(82144) | &nbsp;&nbsp;&nbsp;&nbsp;(12201661) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66910 |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3120642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3120642) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252789) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3373431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3306521) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 77232577 |
| &nbsp;&nbsp;Futures contracts — short | 18366608 |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | 10308000 |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

#### Variable Portfolio – Moderate Portfolio

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Morgan<br> Stanley ($)** |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7641 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | &nbsp;&nbsp;**(7641)** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;(7641) |
| &nbsp;&nbsp;**Net amount <sup>(c)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** |

---

(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

Portfolio Navigator Funds \| Annual Report 2022 69

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Variable Portfolio – Aggressive Portfolio

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Morgan<br> Stanley ($)** |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1505 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | &nbsp;&nbsp;**(1505)** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;(1505) |
| &nbsp;&nbsp;**Net amount <sup>(c)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** |

---

(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

#### Expenses
General expenses of the Trust are allocated to the Funds and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Fund are charged to that Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses which are charged directly to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of a Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
Each Fund is treated as a partnership for federal income tax purposes, and the Funds do not expect to make regular distributions. The Funds will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of each Fund are subject to tax on their distributive share of the Fund's income and loss. The components of each Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Funds has concluded that there are no significant uncertain tax positions in the Funds that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Funds' contracts with their service providers contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined, and the Funds have no historical basis for predicting the likelihood of any such claims.

70 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Funds to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees and underlying fund fees
Each Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management fee (or investment advisory fee, as applicable) to the Investment Manager, and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities (other than affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management fee to the Investment Manager), including other funds advised by the Investment Manager that do not pay a management fee to the Investment Manager, third party funds, derivatives and individual securities.

The effective management services fee rates based on each Fund's average daily net assets for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  | **Effective management services fee rate (%)** |
| &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio | 0.07 |
| &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio | 0.05 |
| &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio | 0.07 |
| &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio | 0.06 |
| &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio | 0.05 |

---

In addition to the fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which the Funds invest. Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Funds as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. Each Fund's liability for these amounts is adjusted for market value changes and remains in the Funds until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Funds. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

Portfolio Navigator Funds \| Annual Report 2022 71

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Funds in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Funds, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
Each Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, each Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in each Fund, up to a cap approved by the Board of Trustees from time to time.

For the year ended December 31, 2022, each Fund's effective service fee rate as a percentage of the Fund's average daily net assets was as follows:

---

| | |
|:---|:---|
|  | **Effective service fee rate (%)** |
| &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio | 0.06 |
| &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio | 0.06 |
| &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio | 0.06 |
| &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio | 0.06 |
| &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio | 0.06 |

---

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to each Fund.

#### Distribution and/or service fees
The Funds have an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, each Fund pays a fee at an annual rate of up to 0.25% of each Fund's average daily net assets attributable to Class 2 and Class 4 shares. The Funds pay no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that each Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Funds' custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **May 1, 2022<br> through<br> April 30, 2023** | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** | **Prior to<br> May 1, 2022** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;**Fund** | **Class 1<br> (%)** | **Class 2<br> (%)** | **Class 4<br> (%)** | **Class 1<br> (%)** | **Class 2<br> (%)** | **Class 4<br> (%)** |
| &nbsp;&nbsp;Variable Portfolio - Conservative Portfolio | 0.18 | 0.43 | 0.43 | 0.22 | 0.47 | 0.47 |
| &nbsp;&nbsp;Variable Portfolio - Moderately Conservative Portfolio | 0.20 | 0.45 | 0.45 | 0.22 | 0.47 | 0.47 |
| &nbsp;&nbsp;Variable Portfolio - Moderately Aggressive Portfolio | 0.18 | 0.43 | 0.43 | 0.18 | 0.43 | 0.43 |
| &nbsp;&nbsp;Variable Portfolio - Aggressive Portfolio | 0.18 | 0.43 | 0.43 | 0.18 | 0.43 | 0.43 |

---

72 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual<br> expense cap<br> July 1, 2022<br> through<br> April 30, 2023** | **Contractual<br> expense cap<br> July 1, 2022<br> through<br> April 30, 2023** | **Contractual<br> expense cap<br> July 1, 2022<br> through<br> April 30, 2023** | **Voluntary<br> expense cap<br> May 1, 2022<br> through<br> June 30, 2022** | **Voluntary<br> expense cap<br> May 1, 2022<br> through<br> June 30, 2022** | **Voluntary<br> expense cap<br> May 1, 2022<br> through<br> June 30, 2022** | **Contractual<br> expense cap<br> prior to<br> May 1, 2022** | **Contractual<br> expense cap<br> prior to<br> May 1, 2022** | **Contractual<br> expense cap<br> prior to<br> May 1, 2022** |
| &nbsp;&nbsp;**Fund** | **Class 1<br> (%)** | **Class 2<br> (%)** | **Class 4<br> (%)** | **Class 1<br> (%)** | **Class 2<br> (%)** | **Class 4<br> (%)** | **Class 1<br> (%)** | **Class 2<br> (%)** | **Class 4<br> (%)** |
| &nbsp;&nbsp;Variable Portfolio - Moderate Portfolio | 0.19 | 0.44 | 0.44 | 0.19 | 0.44 | 0.44 | 0.19 | 0.44 | 0.44 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

For the year ended December 31, 2022, the cost of purchases and proceeds from sales of investments in the Underlying Funds, but excluding investments in money market funds and derivatives, if any, for each Fund aggregated to:

---

| | | |
|:---|:---|:---|
|  | **Purchases<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Proceeds<br> from sales<br> ($)** |
| &nbsp;&nbsp;Variable Portfolio – Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;91629349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167286860 |
| &nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;166090666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407275822 |
| &nbsp;&nbsp;Variable Portfolio – Moderate Portfolio | 1702832046 | &nbsp;&nbsp;&nbsp;&nbsp;2383602726 |
| &nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;513079222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868913476 |
| &nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;221464822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197081962 |

---

The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

Each Fund may invest in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by each Fund and other affiliated funds (the Affiliated MMF). The income earned by the Funds from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, each Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, each Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Portfolio Navigator Funds \| Annual Report 2022 73

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Funds did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

Note 7. Line of credit

Each Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

No Fund had borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

74 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, the Investment Manager and affiliates owned 100% of Class 1, Class 2 and Class 4 shares for each Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Funds. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Funds.

Portfolio Navigator Funds \| Annual Report 2022 75

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Conservative Portfolio, Variable Portfolio – Moderately Conservative Portfolio, Variable Portfolio – Moderate Portfolio, Variable Portfolio – Moderately Aggressive Portfolio and Variable Portfolio – Aggressive Portfolio**

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Variable Portfolio - Conservative Portfolio, Variable Portfolio - Moderately Conservative Portfolio, Variable Portfolio - Moderate Portfolio, Variable Portfolio - Moderately Aggressive Portfolio and Variable Portfolio - Aggressive Portfolio (five of the funds constituting Columbia Funds Variable Series Trust II, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

76 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

TRUSTEES AND OFFICERS

(Unaudited)

The Board oversees the Funds' operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Funds' Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

Portfolio Navigator Funds \| Annual Report 2022 77

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

TRUSTEES AND OFFICERS (continued)

(Unaudited)

Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

78 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

TRUSTEES AND OFFICERS (continued)

(Unaudited)

Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |

---

Portfolio Navigator Funds \| Annual Report 2022 79

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

TRUSTEES AND OFFICERS (continued)

(Unaudited)

Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

80 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

TRUSTEES AND OFFICERS (continued)

(Unaudited)

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |

---

Portfolio Navigator Funds \| Annual Report 2022 81

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

TRUSTEES AND OFFICERS (continued)

(Unaudited)

Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

82 Portfolio Navigator Funds \| Annual Report 2022

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

Additional information

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which each Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

Each Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Each Fund's Form N-PORT filings are available on the SEC's website at sec.gov. Each Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, are available oncolumbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Portfolio Navigator Funds \| Annual Report 2022 83

------

[**Table of Contents**](#JOB_VP_FO_9a7f3542-2140-4270-b0a4-1e5d70ae6f8f_TOC)

#### Portfolio Navigator Funds
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgdae668bc2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For fund and other investment product prospectuses, and/or summary prospectuses which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. Each Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7069_12_B01_(02/23)

------

![](imgab351caa1.jpg)

Annual Report

December 31, 2022

![](imgddd5fd0e2.jpg)

CTIVP® – Principal Blue Chip Growth Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_4b58a23e-1634-4184-80c9-f69a3e1c127d_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_4b58a23e-1634-4184-80c9-f69a3e1c127d_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_93d17c2b-9095-4255-9b31-489ba93f6447_1)<br>| 8 |
| [Portfolio of Investments](#xx_5b0742f5-c2eb-4f11-a0c6-cf221ccb712f_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_2bba4d05-ac38-4dde-b86f-c7199d170707_1)<br>| 12 |
| [Statement of Operations](#xx_2bba4d05-ac38-4dde-b86f-c7199d170707_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_2bba4d05-ac38-4dde-b86f-c7199d170707_3)<br>| 14 |
| [Financial Highlights](#xx_6137ca73-f742-48b9-a131-24fecb78cd30_2)<br>| 16 |
| [Notes to Financial Statements](#xx_b0746100-729f-46d5-bb2d-d6b7623b37c2_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_d6278e4c-de9f-4dad-8af0-69682011719a_1)<br>| 26 |
| [Trustees and Officers](#xx_edf628fa-d9c4-46e0-bcf9-2dd5290b1369_1)<br>| 27 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which CTIVP® – Principal Blue Chip Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### Principal Global Investors, LLC
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. William Nolin, CFA

Thomas Rozycki, CFA

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-28.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69 | &nbsp;&nbsp;&nbsp;&nbsp;12.65 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-28.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp;&nbsp;12.38 |
| &nbsp;&nbsp;Russell 1000 Growth Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-29.14 | &nbsp;&nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;14.10 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to May 2022 reflects returns achieved by one or more different subadvisers. If the Fund's current subadviser had been in place for the prior periods, results shown may have been different.

The Russell 1000 Growth Index, an unmanaged index, measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img74c92ea63.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of CTIVP® – Principal Blue Chip Growth Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;98.7 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;11.5 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;19.0 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;13.1 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;31.7 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 87.04% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

*From January 1, 2022, through April 30, 2002, the Fund's portfolio was managed by Loomis, Sayles & Company, L.P. (Loomis Sayles). On May 1, 2022, Principal Global Investors, LLC (Principal) replaced Loomis Sayles as the subadviser to the Fund and the Fund's name was changed to CTIVP® — Principal Blue Chip Growth Fund.*

For the 12-month period that ended December 31, 2022, Class 2 shares of CTIVP® - Principal Blue Chip Growth Fund returned -28.19%. The Fund outperformed its benchmark, the Russell 1000 Growth Index, which returned -29.14% over the same time period.

Market overview

U.S. equities, including large-capitalization growth stocks, finished sharply lower for the calendar year 2022. Historically high inflation and efforts on the part of the U.S. Federal Reserve (Fed) to contain prices were the principal drivers of the market downturn. Inflation had begun to drift upward in late 2021 but spiked in the wake of Russia's late-February 2022 invasion of Ukraine. U.S. consumer price inflation rose above 8% in March and peaked at 9.1% in June. The Fed responded by raising its benchmark overnight lending rate seven times, leaving the fed funds target range at 4.25%-4.50% at year-end, up from 0.0%-0.25% entering 2022. The dramatic rise in rates initially put downward pressure on equity valuation multiples and ultimately fueled heightened recession fears and concerns about the potential for weaker corporate earnings in 2023. A higher interest rate regime also made bonds a more compelling investment relative to equities. The increase in interest rates generally had the largest negative impact on the most growth-oriented segments of the market, most notably the information technology sector.

The Fund experienced an elevated level of portfolio turnover during the period due to an increase in purchases and sales of holdings as a result of the change in subadviser to the Fund.

The Fund's notable contributors during the period

Loomis Sayles

We managed the Fund's portfolio from January 1, 2022, through April 30, 2022. During this time period, the Fund underperformed its benchmark.

• During our reporting period, the Fund benefited from being relatively overweight to the health care, energy and financials sectors.

• In the case of health care and financials, the Fund benefited from security selection, while sector allocation to energy also contributed.

• Among holdings, Vertex Pharmaceuticals, Inc., Schlumberger NV and Deere & Co. were among the largest absolute contributors to performance during our reporting period.

• Vertex reported quarterly financial results that were better-than-consensus expectations for both revenue and profitability. The company continued to make progress across a range of disease areas and was expected to
make regulatory filings for its therapy for blood disorders, co-developed with CRISPR Therapeutics, by year-end 2022. The company also reported statistically significant Phase 2 results for its non-opioid pain therapy
in two different indications.

• A recovery in oil demand that had been depressed by the COVID-19 pandemic, coupled with years of underinvestment and, most recently, the Russia-Ukraine conflict that slowed down
production, pushed oil prices to their highest level

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

---

| | |
|:---|:---|
|  | since 2013, boosting demand for Schlumberger's services. As a result, 2022 looked to be the first year since 2014 in which industry spending grew both in North America and internationally, which should benefit Schlumberger, which has a higher market share and margins in its international business, accounting for approximately 80% of revenues. |
| • | Deere reported strong quarterly financial results that were above consensus expectations and slightly raised its outlook for the remainder of the year. Results reflected strong global agricultural fundamentals, including solid crop prices and demand, an aging equipment fleet and strong farm incomes. Also, the company realized mid to high single-digit growth in pricing. |

---

Principal

We assumed responsibility for the day-to-day management of the Fund's portfolio on May 2, 2022. From that time through December 31, 2022, the Fund outperformed its benchmark.

• The Fund benefited from strong performance from several holdings, as well as not holding a couple of companies that were large benchmark weights but underperformed. Many of our contributors had good operating
results that likely alleviated some market worries that had caused underperformance over the prior year.

• Among sectors, we were underweight, relative to the benchmark, in the information technology sector, where sector allocation and security selection contributed to performance.

• An underweight position, relative to the benchmark, as well as favorable security selection within the consumer discretionary sector contributed to performance as the sector had negative absolute returns. The two
largest weights in the sector, Tesla, Inc. and Amazon.com, Inc., both had weak performance. Not owning Tesla was a relative contributor, as its shares declined over 50% during the period.

• The Fund's overweight in the industrials sector versus the benchmark, as well as security selection within the sector, also contributed to relative results.

• In addition to Tesla, TransDigm Group, Inc., an aerospace manufacturing company, and Netflix, Inc. made up the largest positive contribution to relative performance during the
period.

○ The Fund was a net seller of TransDigm in order to keep the Fund's portolio weight from growing larger than intended after a period of relatively strong performance.

○ Netflix was the next largest contributor, as the company's shares rose off a depressed level following weak performance in the early months of the year.

Notable detractors to the portfolio during the reporting period

Loomis Sayles

• The information technology, communications services and consumer staples sectors were the largest relative detractors from Fund performance during our reporting period.

○ The Fund was relatively underweight in the information technology and consumer staples sectors, while security selection in both sectors detracted.

○ The Fund was overweight in the communication services sector, which also detracted from returns during our reporting period.

• Among holdings, NVIDIA Corp., Meta Platforms, Inc. and Amazon.com, Inc. were among the largest absolute detractors from performance during our reporting period.

○ Despite reporting better-than-expected results on broad-based strength that included quarterly revenue records in its largest business segments, NVIDIA was the biggest detractor during the period. Over our
investment horizon, however, we believe NVIDIA can sustain total annualized revenue growth in excess of 20%, driven by secular growth in spending on graphic processing units (GPUs).

6 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

○ Meta Platform's growth was strong and above expectations for revenue and free cash flow. Operating expenses, however, exceeded expectations. The company also issued first-quarter guidance that was well below
expectations, which it attributed to recent privacy restrictions by Apple, the continuing impact of macro weakness such as supply chain disruptions on advertising spending and the company's transition to a new
product format, short term video, where monetization is currently lower.

○ Amazon reported fundamentally solid results that were above management's expectations for revenues but below consensus expectations for operating profit. At the same time, the
company was facing short-term cost inflation, including higher shipping, fuel and labor costs, which contributed to an incremental $6 billion in expense during the most recent quarter. While expenses pressures are
expected to persist for the foreseeable future, Amazon expects them to decline in the coming quarter.

Principal

• Being underweight, relative to the benchmark, in the health care sector, as well as security selection, detracted from performance. The performance of the sector benefited from some large benchmark weights that we
did not own, such as Eli Lilly and Company and AbbVie Inc.

• Our underweighting, relative to the benchmark, in the consumer staples sector, as well as security selection, also detracted from performance.

• Finally, being underweight in the energy sector, which performed well as oil prices rose, also contributed to relative underperformance.

• Amazon, Brookfield Asset Management, Inc. and Eli Lilly detracted the most from relative performance during the period.

○ We were a net purchaser of Amazon shares, seeing the current valuation as an opportunity. The profitability of their retail business was challenged last year, but we are confident in their long-term prospects.

○ Brookfield, along with most alternative asset managers, had weak performance, although their operating performance was strong. We did not take material action.

○ As mentioned, not owning large benchmark weighting Eli Lilly detracted from relative performance.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market issuers. Investments in a limited number of companies or sectors, subject the Fund to greater risk of loss. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;995.50 | &nbsp;&nbsp;&nbsp;&nbsp;1021.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;994.20 | &nbsp;&nbsp;&nbsp;&nbsp;1020.31 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

8 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 99.2%** | &nbsp;&nbsp;**Common Stocks 99.2%** | &nbsp;&nbsp;**Common Stocks 99.2%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 8.2%** | &nbsp;&nbsp;**Communication Services 8.2%** | &nbsp;&nbsp;**Communication Services 8.2%** |
| &nbsp;&nbsp;**Entertainment 2.5%** | &nbsp;&nbsp;**Entertainment 2.5%** | &nbsp;&nbsp;**Entertainment 2.5%** |
| &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;162419 | &nbsp;&nbsp;&nbsp;&nbsp;47894115 |
| &nbsp;&nbsp;**Interactive Media & Services 5.7%** | &nbsp;&nbsp;**Interactive Media & Services 5.7%** | &nbsp;&nbsp;**Interactive Media & Services 5.7%** |
| &nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;785581 | &nbsp;&nbsp;&nbsp;&nbsp;69311812 |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;429280 | &nbsp;&nbsp;&nbsp;&nbsp;38090014 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;107401826 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**155295941** |
| &nbsp;&nbsp;**Consumer Discretionary 11.5%** | &nbsp;&nbsp;**Consumer Discretionary 11.5%** | &nbsp;&nbsp;**Consumer Discretionary 11.5%** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 2.4%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 2.4%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 2.4%** |
| &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;348138 | &nbsp;&nbsp;&nbsp;&nbsp;43990718 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 6.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 6.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 6.1%** |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1368966 | &nbsp;&nbsp;114993144 |
| &nbsp;&nbsp;**Specialty Retail 3.0%** | &nbsp;&nbsp;**Specialty Retail 3.0%** | &nbsp;&nbsp;**Specialty Retail 3.0%** |
| &nbsp;&nbsp;CarMax, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;214067 | &nbsp;&nbsp;&nbsp;&nbsp;13034539 |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51761 | &nbsp;&nbsp;&nbsp;&nbsp;43687837 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;56722376 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**215706238** |
| &nbsp;&nbsp;**Consumer Staples 1.0%** | &nbsp;&nbsp;**Consumer Staples 1.0%** | &nbsp;&nbsp;**Consumer Staples 1.0%** |
| &nbsp;&nbsp;**Food & Staples Retailing 1.0%** | &nbsp;&nbsp;**Food & Staples Retailing 1.0%** | &nbsp;&nbsp;**Food & Staples Retailing 1.0%** |
| &nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40209 | &nbsp;&nbsp;&nbsp;&nbsp;18355408 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;&nbsp;&nbsp;**18355408** |
| &nbsp;&nbsp;**Financials 18.8%** | &nbsp;&nbsp;**Financials 18.8%** | &nbsp;&nbsp;**Financials 18.8%** |
| &nbsp;&nbsp;**Capital Markets 15.0%** | &nbsp;&nbsp;**Capital Markets 15.0%** | &nbsp;&nbsp;**Capital Markets 15.0%** |
| &nbsp;&nbsp;Brookfield Asset Management Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;589054 | &nbsp;&nbsp;&nbsp;&nbsp;16888178 |
| &nbsp;&nbsp;Brookfield Corp. | &nbsp;&nbsp;2418958 | &nbsp;&nbsp;&nbsp;&nbsp;76100419 |
| &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;535683 | &nbsp;&nbsp;&nbsp;&nbsp;44600967 |
| &nbsp;&nbsp;KKR & Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;620391 | &nbsp;&nbsp;&nbsp;&nbsp;28798550 |
| &nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;254551 | &nbsp;&nbsp;&nbsp;&nbsp;70923000 |
| &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135778 | &nbsp;&nbsp;&nbsp;&nbsp;45477483 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;282788597 |
| &nbsp;&nbsp;**Insurance 3.8%** | &nbsp;&nbsp;**Insurance 3.8%** | &nbsp;&nbsp;**Insurance 3.8%** |
| &nbsp;&nbsp;Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;554972 | &nbsp;&nbsp;&nbsp;&nbsp;71985418 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**354774015** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Health Care 7.7%** | &nbsp;&nbsp;**Health Care 7.7%** | &nbsp;&nbsp;**Health Care 7.7%** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 1.5%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.5%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.5%** |
| &nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51649 | &nbsp;&nbsp;&nbsp;&nbsp;21070726 |
| &nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25155 | &nbsp;&nbsp;&nbsp;&nbsp;6674879 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;27745605 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 4.3%** | &nbsp;&nbsp;**Life Sciences Tools & Services 4.3%** | &nbsp;&nbsp;**Life Sciences Tools & Services 4.3%** |
| &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;304028 | &nbsp;&nbsp;&nbsp;&nbsp;80695112 |
| &nbsp;&nbsp;**Pharmaceuticals 1.9%** | &nbsp;&nbsp;**Pharmaceuticals 1.9%** | &nbsp;&nbsp;**Pharmaceuticals 1.9%** |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;250149 | &nbsp;&nbsp;&nbsp;&nbsp;36659336 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**145100053** |
| &nbsp;&nbsp;**Industrials 13.0%** | &nbsp;&nbsp;**Industrials 13.0%** | &nbsp;&nbsp;**Industrials 13.0%** |
| &nbsp;&nbsp;**Aerospace & Defense 5.0%** | &nbsp;&nbsp;**Aerospace & Defense 5.0%** | &nbsp;&nbsp;**Aerospace & Defense 5.0%** |
| &nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;148995 | &nbsp;&nbsp;&nbsp;&nbsp;93814702 |
| &nbsp;&nbsp;**Commercial Services & Supplies 1.8%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.8%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.8%** |
| &nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp;558351 | &nbsp;&nbsp;&nbsp;&nbsp;33997992 |
| &nbsp;&nbsp;**Professional Services 2.9%** | &nbsp;&nbsp;**Professional Services 2.9%** | &nbsp;&nbsp;**Professional Services 2.9%** |
| &nbsp;&nbsp;CoStar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;713115 | &nbsp;&nbsp;&nbsp;&nbsp;55109527 |
| &nbsp;&nbsp;**Road & Rail 3.3%** | &nbsp;&nbsp;**Road & Rail 3.3%** | &nbsp;&nbsp;**Road & Rail 3.3%** |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;296622 | &nbsp;&nbsp;&nbsp;&nbsp;61421518 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**244343739** |
| &nbsp;&nbsp;**Information Technology 31.5%** | &nbsp;&nbsp;**Information Technology 31.5%** | &nbsp;&nbsp;**Information Technology 31.5%** |
| &nbsp;&nbsp;**IT Services 10.0%** | &nbsp;&nbsp;**IT Services 10.0%** | &nbsp;&nbsp;**IT Services 10.0%** |
| &nbsp;&nbsp;MasterCard, Inc., Class A | &nbsp;&nbsp;269000 | &nbsp;&nbsp;&nbsp;&nbsp;93539370 |
| &nbsp;&nbsp;Snowflake, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479567 |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;450590 | &nbsp;&nbsp;&nbsp;&nbsp;93614579 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;187633516 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 0.3%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 0.3%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 0.3%** |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42692 | &nbsp;&nbsp;&nbsp;&nbsp;6239009 |
| &nbsp;&nbsp;**Software 21.2%** | &nbsp;&nbsp;**Software 21.2%** | &nbsp;&nbsp;**Software 21.2%** |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;223281 | &nbsp;&nbsp;&nbsp;&nbsp;75140755 |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;176367 | &nbsp;&nbsp;&nbsp;&nbsp;68645564 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;838902 | &nbsp;&nbsp;201185477 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;115793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50032997 |
| &nbsp;&nbsp;Salesforce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504878 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;399509671 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp;**593382196** |
| &nbsp;&nbsp;**Materials 2.5%** | &nbsp;&nbsp;**Materials 2.5%** | &nbsp;&nbsp;**Materials 2.5%** |
| &nbsp;&nbsp;**Chemicals 2.5%** | &nbsp;&nbsp;**Chemicals 2.5%** | &nbsp;&nbsp;**Chemicals 2.5%** |
| &nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;98316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32068713 |
| &nbsp;&nbsp;Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;66260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15725486 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47794199 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47794199** |
| &nbsp;&nbsp;**Real Estate 5.0%** | &nbsp;&nbsp;**Real Estate 5.0%** | &nbsp;&nbsp;**Real Estate 5.0%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 5.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 5.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 5.0%** |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;417970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88551124 |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5529956 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94081080 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94081080** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,737,360,734) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,737,360,734) | &nbsp;&nbsp;**1868832869** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 1.3%** | &nbsp;&nbsp;**Money Market Funds 1.3%** | &nbsp;&nbsp;**Money Market Funds 1.3%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;24187847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24180590 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $24,180,011) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $24,180,011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24180590** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,761,540,745)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,761,540,745)** | &nbsp;&nbsp;**1893013459** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8576542)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**1884436917** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 48635987 | &nbsp;&nbsp;354271454 | &nbsp;&nbsp;(378728780) | &nbsp;&nbsp;1929 | &nbsp;&nbsp;24180590 | &nbsp;&nbsp;(7518) | &nbsp;&nbsp;140201 | &nbsp;&nbsp;24187847 |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

The accompanying Notes to Financial Statements are an integral part of this statement.

10 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;155295941 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155295941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;215706238 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215706238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;18355408 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18355408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;354774015 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354774015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;145100053 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145100053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;244343739 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244343739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;593382196 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593382196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;47794199 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47794199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;94081080 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94081080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 1868832869 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1868832869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;24180590 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24180590 |
| &nbsp;&nbsp;Total Investments in Securities | 1893013459 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1893013459 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,737,360,734) | $1868832869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $24,180,011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24180590 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4116776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90384 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19753 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1898081749 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12982239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30326 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13644832 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1884436917** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $1884436917 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1884436917** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1827443548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43214424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.29 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$56993369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40.99 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$19093557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1605754) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17628717 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13677113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81247 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14288334 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3340383 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;451917033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7518) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;451909515 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | (1150261118) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1150259189) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp;(698349674) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | &nbsp;&nbsp;**$(695009291)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3340383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2436206) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;451909515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395440307 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(1150259189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46713222 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(695009291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439717323 |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99136896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(507045549) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(595872395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67328226) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;2480309312 | &nbsp;&nbsp;&nbsp;&nbsp;2547637538 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1884436917** | &nbsp;&nbsp;**$2480309312** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;3707328 | &nbsp;&nbsp;&nbsp;&nbsp;165005090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115966646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1414276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67990067) | &nbsp;&nbsp;&nbsp;&nbsp;(11463880) | &nbsp;&nbsp;&nbsp;&nbsp;(619559044) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;2293052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97015023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9136663) | &nbsp;&nbsp;&nbsp;&nbsp;(503592398) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;187771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8334742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5940036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(138704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6212869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9393187) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3453151) |
| &nbsp;&nbsp;**Total net increase (decrease)** | &nbsp;&nbsp;**2342119** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99136896** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9200058)** | &nbsp;&nbsp;&nbsp;&nbsp;**(507045549)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $58.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(16.53) | &nbsp;&nbsp;(16.45) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $49.54 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;9.20 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $37.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;11.95 | &nbsp;&nbsp;&nbsp;&nbsp;11.99 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $28.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;8.88 | &nbsp;&nbsp;&nbsp;&nbsp;9.05 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $29.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $57.08 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(16.05) | &nbsp;&nbsp;(16.09) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $48.26 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.82 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $36.67 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;11.66 | &nbsp;&nbsp;&nbsp;&nbsp;11.59 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $27.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;8.77 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $28.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $42.29 | (28.01%) | 0.70%<sup>(c)</sup> | 0.70%<sup>(c)</sup> | 0.17% | 89% | $1827444 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $58.74 | 18.57% | 0.68%<sup>(c)</sup> | 0.68%<sup>(c)</sup> | (0.09%) | &nbsp;&nbsp;6% | $2403745 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $49.54 | 31.93% | 0.69% | 0.69% | 0.09% | 22% | $2479845 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $37.55 | 31.76% | 0.69% | 0.69% | 0.50% | &nbsp;&nbsp;7% | $2504948 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $28.50 | &nbsp;&nbsp;(2.40%) | 0.70% | 0.70% | 0.57% | &nbsp;&nbsp;8% | $1929781 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $40.99 | (28.19%) | 0.95%<sup>(c)</sup> | 0.95%<sup>(c)</sup> | (0.08%) | 89% | &nbsp;&nbsp;&nbsp;&nbsp;$56993 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $57.08 | 18.28% | 0.93%<sup>(c)</sup> | 0.93%<sup>(c)</sup> | (0.35%) | &nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;$76565 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $48.26 | 31.61% | 0.94% | 0.94% | (0.16%) | 22% | &nbsp;&nbsp;&nbsp;&nbsp;$67793 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $36.67 | 31.43% | 0.94% | 0.94% | 0.25% | &nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;$55206 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $27.90 | &nbsp;&nbsp;(2.65%) | 0.95% | 0.95% | 0.32% | &nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;$44937 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

CTIVP® – Principal Blue Chip Growth Fund (formerly known as CTIVP® – Loomis Sayles Growth Fund) (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective May 1, 2022, CTIVP® – Loomis Sayles Growth Fund was renamed CTIVP® – Principal Blue Chip Growth Fund.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

18 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.71% to 0.53% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.67% of the Fund's average daily net assets.

20 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Subadvisory agreement
Effective May 1, 2022, the Investment Manager has entered into a Subadvisory Agreement with Principal Global Investors, LLC to serve as the subadviser to the Fund. Prior to May 1, 2022, Loomis, Sayles & Company, L.P. served as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.73% | 0.74% |
| &nbsp;&nbsp;Class 2 | 0.98 | 0.99 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,954,862,759 and $1,820,087,647, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

22 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 1270000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;Lender | 4400000 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |

---

Interest income earned and interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Notes to Financial Statements (continued)

December 31, 2022

financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 94.7% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual

24 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Notes to Financial Statements (continued)

December 31, 2022

(10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP® – Principal Blue Chip Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP® – Principal Blue Chip Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

26 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

28 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

30 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

32 CTIVP® – Principal Blue Chip Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_234_275abf31-b39f-4769-82d5-523d24d462dd_TOC)

#### CTIVP® – Principal Blue Chip Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgddd5fd0e2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7032_12_B01_(02/23)

------

![](img10f1f56b1.jpg)

Annual Report

December 31, 2022

![](imgfb34842b2.jpg)

Columbia Variable Portfolio - Government Money Market Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_4defcb79-ce63-4c8b-ad67-fb1aa27e3b5f_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_2f164195-96fb-4fee-9f0e-ad6629e78b1c_1)<br>| 5 |
| [Portfolio of Investments](#xx_1cdaf765-8a81-402f-9e7e-8242b543f988_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_e05f3bbf-67f0-4c04-b68c-ef27c9aa78b5_1)<br>| 9 |
| [Statement of Operations](#xx_e05f3bbf-67f0-4c04-b68c-ef27c9aa78b5_2)<br>| 10 |
| [Statement of Changes in Net Assets](#xx_e05f3bbf-67f0-4c04-b68c-ef27c9aa78b5_3)<br>| 11 |
| [Financial Highlights](#xx_7b41a639-d758-4c2d-9b8c-0a36fdc73d2a_1)<br>| 12 |
| [Notes to Financial Statements](#xx_3207900b-3a06-443d-8fc7-33418451cd0e_1)<br>| 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_d23c772d-04da-4798-915a-085105d68073_1)<br>| 22 |
| [Federal Income Tax Information](#xx_5fcdb75d-0dbe-40ab-9a98-925c3435c03c_1)<br>| 23 |
| [Trustees and Officers](#xx_5fcdb75d-0dbe-40ab-9a98-925c3435c03c_1)<br>| 23 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio - Government Money Market Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Monthly portfolio holdings

The Fund filed a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q for periods ended prior to and including March 31, 2019. The Fund's Form N-Q filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

The Fund's portfolio holdings since March 31, 2019 are filed with the SEC monthly on Form N-MFP. The Fund's portfolio holdings, as filed on Form N-MFP, are available on columbiathreadneedleus.com/investor/ or are available on the SEC's website at sec.gov and can be obtained without a charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal.

Portfolio management

#### John McColley

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;10/13/81 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

Prior to May 1, 2016, the Fund operated as a prime money market fund and invested in certain types of securities that the Fund is no longer permitted to hold to any significant extent (i.e., over 0.5% of total assets). Consequently, the performance information may have been different if the current investment limitations had been in effect during the period prior to the Fund's conversion to a government money market fund.

**An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.**

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;8.2 |
| &nbsp;&nbsp;Treasury Bills | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;76.3 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1011.50 | &nbsp;&nbsp;&nbsp;&nbsp;1022.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1010.50 | &nbsp;&nbsp;&nbsp;&nbsp;1021.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1011.10 | &nbsp;&nbsp;&nbsp;&nbsp;1022.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements 8.1%** | &nbsp;&nbsp;**Repurchase Agreements 8.1%** | &nbsp;&nbsp;**Repurchase Agreements 8.1%** | &nbsp;&nbsp;**Repurchase Agreements 8.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Yield** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tri-party RBC Dominion Securities, Inc. | &nbsp;&nbsp;Tri-party RBC Dominion Securities, Inc. | &nbsp;&nbsp;Tri-party RBC Dominion Securities, Inc. | &nbsp;&nbsp;Tri-party RBC Dominion Securities, Inc. |
| &nbsp;&nbsp;dated 12/30/2022, matures 01/03/2023, | &nbsp;&nbsp;dated 12/30/2022, matures 01/03/2023, | &nbsp;&nbsp;dated 12/30/2022, matures 01/03/2023, | &nbsp;&nbsp;dated 12/30/2022, matures 01/03/2023, |
| &nbsp;&nbsp;repurchase price $20,009,489<br> (collateralized by U.S. Treasury Securities, Total Market Value $20,400,010) | &nbsp;&nbsp;repurchase price $20,009,489<br> (collateralized by U.S. Treasury Securities, Total Market Value $20,400,010) | &nbsp;&nbsp;repurchase price $20,009,489<br> (collateralized by U.S. Treasury Securities, Total Market Value $20,400,010) | &nbsp;&nbsp;repurchase price $20,009,489<br> (collateralized by U.S. Treasury Securities, Total Market Value $20,400,010) |
|  | &nbsp;&nbsp;4.270% | 20000000 | &nbsp;&nbsp;20000000 |
| &nbsp;&nbsp;Tri-party TD Securities (USA) LLC | &nbsp;&nbsp;Tri-party TD Securities (USA) LLC | &nbsp;&nbsp;Tri-party TD Securities (USA) LLC | &nbsp;&nbsp;Tri-party TD Securities (USA) LLC |
| &nbsp;&nbsp;dated 12/30/2022, matures 01/03/2023, | &nbsp;&nbsp;dated 12/30/2022, matures 01/03/2023, | &nbsp;&nbsp;dated 12/30/2022, matures 01/03/2023, | &nbsp;&nbsp;dated 12/30/2022, matures 01/03/2023, |
| &nbsp;&nbsp;repurchase price $20,009,556<br> (collateralized by U.S. Treasury Securities, Total Market Value $20,400,093) | &nbsp;&nbsp;repurchase price $20,009,556<br> (collateralized by U.S. Treasury Securities, Total Market Value $20,400,093) | &nbsp;&nbsp;repurchase price $20,009,556<br> (collateralized by U.S. Treasury Securities, Total Market Value $20,400,093) | &nbsp;&nbsp;repurchase price $20,009,556<br> (collateralized by U.S. Treasury Securities, Total Market Value $20,400,093) |
|  | &nbsp;&nbsp;4.300% | 20000000 | &nbsp;&nbsp;20000000 |
| &nbsp;&nbsp;Total Repurchase Agreements<br> (Cost $40,000,000) | &nbsp;&nbsp;Total Repurchase Agreements<br> (Cost $40,000,000) | &nbsp;&nbsp;Total Repurchase Agreements<br> (Cost $40,000,000) | &nbsp;&nbsp;**40000000** |
| &nbsp;&nbsp;**Treasury Bills 6.1%** | &nbsp;&nbsp;**Treasury Bills 6.1%** | &nbsp;&nbsp;**Treasury Bills 6.1%** | &nbsp;&nbsp;**Treasury Bills 6.1%** |
| &nbsp;&nbsp;**United States 6.1%** | &nbsp;&nbsp;**United States 6.1%** | &nbsp;&nbsp;**United States 6.1%** | &nbsp;&nbsp;**United States 6.1%** |
| &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills |
| &nbsp;&nbsp;01/10/2023 | &nbsp;&nbsp;3.540% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4994668 |
| &nbsp;&nbsp;02/02/2023 | &nbsp;&nbsp;3.970% | 25000000 | &nbsp;&nbsp;24907875 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**29902543** |
| &nbsp;&nbsp;Total Treasury Bills<br> (Cost $29,902,543) | &nbsp;&nbsp;Total Treasury Bills<br> (Cost $29,902,543) | &nbsp;&nbsp;Total Treasury Bills<br> (Cost $29,902,543) | &nbsp;&nbsp;**29902543** |
| &nbsp;&nbsp;**U.S. Government & Agency Obligations 76.0%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 76.0%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 76.0%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 76.0%** |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. |
| &nbsp;&nbsp;05/12/2023 | &nbsp;&nbsp;2.290% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 |
| &nbsp;&nbsp;09/29/2023 | &nbsp;&nbsp;4.240% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 |
| &nbsp;&nbsp;12/12/2023 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 |
| &nbsp;&nbsp;12/22/2023 | &nbsp;&nbsp;4.850% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp. Discount Notes | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. Discount Notes | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. Discount Notes | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. Discount Notes |
| &nbsp;&nbsp;01/09/2023 | &nbsp;&nbsp;3.650% | 25000000 | &nbsp;&nbsp;24975000 |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;4.280% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9938178 |
| &nbsp;&nbsp;Federal Farm Credit Banks Discount Notes | &nbsp;&nbsp;Federal Farm Credit Banks Discount Notes | &nbsp;&nbsp;Federal Farm Credit Banks Discount Notes | &nbsp;&nbsp;Federal Farm Credit Banks Discount Notes |
| &nbsp;&nbsp;01/17/2023 | &nbsp;&nbsp;3.870% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9980969 |
| &nbsp;&nbsp;01/27/2023 | &nbsp;&nbsp;4.020% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9969250 |
| &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp. |
| &nbsp;&nbsp;01/18/2023 | &nbsp;&nbsp;0.460% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 |
| &nbsp;&nbsp;11/09/2023 | &nbsp;&nbsp;5.040% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| &nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;Federal Home Loan Banks |
| &nbsp;&nbsp;03/21/2023 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;03/21/2023 | &nbsp;&nbsp;1.300% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;12/29/2023 | &nbsp;&nbsp;4.870% | &nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;5250000 |
| &nbsp;&nbsp;Federal Home Loan Banks<sup>(a)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(a)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(a)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(a)</sup> |
| &nbsp;&nbsp;03/30/2023 | &nbsp;&nbsp;1.130% | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;2750000 |
| &nbsp;&nbsp;Federal Home Loan Banks<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(b)</sup> |
| &nbsp;&nbsp;01/26/2024 | &nbsp;&nbsp;5.050% | &nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;5500000 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government & Agency Obligations (continued)** | &nbsp;&nbsp;**U.S. Government & Agency Obligations (continued)** | &nbsp;&nbsp;**U.S. Government & Agency Obligations (continued)** | &nbsp;&nbsp;**U.S. Government & Agency Obligations (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Yield** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;Federal Home Loan Banks Discount Notes |
| &nbsp;&nbsp;01/09/2023 | &nbsp;&nbsp;3.620% | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;19980200 |
| &nbsp;&nbsp;01/11/2023 | &nbsp;&nbsp;3.700% | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;14981781 |
| &nbsp;&nbsp;01/12/2023 | &nbsp;&nbsp;3.730% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4993367 |
| &nbsp;&nbsp;01/13/2023 | &nbsp;&nbsp;3.750% | 23000000 | &nbsp;&nbsp;&nbsp;&nbsp;22966982 |
| &nbsp;&nbsp;01/19/2023 | &nbsp;&nbsp;3.880% | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;24946958 |
| &nbsp;&nbsp;01/25/2023 | &nbsp;&nbsp;3.950% | 27000000 | &nbsp;&nbsp;&nbsp;&nbsp;26924298 |
| &nbsp;&nbsp;01/26/2023 | &nbsp;&nbsp;4.030% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9970244 |
| &nbsp;&nbsp;01/27/2023 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4984700 |
| &nbsp;&nbsp;02/06/2023 | &nbsp;&nbsp;4.120% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4978648 |
| &nbsp;&nbsp;02/08/2023 | &nbsp;&nbsp;4.190% | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;8958904 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;4.140% | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;8958378 |
| &nbsp;&nbsp;02/10/2023 | &nbsp;&nbsp;4.220% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;6966198 |
| &nbsp;&nbsp;02/13/2023 | &nbsp;&nbsp;4.250% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9947872 |
| &nbsp;&nbsp;02/15/2023 | &nbsp;&nbsp;4.260% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4972707 |
| &nbsp;&nbsp;02/22/2023 | &nbsp;&nbsp;4.380% | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12916363 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(a)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(a)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(a)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/05/2023 | &nbsp;&nbsp;2.340% | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;2750000 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Discount Notes | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Discount Notes | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Discount Notes | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Discount Notes |
| &nbsp;&nbsp;01/05/2023 | &nbsp;&nbsp;3.090% | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;19989833 |
| &nbsp;&nbsp;01/10/2023 | &nbsp;&nbsp;3.460% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2996875 |
| &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association |
| &nbsp;&nbsp;01/03/2023 | &nbsp;&nbsp;2.810% | 41000000 | &nbsp;&nbsp;&nbsp;&nbsp;40987367 |
| &nbsp;&nbsp;01/04/2023 | &nbsp;&nbsp;2.950% | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;14993933 |
| &nbsp;&nbsp;Federal National Mortgage Association Discount Notes | &nbsp;&nbsp;Federal National Mortgage Association Discount Notes | &nbsp;&nbsp;Federal National Mortgage Association Discount Notes | &nbsp;&nbsp;Federal National Mortgage Association Discount Notes |
| &nbsp;&nbsp;01/17/2023 | &nbsp;&nbsp;3.690% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4990910 |
| &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $373,519,915) | &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $373,519,915) | &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $373,519,915) | &nbsp;&nbsp;**373519915** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 9.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations 9.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations 9.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations 9.4%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;U.S. Treasury<sup>(c)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(c)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(c)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(c)</sup> |
| &nbsp;&nbsp;3-month U.S. Treasury Index + 0.049%<br> 01/31/2023 | &nbsp;&nbsp;4.447% | 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;12500022 |
| &nbsp;&nbsp;3-month U.S. Treasury Index + 0.034%<br> 04/30/2023 | &nbsp;&nbsp;4.432% | &nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp;6250083 |
| &nbsp;&nbsp;3-month U.S. Treasury Index + -0.015%<br> 01/31/2024 | &nbsp;&nbsp;4.383% | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;15007253 |
| &nbsp;&nbsp;3-month U.S. Treasury Index + 0.037%<br> 07/31/2024 | &nbsp;&nbsp;4.435% | 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;12496249 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $46,253,607) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $46,253,607) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $46,253,607) | &nbsp;&nbsp;&nbsp;&nbsp;**46253607** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $489,676,065)** | &nbsp;&nbsp;**489676065** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** | &nbsp;&nbsp;&nbsp;&nbsp;**1885881** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**491561946** |

---

#### Notes to Portfolio of Investments
(a) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher
coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(b) Represents a security purchased on a when-issued basis.

(c) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Short-term securities are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940, as amended. Generally, amortized cost approximates the current fair value of these securities, but because the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Bills |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29902543 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29902543 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government & Agency Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp;373519915 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;373519915 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46253607 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46253607 |
| &nbsp;&nbsp;Total Investments in Securities |  | &nbsp;&nbsp;&nbsp;&nbsp;489676065 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;489676065 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Portfolio of Investments (continued)

December 31, 2022

Fair value measurements (continued)

The Fund's assets assigned to the Level 2 input category represent certain short-term obligations which are valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $449,676,065) | $449676065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements (cost $40,000,000) | &nbsp;&nbsp;&nbsp;&nbsp;40000000 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8168129 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555026 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8468 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;498641118 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22333 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7079172 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$491561946** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;491639692 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77746) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$491561946** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$89218738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;89140708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $170487437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;170509593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $231855771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;231762274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;7397489 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;7400904 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;1622416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;363863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;275013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;280383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11593 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;2652983 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;(433061) |
| &nbsp;&nbsp;Fees waived by distributor |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;(191726) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;(153626) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;1874570 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;5526334 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501) |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | **$5525833** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$5526334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42075 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5525833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42741 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(1053553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18204) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;(1810203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23376) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;(2662579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43000) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(5526335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84580) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;95572613 | &nbsp;&nbsp;&nbsp;&nbsp;(44067138) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;95572111 | &nbsp;&nbsp;&nbsp;&nbsp;(44108977) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;395989835 | &nbsp;&nbsp;&nbsp;&nbsp;440098812 |
| &nbsp;&nbsp;**Net assets at end of year** | **$491561946** | &nbsp;&nbsp;**$395989835** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;17628069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17628069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19294070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;1044619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (17570853) | &nbsp;&nbsp;&nbsp;&nbsp;(17570853) | &nbsp;&nbsp;&nbsp;&nbsp;(26248081) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1101835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6935833) |
| &nbsp;&nbsp;Class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;93359714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93359714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48743078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;1794211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (33826593) | &nbsp;&nbsp;&nbsp;&nbsp;(33826593) | &nbsp;&nbsp;&nbsp;&nbsp;(46839328) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;61327332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61327332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927126 |
| &nbsp;&nbsp;Class 3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;64438978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64438977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22252578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;2640059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (33935590) | &nbsp;&nbsp;&nbsp;&nbsp;(33935590) | &nbsp;&nbsp;&nbsp;&nbsp;(61354019) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;33143447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33143446 | &nbsp;&nbsp;&nbsp;&nbsp;(39058431) |
| &nbsp;&nbsp;**Total net increase (decrease)** | &nbsp;&nbsp;**95572614** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95572613** | &nbsp;&nbsp;&nbsp;&nbsp;**(44067138)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return is not annualized for periods of less than one year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $1.00 | &nbsp;&nbsp;0.01 &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $1.00 | &nbsp;&nbsp;0.00<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $1.00 | &nbsp;&nbsp;0.00<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $1.00 | &nbsp;&nbsp;0.02 &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $1.00 | &nbsp;&nbsp;0.02 &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $1.00 | &nbsp;&nbsp;0.01 &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $1.00 | &nbsp;&nbsp;0.00<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $1.00 | &nbsp;&nbsp;0.00<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $1.00 | &nbsp;&nbsp;0.02 &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $1.00 | &nbsp;&nbsp;0.01 &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $1.00 | &nbsp;&nbsp;0.01 &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $1.00 | &nbsp;&nbsp;0.00<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $1.00 | &nbsp;&nbsp;0.00<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $1.00 | &nbsp;&nbsp;0.02 &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $1.00 | &nbsp;&nbsp;0.01 &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (b) | Rounds to zero. |
| (c) | Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund's net expense ratio would increase by: |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **12/31/2022** | &nbsp;&nbsp;**12/31/2021** | &nbsp;&nbsp;**12/31/2020** |
| &nbsp;&nbsp;Class 1 | 0.10% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;Class 2 | 0.21% | &nbsp;&nbsp;0.66% | &nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;Class 3 | 0.16% | &nbsp;&nbsp;0.53% | &nbsp;&nbsp;0.33% |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Financial Highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $1.00 | 1.22% | 0.45% | 0.35%<sup>(c)</sup> | 1.21% | &nbsp;&nbsp;$89219 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $1.00 | 0.02% | 0.48% | 0.05%<sup>(c)</sup> | 0.01% | &nbsp;&nbsp;$88117 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $1.00 | 0.31% | 0.49% | 0.21%<sup>(c)</sup> | 0.23% | &nbsp;&nbsp;$95062 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $1.00 | 1.89% | 0.47% | 0.36% | 1.87% | &nbsp;&nbsp;$86841 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $1.00 | 1.51% | 0.46% | 0.32% | 1.77% | $301167 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $1.00 | 1.12% | 0.69% | 0.48%<sup>(c)</sup> | 1.25% | $170487 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $1.00 | 0.02% | 0.73% | 0.04%<sup>(c)</sup> | 0.01% | $109160 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $1.00 | 0.24% | 0.74% | 0.23%<sup>(c)</sup> | 0.13% | $107245 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $1.00 | 1.64% | 0.72% | 0.62% | 1.60% | &nbsp;&nbsp;$61083 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $1.00 | 1.26% | 0.72% | 0.59% | 1.36% | &nbsp;&nbsp;$67341 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $1.00 | 1.17% | 0.57% | 0.40%<sup>(c)</sup> | 1.21% | $231856 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $1.00 | 0.02% | 0.61% | 0.05%<sup>(c)</sup> | 0.01% | $198713 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $1.00 | 0.28% | 0.61% | 0.23%<sup>(c)</sup> | 0.20% | $237792 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $1.00 | 1.77% | 0.60% | 0.49% | 1.72% | $181970 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $1.00 | 1.38% | 0.60% | 0.48% | 1.36% | $209931 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio - Government Money Market Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Certain securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Board of Trustees continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Board of Trustees has established procedures intended to stabilize the Fund's net asset value for purposes of purchases and redemptions of Fund shares at $1.00 per share. These procedures include determinations, at such intervals as the Board of Trustees deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund's market-based net asset value deviates from $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board of Trustees will promptly consider what action, if any, should be initiated.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Repurchase agreements
The Fund may invest in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or

14 Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **RBC<br> Dominion<br> Securities ($)** | &nbsp;&nbsp;**TD<br> Securities ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |
| &nbsp;&nbsp;Repurchase agreements | 20000000 | &nbsp;&nbsp;20000000 | &nbsp;&nbsp;40000000 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **20000000** | &nbsp;&nbsp;**20000000** | &nbsp;&nbsp;**40000000** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(a)</sup> | 20000000 | &nbsp;&nbsp;20000000 | &nbsp;&nbsp;40000000 |
| &nbsp;&nbsp;**Net amount <sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** |

---

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(b) Represents the net amount due from/(to) counterparties in the event of default.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Interest income, including amortization of premium and discount, is recognized daily.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared daily and distributed quarterly. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year to seek to maintain a net asset value of $1.00 per share, unless such capital gains are offset by any available capital loss carryforward. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. Effective July 1, 2022, the management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.33% to 0.12% as the Fund's net assets increase. Prior to July 1, 2022, the management services fee was equal to a percentage of the Fund's daily net assets that declined from 0.39% to 0.18% as the Fund's net assets increased. The effective management services fee rate for the year ended December 31, 2022 was 0.36% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

16 Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.06% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Prior to August 1, 2022, the Distributor voluntarily agreed to waive the distribution fees for Class 2 and Class 3 shares, so that the Fund would not pay distribution fees for these share classes. Effective at the close of business July 31, 2022, this arrangement was terminated.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;Class 3 | 0.575 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition, from time to time, the Investment Manager and its

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

affiliates may waive or absorb expenses of the Fund with the intent of allowing the Fund to avoid a negative net yield or to increase the Fund's positive net yield. The Fund's yield would be negative if Fund expenses exceed Fund income. Any such expense limitation is voluntary and may be revised or terminated at any time without notice to shareholders and, accordingly, any positive net yield resulting therefrom will cease. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods. Prior to August 1, 2022, Class 2 and Class 3 distribution fees waived by the Distributor, as discussed above, were in addition to the waiver/reimbursement commitment under the agreement. Effective at the close of business July 31, 2022, Class 2 and Class 3 distribution fee waivers were terminated.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for capital loss carryforwards, trustees' deferred compensation and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Excess of distributions<br> over net investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;592 | (592) |  |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;5526335 |  | 5526335 | 83871 | 709 | 84580 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> appreciation ($)** |
| &nbsp;&nbsp;19109 – (501) |  |

---

At December 31, 2022, the cost of all investments for federal income tax purposes was $489,676,065. Tax cost of investments may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(501) – (501) |  |

---

18 Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

As noted above, the Fund may only participate in the Interfund Program as a lending fund. The Fund did not lend money under the Interfund Program during the year ended December 31, 2022.

Note 6. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 7. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Government money market fund risk
Although government money market funds (such as the Fund) may seek to preserve the value of shareholders' investment at $1.00 per share, the net asset values of such money market fund shares can fall, and in infrequent cases in the past have fallen, below $1.00 per share, potentially causing shareholders who redeem their shares at such net asset values to lose money from their original investment.

At times of (i) significant redemption activity by shareholders, including, for example, when a single investor or a few large investors make a significant redemption of Fund shares, (ii) insufficient levels of cash in the Fund's portfolio to satisfy redemption activity, and (iii) disruption in the normal operation of the markets in which the Fund buys and sells portfolio securities, the Fund could be forced to sell portfolio securities at unfavorable prices in order to generate sufficient cash to pay redeeming shareholders. Sales of portfolio securities at such times could result in losses to the Fund and cause the net asset value of Fund shares to fall below $1.00 per share. Additionally, in some cases, the default of a single portfolio security could cause the net asset value of Fund shares to fall below $1.00 per share. In addition, neither the Investment Manager nor any of its affiliates has a legal obligation to provide financial support to the Fund, and you should not expect that they or any person will provide financial support to the Fund at any time. The Fund may suspend redemptions or the payment of redemption proceeds when permitted by applicable regulations.

It is possible that, during periods of low prevailing interest rates or otherwise, the income from portfolio securities may be less than the amount needed to pay ongoing Fund operating expenses and may prevent payment of any dividends or distributions to Fund shareholders or cause the net asset value of Fund shares to fall below $1.00 per share. In such cases, the Fund may reduce or eliminate the payment of such dividends or distributions or seek to reduce certain of its operating expenses. There is no guarantee that such actions would enable the Fund to maintain a constant net asset value of $1.00 per share.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or

20 Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 90.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 8. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 9. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio - Government Money Market Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio - Government Money Market Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

22 Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

## Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2022.

---

| |
|:---|
| &nbsp;&nbsp;**Section<br> 163(j)<br> Interest<br> Dividends** |
| &nbsp;&nbsp;99.84% |

---

Section 163(j) Interest Dividends. The percentage of ordinary income distributed during the fiscal year that shareholders may treat as interest income for purposes of IRC Section 163(j), subject to holding period requirements and other limitations.

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |

---

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |

---

24 Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |

---

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

26 Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited)
\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

28 Columbia Variable Portfolio - Government Money Market Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_246_0a572d23-c2cf-4fce-b4b6-1b18b7d3fd72_TOC)

#### Columbia Variable Portfolio - Government Money Market Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgfb34842b2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7009_12_B01_(02/23)

------

![](img87090c501.jpg)

Annual Report

December 31, 2022

![](img309586132.jpg)

Columbia Variable Portfolio – Overseas Core Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_8a014d44-bcee-4743-8949-77021c49dc10_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_8a014d44-bcee-4743-8949-77021c49dc10_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_c6a8bcf2-0ca9-408e-8074-040bbebc1a3b_1)<br>| 7 |
| [Portfolio of Investments](#xx_954722f8-6573-4ac2-bb0a-0aeb5eb2e76f_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_14db7272-084c-45ad-9832-7dd1433cd22c_1)<br>| 14 |
| [Statement of Operations](#xx_14db7272-084c-45ad-9832-7dd1433cd22c_2)<br>| 15 |
| [Statement of Changes in Net Assets](#xx_14db7272-084c-45ad-9832-7dd1433cd22c_3)<br>| 16 |
| [Financial Highlights](#xx_a6bbc806-8636-42c7-b917-49d2a0d5c7d3_2)<br>| 18 |
| [Notes to Financial Statements](#xx_9b2467aa-c3bb-4c01-a421-ecfe12d9741c_1)<br>| 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_d95de4e2-2d2c-4fa7-8388-3a8cef9d7aa6_1)<br>| 34 |
| [Federal Income Tax Information](#xx_6bb78a12-b581-419b-a655-f2696b3be3e1_1)<br>| 35 |
| [Trustees and Officers](#xx_6bb78a12-b581-419b-a655-f2696b3be3e1_1)<br>| 35 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Overseas Core Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with capital appreciation.

Portfolio management

#### Fred Copper, CFA
Co-Portfolio Manager

Managed Fund since 2018

#### Daisuke Nomoto, CMA (SAAJ)
Co-Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-14.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-14.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;01/13/92 | &nbsp;&nbsp;&nbsp;&nbsp;-14.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 |
| &nbsp;&nbsp;MSCI EAFE Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to May 2018 reflects returns achieved pursuant to different principal investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown may have been different.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgd67f8c423.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Overseas Core Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;12.6 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;14.9 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;15.8 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;12.0 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;11.6 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;20.2 |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;10.3 |
| &nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Russian Federation | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;14.1 |
| &nbsp;&nbsp;United States<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

(b) Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer's place of organization/incorporation. Percentages indicated are based upon total investments, including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 92.03% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Overseas Core Fund returned -14.90%, compared with a -14.45% return for the Fund's benchmark, the MSCI EAFE Index (Net).

Market overview

Despite a tremendous rebound in the fourth quarter, developed international equity markets struggled and finished down by double-digit percentages in U.S. dollar terms over the one-year period ending December 31, 2022. Energy stocks were the only economic sector within the MSCI EAFE Index (Net) to finish with positive returns, up more than 26% for the year. Next best were financials, which declined about 5%. All other sectors suffered double-digit losses.

Numerous concerns weighed on sentiment throughout the first three quarters of the year, particularly a toxic combination of geopolitical and financial market events that punished most asset returns except for "hard" assets such as oil, gold and other commodities. As a result of the invasion of Ukraine by Russia, which had been considered a low-probability event early in the period, many western nations imposed punitive sanctions on Russia that limited its ability to transact in global markets and access assets held outside its borders. Combined, Russia and Ukraine provide a significant portion of many raw materials to the global economy, focused most prominently in Europe and the Middle East. Loss of these supplies disrupted access to basic necessities for many countries and raised the cost of such goods precipitously in some cases.

As the war in Ukraine continued to grind on, pressure on commodity markets around the world were made even worse by lockdowns in China stemming from a zero-COVID-19 policy. Mounting inflationary pressures forced central banks globally into the unfortunate position of needing to tighten monetary policy despite deteriorating economic conditions. These stagflationary conditions proved to be a major driver of poor returns across both stocks and bonds.

Despite occasional bursts of optimism that drove brief attempts at equity rallies, market momentum remained volatile and continued downward. Poor fixed-income returns, which typically have served as a safe-haven offset to declining equity markets, compounded the steep drawdowns in stocks. A steadily strengthening U.S. dollar over the period was an additional headwind for U.S. investors and eroded returns significantly. For example, the MSCI EAFE Index (Net) lost 8.4% measured in local currencies over the 12 months, while the index fell almost 14.5% when measured in U.S. dollar terms.

Sentiment reversed abruptly with the start of the fourth quarter, apparently fueled by hints that the global slowdown was beginning to moderate. An early catalyst was Australia hiking rates by just 25 basis points versus expectations of 50, leading to speculation that other central banks may need to pivot in response to increasing stress from the global tightening cycle. (A basis point is 1/100 of a percent.) Investors also were pleased that China scrapped its zero-COVID-19 lockdowns late in the period, even though that welcome news was followed by worries that a resulting surge in infections would weigh on growth and make for a challenging reopening of the country's economy.

The Fund's notable detractors during the period

• Stock selection, particularly in several European countries, as well as in the financials, communications services and real estate sectors, drove the Fund's underperformance of its benchmark.

• Notable individual detractors included:

○ Swedish real estate developer Samhällsbyggnadsbolaget i Norden AB, which was a top performer in the previous year, fell on worries over a weaker-than-expected cash position amid declining liquidity in the
country's real estate market.

○ Taiwanese semiconductor maker Parade Technologies, another top performer from the previous year, fell after a series of revenue shortfalls and an expected drop in demand for its
products.

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

○ German warehouse equipment and truck manufacturer Kion Group fell sharply shortly after mid-year, when the company said it expected to post a net loss due to supply-chain issues and high energy and material costs.

○ U.K. clothing and equipment retailer JD Sports Fashion struggled with uncertainty after its highly influential executive chairman unexpectedly left the company in mid-year.

○ Japanese investment banking consultant Nihon M&A Center continued to face headwinds related to an investigation into inappropriate sales bookings that raised concerns over the
company's internal controls.

The Fund's notable contributors during the period

• Strong overall stock selection from a country perspective, as well as in the health care, consumer staples and materials sectors, helped relative results but proved insufficient in offsetting detractors.

• Other positives during the period included an overweight to energy stocks, based on a belief that oil prices will remain elevated given inventory shortages and a lack of new exploration.

• Top individual contributors included:

○ U.K. pharmaceutical maker AstraZeneca reversed the downward trajectory of its share price after announcing positive results from trials of its breast cancer treatments.

○ London-based oil and gas producer Shell reported above-expectation results that pleased investors, particularly robust free cash flow.

○ Japanese drugstore MatsukiyoCocokara & Co. rose as the company's relative earnings stability was valued by investors and the prospects of relaxed COVID-19-related restrictions on foreign travelers boosted
prospects for the company.

○ Canadian independent convenience stores operator Alimentation Couche-Tard advanced as investors considered the company's potential acquisition of Suncor Energy's gas-station chain and sustained
historically high margins on fuel margins surprised investors.

○ Canadian mining company Yamana Gold reported in-line results that investors viewed positively against a back drop of sustained higher inflation. Shares also received a boost late in
the period after South African mining company Gold Fields terminated its takeover offer. The Fund exited its position in Yamana Gold.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are enhanced for emerging market issuers. The value of the Fund's portfolio may be more volatile due to concentrated investments in similar industries, sectors or geographical regions. Investments in a limited number of companies subject the Fund to greater risk of loss. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1058.50 | &nbsp;&nbsp;&nbsp;&nbsp;1021.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1058.10 | &nbsp;&nbsp;&nbsp;&nbsp;1019.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1058.70 | &nbsp;&nbsp;&nbsp;&nbsp;1020.46 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.3%** | &nbsp;&nbsp;**Common Stocks 98.3%** | &nbsp;&nbsp;**Common Stocks 98.3%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Australia 4.8%** | &nbsp;&nbsp;**Australia 4.8%** | &nbsp;&nbsp;**Australia 4.8%** |
| &nbsp;&nbsp;Ansell Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1672298 | &nbsp;&nbsp;&nbsp;&nbsp;32121394 |
| &nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8659755 | &nbsp;&nbsp;&nbsp;&nbsp;64803692 |
| &nbsp;&nbsp;Paladin Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp;28919366 | &nbsp;&nbsp;&nbsp;&nbsp;13646060 |
| &nbsp;&nbsp;Santos Ltd. | &nbsp;&nbsp;11440443 | &nbsp;&nbsp;&nbsp;&nbsp;56266320 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**166837466** |
| &nbsp;&nbsp;**Austria 0.5%** | &nbsp;&nbsp;**Austria 0.5%** | &nbsp;&nbsp;**Austria 0.5%** |
| &nbsp;&nbsp;Kontron AG | &nbsp;&nbsp;&nbsp;&nbsp;1135921 | &nbsp;&nbsp;&nbsp;&nbsp;18516101 |
| &nbsp;&nbsp;**Brazil 0.5%** | &nbsp;&nbsp;**Brazil 0.5%** | &nbsp;&nbsp;**Brazil 0.5%** |
| &nbsp;&nbsp;JBS SA | &nbsp;&nbsp;&nbsp;&nbsp;3982654 | &nbsp;&nbsp;&nbsp;&nbsp;16587634 |
| &nbsp;&nbsp;**Canada 5.6%** | &nbsp;&nbsp;**Canada 5.6%** | &nbsp;&nbsp;**Canada 5.6%** |
| &nbsp;&nbsp;Alimentation Couche-Tard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1483457 | &nbsp;&nbsp;&nbsp;&nbsp;65188842 |
| &nbsp;&nbsp;Cameco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2029504 | &nbsp;&nbsp;&nbsp;&nbsp;46008856 |
| &nbsp;&nbsp;Pan American Silver Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618496 | &nbsp;&nbsp;&nbsp;&nbsp;10106225 |
| &nbsp;&nbsp;Vermilion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330977 | &nbsp;&nbsp;&nbsp;&nbsp;5858293 |
| &nbsp;&nbsp;West Fraser Timber Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226591 | &nbsp;&nbsp;&nbsp;&nbsp;16361744 |
| &nbsp;&nbsp;Whitecap Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6670624 | &nbsp;&nbsp;&nbsp;&nbsp;52911744 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**196435704** |
| &nbsp;&nbsp;**China 0.5%** | &nbsp;&nbsp;**China 0.5%** | &nbsp;&nbsp;**China 0.5%** |
| &nbsp;&nbsp;Li Ning Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2011000 | &nbsp;&nbsp;&nbsp;&nbsp;17292600 |
| &nbsp;&nbsp;**Denmark 2.0%** | &nbsp;&nbsp;**Denmark 2.0%** | &nbsp;&nbsp;**Denmark 2.0%** |
| &nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509843 | &nbsp;&nbsp;&nbsp;&nbsp;69244614 |
| &nbsp;&nbsp;**Finland 2.0%** | &nbsp;&nbsp;**Finland 2.0%** | &nbsp;&nbsp;**Finland 2.0%** |
| &nbsp;&nbsp;UPM-Kymmene OYJ | &nbsp;&nbsp;&nbsp;&nbsp;1832941 | &nbsp;&nbsp;&nbsp;&nbsp;68591199 |
| &nbsp;&nbsp;**France 5.2%** | &nbsp;&nbsp;**France 5.2%** | &nbsp;&nbsp;**France 5.2%** |
| &nbsp;&nbsp;DBV Technologies SA, ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657166 | &nbsp;&nbsp;&nbsp;&nbsp;1005464 |
| &nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731124 | &nbsp;&nbsp;&nbsp;&nbsp;71916397 |
| &nbsp;&nbsp;Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463599 | &nbsp;&nbsp;&nbsp;&nbsp;44703269 |
| &nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766708 | &nbsp;&nbsp;&nbsp;&nbsp;48128718 |
| &nbsp;&nbsp;Worldline SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404758 | &nbsp;&nbsp;&nbsp;&nbsp;15851322 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**181605170** |
| &nbsp;&nbsp;**Germany 3.2%** | &nbsp;&nbsp;**Germany 3.2%** | &nbsp;&nbsp;**Germany 3.2%** |
| &nbsp;&nbsp;Covestro AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427605 | &nbsp;&nbsp;&nbsp;&nbsp;16657803 |
| &nbsp;&nbsp;Duerr AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737488 | &nbsp;&nbsp;&nbsp;&nbsp;24707792 |
| &nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;4541230 | &nbsp;&nbsp;&nbsp;&nbsp;45148949 |
| &nbsp;&nbsp;KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556629 | &nbsp;&nbsp;&nbsp;&nbsp;15853676 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;TeamViewer AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771483 | &nbsp;&nbsp;&nbsp;&nbsp;9896215 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**112264435** |
| &nbsp;&nbsp;**Hong Kong 0.5%** | &nbsp;&nbsp;**Hong Kong 0.5%** | &nbsp;&nbsp;**Hong Kong 0.5%** |
| &nbsp;&nbsp;WH Group Ltd. | &nbsp;&nbsp;29483750 | &nbsp;&nbsp;&nbsp;&nbsp;17196051 |
| &nbsp;&nbsp;**Ireland 1.8%** | &nbsp;&nbsp;**Ireland 1.8%** | &nbsp;&nbsp;**Ireland 1.8%** |
| &nbsp;&nbsp;Amarin Corp. PLC, ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596350 |
| &nbsp;&nbsp;Flutter Entertainment PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468664 | &nbsp;&nbsp;&nbsp;&nbsp;64221682 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**64818032** |
| &nbsp;&nbsp;**Israel 3.1%** | &nbsp;&nbsp;**Israel 3.1%** | &nbsp;&nbsp;**Israel 3.1%** |
| &nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;4287655 | &nbsp;&nbsp;&nbsp;&nbsp;38605711 |
| &nbsp;&nbsp;Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555505 | &nbsp;&nbsp;&nbsp;&nbsp;70082511 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**108688222** |
| &nbsp;&nbsp;**Japan 20.1%** | &nbsp;&nbsp;**Japan 20.1%** | &nbsp;&nbsp;**Japan 20.1%** |
| &nbsp;&nbsp;Amano Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1344000 | &nbsp;&nbsp;&nbsp;&nbsp;24688895 |
| &nbsp;&nbsp;BayCurrent Consulting, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1972900 | &nbsp;&nbsp;&nbsp;&nbsp;61416377 |
| &nbsp;&nbsp;COMSYS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1217900 | &nbsp;&nbsp;&nbsp;&nbsp;21369404 |
| &nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615600 | &nbsp;&nbsp;&nbsp;&nbsp;30188917 |
| &nbsp;&nbsp;Invincible Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84106 | &nbsp;&nbsp;&nbsp;&nbsp;32590380 |
| &nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2425200 | &nbsp;&nbsp;&nbsp;&nbsp;76085203 |
| &nbsp;&nbsp;JustSystems Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447100 | &nbsp;&nbsp;&nbsp;&nbsp;9558388 |
| &nbsp;&nbsp;Kinden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1405700 | &nbsp;&nbsp;&nbsp;&nbsp;15304186 |
| &nbsp;&nbsp;MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1346500 | &nbsp;&nbsp;&nbsp;&nbsp;67680244 |
| &nbsp;&nbsp;Meitec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853600 | &nbsp;&nbsp;&nbsp;&nbsp;15484348 |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6543700 | &nbsp;&nbsp;&nbsp;&nbsp;43930584 |
| &nbsp;&nbsp;Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2534100 | &nbsp;&nbsp;&nbsp;&nbsp;31181471 |
| &nbsp;&nbsp;Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648600 | &nbsp;&nbsp;&nbsp;&nbsp;18497106 |
| &nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2945400 | &nbsp;&nbsp;&nbsp;&nbsp;47145999 |
| &nbsp;&nbsp;Round One Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8131200 | &nbsp;&nbsp;&nbsp;&nbsp;29429194 |
| &nbsp;&nbsp;Ship Healthcare Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2214000 | &nbsp;&nbsp;&nbsp;&nbsp;45025233 |
| &nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2764985 | &nbsp;&nbsp;&nbsp;&nbsp;86396643 |
| &nbsp;&nbsp;Takuma Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1035800 | &nbsp;&nbsp;&nbsp;&nbsp;9653508 |
| &nbsp;&nbsp;Uchida Yoko Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387800 | &nbsp;&nbsp;&nbsp;&nbsp;13741839 |
| &nbsp;&nbsp;USS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1228800 | &nbsp;&nbsp;&nbsp;&nbsp;19497465 |
| &nbsp;&nbsp;ValueCommerce Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587100 | &nbsp;&nbsp;&nbsp;&nbsp;8030091 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**706895475** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Netherlands 10.2%** | &nbsp;&nbsp;**Netherlands 10.2%** | &nbsp;&nbsp;**Netherlands 10.2%** |
| &nbsp;&nbsp;ABN AMRO Bank NV | &nbsp;&nbsp;&nbsp;&nbsp;2924596 | &nbsp;&nbsp;&nbsp;&nbsp;40499732 |
| &nbsp;&nbsp;Adyen NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14388 | &nbsp;&nbsp;&nbsp;&nbsp;19974139 |
| &nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914146 | &nbsp;&nbsp;&nbsp;&nbsp;43434762 |
| &nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;3992676 | &nbsp;&nbsp;&nbsp;&nbsp;48635447 |
| &nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;2174322 | &nbsp;&nbsp;&nbsp;&nbsp;62514552 |
| &nbsp;&nbsp;Prosus NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699190 | &nbsp;&nbsp;&nbsp;&nbsp;48274487 |
| &nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;3024539 | &nbsp;&nbsp;&nbsp;&nbsp;85768030 |
| &nbsp;&nbsp;Signify NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309253 | &nbsp;&nbsp;&nbsp;&nbsp;10410245 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**359511394** |
| &nbsp;&nbsp;**Norway 1.5%** | &nbsp;&nbsp;**Norway 1.5%** | &nbsp;&nbsp;**Norway 1.5%** |
| &nbsp;&nbsp;SalMar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648598 | &nbsp;&nbsp;&nbsp;&nbsp;25435672 |
| &nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616026 | &nbsp;&nbsp;&nbsp;&nbsp;27054002 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**52489674** |
| &nbsp;&nbsp;**Russian Federation —%** | &nbsp;&nbsp;**Russian Federation —%** | &nbsp;&nbsp;**Russian Federation —%** |
| &nbsp;&nbsp;Lukoil PJSC<sup>(a),(b),(c),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Singapore 2.6%** | &nbsp;&nbsp;**Singapore 2.6%** | &nbsp;&nbsp;**Singapore 2.6%** |
| &nbsp;&nbsp;BW LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1205807 | &nbsp;&nbsp;&nbsp;&nbsp;9348183 |
| &nbsp;&nbsp;DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1134000 | &nbsp;&nbsp;&nbsp;&nbsp;28703358 |
| &nbsp;&nbsp;Venture Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4305600 | &nbsp;&nbsp;&nbsp;&nbsp;54879977 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**92931518** |
| &nbsp;&nbsp;**South Africa 0.6%** | &nbsp;&nbsp;**South Africa 0.6%** | &nbsp;&nbsp;**South Africa 0.6%** |
| &nbsp;&nbsp;Impala Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1588831 | &nbsp;&nbsp;&nbsp;&nbsp;19966630 |
| &nbsp;&nbsp;**South Korea 2.4%** | &nbsp;&nbsp;**South Korea 2.4%** | &nbsp;&nbsp;**South Korea 2.4%** |
| &nbsp;&nbsp;Hyundai Home Shopping Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264807 | &nbsp;&nbsp;&nbsp;&nbsp;11323782 |
| &nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923507 | &nbsp;&nbsp;&nbsp;&nbsp;40535718 |
| &nbsp;&nbsp;Youngone Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844524 | &nbsp;&nbsp;&nbsp;&nbsp;31520310 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**83379810** |
| &nbsp;&nbsp;**Spain 0.5%** | &nbsp;&nbsp;**Spain 0.5%** | &nbsp;&nbsp;**Spain 0.5%** |
| &nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670796 | &nbsp;&nbsp;&nbsp;&nbsp;19193876 |
| &nbsp;&nbsp;**Sweden 1.1%** | &nbsp;&nbsp;**Sweden 1.1%** | &nbsp;&nbsp;**Sweden 1.1%** |
| &nbsp;&nbsp;Amasten Fastighets AB<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1632182 | &nbsp;&nbsp;&nbsp;&nbsp;3057941 |
| &nbsp;&nbsp;Samhallsbyggnadsbolaget i Norden AB | &nbsp;&nbsp;16321819 | &nbsp;&nbsp;&nbsp;&nbsp;27221208 |
| &nbsp;&nbsp;Stillfront Group AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5311345 | &nbsp;&nbsp;&nbsp;&nbsp;8946225 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**39225374** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Switzerland 6.4%** | &nbsp;&nbsp;**Switzerland 6.4%** | &nbsp;&nbsp;**Switzerland 6.4%** |
| &nbsp;&nbsp;Landis+Gyr Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30701871 |
| &nbsp;&nbsp;Nestlé SA, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38052850 |
| &nbsp;&nbsp;Novartis AG, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25510599 |
| &nbsp;&nbsp;Roche Holding AG, Genusschein Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53827951 |
| &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;4026854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74844019 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**222937290** |
| &nbsp;&nbsp;**Taiwan 3.3%** | &nbsp;&nbsp;**Taiwan 3.3%** | &nbsp;&nbsp;**Taiwan 3.3%** |
| &nbsp;&nbsp;Fubon Financial Holding Co., Ltd. | &nbsp;&nbsp;30488955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55765192 |
| &nbsp;&nbsp;Parade Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1901000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47633860 |
| &nbsp;&nbsp;Tripod Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4438000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13541215 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**116940267** |
| &nbsp;&nbsp;**United Kingdom 14.1%** | &nbsp;&nbsp;**United Kingdom 14.1%** | &nbsp;&nbsp;**United Kingdom 14.1%** |
| &nbsp;&nbsp;AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp;&nbsp;1801856 | &nbsp;&nbsp;&nbsp;&nbsp;122165837 |
| &nbsp;&nbsp;British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;2177649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86143773 |
| &nbsp;&nbsp;Crest Nicholson Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;3310933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9425718 |
| &nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40005607 |
| &nbsp;&nbsp;Intermediate Capital Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;1057033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14594647 |
| &nbsp;&nbsp;JD Sports Fashion PLC | &nbsp;&nbsp;26569870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40376297 |
| &nbsp;&nbsp;John Wood Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4172137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6761415 |
| &nbsp;&nbsp;Just Group PLC | &nbsp;&nbsp;14519511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14360915 |
| &nbsp;&nbsp;Liberty Global PLC, Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2910115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56543534 |
| &nbsp;&nbsp;TP Icap Group PLC | &nbsp;&nbsp;17683179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37304748 |
| &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;65569924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66403847 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**494086338** |
| &nbsp;&nbsp;**United States 5.8%** | &nbsp;&nbsp;**United States 5.8%** | &nbsp;&nbsp;**United States 5.8%** |
| &nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772406 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31723918 |
| &nbsp;&nbsp;Burford Capital Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3367352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27443919 |
| &nbsp;&nbsp;Insmed, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7668244 |
| &nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51171487 |
| &nbsp;&nbsp;Livent Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1203498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23913505 |
| &nbsp;&nbsp;Primo Water Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3618459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56230853 |
| &nbsp;&nbsp;Quotient Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14355 |
| &nbsp;&nbsp;Sage Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5131775 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**205070462** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $3,824,744,012) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $3,824,744,012) | &nbsp;&nbsp;**3450705336** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Exchange-Traded Equity Funds 1.0%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 1.0%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 1.0%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**United States 1.0%** | &nbsp;&nbsp;**United States 1.0%** | &nbsp;&nbsp;**United States 1.0%** |
| &nbsp;&nbsp;iShares MSCI EAFE ETF | &nbsp;&nbsp;531005 | &nbsp;&nbsp;34855168 |
| &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $34,934,128) | &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $34,934,128) | &nbsp;&nbsp;**34855168** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Calls 0.0%** | &nbsp;&nbsp;**Options Purchased Calls 0.0%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $715,385) | &nbsp;&nbsp;**311823** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 0.2%** | &nbsp;&nbsp;**Money Market Funds 0.2%** | &nbsp;&nbsp;**Money Market Funds 0.2%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(e),(f)</sup> | &nbsp;&nbsp;8507954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8505402 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $8,505,402) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $8,505,402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8505402** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $3,868,898,927)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $3,868,898,927)** | &nbsp;&nbsp;&nbsp;&nbsp;**3494377729** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15886706** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$3510264435** |

---

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205,923,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153,233,392 USD | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;7,376,710,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,760,622 USD | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2556989) |
| &nbsp;&nbsp;79,375,814,000 KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,903,717 USD | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2005029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348,852,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,528,213 USD | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585,817,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,565,781 USD | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;5,176,798,000 TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170,693,682 USD | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,970,204 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,817,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,055,545 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,903,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,538,844 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,833,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,953,617 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177,268,000 DKK | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188,652,186 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180,354,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4604700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,523,674 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,333,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,937,618 USD | &nbsp;&nbsp;&nbsp;&nbsp;1,837,316,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,589,525 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91,249,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,434,183 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819,598,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,820,266 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,243,000 SGD | &nbsp;&nbsp;&nbsp;&nbsp;State Street | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11080826 | &nbsp;&nbsp;&nbsp;&nbsp;(4664128) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CBOE Volatility Index | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;7226945 | &nbsp;&nbsp;3335 | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;01/18/2023 | &nbsp;&nbsp;715385 | &nbsp;&nbsp;311823 |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2022, the total value of these securities amounted to $3,057,941,
which represents 0.09% of total net assets.

(c) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve
time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those
securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued
at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees. At December 31, 2022, the total market value of these securities amounted to $0, which
represents less than 0.01% of total net assets. Additional information on these securities is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security** | **Acquisition<br> Dates** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Lukoil PJSC | 01/25/2022-01/26/2022 | &nbsp;&nbsp;133228 | &nbsp;&nbsp;10912642 | &nbsp;&nbsp;— |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments (continued)
**(d)** **Valuation based on significant unobservable inputs.** 

**(e)** **The rate shown is the seven-day current annualized yield at December 31, 2022.** 

**(f)** **As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 22731087 | &nbsp;&nbsp;610767996 | &nbsp;&nbsp;(624993681) | &nbsp;&nbsp;— | &nbsp;&nbsp;8505402 | &nbsp;&nbsp;(2581) | &nbsp;&nbsp;419665 | &nbsp;&nbsp;8507954 |

---

#### Abbreviation Legend
ADR American Depositary Receipt

#### Currency Legend

---

| | |
|:---|:---|
| AUD | &nbsp;&nbsp;Australian Dollar |
| CAD | &nbsp;&nbsp;Canada Dollar |
| CHF | &nbsp;&nbsp;Swiss Franc |
| DKK | &nbsp;&nbsp;Danish Krone |
| EUR | &nbsp;&nbsp;Euro |
| GBP | &nbsp;&nbsp;British Pound |
| JPY | &nbsp;&nbsp;Japanese Yen |
| KRW | &nbsp;&nbsp;South Korean Won |
| NOK | &nbsp;&nbsp;Norwegian Krone |
| NZD | &nbsp;&nbsp;New Zealand Dollar |
| SEK | &nbsp;&nbsp;Swedish Krona |
| SGD | &nbsp;&nbsp;Singapore Dollar |
| TWD | &nbsp;&nbsp;New Taiwan Dollar |
| USD | &nbsp;&nbsp;US Dollar |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166837466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166837466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18516101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18516101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;16587634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16587634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 196435704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196435704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17292600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17292600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69244614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69244614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68591199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68591199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;1005464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180599706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181605170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112264435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112264435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17196051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17196051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64221682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64818032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;70082511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38605711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108688222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706895475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706895475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359511394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359511394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52489674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52489674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92931518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92931518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19966630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19966630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83379810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83379810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19193876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19193876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36167433 | &nbsp;&nbsp;&nbsp;&nbsp;3057941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39225374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222937290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222937290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116940267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116940267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 178709371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315376967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494086338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 205070462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205070462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 668487496 | &nbsp;&nbsp;&nbsp;&nbsp;2779159899 | &nbsp;&nbsp;&nbsp;&nbsp;3057941 | &nbsp;&nbsp;&nbsp;&nbsp;3450705336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Equity Funds | &nbsp;&nbsp;&nbsp;34855168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34855168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Calls | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;8505402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8505402 |
| &nbsp;&nbsp;Total Investments in Securities | 712159889 | &nbsp;&nbsp;&nbsp;&nbsp;2779159899 | &nbsp;&nbsp;&nbsp;&nbsp;3057941 | &nbsp;&nbsp;&nbsp;&nbsp;3494377729 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4664128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4664128) |
| &nbsp;&nbsp;Total | 712159889 | &nbsp;&nbsp;&nbsp;&nbsp;2785576597 | &nbsp;&nbsp;&nbsp;&nbsp;3057941 | &nbsp;&nbsp;&nbsp;&nbsp;3500794427 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.**

#### Forward foreign currency exchange contracts are valued at unrealized appreciation (depreciation).

#### The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $3,859,678,140) | $3485560504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $8,505,402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8505402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $715,385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311823 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14112 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080826 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5925246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6451665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4728195 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24137 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;3522611601 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4664128 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7205918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains taxes deferred | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148230 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12347166 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$3510264435** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;3946290034 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(436025599) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$3510264435** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $3242142819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;275435153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.77 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$77447368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6643437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.66 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$190674248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16255765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.73 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;$116084044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419665 |
| &nbsp;&nbsp;&nbsp;&nbsp;European Union tax reclaim | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;(14118848) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;102569498 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27569804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137257 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29114174 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73455324 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(120379248) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2581) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1785994) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4041694 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(117594940) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(587456915) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28421) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403562) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1899) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(582495223) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(700090163) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(626634839)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$73455324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76376161 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(117594940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257831908 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(582495223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183503) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(626634839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334024566 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(277530934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128172640) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6228789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2236696) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16564749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8105983) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(300324472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138515319) |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;122892216 | &nbsp;&nbsp;&nbsp;&nbsp;1340753040 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(804067095) | &nbsp;&nbsp;&nbsp;&nbsp;1536262287 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;4314331530 | &nbsp;&nbsp;&nbsp;&nbsp;2778069243 |
| &nbsp;&nbsp;**Net assets at end of year** | **$3510264435** | &nbsp;&nbsp;**$4314331530** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;1204794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14466627 | &nbsp;&nbsp;&nbsp;&nbsp;89123190 | &nbsp;&nbsp;&nbsp;&nbsp;1331060455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;24165063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277530934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8495689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128172640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (13923873) | &nbsp;&nbsp;&nbsp;&nbsp;(176559819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8246594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129386621) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;11445984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115437742 | &nbsp;&nbsp;&nbsp;&nbsp;89372285 | &nbsp;&nbsp;&nbsp;&nbsp;1329846474 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;1118157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13173148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32619525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6228789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(995837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12079788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(678738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10282727) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7322149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24573494 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;1448223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16564749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8105983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(1403048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17281131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1484276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22429172) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(902828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13666928) |
| &nbsp;&nbsp;**Total net increase** | &nbsp;&nbsp;**12237723** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**122892216** | &nbsp;&nbsp;&nbsp;&nbsp;**90118072** | &nbsp;&nbsp;&nbsp;&nbsp;**1340753040** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $15.08 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(2.50) | &nbsp;&nbsp;(2.25) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.96) | &nbsp;&nbsp;(1.06) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.18 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.51) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.40 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $12.74 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;(2.34) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $15.71 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;(2.84) | &nbsp;&nbsp;(2.55) | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.42) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.98 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(2.49) | &nbsp;&nbsp;(2.27) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.96) | &nbsp;&nbsp;(1.05) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.09 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.32 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $12.67 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;(2.30) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $15.62 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(2.83) | &nbsp;&nbsp;(2.57) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $15.05 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(2.50) | &nbsp;&nbsp;(2.26) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.96) | &nbsp;&nbsp;(1.06) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.15 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.50) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.38 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $12.72 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;(2.32) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $15.68 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(2.84) | &nbsp;&nbsp;(2.56) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.40) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |
| (d) | Ratios include interest on collateral expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.77 | (14.68%) | 0.79%<sup>(c)</sup> | 0.79%<sup>(c)</sup> | 2.03% | &nbsp;&nbsp;35% | $3242143 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $15.08 | &nbsp;&nbsp;&nbsp;9.96% | 0.78%<sup>(d)</sup> | 0.78%<sup>(d)</sup> | 1.91% | &nbsp;&nbsp;29% | $3982053 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.18 | &nbsp;&nbsp;&nbsp;9.12% | 0.84% | 0.84% | 1.56% | &nbsp;&nbsp;26% | $2476011 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $13.40 | 25.47% | 0.89% | 0.89% | 2.21% | &nbsp;&nbsp;39% | &nbsp;&nbsp;$948377 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $12.74 | (16.63%) | 0.89%<sup>(d)</sup> | 0.89%<sup>(d)</sup> | 1.96% | 113% | &nbsp;&nbsp;$706469 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.66 | (14.90%) | 1.04%<sup>(c)</sup> | 1.04%<sup>(c)</sup> | 1.77% | &nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;$77447 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.98 | &nbsp;&nbsp;&nbsp;9.74% | 1.03%<sup>(d)</sup> | 1.03%<sup>(d)</sup> | 1.55% | &nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;$89465 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.09 | &nbsp;&nbsp;&nbsp;8.83% | 1.10% | 1.10% | 1.39% | &nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;$60936 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $13.32 | 25.15% | 1.14% | 1.14% | 1.95% | &nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;$59746 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $12.67 | (16.81%) | 1.14%<sup>(d)</sup> | 1.14%<sup>(d)</sup> | 1.75% | 113% | &nbsp;&nbsp;&nbsp;&nbsp;$51287 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.73 | (14.80%) | 0.91%<sup>(c)</sup> | 0.91%<sup>(c)</sup> | 1.90% | &nbsp;&nbsp;35% | &nbsp;&nbsp;$190674 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $15.05 | &nbsp;&nbsp;&nbsp;9.88% | 0.91%<sup>(d)</sup> | 0.91%<sup>(d)</sup> | 1.72% | &nbsp;&nbsp;29% | &nbsp;&nbsp;$242813 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.15 | &nbsp;&nbsp;&nbsp;8.92% | 0.97% | 0.97% | 1.50% | &nbsp;&nbsp;26% | &nbsp;&nbsp;$241122 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $13.38 | 25.32% | 1.01% | 1.01% | 2.09% | &nbsp;&nbsp;39% | &nbsp;&nbsp;$250480 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $12.72 | (16.70%) | 1.02%<sup>(d)</sup> | 1.02%<sup>(d)</sup> | 1.88% | 113% | &nbsp;&nbsp;$228786 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Overseas Core Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

20 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements (continued)

December 31, 2022

that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities, to shift investment exposure from one currency to another and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

22 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to decrease the Fund's exposure to equity market risk and to facilitate buying and selling of securities for investments. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Investments, at value — Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311823 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;11080826 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;11392649 |

---

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;4664128 |

---

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4041694 | &nbsp;&nbsp;&nbsp;&nbsp;240672 | &nbsp;&nbsp;&nbsp;&nbsp;4282366 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;290517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290517 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;290517 | &nbsp;&nbsp;&nbsp;&nbsp;4041694 | &nbsp;&nbsp;&nbsp;&nbsp;240672 | &nbsp;&nbsp;&nbsp;&nbsp;4572883 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(403562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403562) |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;5395574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5395574 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;5395574 | &nbsp;&nbsp;&nbsp;&nbsp;(403562) | &nbsp;&nbsp;&nbsp;&nbsp;4992012 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | &nbsp;&nbsp;802176 |
| &nbsp;&nbsp;Options contracts — written | (132398) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;19472739 | &nbsp;&nbsp;&nbsp;&nbsp;(15033151) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

24 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Morgan<br> Stanley ($)** | &nbsp;&nbsp;**State<br> Street ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11080826 | &nbsp;&nbsp;11080826 |
| &nbsp;&nbsp;Options purchased calls | 311823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311823 |
| &nbsp;&nbsp;Total assets | 311823 | &nbsp;&nbsp;11080826 | &nbsp;&nbsp;11392649 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4664128 | &nbsp;&nbsp;&nbsp;&nbsp;4664128 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **311823** | &nbsp;&nbsp;&nbsp;&nbsp;**6416698** | &nbsp;&nbsp;&nbsp;&nbsp;**6728521** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Net amount <sup>(b)</sup>** | **311823** | &nbsp;&nbsp;&nbsp;&nbsp;**6416698** | &nbsp;&nbsp;&nbsp;&nbsp;**6728521** |

---

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(b) Represents the net amount due from/(to) counterparties in the event of default.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

The Fund may file withholding tax reclaims in certain European Union countries to recover a portion of foreign taxes previously withheld on dividends earned, which may be reclaimable based upon certain provisions in the Treaty on the Functioning of the European Union (EU) and subsequent rulings by the European Court of Justice. The Fund may record a reclaim receivable when the amount is known, the Fund has received notice of a pending refund, and there are no significant uncertainties on collectability. Income received from EU reclaims is included in the Statement of Operations.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed quarterly. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

26 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.88% to 0.62% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.76% of the Fund's average daily net assets.

#### Subadvisory agreement
The Fund's Board of Trustees has approved a Subadvisory Agreement between the Investment Manager and Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and an indirect wholly-owned subsidiary of Ameriprise Financial. As of December 31, 2022, Threadneedle is not providing services to the Fund pursuant to the Subadvisory Agreement.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.86% | &nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;1.14 |
| &nbsp;&nbsp;Class 3 | 0.985 | 1.015 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, derivative investments, passive foreign investment company (pfic) holdings, capital loss carryforwards, trustees' deferred compensation, distribution reclassifications, foreign capital gains tax and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;(2323252) | 2138616 | 184636 |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

28 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;172776133 | 127548339 | 300324472 | 79757775 | 58757544 | 138515319 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;68223361 – (107782227) | (396156576) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;3896951002 | 229436373 | (625592949) | (396156576) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(21304604) | (86477623) | (107782227) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,262,453,142 and $1,347,514,818, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer's country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is

30 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements (continued)

December 31, 2022

unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

#### Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund.

*Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund's investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.*

*Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, whether in the public or private sector, significant debt problems of a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, the Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. The departure of the United Kingdom (UK) from the EU single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking effect on December 31, 2020. The impact of Brexit on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.*

*Japan. The Fund is particularly susceptible to the social, political, economic, regulatory and other conditions or events that may affect Japan's economy. The Japanese economy is heavily dependent upon international trade, including, among other things, the export of finished goods and the import of oil and other commodities and raw materials. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption, including the risk of increased tariffs, embargoes, and other trade limitations or factors. Strained relationships between Japan and its neighboring countries, including China, South Korea and North Korea, based on historical grievances, territorial disputes, and defense concerns, may also cause uncertainty in Japanese markets. As a result, additional tariffs, other trade barriers, or boycotts may have an adverse impact on the Japanese economy. Japanese government policy has been characterized by economic regulation, intervention, protectionism and large government deficits. The Japanese economy is also challenged by an unstable financial services sector, highly leveraged corporate balance sheets and extensive cross-ownership among major corporations. Structural social and labor market changes, including an aging workforce, population decline and traditional aversion to labor mobility may adversely affect Japan's economic competitiveness and growth potential. The potential for natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, could also have significant negative effects on Japan's economy. As a result of the Fund's investment in Japanese securities, the Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Japan fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in Japan.*

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 98.6% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

32 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Overseas Core Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Overseas Core Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

34 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

## Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Qualified<br> dividend<br> income** | **Dividends<br> received<br> deduction** | **Foreign<br> taxes paid<br> to foreign<br> countries** | **Foreign<br> taxes paid<br> per share<br> to foreign<br> countries** | **Foreign<br> source<br> income** | **Foreign<br> source<br> income per<br> share** |
| &nbsp;&nbsp;8.05% | 0.50% | $14340557 | $0.05 | $114563240 | $0.38 |

---

Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

The Fund (or fund in which the Fund invests) has received a refund of foreign taxes previously reported and passed through in prior years (a "foreign tax redetermination"). Shareholders who claimed foreign tax credits with respect to such foreign taxes previously reported in prior years may also have a foreign tax redetermination and may need to file amended tax returns to account for such taxes refunded to the Fund. The amount of tax refunded, and years to which the tax relates, are available on the Taxes & Distributions page of columbiathreadneedleus.com/investor/, along with certain other information about the refunded tax. See your tax advisor. The amounts reported in the table above have not been reduced for any foreign tax redeterminations.

Foreign taxes are deemed to be passed through to shareholders with dividends paid after the close of the taxable year, on the next regularly scheduled distribution date of March 30, 2023.

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |

---

36 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |

---

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |

---

38 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |

---

40 Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Overseas Core Fund \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_253_9a928d21-79f2-40b4-b7d7-e5587c249b37_TOC)

#### Columbia Variable Portfolio – Overseas Core Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img309586132.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7018_12_B01_(02/23)

------

![](img3e5447521.jpg)

Annual Report

December 31, 2022

![](img66c20ee12.jpg)

Columbia Variable Portfolio – High Yield Bond Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_7ac2ed2b-b1af-46fd-985e-b39d9326c4c9_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_7ac2ed2b-b1af-46fd-985e-b39d9326c4c9_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_45428b71-217c-4e78-9c60-06dbc805be04_1)<br>| 7 |
| [Portfolio of Investments](#xx_72a87233-beb2-4c6e-af2d-703cef3f87a8_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_24e9de63-01a3-4465-a97d-ab94ac354cf0_1)<br>| 19 |
| [Statement of Operations](#xx_24e9de63-01a3-4465-a97d-ab94ac354cf0_2)<br>| 20 |
| [Statement of Changes in Net Assets](#xx_24e9de63-01a3-4465-a97d-ab94ac354cf0_3)<br>| 21 |
| [Financial Highlights](#xx_dffd4d98-04b7-4949-a337-7a5127423010_1)<br>| 22 |
| [Notes to Financial Statements](#xx_aea641b2-a3d7-4b55-a71f-1171f0f8d20b_1)<br>| 24 |
| [Report of Independent Registered Public Accounting Firm](#xx_6a588891-694f-454d-86e8-3a6b383d964f_1)<br>| 33 |
| [Trustees and Officers](#xx_b10c06f1-8252-4b77-8255-b672d73af07f_1)<br>| 34 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – High Yield Bond Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with high current income as its primary objective and, as its secondary objective, capital growth.

Portfolio management

#### Brian Lavin, CFA
Lead Portfolio Manager

Managed Fund since 2010

#### Daniel DeYoung
Portfolio Manager

Managed Fund since 2019

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-10.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.89 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-10.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;05/01/96 | &nbsp;&nbsp;&nbsp;&nbsp;-10.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.74 |
| &nbsp;&nbsp;ICE BofA US Cash Pay High Yield Constrained Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-11.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The ICE BofA US Cash Pay High Yield Constrained Index is an unmanaged index of high-yield bonds. The index is subject to a 2% cap on allocation to any one issuer. The 2% cap is intended to provide broad diversification and better reflect the overall character of the high-yield market. Effective July 1, 2022, the ICE BofA US Cash Pay High Yield Constrained Index includes transaction costs.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgf6da179f3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – High Yield Bond Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;92.0 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;42.5 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;43.3 |
| &nbsp;&nbsp;CCC rating | &nbsp;&nbsp;&nbsp;11.9 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the average rating of Moody's, S&P and Fitch. When ratings are available from only two rating agencies, the average of the two rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – High Yield Bond Fund returned -10.78%. The Fund's benchmark, the ICE BofA US Cash Pay High Yield Constrained Index, returned -11.10% during the same time period.

Market overview

Historically high inflation and efforts on the part of the U.S. Federal Reserve (Fed) to contain prices were the principal drivers of the broader bond market's negative return for the 12 months that ended December 31, 2022. U.S. consumer price inflation rose above 8% in March 2022 and peaked at 9.1% in June 2022. The Fed responded by raising its benchmark overnight lending rate seven times, leaving the federal funds target range at 4.25%-4.50% at year-end, as compared to 0.0%-0.25% entering 2022.

The U.S. Treasury yield curve finished the 12-month period dramatically higher than where it began the period. The two-year Treasury note began 2022 at 0.73% and ended the year at 4.41% for an increase of 368 basis points, while the yield on the bellwether 10-year Treasury rose a more modest 236 basis points, from 1.52% to 3.88%. (A basis point is 1/100 of a percent.) As a result, the Treasury curve ended 2022 significantly inverted (meaning that short-term yields were higher than long-term yields), a development which has frequently foreshadowed recession.

The high-yield market in 2022 was characterized by heightened interest rate and credit spread volatility, and higher industry and issuer return dispersion, as compared to 2021. The asset class experienced its worst calendar year total return since 2008 and second worst year on record. The primary driver of negative total returns was sharply higher Treasury rates, as the Fed conducted the most aggressive tightening of policy rates in 40 years. In addition, credit spreads finished the period notably wider, given heightened macro concerns regarding the impact on overall demand from tighter monetary policy.

The Fund's notable contributors during the period

• Positive results, relative to the benchmark, were driven both by security selection and industry allocation over the year.

• The Fund began the period with slightly defensive positioning, as compared to the benchmark, with a modestly lower yield and credit sensitivity.

○ Positioning became more defensive over the course of the year, with both relative yield and credit sensitivity decreasing.

○ We remain comfortable maintaining the Fund's conservative positioning while continuing to look for dislocations in the market that provide idiosyncratic buying opportunities.
That said, we continue to believe that should a recession materialize, it should not cause default rates to spike to levels seen in previous recessions.

• Security selection was strongest within support services, with notable contributions driven by overweight allocations to ratings measurement firm Nielsen, heavy equipment auctioneer Ritchie Brothers and used car
auction company KAR Auction Services, in addition to smaller contributions from several other issuers within the sector.

• Defensive positioning within specialty retail, in addition to an underweight allocation, was also among the year's top contributors.

• A
zero-weight allocation to Carvana was the largest individual contributor.

• Selection was also positive within pharmaceuticals, driven by an underweight allocation to, and higher quality positioning within, the capital structure of Canadian pharmaceutical company Bausch Health.

• An underweight allocation to Endo Pharmaceuticals also proved additive.

• Selection within technology hardware and equipment contributed, driven by an overweight allocation to headset manufacturer Plantronics, which saw its bonds move sharply higher on the announcement that the company
would be acquired by Hewlett-Packard.

• Finally, an underweight allocation to, and selection within, media content aided relative results, driven primarily by a lack of exposure to distressed issuers Diamond Sports Group
and Audacy Capital.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• From a quality perspective, defensive selection within the CCC-rated portion of the market contributed, most notably within the retail, services, health care, insurance brokerage and media sectors.

The Fund's notable detractors during the period

• Selection within cable and satellite TV was the largest detractor from performance relative to the benchmark, most notably overweight allocations to Radiate and Dish Corp.

• Within energy, underweight allocations to oil field equipment and services and refining detracted as these segments benefited from higher commodity prices.

• Selection detracted within energy exploration and production, with underperformance driven largely by overweight allocations to higher quality, more interest rate sensitive "rising stars" rather than
credit deterioration.

• In this vein, overweight positions in Occidental Petroleum and Apache Corporation, both candidates for ratings upgrades, were the two largest individual detractors.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market issuers. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Prepayment and extension risk exists as a loan, bond or other investment may be called, prepaid or redeemed before maturity and that similar yielding investments may not be available for purchase. Floating rate loans typically present greater risk than other fixed-income investments as they are generally subject to legal or contractual resale restrictions, may trade less frequently and experience value impairments during liquidation. Liquidity risk is associated with the difficulty of selling underlying investments at a desirable time or price. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.* 

6 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1036.80 | &nbsp;&nbsp;&nbsp;&nbsp;1021.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1034.30 | &nbsp;&nbsp;&nbsp;&nbsp;1020.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1035.50 | &nbsp;&nbsp;&nbsp;&nbsp;1021.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Bonds 0.9%** | &nbsp;&nbsp;**Convertible Bonds 0.9%** | &nbsp;&nbsp;**Convertible Bonds 0.9%** | &nbsp;&nbsp;**Convertible Bonds 0.9%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Cable and Satellite 0.9%** | &nbsp;&nbsp;**Cable and Satellite 0.9%** | &nbsp;&nbsp;**Cable and Satellite 0.9%** | &nbsp;&nbsp;**Cable and Satellite 0.9%** |
| &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | 3794000 | &nbsp;&nbsp;2376941 |
| &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $3,305,429) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $3,305,429) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $3,305,429) | &nbsp;&nbsp;**2376941** |
| &nbsp;&nbsp;**Corporate Bonds & Notes 90.7%** | &nbsp;&nbsp;**Corporate Bonds & Notes 90.7%** | &nbsp;&nbsp;**Corporate Bonds & Notes 90.7%** | &nbsp;&nbsp;**Corporate Bonds & Notes 90.7%** |
| &nbsp;&nbsp;**Aerospace & Defense 2.2%** | &nbsp;&nbsp;**Aerospace & Defense 2.2%** | &nbsp;&nbsp;**Aerospace & Defense 2.2%** | &nbsp;&nbsp;**Aerospace & Defense 2.2%** |
| &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.875% | &nbsp;&nbsp;&nbsp;542000 | &nbsp;&nbsp;&nbsp;&nbsp;527672 |
| &nbsp;&nbsp;Moog, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Moog, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Moog, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Moog, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;406482 |
| &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;9.375% | &nbsp;&nbsp;&nbsp;306000 | &nbsp;&nbsp;&nbsp;&nbsp;322472 |
| &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;688000 | &nbsp;&nbsp;&nbsp;&nbsp;696945 |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | 2101000 | &nbsp;&nbsp;2076466 |
| &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 1619000 | &nbsp;&nbsp;1520330 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;386000 | &nbsp;&nbsp;&nbsp;&nbsp;339170 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5889537** |
| &nbsp;&nbsp;**Airlines 2.4%** | &nbsp;&nbsp;**Airlines 2.4%** | &nbsp;&nbsp;**Airlines 2.4%** | &nbsp;&nbsp;**Airlines 2.4%** |
| &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;718000 | &nbsp;&nbsp;&nbsp;&nbsp;637867 |
| &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;11.750% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;182892 |
| &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 2834603 | &nbsp;&nbsp;2725932 |
| &nbsp;&nbsp;04/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;54529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49886 |
| &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;997610 | &nbsp;&nbsp;&nbsp;&nbsp;902632 |
| &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;06/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | 1250115 | &nbsp;&nbsp;1245548 |
| &nbsp;&nbsp;Spirit Loyalty Cayman Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Spirit Loyalty Cayman Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Spirit Loyalty Cayman Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Spirit Loyalty Cayman Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;09/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;528125 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6272882** |
| &nbsp;&nbsp;**Automotive 3.5%** | &nbsp;&nbsp;**Automotive 3.5%** | &nbsp;&nbsp;**Automotive 3.5%** | &nbsp;&nbsp;**Automotive 3.5%** |
| &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;306000 | &nbsp;&nbsp;&nbsp;&nbsp;287227 |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39892 |
| &nbsp;&nbsp;Clarios Global LP<sup>(a)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(a)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(a)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;703338 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. |
| &nbsp;&nbsp;02/12/2032 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp;431152 |
| &nbsp;&nbsp;01/15/2043 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;571556 |
| &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC |
| &nbsp;&nbsp;11/01/2024 | &nbsp;&nbsp;4.063% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;385450 |
| &nbsp;&nbsp;06/16/2025 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;414000 | &nbsp;&nbsp;&nbsp;&nbsp;399115 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;728000 | &nbsp;&nbsp;&nbsp;&nbsp;659404 |
| &nbsp;&nbsp;05/28/2027 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;239109 |
| &nbsp;&nbsp;08/17/2027 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;689000 | &nbsp;&nbsp;&nbsp;&nbsp;615693 |
| &nbsp;&nbsp;11/04/2027 | &nbsp;&nbsp;7.350% | &nbsp;&nbsp;&nbsp;483000 | &nbsp;&nbsp;&nbsp;&nbsp;494930 |
| &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;2.900% | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;338783 |
| &nbsp;&nbsp;02/10/2029 | &nbsp;&nbsp;2.900% | &nbsp;&nbsp;&nbsp;657000 | &nbsp;&nbsp;&nbsp;&nbsp;524489 |
| &nbsp;&nbsp;11/13/2030 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;838000 | &nbsp;&nbsp;&nbsp;&nbsp;688266 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;278000 | &nbsp;&nbsp;&nbsp;&nbsp;231893 |
| &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;747000 | &nbsp;&nbsp;&nbsp;&nbsp;725959 |
| &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(a),(b)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(a),(b)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(a),(b)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(a),(b)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;134341 |
| &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;5.125% | 1024000 | &nbsp;&nbsp;1001002 |
| &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;8.500% | &nbsp;&nbsp;&nbsp;761000 | &nbsp;&nbsp;&nbsp;&nbsp;744501 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**9216100** |
| &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.8%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.8%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.8%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.8%** |
| &nbsp;&nbsp;AG Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26721 |
| &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2027 | &nbsp;&nbsp;8.625% | &nbsp;&nbsp;&nbsp;986000 | &nbsp;&nbsp;&nbsp;&nbsp;995217 |
| &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;736000 | &nbsp;&nbsp;&nbsp;&nbsp;616097 |
| &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp;731320 |
| &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;744000 | &nbsp;&nbsp;&nbsp;&nbsp;633443 |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;6.875% | 2036000 | &nbsp;&nbsp;1685788 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4688586** |
| &nbsp;&nbsp;**Building Materials 1.3%** | &nbsp;&nbsp;**Building Materials 1.3%** | &nbsp;&nbsp;**Building Materials 1.3%** | &nbsp;&nbsp;**Building Materials 1.3%** |
| &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;4.000% | 1259000 | &nbsp;&nbsp;1122395 |
| &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;514000 | &nbsp;&nbsp;&nbsp;&nbsp;481775 |
| &nbsp;&nbsp;Interface, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Interface, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Interface, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Interface, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98008 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | 1022000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912897 |
| &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;686000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548651 |
| &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275349 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3439075** |
| &nbsp;&nbsp;**Cable and Satellite 5.9%** | &nbsp;&nbsp;**Cable and Satellite 5.9%** | &nbsp;&nbsp;**Cable and Satellite 5.9%** | &nbsp;&nbsp;**Cable and Satellite 5.9%** |
| &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;666000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605223 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;749000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677040 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 1876000 | &nbsp;&nbsp;&nbsp;&nbsp;1620279 |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 1354000 | &nbsp;&nbsp;&nbsp;&nbsp;1121139 |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;764000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619382 |
| &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | 3972000 | &nbsp;&nbsp;&nbsp;&nbsp;2591131 |
| &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 1902000 | &nbsp;&nbsp;&nbsp;&nbsp;1227002 |
| &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;11.750% | &nbsp;&nbsp;&nbsp;532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547075 |
| &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 1562000 | &nbsp;&nbsp;&nbsp;&nbsp;1147981 |
| &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;942000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394805 |
| &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;607000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538941 |
| &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276677 |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908754 |
| &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;676000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571544 |
| &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | 1426000 | &nbsp;&nbsp;&nbsp;&nbsp;1162660 |
| &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | 2067000 | &nbsp;&nbsp;&nbsp;&nbsp;1728326 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**15737959** |
| &nbsp;&nbsp;**Chemicals 3.5%** | &nbsp;&nbsp;**Chemicals 3.5%** | &nbsp;&nbsp;**Chemicals 3.5%** | &nbsp;&nbsp;**Chemicals 3.5%** |
| &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;528000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519347 |
| &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;509000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422395 |
| &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;642000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593255 |
| &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;706000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673235 |
| &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947477 |
| &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;596000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524678 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;591815 |
| &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;781000 | &nbsp;&nbsp;&nbsp;&nbsp;673728 |
| &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;9.375% | &nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;740232 |
| &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;353000 | &nbsp;&nbsp;&nbsp;&nbsp;307363 |
| &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;824000 | &nbsp;&nbsp;&nbsp;&nbsp;675152 |
| &nbsp;&nbsp;SPCM SA<sup>(a)</sup> | &nbsp;&nbsp;SPCM SA<sup>(a)</sup> | &nbsp;&nbsp;SPCM SA<sup>(a)</sup> | &nbsp;&nbsp;SPCM SA<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;301000 | &nbsp;&nbsp;&nbsp;&nbsp;260468 |
| &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2028 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp;244004 |
| &nbsp;&nbsp;09/30/2029 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;108008 |
| &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;4.875% | 1688000 | &nbsp;&nbsp;1495390 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;803000 | &nbsp;&nbsp;&nbsp;&nbsp;649639 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**9426186** |
| &nbsp;&nbsp;**Construction Machinery 1.1%** | &nbsp;&nbsp;**Construction Machinery 1.1%** | &nbsp;&nbsp;**Construction Machinery 1.1%** | &nbsp;&nbsp;**Construction Machinery 1.1%** |
| &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;3.875% | 2018000 | &nbsp;&nbsp;1718004 |
| &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;782000 | &nbsp;&nbsp;&nbsp;&nbsp;729056 |
| &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2025 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;448648 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2895708** |
| &nbsp;&nbsp;**Consumer Cyclical Services 2.6%** | &nbsp;&nbsp;**Consumer Cyclical Services 2.6%** | &nbsp;&nbsp;**Consumer Cyclical Services 2.6%** | &nbsp;&nbsp;**Consumer Cyclical Services 2.6%** |
| &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;466000 | &nbsp;&nbsp;&nbsp;&nbsp;448920 |
| &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.250% | 1129000 | &nbsp;&nbsp;&nbsp;&nbsp;885494 |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;688000 | &nbsp;&nbsp;&nbsp;&nbsp;552088 |
| &nbsp;&nbsp;Match Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Match Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Match Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Match Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;511000 | &nbsp;&nbsp;&nbsp;&nbsp;456999 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;276000 | &nbsp;&nbsp;&nbsp;&nbsp;254458 |
| &nbsp;&nbsp;Prime Security Services Borrower LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prime Security Services Borrower LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prime Security Services Borrower LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prime Security Services Borrower LLC/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;454000 | &nbsp;&nbsp;&nbsp;&nbsp;437469 |
| &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;479000 | &nbsp;&nbsp;&nbsp;&nbsp;412336 |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;647000 | &nbsp;&nbsp;&nbsp;&nbsp;647923 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;4.500% | 3193000 | &nbsp;&nbsp;2783723 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6879410** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Consumer Products 1.6%** | &nbsp;&nbsp;**Consumer Products 1.6%** | &nbsp;&nbsp;**Consumer Products 1.6%** | &nbsp;&nbsp;**Consumer Products 1.6%** |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;6.750% | 1207000 | &nbsp;&nbsp;1041009 |
| &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;671000 | &nbsp;&nbsp;&nbsp;&nbsp;658182 |
| &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;216444 |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;308000 | &nbsp;&nbsp;&nbsp;&nbsp;303998 |
| &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;316432 |
| &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) |
| &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;280285 |
| &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;511000 | &nbsp;&nbsp;&nbsp;&nbsp;505710 |
| &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;694000 | &nbsp;&nbsp;&nbsp;&nbsp;607066 |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40831 |
| &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;488000 | &nbsp;&nbsp;&nbsp;&nbsp;382025 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4351982** |
| &nbsp;&nbsp;**Diversified Manufacturing 1.7%** | &nbsp;&nbsp;**Diversified Manufacturing 1.7%** | &nbsp;&nbsp;**Diversified Manufacturing 1.7%** | &nbsp;&nbsp;**Diversified Manufacturing 1.7%** |
| &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;364000 | &nbsp;&nbsp;&nbsp;&nbsp;365511 |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;9.500% | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;128198 |
| &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;998000 | &nbsp;&nbsp;&nbsp;&nbsp;831098 |
| &nbsp;&nbsp;06/30/2029 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp;229050 |
| &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;569000 | &nbsp;&nbsp;&nbsp;&nbsp;459070 |
| &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;257000 | &nbsp;&nbsp;&nbsp;&nbsp;228612 |
| &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;750123 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;7.250% | 1417000 | &nbsp;&nbsp;1436631 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4428293** |
| &nbsp;&nbsp;**Electric 5.1%** | &nbsp;&nbsp;**Electric 5.1%** | &nbsp;&nbsp;**Electric 5.1%** | &nbsp;&nbsp;**Electric 5.1%** |
| &nbsp;&nbsp;Atlantica Sustainable Infrastructure PLC<sup>(a)</sup> | &nbsp;&nbsp;Atlantica Sustainable Infrastructure PLC<sup>(a)</sup> | &nbsp;&nbsp;Atlantica Sustainable Infrastructure PLC<sup>(a)</sup> | &nbsp;&nbsp;Atlantica Sustainable Infrastructure PLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;417583 |
| &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;4.750% | 1228000 | &nbsp;&nbsp;1138612 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.750% | 1770000 | &nbsp;&nbsp;1477404 |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;3.750% | 1003000 | &nbsp;&nbsp;&nbsp;&nbsp;810504 |
| &nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;FirstEnergy Corp. |
| &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;254119 |
| &nbsp;&nbsp;FirstEnergy Corp.<sup>(c)</sup> | &nbsp;&nbsp;FirstEnergy Corp.<sup>(c)</sup> | &nbsp;&nbsp;FirstEnergy Corp.<sup>(c)</sup> | &nbsp;&nbsp;FirstEnergy Corp.<sup>(c)</sup> |
| &nbsp;&nbsp;07/15/2047 | &nbsp;&nbsp;5.100% | &nbsp;&nbsp;&nbsp;338000 | &nbsp;&nbsp;&nbsp;&nbsp;302089 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;943000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816687 |
| &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481056 |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;4.500% | 2263000 | &nbsp;&nbsp;&nbsp;&nbsp;2083163 |
| &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;NRG Energy, Inc. |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413371 |
| &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;5.250% | 1846000 | &nbsp;&nbsp;&nbsp;&nbsp;1630930 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;332000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254023 |
| &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(a)</sup> | &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(a)</sup> | &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(a)</sup> | &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;259000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232458 |
| &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329427 |
| &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/31/2028 | &nbsp;&nbsp;5.000% | 1207000 | &nbsp;&nbsp;&nbsp;&nbsp;1086289 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;624000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545554 |
| &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;653000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623634 |
| &nbsp;&nbsp;07/31/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257779 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427092 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13581774** |
| &nbsp;&nbsp;**Environmental 1.2%** | &nbsp;&nbsp;**Environmental 1.2%** | &nbsp;&nbsp;**Environmental 1.2%** | &nbsp;&nbsp;**Environmental 1.2%** |
| &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;4.250% | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;1149054 |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;633000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597794 |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389258 |
| &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;5.500% | 1251000 | &nbsp;&nbsp;&nbsp;&nbsp;1108565 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3244671** |
| &nbsp;&nbsp;**Finance Companies 1.9%** | &nbsp;&nbsp;**Finance Companies 1.9%** | &nbsp;&nbsp;**Finance Companies 1.9%** | &nbsp;&nbsp;**Finance Companies 1.9%** |
| &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. |
| &nbsp;&nbsp;03/25/2024 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;437000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430063 |
| &nbsp;&nbsp;06/25/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427771 |
| &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. |
| &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33637 |
| &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;6.375% | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp;1007066 |
| &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;869000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671119 |
| &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;4.000% | 2121000 | &nbsp;&nbsp;&nbsp;&nbsp;1586515 |
| &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. |
| &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;974000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942117 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5098288** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Food and Beverage 2.4%** | &nbsp;&nbsp;**Food and Beverage 2.4%** | &nbsp;&nbsp;**Food and Beverage 2.4%** | &nbsp;&nbsp;**Food and Beverage 2.4%** |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;683000 | &nbsp;&nbsp;&nbsp;&nbsp;666188 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;504000 | &nbsp;&nbsp;&nbsp;&nbsp;493962 |
| &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.625% | 2257000 | &nbsp;&nbsp;2117911 |
| &nbsp;&nbsp;Performance Food Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Performance Food Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Performance Food Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Performance Food Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;170245 |
| &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp;&nbsp;322596 |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp;130537 |
| &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;591000 | &nbsp;&nbsp;&nbsp;&nbsp;572289 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;415866 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp;&nbsp;279527 |
| &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/30/2029 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;498000 | &nbsp;&nbsp;&nbsp;&nbsp;430092 |
| &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;649000 | &nbsp;&nbsp;&nbsp;&nbsp;531034 |
| &nbsp;&nbsp;Triton Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Triton Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Triton Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Triton Water Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;366000 | &nbsp;&nbsp;&nbsp;&nbsp;296503 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6426750** |
| &nbsp;&nbsp;**Gaming 3.8%** | &nbsp;&nbsp;**Gaming 3.8%** | &nbsp;&nbsp;**Gaming 3.8%** | &nbsp;&nbsp;**Gaming 3.8%** |
| &nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;Boyd Gaming Corp. |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;628532 |
| &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;136648 |
| &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;808000 | &nbsp;&nbsp;&nbsp;&nbsp;657065 |
| &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;5.750% | 1197000 | &nbsp;&nbsp;1173063 |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;918000 | &nbsp;&nbsp;&nbsp;&nbsp;893142 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;8.125% | 1394000 | &nbsp;&nbsp;1370938 |
| &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;362000 | &nbsp;&nbsp;&nbsp;&nbsp;364767 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp;317213 |
| &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.875% | 1001000 | &nbsp;&nbsp;&nbsp;&nbsp;855324 |
| &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;376000 | &nbsp;&nbsp;&nbsp;&nbsp;297452 |
| &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;713524 |
| &nbsp;&nbsp;Scientific Games International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp;&nbsp;&nbsp;352830 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476740 |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383528 |
| &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;561000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523534 |
| &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;874000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832787 |
| &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;159000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158307 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10135394** |
| &nbsp;&nbsp;**Health Care 5.7%** | &nbsp;&nbsp;**Health Care 5.7%** | &nbsp;&nbsp;**Health Care 5.7%** | &nbsp;&nbsp;**Health Care 5.7%** |
| &nbsp;&nbsp;180 Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;180 Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;180 Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;180 Medical, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171860 |
| &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131008 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169705 |
| &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142494 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;989000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841756 |
| &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;764000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693737 |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | 1334000 | &nbsp;&nbsp;&nbsp;&nbsp;1120940 |
| &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;581000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458258 |
| &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229121 |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220152 |
| &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251807 |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;654000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339095 |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | 1433000 | &nbsp;&nbsp;&nbsp;&nbsp;1082323 |
| &nbsp;&nbsp;Indigo Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Indigo Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Indigo Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Indigo Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268925 |
| &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;808000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642182 |
| &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257106 |
| &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | 1831000 | &nbsp;&nbsp;&nbsp;&nbsp;1400304 |
| &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | 1190000 | &nbsp;&nbsp;&nbsp;&nbsp;1134122 |
| &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41626 |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;10.000% | &nbsp;&nbsp;&nbsp;348000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353724 |
| &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;Teleflex, Inc. |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;693000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660880 |
| &nbsp;&nbsp;Teleflex, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Teleflex, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Teleflex, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Teleflex, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203786 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;886000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851009 |
| &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;5.125% | 1522000 | &nbsp;&nbsp;&nbsp;&nbsp;1420231 |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;834000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748403 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284177 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424777 |
| &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(a)</sup> | &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(a)</sup> | &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(a)</sup> | &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665633 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**15209141** |
| &nbsp;&nbsp;**Home Construction 0.6%** | &nbsp;&nbsp;**Home Construction 0.6%** | &nbsp;&nbsp;**Home Construction 0.6%** | &nbsp;&nbsp;**Home Construction 0.6%** |
| &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;349000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296181 |
| &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;432000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377497 |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85978 |
| &nbsp;&nbsp;Taylor Morrison Communities, Inc./Holdings II<sup>(a)</sup> | &nbsp;&nbsp;Taylor Morrison Communities, Inc./Holdings II<sup>(a)</sup> | &nbsp;&nbsp;Taylor Morrison Communities, Inc./Holdings II<sup>(a)</sup> | &nbsp;&nbsp;Taylor Morrison Communities, Inc./Holdings II<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2024 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;848000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842777 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1602433** |
| &nbsp;&nbsp;**Independent Energy 5.4%** | &nbsp;&nbsp;**Independent Energy 5.4%** | &nbsp;&nbsp;**Independent Energy 5.4%** | &nbsp;&nbsp;**Independent Energy 5.4%** |
| &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. |
| &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;5.100% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141178 |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;171000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140220 |
| &nbsp;&nbsp;04/15/2043 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;571000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430670 |
| &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;6.375% | 1002000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942490 |
| &nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263472 |
| &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/14/2027 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70783 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315661 |
| &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839486 |
| &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303356 |
| &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223204 |
| &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;6.250% | 1936000 | &nbsp;&nbsp;&nbsp;&nbsp;1756412 |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;418000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373512 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;268000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239836 |
| &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;5.875% | 1155000 | &nbsp;&nbsp;&nbsp;&nbsp;1114700 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;6.625% | 1099000 | &nbsp;&nbsp;&nbsp;&nbsp;1135580 |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;6.125% | 1520000 | &nbsp;&nbsp;&nbsp;&nbsp;1538228 |
| &nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321324 |
| &nbsp;&nbsp;09/15/2036 | &nbsp;&nbsp;6.450% | 1786000 | &nbsp;&nbsp;&nbsp;&nbsp;1822071 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;663000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633670 |
| &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 1922000 | &nbsp;&nbsp;&nbsp;&nbsp;1641065 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**14246918** |
| &nbsp;&nbsp;**Leisure 2.8%** | &nbsp;&nbsp;**Leisure 2.8%** | &nbsp;&nbsp;**Leisure 2.8%** | &nbsp;&nbsp;**Leisure 2.8%** |
| &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.625% | &nbsp;&nbsp;&nbsp;481000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384165 |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | 1062000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757727 |
| &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;10.375% | &nbsp;&nbsp;&nbsp;642000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659004 |
| &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458489 |
| &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | 1548000 | &nbsp;&nbsp;&nbsp;&nbsp;1287825 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50509 |
| &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264762 |
| &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;426000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368730 |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;11.500% | &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp;1048374 |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;807000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653417 |
| &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 1475000 | &nbsp;&nbsp;&nbsp;&nbsp;1240977 |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264385 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**7438364** |
| &nbsp;&nbsp;**Lodging 0.2%** | &nbsp;&nbsp;**Lodging 0.2%** | &nbsp;&nbsp;**Lodging 0.2%** | &nbsp;&nbsp;**Lodging 0.2%** |
| &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307328 |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136210 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**443538** |
| &nbsp;&nbsp;**Media and Entertainment 2.7%** | &nbsp;&nbsp;**Media and Entertainment 2.7%** | &nbsp;&nbsp;**Media and Entertainment 2.7%** | &nbsp;&nbsp;**Media and Entertainment 2.7%** |
| &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596464 |
| &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.750% | 1585000 | &nbsp;&nbsp;&nbsp;&nbsp;1163286 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98195 |
| &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 1039000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900293 |
| &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400133 |
| &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;604000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511271 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;215981 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;278000 | &nbsp;&nbsp;&nbsp;&nbsp;230595 |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;877000 | &nbsp;&nbsp;&nbsp;&nbsp;727298 |
| &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;4.250% | 1327000 | &nbsp;&nbsp;1041354 |
| &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;861000 | &nbsp;&nbsp;&nbsp;&nbsp;678218 |
| &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2030 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp;548305 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**7111393** |
| &nbsp;&nbsp;**Metals and Mining 3.3%** | &nbsp;&nbsp;**Metals and Mining 3.3%** | &nbsp;&nbsp;**Metals and Mining 3.3%** | &nbsp;&nbsp;**Metals and Mining 3.3%** |
| &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;187269 |
| &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;886000 | &nbsp;&nbsp;&nbsp;&nbsp;777387 |
| &nbsp;&nbsp;Constellium NV<sup>(a)</sup> | &nbsp;&nbsp;Constellium NV<sup>(a)</sup> | &nbsp;&nbsp;Constellium NV<sup>(a)</sup> | &nbsp;&nbsp;Constellium NV<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;438000 | &nbsp;&nbsp;&nbsp;&nbsp;422340 |
| &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp;280180 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.750% | 2594000 | &nbsp;&nbsp;2112161 |
| &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;543243 |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;6.125% | 2376000 | &nbsp;&nbsp;2165476 |
| &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp;101694 |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;747178 |
| &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;421000 | &nbsp;&nbsp;&nbsp;&nbsp;377317 |
| &nbsp;&nbsp;01/30/2030 | &nbsp;&nbsp;4.750% | 1043000 | &nbsp;&nbsp;&nbsp;&nbsp;922141 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;267000 | &nbsp;&nbsp;&nbsp;&nbsp;218480 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**8854866** |
| &nbsp;&nbsp;**Midstream 4.7%** | &nbsp;&nbsp;**Midstream 4.7%** | &nbsp;&nbsp;**Midstream 4.7%** | &nbsp;&nbsp;**Midstream 4.7%** |
| &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP |
| &nbsp;&nbsp;01/31/2032 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;342500 |
| &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;651000 | &nbsp;&nbsp;&nbsp;&nbsp;537382 |
| &nbsp;&nbsp;DCP Midstream Operating LP | &nbsp;&nbsp;DCP Midstream Operating LP | &nbsp;&nbsp;DCP Midstream Operating LP | &nbsp;&nbsp;DCP Midstream Operating LP |
| &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;5.600% | &nbsp;&nbsp;&nbsp;624000 | &nbsp;&nbsp;&nbsp;&nbsp;580169 |
| &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp;&nbsp;856212 |
| &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP |
| &nbsp;&nbsp;08/01/2024 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;163583 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;5.500% | 1005000 | &nbsp;&nbsp;&nbsp;&nbsp;897768 |
| &nbsp;&nbsp;07/15/2048 | &nbsp;&nbsp;6.500% | 1183000 | &nbsp;&nbsp;&nbsp;&nbsp;887267 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835429 |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221409 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;503000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480892 |
| &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325665 |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;861000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789019 |
| &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;5.750% | 1237000 | &nbsp;&nbsp;&nbsp;&nbsp;1194964 |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;522000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504163 |
| &nbsp;&nbsp;04/28/2027 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116566 |
| &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;6.125% | 1237000 | &nbsp;&nbsp;&nbsp;&nbsp;1075910 |
| &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;902000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789723 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;4.125% | 1415000 | &nbsp;&nbsp;&nbsp;&nbsp;1206300 |
| &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;769000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627819 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**12432740** |
| &nbsp;&nbsp;**Oil Field Services 0.8%** | &nbsp;&nbsp;**Oil Field Services 0.8%** | &nbsp;&nbsp;**Oil Field Services 0.8%** | &nbsp;&nbsp;**Oil Field Services 0.8%** |
| &nbsp;&nbsp;Nabors Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258830 |
| &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298851 |
| &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2023 | &nbsp;&nbsp;5.375% | 1626046 | &nbsp;&nbsp;&nbsp;&nbsp;1613129 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2170810** |
| &nbsp;&nbsp;**Other REIT 1.5%** | &nbsp;&nbsp;**Other REIT 1.5%** | &nbsp;&nbsp;**Other REIT 1.5%** | &nbsp;&nbsp;**Other REIT 1.5%** |
| &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;869000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741004 |
| &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;4.250% | 2141000 | &nbsp;&nbsp;&nbsp;&nbsp;1802829 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259986 |
| &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;501000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424082 |
| &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307961 |
| &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust |
| &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp;4.650% | &nbsp;&nbsp;&nbsp;326000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312930 |
| &nbsp;&nbsp;10/01/2024 | &nbsp;&nbsp;4.350% | &nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138497 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3987289** |
| &nbsp;&nbsp;**Packaging 1.8%** | &nbsp;&nbsp;**Packaging 1.8%** | &nbsp;&nbsp;**Packaging 1.8%** | &nbsp;&nbsp;**Packaging 1.8%** |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243963 |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;4.000% | 1314000 | &nbsp;&nbsp;&nbsp;&nbsp;1042297 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;368000 | &nbsp;&nbsp;&nbsp;&nbsp;352019 |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;641000 | &nbsp;&nbsp;&nbsp;&nbsp;555668 |
| &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;551000 | &nbsp;&nbsp;&nbsp;&nbsp;536099 |
| &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | 1139000 | &nbsp;&nbsp;&nbsp;&nbsp;901841 |
| &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;623000 | &nbsp;&nbsp;&nbsp;&nbsp;582347 |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.500% | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;487332 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4701566** |
| &nbsp;&nbsp;**Pharmaceuticals 1.6%** | &nbsp;&nbsp;**Pharmaceuticals 1.6%** | &nbsp;&nbsp;**Pharmaceuticals 1.6%** | &nbsp;&nbsp;**Pharmaceuticals 1.6%** |
| &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;9.000% | &nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81832 |
| &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;574000 | &nbsp;&nbsp;&nbsp;&nbsp;394874 |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;871000 | &nbsp;&nbsp;&nbsp;&nbsp;557239 |
| &nbsp;&nbsp;09/30/2028 | &nbsp;&nbsp;11.000% | &nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;118415 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;14.000% | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17821 |
| &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(d)</sup> | &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(d)</sup> | &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(d)</sup> | &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(d)</sup> |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17215 |
| &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp;&nbsp;&nbsp;413567 |
| &nbsp;&nbsp;Jazz Securities DAC<sup>(a)</sup> | &nbsp;&nbsp;Jazz Securities DAC<sup>(a)</sup> | &nbsp;&nbsp;Jazz Securities DAC<sup>(a)</sup> | &nbsp;&nbsp;Jazz Securities DAC<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;363000 | &nbsp;&nbsp;&nbsp;&nbsp;325845 |
| &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | 1508000 | &nbsp;&nbsp;1335212 |
| &nbsp;&nbsp;04/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 1216000 | &nbsp;&nbsp;1053329 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4315349** |
| &nbsp;&nbsp;**Property & Casualty 2.9%** | &nbsp;&nbsp;**Property & Casualty 2.9%** | &nbsp;&nbsp;**Property & Casualty 2.9%** | &nbsp;&nbsp;**Property & Casualty 2.9%** |
| &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;567000 | &nbsp;&nbsp;&nbsp;&nbsp;510730 |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% | 1234000 | &nbsp;&nbsp;1111884 |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;471000 | &nbsp;&nbsp;&nbsp;&nbsp;387815 |
| &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;719423 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;686000 | &nbsp;&nbsp;&nbsp;&nbsp;569909 |
| &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | 1106000 | &nbsp;&nbsp;&nbsp;&nbsp;950745 |
| &nbsp;&nbsp;GTCR AP Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GTCR AP Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GTCR AP Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GTCR AP Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;186000 | &nbsp;&nbsp;&nbsp;&nbsp;178317 |
| &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.000% | 1374000 | &nbsp;&nbsp;1348738 |
| &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;882000 | &nbsp;&nbsp;&nbsp;&nbsp;773480 |
| &nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;MGIC Investment Corp. |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93281 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;Radian Group, Inc. |
| &nbsp;&nbsp;03/15/2025 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39582 |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;215353 |
| &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;738000 | &nbsp;&nbsp;&nbsp;&nbsp;708385 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**7607642** |
| &nbsp;&nbsp;**Restaurants 0.9%** | &nbsp;&nbsp;**Restaurants 0.9%** | &nbsp;&nbsp;**Restaurants 0.9%** | &nbsp;&nbsp;**Restaurants 0.9%** |
| &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;551000 | &nbsp;&nbsp;&nbsp;&nbsp;548233 |
| &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;110042 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;407656 |
| &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;648234 |
| &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. |
| &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;611475 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2325640** |
| &nbsp;&nbsp;**Retailers 1.6%** | &nbsp;&nbsp;**Retailers 1.6%** | &nbsp;&nbsp;**Retailers 1.6%** | &nbsp;&nbsp;**Retailers 1.6%** |
| &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;201000 | &nbsp;&nbsp;&nbsp;&nbsp;169588 |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;201000 | &nbsp;&nbsp;&nbsp;&nbsp;165817 |
| &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;374088 |
| &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;9.375% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;214329 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;719000 | &nbsp;&nbsp;&nbsp;&nbsp;674370 |
| &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;143014 |
| &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(a)</sup> | &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(a)</sup> | &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(a)</sup> | &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;814000 | &nbsp;&nbsp;&nbsp;&nbsp;657481 |
| &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;266705 |
| &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.750% | 1432000 | &nbsp;&nbsp;1297644 |
| &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;270322 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4233358** |
| &nbsp;&nbsp;**Supermarkets 0.2%** | &nbsp;&nbsp;**Supermarkets 0.2%** | &nbsp;&nbsp;**Supermarkets 0.2%** | &nbsp;&nbsp;**Supermarkets 0.2%** |
| &nbsp;&nbsp;Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;429957 |
| &nbsp;&nbsp;SEG Holding LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;SEG Holding LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;SEG Holding LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;SEG Holding LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;169000 | &nbsp;&nbsp;&nbsp;&nbsp;157656 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**587613** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Technology 7.4%** | &nbsp;&nbsp;**Technology 7.4%** | &nbsp;&nbsp;**Technology 7.4%** | &nbsp;&nbsp;**Technology 7.4%** |
| &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | 1480000 | &nbsp;&nbsp;1290556 |
| &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;318000 | &nbsp;&nbsp;&nbsp;&nbsp;253821 |
| &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;207918 |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;9.125% | &nbsp;&nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;&nbsp;121922 |
| &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;501000 | &nbsp;&nbsp;&nbsp;&nbsp;471008 |
| &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;811000 | &nbsp;&nbsp;&nbsp;&nbsp;703552 |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;963000 | &nbsp;&nbsp;&nbsp;&nbsp;818821 |
| &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;628000 | &nbsp;&nbsp;&nbsp;&nbsp;507163 |
| &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;701000 | &nbsp;&nbsp;&nbsp;&nbsp;641160 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.950% | &nbsp;&nbsp;&nbsp;787000 | &nbsp;&nbsp;&nbsp;&nbsp;726046 |
| &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;637000 | &nbsp;&nbsp;&nbsp;&nbsp;594421 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;304000 | &nbsp;&nbsp;&nbsp;&nbsp;266483 |
| &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;823000 | &nbsp;&nbsp;&nbsp;&nbsp;731177 |
| &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;582267 |
| &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;798000 | &nbsp;&nbsp;&nbsp;&nbsp;666109 |
| &nbsp;&nbsp;Iron Mountain, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;912000 | &nbsp;&nbsp;&nbsp;&nbsp;839832 |
| &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 1684000 | &nbsp;&nbsp;&nbsp;&nbsp;908939 |
| &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | 1223000 | &nbsp;&nbsp;&nbsp;&nbsp;906034 |
| &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;716000 | &nbsp;&nbsp;&nbsp;&nbsp;614360 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 1471000 | &nbsp;&nbsp;1230189 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37922 |
| &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;9.290% | &nbsp;&nbsp;&nbsp;439000 | &nbsp;&nbsp;&nbsp;&nbsp;413645 |
| &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;698567 |
| &nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;178000 | &nbsp;&nbsp;&nbsp;&nbsp;169782 |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;231702 |
| &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;11.250% | &nbsp;&nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;101894 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;503000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476454 |
| &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;4.625% | 1177000 | &nbsp;&nbsp;&nbsp;&nbsp;1110282 |
| &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531410 |
| &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345107 |
| &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;9.750% | 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999152 |
| &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;3.875% | 1627000 | &nbsp;&nbsp;&nbsp;&nbsp;1371042 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**19568737** |
| &nbsp;&nbsp;**Wireless 2.8%** | &nbsp;&nbsp;**Wireless 2.8%** | &nbsp;&nbsp;**Wireless 2.8%** | &nbsp;&nbsp;**Wireless 2.8%** |
| &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;687000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405630 |
| &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;8.125% | &nbsp;&nbsp;&nbsp;847000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773212 |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.125% | 1760000 | &nbsp;&nbsp;&nbsp;&nbsp;1316367 |
| &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. |
| &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;6.875% | 2101000 | &nbsp;&nbsp;&nbsp;&nbsp;2184924 |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;471000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560286 |
| &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/31/2031 | &nbsp;&nbsp;4.250% | 1539000 | &nbsp;&nbsp;&nbsp;&nbsp;1246670 |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;4.750% | 1182000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962521 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**7449610** |
| &nbsp;&nbsp;**Wirelines 1.8%** | &nbsp;&nbsp;**Wirelines 1.8%** | &nbsp;&nbsp;**Wirelines 1.8%** | &nbsp;&nbsp;**Wirelines 1.8%** |
| &nbsp;&nbsp;CenturyLink, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CenturyLink, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CenturyLink, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CenturyLink, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281128 |
| &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;944000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699611 |
| &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460700 |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;597000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609545 |
| &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;6.500% | 1931000 | &nbsp;&nbsp;&nbsp;&nbsp;1793467 |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;7.000% | 1173000 | &nbsp;&nbsp;&nbsp;&nbsp;1063884 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4908335** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $269,410,530) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $269,410,530) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $269,410,530) | &nbsp;&nbsp;**240907937** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(e)</sup> 0.6%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(e)</sup> 0.6%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(e)</sup> 0.6%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(e)</sup> 0.6%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Canada 0.6%** | &nbsp;&nbsp;**Canada 0.6%** | &nbsp;&nbsp;**Canada 0.6%** | &nbsp;&nbsp;**Canada 0.6%** |
| &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | 1514000 | &nbsp;&nbsp;1360088 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;183776 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1543864** |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $1,718,924) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $1,718,924) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $1,718,924) | &nbsp;&nbsp;**1543864** |
| &nbsp;&nbsp;**Senior Loans 3.1%** | &nbsp;&nbsp;**Senior Loans 3.1%** | &nbsp;&nbsp;**Senior Loans 3.1%** | &nbsp;&nbsp;**Senior Loans 3.1%** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Consumer Cyclical Services 0.5%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.5%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.5%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.5%** |
| &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(f),(g)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.134% | 1127138 | &nbsp;&nbsp;&nbsp;&nbsp;934115 |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 7.750%<br> 10/01/2026 | &nbsp;&nbsp;12.134% | &nbsp;&nbsp;&nbsp;752935 | &nbsp;&nbsp;&nbsp;&nbsp;408091 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1342206** |
| &nbsp;&nbsp;**Health Care 0.2%** | &nbsp;&nbsp;**Health Care 0.2%** | &nbsp;&nbsp;**Health Care 0.2%** | &nbsp;&nbsp;**Health Care 0.2%** |
| &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(f),(g)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;8.050% | &nbsp;&nbsp;&nbsp;573536 | &nbsp;&nbsp;&nbsp;&nbsp;565587 |
| &nbsp;&nbsp;**Media and Entertainment 1.2%** | &nbsp;&nbsp;**Media and Entertainment 1.2%** | &nbsp;&nbsp;**Media and Entertainment 1.2%** | &nbsp;&nbsp;**Media and Entertainment 1.2%** |
| &nbsp;&nbsp;Cengage Learning, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(f),(g)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.750%<br> Floor 1.000%<br> 07/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.814% | 3402998 | &nbsp;&nbsp;3053136 |
| &nbsp;&nbsp;**Technology 1.2%** | &nbsp;&nbsp;**Technology 1.2%** | &nbsp;&nbsp;**Technology 1.2%** | &nbsp;&nbsp;**Technology 1.2%** |
| &nbsp;&nbsp;Applied Systems, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;Applied Systems, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;Applied Systems, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;Applied Systems, Inc.<sup>(f),(g)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.500%<br> Floor 0.500%<br> 09/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;9.080% | &nbsp;&nbsp;&nbsp;382271 | &nbsp;&nbsp;&nbsp;&nbsp;380073 |
| &nbsp;&nbsp;Ascend Learning LLC<sup>(f),(g)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(f),(g)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(f),(g)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(f),(g)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 12/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.884% | &nbsp;&nbsp;&nbsp;579150 | &nbsp;&nbsp;&nbsp;&nbsp;546573 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.750%<br> Floor 0.500%<br> 12/10/2029 | &nbsp;&nbsp;10.134% | 348000 | &nbsp;&nbsp;&nbsp;&nbsp;297105 |
| &nbsp;&nbsp;DCert Buyer, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;DCert Buyer, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;DCert Buyer, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;DCert Buyer, Inc.<sup>(f),(g)</sup> |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 7.000%<br> 02/19/2029 | &nbsp;&nbsp;11.696% | 478000 | &nbsp;&nbsp;&nbsp;&nbsp;434502 |
| &nbsp;&nbsp;Epicore Software Corp.<sup>(f),(g)</sup> | &nbsp;&nbsp;Epicore Software Corp.<sup>(f),(g)</sup> | &nbsp;&nbsp;Epicore Software Corp.<sup>(f),(g)</sup> | &nbsp;&nbsp;Epicore Software Corp.<sup>(f),(g)</sup> |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 7.750%<br> Floor 1.000%<br> 07/31/2028 | &nbsp;&nbsp;12.134% | 228000 | &nbsp;&nbsp;&nbsp;&nbsp;224238 |
| &nbsp;&nbsp;UKG, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(f),(g)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(f),(g)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> 05/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;8.134% | 423765 | &nbsp;&nbsp;&nbsp;&nbsp;407874 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 05/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.998% | 347560 | &nbsp;&nbsp;&nbsp;&nbsp;330182 |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.250%<br> Floor 0.500%<br> 05/03/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.998% | 677000 | &nbsp;&nbsp;&nbsp;&nbsp;619793 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3240340** |
| &nbsp;&nbsp;Total Senior Loans<br> (Cost $9,091,128) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $9,091,128) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $9,091,128) | &nbsp;&nbsp;**8201269** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 3.3%** | &nbsp;&nbsp;**Money Market Funds 3.3%** | &nbsp;&nbsp;**Money Market Funds 3.3%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(h),(i)</sup> | &nbsp;&nbsp;8810960 | &nbsp;&nbsp;&nbsp;&nbsp;8808317 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $8,807,447) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $8,807,447) | &nbsp;&nbsp;&nbsp;&nbsp;**8808317** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $292,333,458)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $292,333,458)** | &nbsp;&nbsp;**261838328** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3716376** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**265554704** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $204,343,494, which represents 76.95% of total net assets.

(b) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

(c) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(d) Represents a security in default.

(e) Principal and interest may not be guaranteed by a governmental entity.

(f) The stated interest rate represents the weighted average interest rate at December 31, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily
determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending
rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed.
Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining
maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(g) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(h) The rate shown is the seven-day current annualized yield at December 31, 2022.

(i) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 8638506 | &nbsp;&nbsp;83429724 | &nbsp;&nbsp;(83261193) | &nbsp;&nbsp;1280 | &nbsp;&nbsp;8808317 | &nbsp;&nbsp;(3870) | &nbsp;&nbsp;136873 | &nbsp;&nbsp;8810960 |

---

#### Abbreviation Legend
LIBOR London Interbank Offered Rate <br> SOFR Secured Overnight Financing Rate

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376941 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;240907937 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;240907937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543864 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8201269 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8201269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 8808317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8808317 |
| &nbsp;&nbsp;Total Investments in Securities | 8808317 | &nbsp;&nbsp;&nbsp;&nbsp;253030011 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;261838328 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $283,526,011) | $253030011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $8,807,447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8808317 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41454 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;266061347 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28522 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506643 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$265554704** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;290852139 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(25297435) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$265554704** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2313784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.76 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$71927763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;12640823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.69 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $191313157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;33338545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.74 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$136873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;16500804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;16638103 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9692 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674215 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310308) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363907 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;14274196 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(8638842) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3870) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(8642712) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(40646397) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(40645117) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(49287829) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(35013633)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$14274196 | &nbsp;&nbsp;&nbsp;&nbsp;$14467850 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(8642712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9024608 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(40645117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7795917) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(35013633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15696541 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43812) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;(4354480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3984203) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;(12119118) | &nbsp;&nbsp;&nbsp;&nbsp;(12275701) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(16586919) | &nbsp;&nbsp;&nbsp;&nbsp;(16303716) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(13833790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5203256 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(65434342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4596081 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;330989046 | &nbsp;&nbsp;&nbsp;&nbsp;326392965 |
| &nbsp;&nbsp;**Net assets at end of year** | **$265554704** | &nbsp;&nbsp;**$330989046** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;207094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106146) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;204942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787410 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;5238813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32291853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21722428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;749480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4354480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (6045771) | &nbsp;&nbsp;&nbsp;&nbsp;(36963368) | &nbsp;&nbsp;&nbsp;&nbsp;(1688700) | &nbsp;&nbsp;&nbsp;&nbsp;(11489599) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14217032 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;2071644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12119117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12275701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (4483278) | &nbsp;&nbsp;&nbsp;&nbsp;(27279808) | &nbsp;&nbsp;&nbsp;&nbsp;(3582683) | &nbsp;&nbsp;&nbsp;&nbsp;(24581365) |
| &nbsp;&nbsp;Net decrease | (2347139) | &nbsp;&nbsp;&nbsp;&nbsp;(14769687) | &nbsp;&nbsp;&nbsp;&nbsp;(1397238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9801186) |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(2199675)** | &nbsp;&nbsp;&nbsp;&nbsp;**(13833790)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**818996** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5203256** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $6.85 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $6.87 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $6.83 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $6.20 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $6.84 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $6.77 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;(1.01) | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $6.79 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $6.76 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $6.15 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $6.78 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $6.83 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(1.02) | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $6.85 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $6.81 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $6.19 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.40) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $6.83 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.38) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $5.76 | (10.54%) | 0.78% | 0.66% | 5.21% | 40% | &nbsp;&nbsp;&nbsp;$2314 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $6.85 | &nbsp;&nbsp;&nbsp;4.98% | 0.77% | 0.67% | 4.52% | 60% | &nbsp;&nbsp;&nbsp;$1349 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $6.87 | &nbsp;&nbsp;&nbsp;6.67% | 0.78% | 0.67% | 5.17% | 59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$563 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $6.83 | 17.00% | 0.80% | 0.67% | 5.21% | 49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$227 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $6.20 | &nbsp;&nbsp;(3.86%) | 0.77% | 0.73% | 5.31% | 39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $5.69 | (10.78%) | 1.02% | 0.91% | 4.87% | 40% | &nbsp;&nbsp;$71928 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $6.77 | &nbsp;&nbsp;&nbsp;4.79% | 1.02% | 0.92% | 4.28% | 60% | &nbsp;&nbsp;$85990 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $6.79 | &nbsp;&nbsp;&nbsp;6.31% | 1.02% | 0.92% | 4.89% | 59% | &nbsp;&nbsp;$71989 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $6.76 | 16.52% | 1.02% | 0.94% | 5.04% | 49% | &nbsp;&nbsp;$74825 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $6.15 | &nbsp;&nbsp;(4.00%) | 1.01% | 0.98% | 5.06% | 39% | &nbsp;&nbsp;$54532 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $5.74 | (10.70%) | 0.90% | 0.79% | 4.99% | 40% | $191313 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $6.83 | &nbsp;&nbsp;&nbsp;4.86% | 0.89% | 0.80% | 4.42% | 60% | $243649 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $6.85 | &nbsp;&nbsp;&nbsp;6.55% | 0.89% | 0.80% | 5.03% | 59% | $253841 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $6.81 | 16.72% | 0.89% | 0.81% | 5.18% | 49% | $280814 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $6.19 | &nbsp;&nbsp;(4.00%) | 0.89% | 0.86% | 5.18% | 39% | $279157 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – High Yield Bond Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

24 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Investments in senior loans
The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

The value of additional securities received as an income payment through a payment in kind, if any, is recorded as interest income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

26 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.66% to 0.40% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.66% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.07% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.66% | &nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0.92 |
| &nbsp;&nbsp;Class 3 | 0.785 | 0.795 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees' deferred compensation and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;127616 | (127616) |  |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;14614249 | 1972670 | 16586919 | 16303716 |  | 16303716 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

28 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;14317032 – (8848948) | (30679933) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;292518262 | 278013 | (30957946) | (30679933) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(3958924) | (4890024) | (8848948) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $110,911,479 and $127,860,736, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;3 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### High-yield investments risk
Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal.

30 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 92.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

32 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – High Yield Bond Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – High Yield Bond Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, broker and agent banks. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

34 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

36 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

38 Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – High Yield Bond Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_258_c5614a76-ee6c-4a64-857c-83584e65d5c5_TOC)

#### Columbia Variable Portfolio – High Yield Bond Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img66c20ee12.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7010_12_B01_(02/23)

------

![](img033f82171.jpg)

Annual Report

December 31, 2022

![](imga1425d9e2.jpg)

Columbia Variable Portfolio – Large Cap Growth Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_77b8cd8d-0558-4368-9ae2-2a4ce3600156_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_77b8cd8d-0558-4368-9ae2-2a4ce3600156_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_335d3e6d-026b-4b88-8c9a-f2c506cb42a1_1)<br>| 7 |
| [Portfolio of Investments](#xx_8b4bde5e-76e6-40ea-8d4d-7ba5c04cdb04_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_1ae1c4d4-277b-4197-bb6c-f17a5118a667_1)<br>| 11 |
| [Statement of Operations](#xx_1ae1c4d4-277b-4197-bb6c-f17a5118a667_2)<br>| 12 |
| [Statement of Changes in Net Assets](#xx_1ae1c4d4-277b-4197-bb6c-f17a5118a667_3)<br>| 13 |
| [Financial Highlights](#xx_8912935e-a500-4b66-a472-9210e4b386e7_1)<br>| 14 |
| [Notes to Financial Statements](#xx_cae1f31b-50d6-43be-9259-89d187eb0a73_1)<br>| 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_c3c023b8-20bf-4fa2-9290-d3935a65611f_1)<br>| 23 |
| [Trustees and Officers](#xx_5e6a789a-01bf-468a-a9f2-184bb22ab8ba_1)<br>| 24 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Large Cap Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### Melda Mergen, CFA, CAIA
Co-Portfolio Manager

Managed Fund since 2019

#### Tiffany Wade
Co-Portfolio Manager

Managed Fund since 2021

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-31.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;12.60 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-31.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.94 | &nbsp;&nbsp;&nbsp;&nbsp;12.31 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;09/15/99 | &nbsp;&nbsp;&nbsp;&nbsp;-31.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;12.46 |
| &nbsp;&nbsp;Russell 1000 Growth Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-29.14 | &nbsp;&nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;14.10 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Russell 1000 Growth Index, an unmanaged index, measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img7deb3e6f3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Large Cap Growth Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;97.4 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;12.4 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;17.6 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;9.9 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;40.1 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sub-industry breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sub-industry breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;**Information Technology** |  |
| &nbsp;&nbsp;Application Software | &nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Data Processing & Outsourced Services | &nbsp;&nbsp;&nbsp;4.4 |
| &nbsp;&nbsp;Electronic Equipment & Instruments | &nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;Electronic Manufacturing Services | &nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;Semiconductor Equipment | &nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;Systems Software | 12.9 |
| &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;9.0 |
| &nbsp;&nbsp;**Total** | **40.1** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 76.90% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Large Cap Growth Fund shares returned -31.53%. The Fund underperformed its benchmark, the Russell 1000 Growth Index, which returned -29.14% for the same period.

Market Overview

U.S. equities, including large-capitalization growth stocks, finished sharply lower for the calendar year 2022.

Historically high inflation and efforts on the part of the U.S. Federal Reserve (Fed) to contain prices were the principal drivers of the market downturn. Inflation had begun to drift upward in late 2021 but spiked in the wake of Russia's late-February 2022 invasion of Ukraine. U.S. consumer price inflation rose above 8% in March and peaked at 9.1% in June. The Fed responded by raising its benchmark overnight lending rate seven times, leaving the fed funds target range at 4.25%-4.50% at year-end, up from 0.0%-0.25% at the beginning of 2022. The dramatic rise in rates initially put downward pressure on equity valuation multiples and ultimately fueled heightened recession fears and concerns about the potential for weaker corporate earnings in 2023. A higher interest rate regime also made bonds a more compelling investment relative to equities. The increase in interest rates generally had the largest negative impact on the most growth-oriented segments of the market, most notably the information technology sector.

The Fund's notable detractors during the period

• Stock selection within the information technology, consumer discretionary and financials sectors weighed most heavily on the Fund's return during the period.

• Within information technology, shares of Adobe, Inc. dropped after the company announced its acquisition of Figma, a software application that enables online collaborative design. The market reacted negatively to
the price paid for Figma given the uncertain macro backdrop, and questions arose about Adobe's underlying growth trajectory. We continue to believe Adobe has a strong product "moat" with a good
growth opportunity going forward, reinforced by the company's positive growth update at its following Analyst Day. We also think it is likely that over time the integration of Figma will prove to be
significantly accretive to Adobe's earnings and expand the company's growth avenues.

• Cloud-based payments platform Bill.com Holdings, Inc. was another laggard on market concerns that the company's growth may be slowing. The stock was also caught up in the steep compression of
multiples for high-growth companies due to rising interest rates. We exited our position in Bill.com during the year.

• Shares of digital payments company Block, Inc. (formerly Square) also declined notably following a poorly received investor day. While we believed Block has strong growth prospects, margins may be pressured by the
company's investments, and we exited the position.

• Semiconductor company NVIDIA Corp. has been challenged by an inventory correction across certain end markets, most notably gaming. While the highly cyclical semiconductor group has faced negative earnings revisions,
we believe NVIDIA remains one of the best positioned companies in the group.

• Within consumer discretionary, Target Corp. was a leading laggard on disappointing quarterly results and a weaker outlook as consumer preferences shifted from more discretionary
pandemic-driven categories toward less discretionary categories. Target was forced to pursue markdowns against an excess of inventory in those more discretionary categories as customers began to rotate away from
them as the effects of the pandemic waned. These markdowns created significant pressure on margins that we believe is likely to continue in 2023. We exited our position in Target during the year.

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Shares of Amazon.com, Inc. lagged, along with other growth-oriented stocks, against the backdrop of rising interest rates. Amazon has been investing heavily to meet demand, which has weighed on margins. As with
prior investment cycles, while creating near term pressure on margins, we expect Amazon's elevated investment will leave the company even better positioned to continue to grow and take market share.

• Within financials, results for debt rating service S&P Global, Inc. have been negatively impacted by a weak new issuance market. An uncertain economic backdrop and market
volatility have led to a significant decrease in new credit issuances and accompanying ratings volume that continued through the entire year.

The Fund's notable contributors during the period

• Stock selection within the health care and industrials sectors led positive contributions to the Fund's performance during the period.

○ Shares of Eli Lily & Co. were boosted as competitor Biogen reported trial results for its Alzheimer's drug that showed significant slowing in disease progression. Eli Lily has a similar drug in development
and the results from Biogen bode well for its efficacy. In addition, Eli Lily's diabetes drug Tirzepatide has shown positive indications as a weight loss drug.

○ Vertex Pharmacetuticals, Inc. also outperformed as a relatively defensive holding within the biotechnology segment, given its solid free cash flow based on existing drugs, on top of several promising drugs in its
pipeline.

○ Shares of Horizon Therapeutics PLC moved sharply higher on the announcement that the biopharmaceutical company would be acquired by Amgen.

• Within industrials, engineering and construction company MasTec, Inc. reported better-than-expected earnings, supported by improving margins as the year progressed in the clean energy and infrastructure segment. The
company also reported a record backlog of business.

• An overweight to employee uniform and cleaning supplies provider Cintas Corp. also contributed positively as the stock was viewed as a relatively defensive holding within industrials
during a period of macroeconomic uncertainty while the business recovered from pandemic-related sales declines.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;975.30 | &nbsp;&nbsp;&nbsp;&nbsp;1021.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;974.10 | &nbsp;&nbsp;&nbsp;&nbsp;1020.21 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;974.90 | &nbsp;&nbsp;&nbsp;&nbsp;1020.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 97.4%** | &nbsp;&nbsp;**Common Stocks 97.4%** | &nbsp;&nbsp;**Common Stocks 97.4%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 8.5%** | &nbsp;&nbsp;**Communication Services 8.5%** | &nbsp;&nbsp;**Communication Services 8.5%** |
| &nbsp;&nbsp;**Entertainment 1.4%** | &nbsp;&nbsp;**Entertainment 1.4%** | &nbsp;&nbsp;**Entertainment 1.4%** |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231139 | &nbsp;&nbsp;&nbsp;&nbsp;28240563 |
| &nbsp;&nbsp;**Interactive Media & Services 7.1%** | &nbsp;&nbsp;**Interactive Media & Services 7.1%** | &nbsp;&nbsp;**Interactive Media & Services 7.1%** |
| &nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;574540 | &nbsp;&nbsp;&nbsp;&nbsp;50691664 |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;794220 | &nbsp;&nbsp;&nbsp;&nbsp;70471141 |
| &nbsp;&nbsp;ZoomInfo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;569344 | &nbsp;&nbsp;&nbsp;&nbsp;17142948 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;138305753 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**166546316** |
| &nbsp;&nbsp;**Consumer Discretionary 12.1%** | &nbsp;&nbsp;**Consumer Discretionary 12.1%** | &nbsp;&nbsp;**Consumer Discretionary 12.1%** |
| &nbsp;&nbsp;**Automobiles 1.2%** | &nbsp;&nbsp;**Automobiles 1.2%** | &nbsp;&nbsp;**Automobiles 1.2%** |
| &nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;198992 | &nbsp;&nbsp;&nbsp;&nbsp;24511835 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.5%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.5%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.5%** |
| &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237080 | &nbsp;&nbsp;&nbsp;&nbsp;29957429 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 4.7%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 4.7%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 4.7%** |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1098780 | &nbsp;&nbsp;&nbsp;&nbsp;92297520 |
| &nbsp;&nbsp;**Specialty Retail 2.4%** | &nbsp;&nbsp;**Specialty Retail 2.4%** | &nbsp;&nbsp;**Specialty Retail 2.4%** |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;146976 | &nbsp;&nbsp;&nbsp;&nbsp;46423839 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 2.3%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 2.3%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 2.3%** |
| &nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;383818 | &nbsp;&nbsp;&nbsp;&nbsp;44910544 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**238101167** |
| &nbsp;&nbsp;**Consumer Staples 6.2%** | &nbsp;&nbsp;**Consumer Staples 6.2%** | &nbsp;&nbsp;**Consumer Staples 6.2%** |
| &nbsp;&nbsp;**Beverages 2.1%** | &nbsp;&nbsp;**Beverages 2.1%** | &nbsp;&nbsp;**Beverages 2.1%** |
| &nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;639575 | &nbsp;&nbsp;&nbsp;&nbsp;40683366 |
| &nbsp;&nbsp;**Food & Staples Retailing 2.1%** | &nbsp;&nbsp;**Food & Staples Retailing 2.1%** | &nbsp;&nbsp;**Food & Staples Retailing 2.1%** |
| &nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89039 | &nbsp;&nbsp;&nbsp;&nbsp;40646303 |
| &nbsp;&nbsp;**Household Products 2.0%** | &nbsp;&nbsp;**Household Products 2.0%** | &nbsp;&nbsp;**Household Products 2.0%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;260334 | &nbsp;&nbsp;&nbsp;&nbsp;39456221 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**120785890** |
| &nbsp;&nbsp;**Energy 1.5%** | &nbsp;&nbsp;**Energy 1.5%** | &nbsp;&nbsp;**Energy 1.5%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.5%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.5%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.5%** |
| &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;&nbsp;&nbsp;254822 | &nbsp;&nbsp;&nbsp;&nbsp;30068996 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;&nbsp;&nbsp;**30068996** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Financials 1.9%** | &nbsp;&nbsp;**Financials 1.9%** | &nbsp;&nbsp;**Financials 1.9%** |
| &nbsp;&nbsp;**Capital Markets 1.9%** | &nbsp;&nbsp;**Capital Markets 1.9%** | &nbsp;&nbsp;**Capital Markets 1.9%** |
| &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;112161 | &nbsp;&nbsp;&nbsp;&nbsp;37567205 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;&nbsp;&nbsp;**37567205** |
| &nbsp;&nbsp;**Health Care 17.1%** | &nbsp;&nbsp;**Health Care 17.1%** | &nbsp;&nbsp;**Health Care 17.1%** |
| &nbsp;&nbsp;**Biotechnology 4.0%** | &nbsp;&nbsp;**Biotechnology 4.0%** | &nbsp;&nbsp;**Biotechnology 4.0%** |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;139521 | &nbsp;&nbsp;&nbsp;&nbsp;14439028 |
| &nbsp;&nbsp;Exact Sciences Corp.<sup>(a)</sup> | &nbsp;&nbsp;256119 | &nbsp;&nbsp;&nbsp;&nbsp;12680452 |
| &nbsp;&nbsp;Horizon Therapeutics PLC<sup>(a)</sup> | &nbsp;&nbsp;188695 | &nbsp;&nbsp;&nbsp;&nbsp;21473491 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;102966 | &nbsp;&nbsp;&nbsp;&nbsp;29734521 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;78327492 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 4.8%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 4.8%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 4.8%** |
| &nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;651548 | &nbsp;&nbsp;&nbsp;&nbsp;30147126 |
| &nbsp;&nbsp;DexCom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;254851 | &nbsp;&nbsp;&nbsp;&nbsp;28859327 |
| &nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;133741 | &nbsp;&nbsp;&nbsp;&nbsp;35488175 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;94494628 |
| &nbsp;&nbsp;**Health Care Providers & Services 4.1%** | &nbsp;&nbsp;**Health Care Providers & Services 4.1%** | &nbsp;&nbsp;**Health Care Providers & Services 4.1%** |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;152833 | &nbsp;&nbsp;&nbsp;&nbsp;81029000 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 1.2%** | &nbsp;&nbsp;**Life Sciences Tools & Services 1.2%** | &nbsp;&nbsp;**Life Sciences Tools & Services 1.2%** |
| &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;104438 | &nbsp;&nbsp;&nbsp;&nbsp;22757040 |
| &nbsp;&nbsp;**Pharmaceuticals 3.0%** | &nbsp;&nbsp;**Pharmaceuticals 3.0%** | &nbsp;&nbsp;**Pharmaceuticals 3.0%** |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;162768 | &nbsp;&nbsp;&nbsp;&nbsp;59547045 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**336155205** |
| &nbsp;&nbsp;**Industrials 9.7%** | &nbsp;&nbsp;**Industrials 9.7%** | &nbsp;&nbsp;**Industrials 9.7%** |
| &nbsp;&nbsp;**Aerospace & Defense 1.5%** | &nbsp;&nbsp;**Aerospace & Defense 1.5%** | &nbsp;&nbsp;**Aerospace & Defense 1.5%** |
| &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;296467 | &nbsp;&nbsp;&nbsp;&nbsp;29919450 |
| &nbsp;&nbsp;**Building Products 1.6%** | &nbsp;&nbsp;**Building Products 1.6%** | &nbsp;&nbsp;**Building Products 1.6%** |
| &nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;188628 | &nbsp;&nbsp;&nbsp;&nbsp;31706480 |
| &nbsp;&nbsp;**Commercial Services & Supplies 1.6%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.6%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.6%** |
| &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67932 | &nbsp;&nbsp;&nbsp;&nbsp;30679450 |
| &nbsp;&nbsp;**Construction & Engineering 1.3%** | &nbsp;&nbsp;**Construction & Engineering 1.3%** | &nbsp;&nbsp;**Construction & Engineering 1.3%** |
| &nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp;300889 | &nbsp;&nbsp;&nbsp;&nbsp;25674858 |
| &nbsp;&nbsp;**Electrical Equipment 1.5%** | &nbsp;&nbsp;**Electrical Equipment 1.5%** | &nbsp;&nbsp;**Electrical Equipment 1.5%** |
| &nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;205769 | &nbsp;&nbsp;&nbsp;&nbsp;28750045 |
| &nbsp;&nbsp;**Road & Rail 2.2%** | &nbsp;&nbsp;**Road & Rail 2.2%** | &nbsp;&nbsp;**Road & Rail 2.2%** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;207632 | &nbsp;&nbsp;&nbsp;&nbsp;42994358 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**189724641** |
| &nbsp;&nbsp;**Information Technology 39.0%** | &nbsp;&nbsp;**Information Technology 39.0%** | &nbsp;&nbsp;**Information Technology 39.0%** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 2.7%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 2.7%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 2.7%** |
| &nbsp;&nbsp;TE Connectivity Ltd. | &nbsp;&nbsp;235706 | &nbsp;&nbsp;&nbsp;&nbsp;27059049 |
| &nbsp;&nbsp;Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;100988 | &nbsp;&nbsp;&nbsp;&nbsp;25894333 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;52953382 |
| &nbsp;&nbsp;**IT Services 4.3%** | &nbsp;&nbsp;**IT Services 4.3%** | &nbsp;&nbsp;**IT Services 4.3%** |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;403830 | &nbsp;&nbsp;&nbsp;&nbsp;83899721 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 8.4%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 8.4%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 8.4%** |
| &nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;424266 | &nbsp;&nbsp;&nbsp;&nbsp;27479709 |
| &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;305326 | &nbsp;&nbsp;&nbsp;&nbsp;29732646 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85599 | &nbsp;&nbsp;&nbsp;&nbsp;47860969 |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;407118 | &nbsp;&nbsp;&nbsp;&nbsp;59496224 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;164569548 |
| &nbsp;&nbsp;**Software 14.8%** | &nbsp;&nbsp;**Software 14.8%** | &nbsp;&nbsp;**Software 14.8%** |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;136262 | &nbsp;&nbsp;&nbsp;&nbsp;45856251 |
| &nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;167142 | &nbsp;&nbsp;&nbsp;&nbsp;17598381 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;696484 | &nbsp;&nbsp;167030793 |
| &nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;180174 | &nbsp;&nbsp;&nbsp;&nbsp;25141480 |
| &nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;93354 | &nbsp;&nbsp;&nbsp;&nbsp;36246558 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;291873463 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 8.8%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 8.8%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 8.8%** |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1328838 | &nbsp;&nbsp;&nbsp;&nbsp;172655921 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp;**765952035** |
| &nbsp;&nbsp;**Real Estate 1.4%** | &nbsp;&nbsp;**Real Estate 1.4%** | &nbsp;&nbsp;**Real Estate 1.4%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.4%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.4%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.4%** |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26655008 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26655008** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,491,604,390) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,491,604,390) | &nbsp;&nbsp;**1911556463** |
| &nbsp;&nbsp;**Money Market Funds 2.6%** | &nbsp;&nbsp;**Money Market Funds 2.6%** | &nbsp;&nbsp;**Money Market Funds 2.6%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;51499222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51483773 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $51,478,644) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $51,478,644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51483773** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,543,083,034)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,543,083,034)** | &nbsp;&nbsp;**1963040236** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47671** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**1963087907** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 11791414 | &nbsp;&nbsp;462465597 | &nbsp;&nbsp;(422778367) | &nbsp;&nbsp;5129 | &nbsp;&nbsp;51483773 | &nbsp;&nbsp;(603) | &nbsp;&nbsp;709018 | &nbsp;&nbsp;51499222 |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued) Fair value inputs are summarized in the three broad levels listed below:
**■** **Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.** 

**■** **Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).** 

**■** **Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).** 

**Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;166546316 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166546316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;238101167 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238101167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;120785890 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120785890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;30068996 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30068996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;37567205 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37567205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;336155205 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336155205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;189724641 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189724641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;765952035 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765952035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;26655008 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26655008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 1911556463 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1911556463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;51483773 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51483773 |
| &nbsp;&nbsp;Total Investments in Securities | 1963040236 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1963040236 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,491,604,390) | $1911556463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $51,478,644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51483773 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31595 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19431 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1964173193 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31595 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33537 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085286 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1963087907** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $1963087907 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1963087907** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1624014391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62362926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.04 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$140088432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.23 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$198985084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7755623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.66 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$18061124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7251 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18777393 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14965578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36263 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16359201 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418192 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(57760107) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(57760710) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(814171558) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5129 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(814166429) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(871927139) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(869508947)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2418192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(27507) |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57760710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408554718 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(814166429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271550109 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(869508947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680077320 |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97785079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335520007) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(771723868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344557313 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;2734811775 | &nbsp;&nbsp;&nbsp;&nbsp;2390254462 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1963087907** | &nbsp;&nbsp;**$2734811775** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;7516629 | &nbsp;&nbsp;&nbsp;&nbsp;218725533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3662272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110089652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (3275553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93546436) | &nbsp;&nbsp;&nbsp;&nbsp;(11469683) | &nbsp;&nbsp;&nbsp;&nbsp;(405470939) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;4241076 | &nbsp;&nbsp;&nbsp;&nbsp;125179097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7807411) | &nbsp;&nbsp;&nbsp;&nbsp;(295381287) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;814666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23258825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24141618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(726188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21027671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(896164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29713741) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5572123) |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1041187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30783718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1100569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37015770) |
| &nbsp;&nbsp;Net decrease | (1001009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29625172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1021476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34566597) |
| &nbsp;&nbsp;**Total net increase (decrease)** | &nbsp;&nbsp;**3328545** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97785079** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8995663)** | &nbsp;&nbsp;&nbsp;&nbsp;**(335520007)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $37.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(11.95) | &nbsp;&nbsp;(11.91) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp;&nbsp;&nbsp;8.47 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $21.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp;&nbsp;7.60 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $16.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.78 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $16.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.85 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(11.59) | &nbsp;&nbsp;(11.62) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $28.71 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;8.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.14 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $21.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;7.35 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $15.76 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;5.60 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $16.44 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $37.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;(11.77) | &nbsp;&nbsp;(11.77) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.12 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp;&nbsp;8.31 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $21.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;7.48 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $15.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;5.69 | &nbsp;&nbsp;&nbsp;&nbsp;5.70 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $16.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |
| (d) | Rounds to zero. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $26.04 | (31.38%) | 0.72% | 0.72% | 0.15% | 46% | $1624014 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $37.95 | 28.73% | 0.71%<sup>(c)</sup> | 0.71%<sup>(c)</sup> | 0.03% | 46% | $2205624 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.48 | 34.74% | 0.73% | 0.73% | 0.26% | 57% | $1943859 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $21.88 | 35.90% | 0.73% | 0.73% | 0.19% | 39% | $1700174 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $16.10 | &nbsp;&nbsp;(3.94%) | 0.74% | 0.74% | 0.16% | 27% | $1312513 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $25.23 | (31.53%) | 0.97% | 0.97% | (0.12%) | 46% | &nbsp;&nbsp;$140088 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $36.85 | 28.35% | 0.96%<sup>(c)</sup> | 0.96%<sup>(c)</sup> | (0.21%) | 46% | &nbsp;&nbsp;$201389 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $28.71 | 34.41% | 0.98% | 0.98% | 0.02% | 57% | &nbsp;&nbsp;$161648 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $21.36 | 35.53% | 0.98% | 0.98% | (0.06%) | 39% | &nbsp;&nbsp;$131133 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $15.76 | &nbsp;&nbsp;(4.14%) | 0.99% | 0.99% | (0.09%) | 27% | &nbsp;&nbsp;$108782 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $25.66 | (31.44%) | 0.85% | 0.85% | 0.00%<sup>(d)</sup> | 46% | &nbsp;&nbsp;$198985 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $37.43 | 28.54% | 0.83%<sup>(c)</sup> | 0.83%<sup>(c)</sup> | (0.09%) | 46% | &nbsp;&nbsp;$327799 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.12 | 34.57% | 0.85% | 0.85% | 0.14% | 57% | &nbsp;&nbsp;$284747 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $21.64 | 35.76% | 0.86% | 0.86% | 0.06% | 39% | &nbsp;&nbsp;$230850 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $15.94 | &nbsp;&nbsp;(4.09%) | 0.86% | 0.86% | 0.04% | 27% | &nbsp;&nbsp;$196874 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Large Cap Growth Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

16 Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.77% to 0.57% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.69% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan

18 Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.02% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | **Contractual<br> expense cap<br> July 1, 2022<br> through<br> April 30, 2023** | **Voluntary<br> expense cap<br> May 1, 2022<br> through<br> June 30, 2022** | **Contractual<br> expense cap<br> prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;Class 3 | 0.875 | 0.875 | 0.875 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,045,257,425 and $988,900,341, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 6416667 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;12 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings

20 Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 92.3% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

22 Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Large Cap Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Large Cap Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

24 Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

26 Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

28 Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Large Cap Growth Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_260_8d5ad7cd-f387-4ae6-929d-62daa7626da5_TOC)

#### Columbia Variable Portfolio – Large Cap Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imga1425d9e2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7013_12_B01_(02/23)

------

![](imgc20dd6f31.jpg)

Annual Report

December 31, 2022

![](img5c3adaa52.jpg)

Columbia Variable Portfolio – Dividend Opportunity Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_5f0bc9ac-e32c-44e0-b80a-662600d09938_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_5f0bc9ac-e32c-44e0-b80a-662600d09938_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_19f21311-db5f-4b4d-abc8-f06191f2b79c_1)<br>| 7 |
| [Portfolio of Investments](#xx_ecee7fdb-5616-4b92-b79d-3b6e05bd8192_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_7a19105e-ebf7-45ea-8a5b-a40ef6e574cb_1)<br>| 13 |
| [Statement of Operations](#xx_7a19105e-ebf7-45ea-8a5b-a40ef6e574cb_2)<br>| 14 |
| [Statement of Changes in Net Assets](#xx_7a19105e-ebf7-45ea-8a5b-a40ef6e574cb_3)<br>| 15 |
| [Financial Highlights](#xx_75ac96df-4bdc-4096-a844-8ef70b10e6cf_1)<br>| 16 |
| [Notes to Financial Statements](#xx_f73038ba-da68-4e7c-a0f9-7f1fe10e3ae1_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_059e4e8b-52f1-4b85-9c0f-59e64658a149_1)<br>| 25 |
| [Trustees and Officers](#xx_2e10f182-f6f8-4256-b682-642f4e8444b5_1)<br>| 26 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Dividend Opportunity Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a high level of current income and, as a secondary objective, steady growth of capital.

Portfolio management

#### Grace Lee, CAIA
Lead Portfolio Manager

Managed Fund since 2020

#### Yan Jin
Portfolio Manager

Managed Fund since 2018

#### David King, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-1.11 | &nbsp;&nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;&nbsp;&nbsp;10.06 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-1.39 | &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.79 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;09/15/99 | &nbsp;&nbsp;&nbsp;&nbsp;-1.24 | &nbsp;&nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 |
| &nbsp;&nbsp;MSCI USA High Dividend Yield Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;-4.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.36 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 |
| &nbsp;&nbsp;Russell 1000 Value Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-7.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The MSCI USA High Dividend Yield Index (Net) is composed of those securities in the MSCI USA Index that have higher-than-average dividend yield (e.g. 30% higher than that of the MSCI USA Index), a track record of consistent dividend payments and the capacity to sustain future dividend payments. The MSCI USA Index is a free float adjusted market capitalization index that is designed to measure large- and mid-cap U.S. equity market performance.

The Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI USA High Dividend Yield Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgd67210c63.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Dividend Opportunity Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;95.7 |
| &nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;13.5 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;11.8 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;18.2 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;15.3 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Dividend Opportunity Fund returned -1.39%. The Fund outperformed the -4.60% return of its primary benchmark, the MSCI USA High Dividend Yield Index (Net), and the -7.54% return for its secondary benchmark, the Russell 1000 Value Index.

Market overview

U.S equities suffered losses in 2022, but with a wide dispersion in performance for the various segments of the market. Rising inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its quantitative easing program and raising rates from a range of 0.0%-0.25% at the start of the year to 4.25%-4.50% by its conclusion. This increase, which represented one of the most dramatic moves in such a short time since the early 1980s, raised fears that economic growth and corporate earnings could slow in the year ahead. Investor sentiment also came under pressure from events overseas, including Russia's invasion of Ukraine and Chinese government policies that impeded the country's economy.

Although these developments led to poor returns for the market as a whole, value stocks and dividend-paying stocks performed well in relative terms. Rising interest rates prompted investors to rotate toward companies with higher current cash flows, rather than those whose earnings are weighted further in the future. Additionally, elevated uncertainty caused steady, blue chip companies to come back into favor versus the more speculative stocks that had outperformed in 2020 and 2021.

The Fund was well positioned for this environment. Although it posted a return that was slightly negative in absolute terms, it held up well relative to the broader market. We think the Fund's outperformance in a very challenging year helps illustrate the potential merits of a selective, bottom-up approach that allows us to look for opportunities in companies that aren't heavily represented in the primary benchmark.

The Fund's notable contributors during the period

• Fund positioning in the energy sector was a prime example of our process at work. We found a number of energy stocks to be particularly compelling investments in mid-2020, when they were trading with discounted
valuations and above-average dividends.

○ We established a position in the sector that was much higher than its weighting in the benchmark, which paid off in 2022 as energy stocks posted a gain well in excess of the broader market.

○ Exxon Mobil Corp., Chevron Corp., and Valero Energy Corp. were the leading contributors in both the sector and the Fund as a whole in the annual period. We believe this underscores
the merits of an approach that seeks value anywhere rather than attempting to mirror a particular index.

• The Fund's other top contributors came from a wide range of sectors.

○ Shares of the aerospace company Raytheon Technologies Corp. rallied on expectations that increased geopolitical tensions would lead to rising defense spending.

○ The agriculture-related stocks Nutrien Ltd., AGCO Corp., and Bunge Ltd. were also strong performers. We identified a number of companies in the agribusiness space as being attractively valued early in the year, and
the industry indeed proved to be a source of outperformance.

○ Positions in the insurance stocks Principal Financial Group, Inc. and MetLife, Inc. also performed well on expectations that rising rates will help boost returns in their investment portfolios. While we didn't
buy the stocks for this reason, higher rates were a catalyst for their value to be recognized by the market.

○ Consumer staples stocks, such as Kraft Heinz Co. and J.M. Smucker Co., also added to the Fund's return as investors gravitated toward companies seen as being less vulnerable to
slowing economic growth.

The Fund's notable detractors during the period

• The Fund's positions in the real estate sector detracted from results. The category lagged on concerns about weakness in the property market and the adverse impact of rising rates on real estate
companies' cost of capital.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

○ Holdings in Crown Castle, Inc., Medical Properties Trust, Inc., and AvalonBay Communities, Inc., none of which are represented in the benchmark, were key detractors. We continued to hold all three at year-end on the
belief that their yields were attractive and that their valuations had largely discounted the headwinds facing the sector.

• A
number of bank stocks detracted from performance as well. JPMorgan Chase & Co., Bank of America Corp., and Wells Fargo & Company all finished among the Fund's largest detractors for the year amid worries
about declining net interest margins (the difference between the rates at which the banks borrow and lend). Believing this concern was exaggerated and that these stocks offered compelling valuations, we maintained the
positions.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Dividend payments are not guaranteed and the amount, if any, can vary over time. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1058.10 | &nbsp;&nbsp;&nbsp;&nbsp;1021.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1056.70 | &nbsp;&nbsp;&nbsp;&nbsp;1020.46 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1057.60 | &nbsp;&nbsp;&nbsp;&nbsp;1021.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 95.5%** | &nbsp;&nbsp;**Common Stocks 95.5%** | &nbsp;&nbsp;**Common Stocks 95.5%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 4.1%** | &nbsp;&nbsp;**Communication Services 4.1%** | &nbsp;&nbsp;**Communication Services 4.1%** |
| &nbsp;&nbsp;**Diversified Telecommunication Services 2.6%** | &nbsp;&nbsp;**Diversified Telecommunication Services 2.6%** | &nbsp;&nbsp;**Diversified Telecommunication Services 2.6%** |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;635000 | &nbsp;&nbsp;11690350 |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;305000 | &nbsp;&nbsp;12017000 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;23707350 |
| &nbsp;&nbsp;**Media 1.5%** | &nbsp;&nbsp;**Media 1.5%** | &nbsp;&nbsp;**Media 1.5%** |
| &nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;400000 | &nbsp;&nbsp;13988000 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**37695350** |
| &nbsp;&nbsp;**Consumer Discretionary 5.0%** | &nbsp;&nbsp;**Consumer Discretionary 5.0%** | &nbsp;&nbsp;**Consumer Discretionary 5.0%** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.3%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.3%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.3%** |
| &nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;6916500 |
| &nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;4611775 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;11528275 |
| &nbsp;&nbsp;**Multiline Retail 0.9%** | &nbsp;&nbsp;**Multiline Retail 0.9%** | &nbsp;&nbsp;**Multiline Retail 0.9%** |
| &nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52500 | &nbsp;&nbsp;&nbsp;&nbsp;7824600 |
| &nbsp;&nbsp;**Specialty Retail 2.3%** | &nbsp;&nbsp;**Specialty Retail 2.3%** | &nbsp;&nbsp;**Specialty Retail 2.3%** |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;67500 | &nbsp;&nbsp;21320550 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.5%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.5%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.5%** |
| &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;4760000 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**45433425** |
| &nbsp;&nbsp;**Consumer Staples 13.4%** | &nbsp;&nbsp;**Consumer Staples 13.4%** | &nbsp;&nbsp;**Consumer Staples 13.4%** |
| &nbsp;&nbsp;**Beverages 5.5%** | &nbsp;&nbsp;**Beverages 5.5%** | &nbsp;&nbsp;**Beverages 5.5%** |
| &nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;400000 | &nbsp;&nbsp;25444000 |
| &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;137500 | &nbsp;&nbsp;24840750 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;50284750 |
| &nbsp;&nbsp;**Food Products 2.5%** | &nbsp;&nbsp;**Food Products 2.5%** | &nbsp;&nbsp;**Food Products 2.5%** |
| &nbsp;&nbsp;Bunge Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;47500 | &nbsp;&nbsp;&nbsp;&nbsp;4739075 |
| &nbsp;&nbsp;ConAgra Foods, Inc. | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;4644000 |
| &nbsp;&nbsp;JM Smucker Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;4753800 |
| &nbsp;&nbsp;Kraft Heinz Co. (The) | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;9159750 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;23296625 |
| &nbsp;&nbsp;**Household Products 3.0%** | &nbsp;&nbsp;**Household Products 3.0%** | &nbsp;&nbsp;**Household Products 3.0%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;180000 | &nbsp;&nbsp;27280800 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Tobacco 2.4%** | &nbsp;&nbsp;**Tobacco 2.4%** | &nbsp;&nbsp;**Tobacco 2.4%** |
| &nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;6627950 |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;147500 | &nbsp;&nbsp;&nbsp;&nbsp;14928475 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;21556425 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**122418600** |
| &nbsp;&nbsp;**Energy 11.8%** | &nbsp;&nbsp;**Energy 11.8%** | &nbsp;&nbsp;**Energy 11.8%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 11.8%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 11.8%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 11.8%** |
| &nbsp;&nbsp;Chesapeake Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;4246650 |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;21538800 |
| &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;10030000 |
| &nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;9714000 |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;45223000 |
| &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;9514500 |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;6909000 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;107175950 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**107175950** |
| &nbsp;&nbsp;**Financials 18.1%** | &nbsp;&nbsp;**Financials 18.1%** | &nbsp;&nbsp;**Financials 18.1%** |
| &nbsp;&nbsp;**Banks 10.8%** | &nbsp;&nbsp;**Banks 10.8%** | &nbsp;&nbsp;**Banks 10.8%** |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;25171200 |
| &nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;6496050 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;28161000 |
| &nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;7978300 |
| &nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;82500 | &nbsp;&nbsp;&nbsp;&nbsp;13030050 |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;17961150 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;98797750 |
| &nbsp;&nbsp;**Capital Markets 5.1%** | &nbsp;&nbsp;**Capital Markets 5.1%** | &nbsp;&nbsp;**Capital Markets 5.1%** |
| &nbsp;&nbsp;Ares Capital Corp. | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;4617500 |
| &nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp;9566505 |
| &nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;5193300 |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;192500 | &nbsp;&nbsp;&nbsp;&nbsp;16366350 |
| &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;137500 | &nbsp;&nbsp;&nbsp;&nbsp;10665875 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;46409530 |
| &nbsp;&nbsp;**Insurance 1.7%** | &nbsp;&nbsp;**Insurance 1.7%** | &nbsp;&nbsp;**Insurance 1.7%** |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;10855500 |
| &nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;4475700 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;15331200 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) 0.5%** | &nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) 0.5%** | &nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) 0.5%** |
| &nbsp;&nbsp;Starwood Property Trust, Inc. | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;4582500 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**165120980** |
| &nbsp;&nbsp;**Health Care 13.9%** | &nbsp;&nbsp;**Health Care 13.9%** | &nbsp;&nbsp;**Health Care 13.9%** |
| &nbsp;&nbsp;**Biotechnology 3.3%** | &nbsp;&nbsp;**Biotechnology 3.3%** | &nbsp;&nbsp;**Biotechnology 3.3%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;25857600 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp;4333560 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;30191160 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 0.6%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 0.6%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 0.6%** |
| &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;5051800 |
| &nbsp;&nbsp;**Pharmaceuticals 10.0%** | &nbsp;&nbsp;**Pharmaceuticals 10.0%** | &nbsp;&nbsp;**Pharmaceuticals 10.0%** |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;12951000 |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;28264000 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;26073250 |
| &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;24339000 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;91627250 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**126870210** |
| &nbsp;&nbsp;**Industrials 7.2%** | &nbsp;&nbsp;**Industrials 7.2%** | &nbsp;&nbsp;**Industrials 7.2%** |
| &nbsp;&nbsp;**Aerospace & Defense 1.9%** | &nbsp;&nbsp;**Aerospace & Defense 1.9%** | &nbsp;&nbsp;**Aerospace & Defense 1.9%** |
| &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;4613600 |
| &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;12615000 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;17228600 |
| &nbsp;&nbsp;**Air Freight & Logistics 1.8%** | &nbsp;&nbsp;**Air Freight & Logistics 1.8%** | &nbsp;&nbsp;**Air Freight & Logistics 1.8%** |
| &nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;16514800 |
| &nbsp;&nbsp;**Electrical Equipment 0.8%** | &nbsp;&nbsp;**Electrical Equipment 0.8%** | &nbsp;&nbsp;**Electrical Equipment 0.8%** |
| &nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;6724200 |
| &nbsp;&nbsp;**Machinery 2.2%** | &nbsp;&nbsp;**Machinery 2.2%** | &nbsp;&nbsp;**Machinery 2.2%** |
| &nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37500 | &nbsp;&nbsp;&nbsp;&nbsp;5200874 |
| &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;8384600 |
| &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87500 | &nbsp;&nbsp;&nbsp;&nbsp;6573000 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;20158474 |
| &nbsp;&nbsp;**Road & Rail 0.5%** | &nbsp;&nbsp;**Road & Rail 0.5%** | &nbsp;&nbsp;**Road & Rail 0.5%** |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp;&nbsp;4659075 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;&nbsp;&nbsp;**65285149** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Information Technology 9.1%** | &nbsp;&nbsp;**Information Technology 9.1%** | &nbsp;&nbsp;**Information Technology 9.1%** |
| &nbsp;&nbsp;**Communications Equipment 2.4%** | &nbsp;&nbsp;**Communications Equipment 2.4%** | &nbsp;&nbsp;**Communications Equipment 2.4%** |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;360000 | &nbsp;&nbsp;17150400 |
| &nbsp;&nbsp;Juniper Networks, Inc. | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;4953800 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;22104200 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.5%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.5%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.5%** |
| &nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;4311900 |
| &nbsp;&nbsp;**IT Services 1.5%** | &nbsp;&nbsp;**IT Services 1.5%** | &nbsp;&nbsp;**IT Services 1.5%** |
| &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;100000 | &nbsp;&nbsp;14089000 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.2%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.2%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.2%** |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33500 | &nbsp;&nbsp;18730855 |
| &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;4360950 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;4397600 |
| &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;10739300 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;38228705 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 0.5%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 0.5%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 0.5%** |
| &nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;4433550 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**83167355** |
| &nbsp;&nbsp;**Materials 2.0%** | &nbsp;&nbsp;**Materials 2.0%** | &nbsp;&nbsp;**Materials 2.0%** |
| &nbsp;&nbsp;**Chemicals 1.5%** | &nbsp;&nbsp;**Chemicals 1.5%** | &nbsp;&nbsp;**Chemicals 1.5%** |
| &nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;9322150 |
| &nbsp;&nbsp;Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;62500 | &nbsp;&nbsp;&nbsp;&nbsp;4564375 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;13886525 |
| &nbsp;&nbsp;**Metals & Mining 0.5%** | &nbsp;&nbsp;**Metals & Mining 0.5%** | &nbsp;&nbsp;**Metals & Mining 0.5%** |
| &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4720000 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**18606525** |
| &nbsp;&nbsp;**Real Estate 6.2%** | &nbsp;&nbsp;**Real Estate 6.2%** | &nbsp;&nbsp;**Real Estate 6.2%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 6.2%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 6.2%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 6.2%** |
| &nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;4845600 |
| &nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67500 | &nbsp;&nbsp;&nbsp;&nbsp;9155700 |
| &nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;4446000 |
| &nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;6671700 |
| &nbsp;&nbsp;Life Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;4432500 |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77500 | &nbsp;&nbsp;&nbsp;&nbsp;8736575 |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;7048800 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;6480000 |
| &nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;4588500 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;56405375 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**56405375** |
| &nbsp;&nbsp;**Utilities 4.7%** | &nbsp;&nbsp;**Utilities 4.7%** | &nbsp;&nbsp;**Utilities 4.7%** |
| &nbsp;&nbsp;**Electric Utilities 3.9%** | &nbsp;&nbsp;**Electric Utilities 3.9%** | &nbsp;&nbsp;**Electric Utilities 3.9%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;9495000 |
| &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;10299000 |
| &nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77500 | &nbsp;&nbsp;&nbsp;&nbsp;8718750 |
| &nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;7339500 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;35852250 |
| &nbsp;&nbsp;**Multi-Utilities 0.8%** | &nbsp;&nbsp;**Multi-Utilities 0.8%** | &nbsp;&nbsp;**Multi-Utilities 0.8%** |
| &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;57500 | &nbsp;&nbsp;&nbsp;&nbsp;6757975 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**42610225** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $774,986,445) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $774,986,445) | &nbsp;&nbsp;**870789144** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks 4.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks 4.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks 4.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks 4.1%** |
| &nbsp;&nbsp;**Issuer** |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Consumer Discretionary 0.5%** | &nbsp;&nbsp;**Consumer Discretionary 0.5%** | &nbsp;&nbsp;**Consumer Discretionary 0.5%** | &nbsp;&nbsp;**Consumer Discretionary 0.5%** |
| &nbsp;&nbsp;**Auto Components 0.5%** | &nbsp;&nbsp;**Auto Components 0.5%** | &nbsp;&nbsp;**Auto Components 0.5%** | &nbsp;&nbsp;**Auto Components 0.5%** |
| &nbsp;&nbsp;Aptiv PLC | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;42500 | &nbsp;&nbsp;&nbsp;&nbsp;4563171 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp;**4563171** |
| &nbsp;&nbsp;**Health Care 1.4%** | &nbsp;&nbsp;**Health Care 1.4%** | &nbsp;&nbsp;**Health Care 1.4%** | &nbsp;&nbsp;**Health Care 1.4%** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 1.4%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.4%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.4%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.4%** |
| &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5010000 |
| &nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;7465409 |
| &nbsp;&nbsp;Total |  |  | &nbsp;&nbsp;12475409 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**12475409** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks (continued)** | &nbsp;&nbsp;**Convertible Preferred Stocks (continued)** | &nbsp;&nbsp;**Convertible Preferred Stocks (continued)** | &nbsp;&nbsp;**Convertible Preferred Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Industrials 0.4%** | &nbsp;&nbsp;**Industrials 0.4%** | &nbsp;&nbsp;**Industrials 0.4%** | &nbsp;&nbsp;**Industrials 0.4%** |
| &nbsp;&nbsp;**Professional Services 0.4%** | &nbsp;&nbsp;**Professional Services 0.4%** | &nbsp;&nbsp;**Professional Services 0.4%** | &nbsp;&nbsp;**Professional Services 0.4%** |
| &nbsp;&nbsp;Clarivate PLC | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3782184 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;&nbsp;&nbsp;**3782184** |
| &nbsp;&nbsp;**Utilities 1.8%** | &nbsp;&nbsp;**Utilities 1.8%** | &nbsp;&nbsp;**Utilities 1.8%** | &nbsp;&nbsp;**Utilities 1.8%** |
| &nbsp;&nbsp;**Electric Utilities 0.8%** | &nbsp;&nbsp;**Electric Utilities 0.8%** | &nbsp;&nbsp;**Electric Utilities 0.8%** | &nbsp;&nbsp;**Electric Utilities 0.8%** |
| &nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;6.219% | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;4259350 |
| &nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;6.926% | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;2760450 |
| &nbsp;&nbsp;Total |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7019800 |
| &nbsp;&nbsp;**Multi-Utilities 1.0%** | &nbsp;&nbsp;**Multi-Utilities 1.0%** | &nbsp;&nbsp;**Multi-Utilities 1.0%** | &nbsp;&nbsp;**Multi-Utilities 1.0%** |
| &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;9382500 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**16402300** |
| &nbsp;&nbsp;Total Convertible Preferred Stocks<br> (Cost $41,975,411) | &nbsp;&nbsp;Total Convertible Preferred Stocks<br> (Cost $41,975,411) | &nbsp;&nbsp;Total Convertible Preferred Stocks<br> (Cost $41,975,411) | &nbsp;&nbsp;**37223064** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 0.2%** | &nbsp;&nbsp;**Money Market Funds 0.2%** | &nbsp;&nbsp;**Money Market Funds 0.2%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(a),(b)</sup> | &nbsp;&nbsp;2120536 | &nbsp;&nbsp;&nbsp;&nbsp;2119900 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $2,119,900) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $2,119,900) | &nbsp;&nbsp;&nbsp;&nbsp;**2119900** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $819,081,756)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $819,081,756)** | &nbsp;&nbsp;**910132108** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1844336** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**911976444** |

---

#### Notes to Portfolio of Investments
(a) The rate shown is the seven-day current annualized yield at December 31, 2022.

(b) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 4104527 | &nbsp;&nbsp;162582276 | &nbsp;&nbsp;(164566903) | &nbsp;&nbsp;— | &nbsp;&nbsp;2119900 | &nbsp;&nbsp;2002 | &nbsp;&nbsp;94840 | &nbsp;&nbsp;2120536 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;37695350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37695350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;45433425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45433425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 122418600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;122418600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 107175950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;107175950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 165120980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;165120980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 126870210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;126870210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;65285149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65285149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;83167355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83167355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;18606525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18606525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;56405375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56405375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;42610225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42610225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 870789144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;870789144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4563171 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4563171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12475409 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12475409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782184 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16402300 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16402300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;37223064 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37223064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2119900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119900 |
| &nbsp;&nbsp;Total Investments in Securities | 872909044 | &nbsp;&nbsp;&nbsp;&nbsp;37223064 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;910132108 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Portfolio of Investments (continued)

December 31, 2022

Fair value measurements (continued)

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $816,961,856) | $908012208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $2,119,900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119900 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;12464385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12171 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;924098976 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;10552964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24136 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;12122532 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$911976444** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $911976444 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$911976444** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$47618195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.34 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $123528679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36.15 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $740829570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;20165912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36.74 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;$34406351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94840 |
| &nbsp;&nbsp;&nbsp;&nbsp;European Union tax reclaim | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162035) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;34670980 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6366954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19789 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8331718 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(994564) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7337154 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;27333826 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;46567282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32444) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;46536840 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(85802439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12207 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(85790232) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(39253392) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(11919566)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$27333826 | &nbsp;&nbsp;&nbsp;&nbsp;$26564140 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;46536840 | &nbsp;&nbsp;&nbsp;&nbsp;169833120 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(85790232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26514573 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(11919566) | &nbsp;&nbsp;&nbsp;&nbsp;222911833 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(33981615) | &nbsp;&nbsp;&nbsp;&nbsp;(689576334) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(45901181) | &nbsp;&nbsp;&nbsp;&nbsp;(466664501) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;957877625 | &nbsp;&nbsp;1424542126 |
| &nbsp;&nbsp;**Net assets at end of year** | **$911976444** | &nbsp;&nbsp;&nbsp;**$957877625** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;119195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(203003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7515140) | &nbsp;&nbsp;&nbsp;&nbsp;(19847962) | &nbsp;&nbsp;&nbsp;&nbsp;(609516543) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(83808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3156452) | &nbsp;&nbsp;&nbsp;&nbsp;(19735439) | &nbsp;&nbsp;&nbsp;&nbsp;(605561506) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;808816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28600555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11713774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(194156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6837104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6771182) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;614660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21763451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942592 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1519893) | &nbsp;&nbsp;&nbsp;&nbsp;(55424032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2663937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89638779) |
| &nbsp;&nbsp;Net decrease | (1439710) | &nbsp;&nbsp;&nbsp;&nbsp;(52588614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2643978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88957420) |
| &nbsp;&nbsp;**Total net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(908858)** | &nbsp;&nbsp;&nbsp;&nbsp;**(33981615)** | &nbsp;&nbsp;&nbsp;&nbsp;**(22234536)** | &nbsp;&nbsp;&nbsp;&nbsp;**(689576334)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $37.76 | &nbsp;&nbsp;1.15<sup>(c)</sup> | &nbsp;&nbsp;(1.57) | &nbsp;&nbsp;(0.42) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.93 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.83 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.59 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $23.85 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $25.30 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;(2.30) | &nbsp;&nbsp;(1.45) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.66 | &nbsp;&nbsp;1.03<sup>(c)</sup> | &nbsp;&nbsp;(1.54) | &nbsp;&nbsp;(0.51) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.12 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp;&nbsp;&nbsp;7.54 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $28.86 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $23.32 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $24.81 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;(2.24) | &nbsp;&nbsp;(1.49) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $37.20 | &nbsp;&nbsp;1.09<sup>(c)</sup> | &nbsp;&nbsp;(1.55) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.52 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;7.68 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.22 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $23.58 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;5.64 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $25.05 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;(2.26) | &nbsp;&nbsp;(1.47) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Net investment income per share includes European Union tax reclaims. The effect of these reclaims amounted to $0.01 per share. |
| (d) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $37.34 | (1.11%) | 0.78%<sup>(d)</sup> | 0.67%<sup>(d)</sup> | 3.12% | 44% | &nbsp;&nbsp;$47618 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $37.76 | 26.16% | 0.76%<sup>(d)</sup> | 0.71%<sup>(d)</sup> | 2.92% | 38% | &nbsp;&nbsp;$51329 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.93 | &nbsp;&nbsp;1.15% | 0.74% | 0.73% | 3.88% | 54% | $631347 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $29.59 | 24.07% | 0.74% | 0.72% | 3.13% | 46% | $632898 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $23.85 | (5.73%) | 0.72% | 0.72% | 3.31% | 87% | $537062 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.15 | (1.39%) | 1.03%<sup>(d)</sup> | 0.92%<sup>(d)</sup> | 2.90% | 44% | $123529 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $36.66 | 25.89% | 1.04%<sup>(d)</sup> | 0.94%<sup>(d)</sup> | 2.66% | 38% | $102724 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.12 | &nbsp;&nbsp;0.90% | 0.99% | 0.98% | 3.64% | 54% | &nbsp;&nbsp;$77386 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $28.86 | 23.76% | 0.99% | 0.97% | 2.88% | 46% | &nbsp;&nbsp;$81504 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $23.32 | (6.01%) | 0.97% | 0.97% | 2.99% | 87% | &nbsp;&nbsp;$61764 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.74 | (1.24%) | 0.90%<sup>(d)</sup> | 0.79%<sup>(d)</sup> | 3.00% | 44% | $740830 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $37.20 | 26.02% | 0.92%<sup>(d)</sup> | 0.82%<sup>(d)</sup> | 2.78% | 38% | $803825 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.52 | &nbsp;&nbsp;1.03% | 0.86% | 0.85% | 3.77% | 54% | $715809 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $29.22 | 23.92% | 0.86% | 0.84% | 3.00% | 46% | $810575 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $23.58 | (5.87%) | 0.85% | 0.84% | 3.11% | 87% | $749273 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Dividend Opportunity Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

The Fund may file withholding tax reclaims in certain European Union countries to recover a portion of foreign taxes previously withheld on dividends earned, which may be reclaimable based upon certain provisions in the Treaty on the Functioning of the European Union (EU) and subsequent rulings by the European Court of Justice. The Fund may record a reclaim receivable when the amount is known, the Fund has received notice of a pending refund, and there are no significant uncertainties on collectability. Income received from EU reclaims is included in the Statement of Operations.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

20 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.72% to 0.52% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.70% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.07% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;0.92 |
| &nbsp;&nbsp;Class 3 | 0.795 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $396,195,565 and $401,728,914, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

22 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 93.7% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

24 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Dividend Opportunity Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Dividend Opportunity Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

26 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

28 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

30 Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Dividend Opportunity Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_263_37a6f137-596d-40d4-94e6-67486897b59e_TOC)

#### Columbia Variable Portfolio – Dividend Opportunity Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img5c3adaa52.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7005_12_B01_(02/23)

------

![](imgbfc2d58b1.jpg)

Annual Report

December 31, 2022

![](imged67f4a62.jpg)

Columbia Variable Portfolio – U.S. Government Mortgage Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_8c48fc82-8c7a-4108-a54d-008b6202f6d9_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_8c48fc82-8c7a-4108-a54d-008b6202f6d9_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_5fab6484-fad3-4309-ac15-c9093e600b42_1)<br>| 7 |
| [Portfolio of Investments](#xx_d4749673-d2fb-4edd-8847-fb10ed6cab39_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_42d6f9b6-4452-4b17-b701-0f07ee03d147_1)<br>| 19 |
| [Statement of Operations](#xx_42d6f9b6-4452-4b17-b701-0f07ee03d147_2)<br>| 20 |
| [Statement of Changes in Net Assets](#xx_42d6f9b6-4452-4b17-b701-0f07ee03d147_3)<br>| 21 |
| [Financial Highlights](#xx_9b9c2bf3-950f-4333-b505-12984b6cabbc_1)<br>| 22 |
| [Notes to Financial Statements](#xx_cdd72e75-b844-4f87-9e9d-78219a6fdcbf_1)<br>| 24 |
| [Report of Independent Registered Public Accounting Firm](#xx_21972af7-9926-4e47-8b4c-04242f5ce00a_1)<br>| 40 |
| [Trustees and Officers](#xx_49ae17c4-c42b-45c0-9935-a3ab1c44f62d_1)<br>| 41 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – U.S. Government Mortgage Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with current income as its primary objective and, as its secondary objective, preservation of capital.

Portfolio management

#### Jason Callan
Co-Portfolio Manager

Managed Fund since 2012

#### Tom Heuer, CFA
Co-Portfolio Manager

Managed Fund since 2012

#### Ryan Osborn, CFA
Co-Portfolio Manager

Managed Fund since 2019

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-14.14 | &nbsp;&nbsp;&nbsp;&nbsp;-0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-14.32 | &nbsp;&nbsp;&nbsp;&nbsp;-0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;09/15/99 | &nbsp;&nbsp;&nbsp;&nbsp;-14.26 | &nbsp;&nbsp;&nbsp;&nbsp;-0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;Bloomberg U.S. Mortgage-Backed Securities Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-11.81 | &nbsp;&nbsp;&nbsp;&nbsp;-0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to May 2013 reflects returns achieved pursuant to a different investment objective and different principal investment strategies. If the Fund's current investment objective and strategies had been in place for the prior periods, results shown may have been different.

The Bloomberg U.S. Mortgage-Backed Securities Index, an unmanaged index, includes 15- and 30-year fixed-rate securities backed by mortgage pools of the Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC), and Federal National Mortgage Association (FNMA).

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img63ecb55c3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – U.S. Government Mortgage Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;Options Purchased Calls | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;78.8 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;86.7 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 89.16% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – U.S. Government Mortgage Fund returned -14.32%. The Fund's benchmark, the Bloomberg U.S. Mortgage-Backed Securities Index, returned -11.81% during the same time period.

Market overview

Historically high inflation, and efforts on the part of the U.S. Federal Reserve (Fed) to contain prices, were the principal drivers of the bond market's negative returns for the 12-month period that ended December 31, 2022. Inflation had begun to drift upward in late 2021 but spiked in the wake of Russia's late-February 2022 invasion of Ukraine. U.S. consumer price inflation rose above 8% in March 2022 and peaked at 9.1% in June 2022. The Fed responded by raising its benchmark overnight lending rate seven times, leaving the fed funds target range at 4.25%-4.50% at year-end, as compared to 0.0%-0.25% entering 2022.

The U.S. Treasury yield curve finished the 12-month period dramatically higher than where it began the period. The two-year Treasury note began 2022 at 0.73% and ended the year at 4.41% for an increase of 368 basis points, while the yield on the bellwether 10-year Treasury rose a more modest 236 basis points, from 1.52% to 3.88%. (A basis point is 1/100 of a percent.) As a result, the Treasury curve ended 2022 significantly inverted (meaning that short-term yields were higher than long-term yields), a development which has frequently foreshadowed recession. Against this backdrop, credit spreads widened notably and overall bond market returns for the 12 months were in record negative territory for any calendar year.

The Fund's notable detractors during the period

• The Fund's tactical positioning with respect to duration and corresponding interest rate sensitivity was the most significant factor in underperformance relative to the benchmark.

• The Fund entered the period underweight duration, in anticipation of a relatively modest series of Fed rate hikes in 2022, and extended duration when the Fed implemented its initial increases and we saw signs of the
economy slowing.

• However, this shift proved disadvantageous, as inflation spiked over the first half of the year and the Fed engaged in nearly unprecedented aggressive tightening, which was accompanied by a dramatic upward move in
the Treasury yield curve.

• The Fund's allocation to off-benchmark, credit-oriented securitized assets also weighed on relative return.

• In this vein, performance for non-agency mortgage-backed securities (MBS) suffered from a volatile interest rate backdrop and rising Treasury yields that led to extended durations as housing turnover came to a
virtual standstill.

• Performance for commercial mortgage-backed securities was negatively impacted by credit concerns, given a slowing economy and tighter financing conditions.

The Fund's notable contributors during the period

• The Fund's performance, relative to the benchmark, for the 12-month period was helped by its positioning within agency MBS.

• Specifically, the Fund was underweight the lower coupon "to-be-announced" pools, which were negatively impacted by the prospect of the Fed beginning to reduce its balance sheet via sales of previously
purchased MBS.

• In addition, exposure to interest-only securities – collateralized mortgage obligations structured to perform well in an environment of rising interest rates and slowing
mortgage prepayments – proved beneficial.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

Derivative Positions

During the annual period the Fund utilized options on interest rate swaps (or "swaptions") to manage yield curve exposures. In addition, the Fund used Treasury futures contracts to manage interest rate risk in the portfolio. We also used index credit default swaps as a hedge against long cash positions to reduce the Fund's overall credit exposure. On a stand-alone basis, the Fund's use of derivatives had a negative impact on Fund performance.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The U.S. government may be unable or unwilling to honor its financial obligations. Securities issued or guaranteed by federal agencies and U.S. government-sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government. Mortgage- and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Prepayment and extension risk exists because a loan, bond or other investment may be called, prepaid or redeemed before maturity and similar yielding investments may not be available for purchase. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;948.50 | &nbsp;&nbsp;&nbsp;&nbsp;1022.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;947.80 | &nbsp;&nbsp;&nbsp;&nbsp;1021.51 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;948.10 | &nbsp;&nbsp;&nbsp;&nbsp;1022.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 4.6%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 4.6%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 4.6%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 4.6%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Apidos CLO XXVIII<sup>(a),(b)</sup> | &nbsp;&nbsp;Apidos CLO XXVIII<sup>(a),(b)</sup> | &nbsp;&nbsp;Apidos CLO XXVIII<sup>(a),(b)</sup> | &nbsp;&nbsp;Apidos CLO XXVIII<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2017-28A Class B | &nbsp;&nbsp;Series 2017-28A Class B | &nbsp;&nbsp;Series 2017-28A Class B | &nbsp;&nbsp;Series 2017-28A Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 1.700%<br> Floor 1.700%<br> 01/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5.943% | 4125000 | &nbsp;&nbsp;3897700 |
| &nbsp;&nbsp;Carlyle Global Market Strategies CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle Global Market Strategies CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle Global Market Strategies CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle Global Market Strategies CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2013-3A Class BR | &nbsp;&nbsp;Series 2013-3A Class BR | &nbsp;&nbsp;Series 2013-3A Class BR | &nbsp;&nbsp;Series 2013-3A Class BR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.700%<br> Floor 1.700%<br> 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.779% | 2750000 | &nbsp;&nbsp;2547116 |
| &nbsp;&nbsp;Series 2013-4A Class BRR | &nbsp;&nbsp;Series 2013-4A Class BRR | &nbsp;&nbsp;Series 2013-4A Class BRR | &nbsp;&nbsp;Series 2013-4A Class BRR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.420%<br> Floor 1.420%<br> 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5.499% | 6500000 | &nbsp;&nbsp;6210386 |
| &nbsp;&nbsp;Madison Park Funding XVIII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XVIII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XVIII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XVIII Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2015-18A Class CRR | &nbsp;&nbsp;Series 2015-18A Class CRR | &nbsp;&nbsp;Series 2015-18A Class CRR | &nbsp;&nbsp;Series 2015-18A Class CRR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.900%<br> Floor 1.900%<br> 10/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.632% | 8000000 | &nbsp;&nbsp;7506104 |
| &nbsp;&nbsp;OZLM Funding IV Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;OZLM Funding IV Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;OZLM Funding IV Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;OZLM Funding IV Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2013-4A Class D2R | &nbsp;&nbsp;Series 2013-4A Class D2R | &nbsp;&nbsp;Series 2013-4A Class D2R | &nbsp;&nbsp;Series 2013-4A Class D2R |
| &nbsp;&nbsp;3-month USD LIBOR + 7.250%<br> Floor 7.250%<br> 10/22/2030 | &nbsp;&nbsp;11.575% | 2000000 | &nbsp;&nbsp;1675508 |
| &nbsp;&nbsp;OZLM XI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;OZLM XI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;OZLM XI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;OZLM XI Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2015-11A Class A2R | &nbsp;&nbsp;Series 2015-11A Class A2R | &nbsp;&nbsp;Series 2015-11A Class A2R | &nbsp;&nbsp;Series 2015-11A Class A2R |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> 10/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;6.165% | 3000000 | &nbsp;&nbsp;2891025 |
| &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-5 Class A | &nbsp;&nbsp;Series 2021-5 Class A | &nbsp;&nbsp;Series 2021-5 Class A | &nbsp;&nbsp;Series 2021-5 Class A |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1.530% | 2251392 | &nbsp;&nbsp;2171349 |
| &nbsp;&nbsp;Palmer Square Loan Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Palmer Square Loan Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Palmer Square Loan Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Palmer Square Loan Funding Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-4A Class B | &nbsp;&nbsp;Series 2021-4A Class B | &nbsp;&nbsp;Series 2021-4A Class B | &nbsp;&nbsp;Series 2021-4A Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> Floor 1.750%<br> 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.829% | 5250000 | &nbsp;&nbsp;4940964 |
| &nbsp;&nbsp;RR 3 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;RR 3 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;RR 3 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;RR 3 Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2014-14A Class A2R2 | &nbsp;&nbsp;Series 2014-14A Class A2R2 | &nbsp;&nbsp;Series 2014-14A Class A2R2 | &nbsp;&nbsp;Series 2014-14A Class A2R2 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.400%<br> Floor 1.400%<br> 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.479% | 3750000 | &nbsp;&nbsp;3638850 |
| &nbsp;&nbsp;Sound Point IV-R CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Sound Point IV-R CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Sound Point IV-R CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Sound Point IV-R CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2013-3RA Class B | &nbsp;&nbsp;Series 2013-3RA Class B | &nbsp;&nbsp;Series 2013-3RA Class B | &nbsp;&nbsp;Series 2013-3RA Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> Floor 1.750%<br> 04/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5.944% | 5000000 | &nbsp;&nbsp;4704195 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-ST2 Class A | &nbsp;&nbsp;Series 2021-ST2 Class A | &nbsp;&nbsp;Series 2021-ST2 Class A | &nbsp;&nbsp;Series 2021-ST2 Class A |
| &nbsp;&nbsp;04/20/2027 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;728627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681197 |
| &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $43,355,019) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $43,355,019) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $43,355,019) | &nbsp;&nbsp;**40864394** |
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 4.9%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 4.9%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 4.9%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 4.9%** |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates<sup>(c)</sup> |
| &nbsp;&nbsp;Series K063 Class A2 | &nbsp;&nbsp;Series K063 Class A2 | &nbsp;&nbsp;Series K063 Class A2 | &nbsp;&nbsp;Series K063 Class A2 |
| &nbsp;&nbsp;01/25/2027 | &nbsp;&nbsp;3.430% | &nbsp;&nbsp;4362000 | &nbsp;&nbsp;&nbsp;&nbsp;4186722 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2017-M15 Class ATS2 | &nbsp;&nbsp;Series 2017-M15 Class ATS2 | &nbsp;&nbsp;Series 2017-M15 Class ATS2 | &nbsp;&nbsp;Series 2017-M15 Class ATS2 |
| &nbsp;&nbsp;11/25/2027 | &nbsp;&nbsp;3.158% | &nbsp;&nbsp;5997465 | &nbsp;&nbsp;&nbsp;&nbsp;5684030 |
| &nbsp;&nbsp;Series 2018-M7 Class A2 | &nbsp;&nbsp;Series 2018-M7 Class A2 | &nbsp;&nbsp;Series 2018-M7 Class A2 | &nbsp;&nbsp;Series 2018-M7 Class A2 |
| &nbsp;&nbsp;03/25/2028 | &nbsp;&nbsp;3.033% | 23064452 | &nbsp;&nbsp;21546712 |
| &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association |
| &nbsp;&nbsp;Series 2017-T1 Class A | &nbsp;&nbsp;Series 2017-T1 Class A | &nbsp;&nbsp;Series 2017-T1 Class A | &nbsp;&nbsp;Series 2017-T1 Class A |
| &nbsp;&nbsp;06/25/2027 | &nbsp;&nbsp;2.898% | &nbsp;&nbsp;3975775 | &nbsp;&nbsp;&nbsp;&nbsp;3720900 |
| &nbsp;&nbsp;FRESB Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;FRESB Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;FRESB Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;FRESB Mortgage Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2018-SB45 Class A10F (FHLMC) | &nbsp;&nbsp;Series 2018-SB45 Class A10F (FHLMC) | &nbsp;&nbsp;Series 2018-SB45 Class A10F (FHLMC) | &nbsp;&nbsp;Series 2018-SB45 Class A10F (FHLMC) |
| &nbsp;&nbsp;11/25/2027 | &nbsp;&nbsp;3.160% | &nbsp;&nbsp;3803046 | &nbsp;&nbsp;&nbsp;&nbsp;3611919 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(c),(d)</sup> |
| &nbsp;&nbsp;Series 2019-102 Class IB | &nbsp;&nbsp;Series 2019-102 Class IB | &nbsp;&nbsp;Series 2019-102 Class IB | &nbsp;&nbsp;Series 2019-102 Class IB |
| &nbsp;&nbsp;03/16/2060 | &nbsp;&nbsp;0.834% | &nbsp;&nbsp;6738756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391170 |
| &nbsp;&nbsp;Series 2019-109 Class IO | &nbsp;&nbsp;Series 2019-109 Class IO | &nbsp;&nbsp;Series 2019-109 Class IO | &nbsp;&nbsp;Series 2019-109 Class IO |
| &nbsp;&nbsp;04/16/2060 | &nbsp;&nbsp;0.803% | 12241124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695970 |
| &nbsp;&nbsp;Series 2019-118 Class IO | &nbsp;&nbsp;Series 2019-118 Class IO | &nbsp;&nbsp;Series 2019-118 Class IO | &nbsp;&nbsp;Series 2019-118 Class IO |
| &nbsp;&nbsp;06/16/2061 | &nbsp;&nbsp;0.811% | &nbsp;&nbsp;9725865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480183 |
| &nbsp;&nbsp;Series 2019-131 Class IO | &nbsp;&nbsp;Series 2019-131 Class IO | &nbsp;&nbsp;Series 2019-131 Class IO | &nbsp;&nbsp;Series 2019-131 Class IO |
| &nbsp;&nbsp;07/16/2061 | &nbsp;&nbsp;0.802% | 12994537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724751 |
| &nbsp;&nbsp;Series 2019-134 Class IO | &nbsp;&nbsp;Series 2019-134 Class IO | &nbsp;&nbsp;Series 2019-134 Class IO | &nbsp;&nbsp;Series 2019-134 Class IO |
| &nbsp;&nbsp;08/16/2061 | &nbsp;&nbsp;0.652% | &nbsp;&nbsp;8720544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391820 |
| &nbsp;&nbsp;Series 2019-139 Class IO | &nbsp;&nbsp;Series 2019-139 Class IO | &nbsp;&nbsp;Series 2019-139 Class IO | &nbsp;&nbsp;Series 2019-139 Class IO |
| &nbsp;&nbsp;11/16/2061 | &nbsp;&nbsp;0.646% | 10198464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465618 |
| &nbsp;&nbsp;Series 2020-19 Class IO | &nbsp;&nbsp;Series 2020-19 Class IO | &nbsp;&nbsp;Series 2020-19 Class IO | &nbsp;&nbsp;Series 2020-19 Class IO |
| &nbsp;&nbsp;12/16/2061 | &nbsp;&nbsp;0.694% | &nbsp;&nbsp;9521950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509488 |
| &nbsp;&nbsp;Series 2020-3 Class IO | &nbsp;&nbsp;Series 2020-3 Class IO | &nbsp;&nbsp;Series 2020-3 Class IO | &nbsp;&nbsp;Series 2020-3 Class IO |
| &nbsp;&nbsp;02/16/2062 | &nbsp;&nbsp;0.620% | &nbsp;&nbsp;9988723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477299 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $52,292,483) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $52,292,483) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $52,292,483) | &nbsp;&nbsp;**42886582** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 5.5%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 5.5%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 5.5%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 5.5%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-DSNY Class A | &nbsp;&nbsp;Series 2018-DSNY Class A | &nbsp;&nbsp;Series 2018-DSNY Class A | &nbsp;&nbsp;Series 2018-DSNY Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.850%<br> Floor 0.850%<br> 09/15/2034 | &nbsp;&nbsp;5.168% | 4000000 | &nbsp;&nbsp;3924346 |
| &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2018-PRME Class D | &nbsp;&nbsp;Subordinated Series 2018-PRME Class D | &nbsp;&nbsp;Subordinated Series 2018-PRME Class D | &nbsp;&nbsp;Subordinated Series 2018-PRME Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 1.800%<br> Floor 1.925%<br> 06/15/2035 | &nbsp;&nbsp;6.118% | 3500000 | &nbsp;&nbsp;3351739 |
| &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E |
| &nbsp;&nbsp;09/15/2037 | &nbsp;&nbsp;4.373% | 4200000 | &nbsp;&nbsp;2328070 |
| &nbsp;&nbsp;Hilton USA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Series 2016-HHV Class F | &nbsp;&nbsp;Series 2016-HHV Class F | &nbsp;&nbsp;Series 2016-HHV Class F | &nbsp;&nbsp;Series 2016-HHV Class F |
| &nbsp;&nbsp;11/05/2038 | &nbsp;&nbsp;4.194% | 7500000 | &nbsp;&nbsp;6307534 |
| &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2016-SFP Class E | &nbsp;&nbsp;Subordinated Series 2016-SFP Class E | &nbsp;&nbsp;Subordinated Series 2016-SFP Class E | &nbsp;&nbsp;Subordinated Series 2016-SFP Class E |
| &nbsp;&nbsp;11/05/2035 | &nbsp;&nbsp;5.519% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;933255 |
| &nbsp;&nbsp;Subordinated Series 2016-SFP Class F | &nbsp;&nbsp;Subordinated Series 2016-SFP Class F | &nbsp;&nbsp;Subordinated Series 2016-SFP Class F | &nbsp;&nbsp;Subordinated Series 2016-SFP Class F |
| &nbsp;&nbsp;11/05/2035 | &nbsp;&nbsp;6.155% | 2000000 | &nbsp;&nbsp;1848497 |
| &nbsp;&nbsp;Home Partners of America Trust<sup>(a)</sup> | &nbsp;&nbsp;Home Partners of America Trust<sup>(a)</sup> | &nbsp;&nbsp;Home Partners of America Trust<sup>(a)</sup> | &nbsp;&nbsp;Home Partners of America Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-2 Class B | &nbsp;&nbsp;Subordinated Series 2021-2 Class B | &nbsp;&nbsp;Subordinated Series 2021-2 Class B | &nbsp;&nbsp;Subordinated Series 2021-2 Class B |
| &nbsp;&nbsp;12/17/2026 | &nbsp;&nbsp;2.302% | 8750065 | &nbsp;&nbsp;7474614 |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Series 2019-MEAD Class D | &nbsp;&nbsp;Series 2019-MEAD Class D | &nbsp;&nbsp;Series 2019-MEAD Class D | &nbsp;&nbsp;Series 2019-MEAD Class D |
| &nbsp;&nbsp;11/10/2036 | &nbsp;&nbsp;3.283% | 2917500 | &nbsp;&nbsp;2523015 |
| &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-SFR1 Class E | &nbsp;&nbsp;Series 2020-SFR1 Class E | &nbsp;&nbsp;Series 2020-SFR1 Class E | &nbsp;&nbsp;Series 2020-SFR1 Class E |
| &nbsp;&nbsp;04/17/2037 | &nbsp;&nbsp;3.032% | 4000000 | &nbsp;&nbsp;3627493 |
| &nbsp;&nbsp;Series 2020-SFR3 Class B | &nbsp;&nbsp;Series 2020-SFR3 Class B | &nbsp;&nbsp;Series 2020-SFR3 Class B | &nbsp;&nbsp;Series 2020-SFR3 Class B |
| &nbsp;&nbsp;10/17/2027 | &nbsp;&nbsp;1.495% | 3000000 | &nbsp;&nbsp;2647072 |
| &nbsp;&nbsp;Series 2022-SFR1 Class A | &nbsp;&nbsp;Series 2022-SFR1 Class A | &nbsp;&nbsp;Series 2022-SFR1 Class A | &nbsp;&nbsp;Series 2022-SFR1 Class A |
| &nbsp;&nbsp;02/17/2041 | &nbsp;&nbsp;2.709% | 4990490 | &nbsp;&nbsp;4179510 |
| &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-555 Class A | &nbsp;&nbsp;Series 2021-555 Class A | &nbsp;&nbsp;Series 2021-555 Class A | &nbsp;&nbsp;Series 2021-555 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.150%<br> Floor 1.150%<br> 05/15/2038 | &nbsp;&nbsp;5.468% | 5000000 | &nbsp;&nbsp;4581763 |
| &nbsp;&nbsp;UBS Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;UBS Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;UBS Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;UBS Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-NYCH Class C | &nbsp;&nbsp;Series 2018-NYCH Class C | &nbsp;&nbsp;Series 2018-NYCH Class C | &nbsp;&nbsp;Series 2018-NYCH Class C |
| &nbsp;&nbsp;1-month USD LIBOR + 1.500%<br> Floor 1.500%<br> 02/15/2032 | &nbsp;&nbsp;5.818% | 2500000 | &nbsp;&nbsp;2396419 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2017-SMP Class D | &nbsp;&nbsp;Subordinated Series 2017-SMP Class D | &nbsp;&nbsp;Subordinated Series 2017-SMP Class D | &nbsp;&nbsp;Subordinated Series 2017-SMP Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 1.775%<br> Floor 1.650%<br> 12/15/2034 | &nbsp;&nbsp;6.093% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2715823 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $54,486,113) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $54,486,113) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $54,486,113) | &nbsp;&nbsp;**48839150** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 102.7%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 102.7%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 102.7%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 102.7%** |
| &nbsp;&nbsp;Fannie Mae REMICS | &nbsp;&nbsp;Fannie Mae REMICS | &nbsp;&nbsp;Fannie Mae REMICS | &nbsp;&nbsp;Fannie Mae REMICS |
| &nbsp;&nbsp;CMO Series 2018-7 Class CD | &nbsp;&nbsp;CMO Series 2018-7 Class CD | &nbsp;&nbsp;CMO Series 2018-7 Class CD | &nbsp;&nbsp;CMO Series 2018-7 Class CD |
| &nbsp;&nbsp;02/25/2048 | &nbsp;&nbsp;3.000% | 10965665 | &nbsp;&nbsp;&nbsp;&nbsp;9879926 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;10/01/2023-<br> 06/01/2039 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1310029 | &nbsp;&nbsp;&nbsp;&nbsp;1336661 |
| &nbsp;&nbsp;08/01/2035-<br> 08/01/2051 | &nbsp;&nbsp;2.000% | 36894031 | &nbsp;&nbsp;31485532 |
| &nbsp;&nbsp;08/01/2041-<br> 06/01/2048 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;5931279 | &nbsp;&nbsp;&nbsp;&nbsp;5834690 |
| &nbsp;&nbsp;10/01/2041-<br> 11/01/2048 | &nbsp;&nbsp;4.000% | 25341826 | &nbsp;&nbsp;24327902 |
| &nbsp;&nbsp;07/01/2042-<br> 04/01/2047 | &nbsp;&nbsp;3.500% | 31996825 | &nbsp;&nbsp;29907123 |
| &nbsp;&nbsp;11/01/2042-<br> 08/01/2052 | &nbsp;&nbsp;3.000% | 71524097 | &nbsp;&nbsp;63642865 |
| &nbsp;&nbsp;02/01/2051-<br> 03/01/2052 | &nbsp;&nbsp;2.500% | 43289459 | &nbsp;&nbsp;36921290 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;12-month USD LIBOR + 1.618%<br> Cap 11.006%<br> 01/01/2037 | &nbsp;&nbsp;2.621% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36555 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.910%<br> Cap 10.449%<br> 09/01/2037 | &nbsp;&nbsp;4.002% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55043 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 264 Class S1 | &nbsp;&nbsp;CMO Series 264 Class S1 | &nbsp;&nbsp;CMO Series 264 Class S1 | &nbsp;&nbsp;CMO Series 264 Class S1 |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 5.950%<br> Cap 5.950%<br> 07/15/2042 | &nbsp;&nbsp;1.632% | &nbsp;&nbsp;3500068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324053 |
| &nbsp;&nbsp;CMO Series 318 Class S1 | &nbsp;&nbsp;CMO Series 318 Class S1 | &nbsp;&nbsp;CMO Series 318 Class S1 | &nbsp;&nbsp;CMO Series 318 Class S1 |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 5.950%<br> Cap 5.950%<br> 11/15/2043 | &nbsp;&nbsp;1.632% | &nbsp;&nbsp;7388504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736184 |
| &nbsp;&nbsp;CMO Series 4286 Class NS | &nbsp;&nbsp;CMO Series 4286 Class NS | &nbsp;&nbsp;CMO Series 4286 Class NS | &nbsp;&nbsp;CMO Series 4286 Class NS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 5.900%<br> Cap 5.900%<br> 12/15/2043 | &nbsp;&nbsp;1.582% | &nbsp;&nbsp;2405564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296279 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 4594 Class SA | &nbsp;&nbsp;CMO Series 4594 Class SA | &nbsp;&nbsp;CMO Series 4594 Class SA | &nbsp;&nbsp;CMO Series 4594 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 5.950%<br> Cap 5.950%<br> 06/15/2046 | &nbsp;&nbsp;1.632% | 5636349 | &nbsp;&nbsp;&nbsp;&nbsp;634969 |
| &nbsp;&nbsp;CMO Series 4965 Class KS | &nbsp;&nbsp;CMO Series 4965 Class KS | &nbsp;&nbsp;CMO Series 4965 Class KS | &nbsp;&nbsp;CMO Series 4965 Class KS |
| &nbsp;&nbsp;1-month USD LIBOR + 5.850%<br> Cap 5.850%<br> 04/25/2050 | &nbsp;&nbsp;1.461% | 3238716 | &nbsp;&nbsp;&nbsp;&nbsp;307013 |
| &nbsp;&nbsp;CMO Series 4987 Class KS | &nbsp;&nbsp;CMO Series 4987 Class KS | &nbsp;&nbsp;CMO Series 4987 Class KS | &nbsp;&nbsp;CMO Series 4987 Class KS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.080%<br> Cap 6.080%<br> 06/25/2050 | &nbsp;&nbsp;1.691% | 6680933 | &nbsp;&nbsp;&nbsp;&nbsp;918267 |
| &nbsp;&nbsp;CMO Series 4993 Class MS | &nbsp;&nbsp;CMO Series 4993 Class MS | &nbsp;&nbsp;CMO Series 4993 Class MS | &nbsp;&nbsp;CMO Series 4993 Class MS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 07/25/2050 | &nbsp;&nbsp;1.661% | 8056538 | &nbsp;&nbsp;1145669 |
| &nbsp;&nbsp;CMO STRIPS Series 309 Class S4 | &nbsp;&nbsp;CMO STRIPS Series 309 Class S4 | &nbsp;&nbsp;CMO STRIPS Series 309 Class S4 | &nbsp;&nbsp;CMO STRIPS Series 309 Class S4 |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 5.970%<br> Cap 5.970%<br> 08/15/2043 | &nbsp;&nbsp;1.652% | 2063239 | &nbsp;&nbsp;&nbsp;&nbsp;194614 |
| &nbsp;&nbsp;CMO STRIPS Series 326 Class S1 | &nbsp;&nbsp;CMO STRIPS Series 326 Class S1 | &nbsp;&nbsp;CMO STRIPS Series 326 Class S1 | &nbsp;&nbsp;CMO STRIPS Series 326 Class S1 |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 03/15/2044 | &nbsp;&nbsp;1.682% | &nbsp;&nbsp;&nbsp;848257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81492 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 266 | &nbsp;&nbsp;CMO Series 266 | &nbsp;&nbsp;CMO Series 266 | &nbsp;&nbsp;CMO Series 266 |
| &nbsp;&nbsp;07/15/2042 | &nbsp;&nbsp;4.000% | 2135642 | &nbsp;&nbsp;&nbsp;&nbsp;356201 |
| &nbsp;&nbsp;CMO Series 267 | &nbsp;&nbsp;CMO Series 267 | &nbsp;&nbsp;CMO Series 267 | &nbsp;&nbsp;CMO Series 267 |
| &nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;4.000% | 1654868 | &nbsp;&nbsp;&nbsp;&nbsp;275400 |
| &nbsp;&nbsp;CMO Series 4122 Class JI | &nbsp;&nbsp;CMO Series 4122 Class JI | &nbsp;&nbsp;CMO Series 4122 Class JI | &nbsp;&nbsp;CMO Series 4122 Class JI |
| &nbsp;&nbsp;12/15/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;77404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 |
| &nbsp;&nbsp;CMO Series 4139 Class CI | &nbsp;&nbsp;CMO Series 4139 Class CI | &nbsp;&nbsp;CMO Series 4139 Class CI | &nbsp;&nbsp;CMO Series 4139 Class CI |
| &nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;3.500% | 1178625 | &nbsp;&nbsp;&nbsp;&nbsp;113325 |
| &nbsp;&nbsp;CMO Series 4147 Class CI | &nbsp;&nbsp;CMO Series 4147 Class CI | &nbsp;&nbsp;CMO Series 4147 Class CI | &nbsp;&nbsp;CMO Series 4147 Class CI |
| &nbsp;&nbsp;01/15/2041 | &nbsp;&nbsp;3.500% | 1352833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66005 |
| &nbsp;&nbsp;CMO Series 4148 Class BI | &nbsp;&nbsp;CMO Series 4148 Class BI | &nbsp;&nbsp;CMO Series 4148 Class BI | &nbsp;&nbsp;CMO Series 4148 Class BI |
| &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;CMO Series 4177 Class IY | &nbsp;&nbsp;CMO Series 4177 Class IY | &nbsp;&nbsp;CMO Series 4177 Class IY | &nbsp;&nbsp;CMO Series 4177 Class IY |
| &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;4.000% | 4157500 | &nbsp;&nbsp;&nbsp;&nbsp;683572 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 4068 Class GI | &nbsp;&nbsp;CMO Series 4068 Class GI | &nbsp;&nbsp;CMO Series 4068 Class GI | &nbsp;&nbsp;CMO Series 4068 Class GI |
| &nbsp;&nbsp;09/15/2036 | &nbsp;&nbsp;0.000% | 1714327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89287 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 4983 Class SY | &nbsp;&nbsp;CMO Series 4983 Class SY | &nbsp;&nbsp;CMO Series 4983 Class SY | &nbsp;&nbsp;CMO Series 4983 Class SY |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 05/25/2050 | &nbsp;&nbsp;1.711% | &nbsp;&nbsp;8847306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969098 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 5105 Class ID | &nbsp;&nbsp;CMO Series 5105 Class ID | &nbsp;&nbsp;CMO Series 5105 Class ID | &nbsp;&nbsp;CMO Series 5105 Class ID |
| &nbsp;&nbsp;05/25/2051 | &nbsp;&nbsp;3.000% | 10400654 | &nbsp;&nbsp;&nbsp;&nbsp;1977578 |
| &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association |
| &nbsp;&nbsp;09/01/2023-<br> 11/01/2023 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82176 |
| &nbsp;&nbsp;03/01/2027-<br> 01/01/2052 | &nbsp;&nbsp;2.500% | 97784103 | &nbsp;&nbsp;85213450 |
| &nbsp;&nbsp;03/01/2027-<br> 07/01/2048 | &nbsp;&nbsp;3.500% | 55738545 | &nbsp;&nbsp;52173882 |
| &nbsp;&nbsp;05/01/2027-<br> 11/01/2050 | &nbsp;&nbsp;3.000% | 77173504 | &nbsp;&nbsp;69321465 |
| &nbsp;&nbsp;06/01/2036-<br> 05/01/2051 | &nbsp;&nbsp;2.000% | 79913967 | &nbsp;&nbsp;66299325 |
| &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3299894 | &nbsp;&nbsp;&nbsp;&nbsp;3375037 |
| &nbsp;&nbsp;05/01/2039-<br> 08/01/2047 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;3342779 | &nbsp;&nbsp;&nbsp;&nbsp;3296734 |
| &nbsp;&nbsp;11/01/2043-<br> 08/01/2052 | &nbsp;&nbsp;4.000% | 43694209 | &nbsp;&nbsp;41601508 |
| &nbsp;&nbsp;CMO Series 2017-72 Class B | &nbsp;&nbsp;CMO Series 2017-72 Class B | &nbsp;&nbsp;CMO Series 2017-72 Class B | &nbsp;&nbsp;CMO Series 2017-72 Class B |
| &nbsp;&nbsp;09/25/2047 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2628705 | &nbsp;&nbsp;&nbsp;&nbsp;2372193 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(b)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b)</sup> |
| &nbsp;&nbsp;6-month USD LIBOR + 1.383%<br> Floor 1.383%, Cap 9.383%<br> 02/01/2033 | &nbsp;&nbsp;2.758% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8904 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.694%<br> Floor 1.694%, Cap 8.944%<br> 12/01/2033 | &nbsp;&nbsp;4.069% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.587%<br> Floor 1.587%, Cap 9.158%<br> 06/01/2034 | &nbsp;&nbsp;3.337% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13258 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2003-W11 Class A1 | &nbsp;&nbsp;CMO Series 2003-W11 Class A1 | &nbsp;&nbsp;CMO Series 2003-W11 Class A1 | &nbsp;&nbsp;CMO Series 2003-W11 Class A1 |
| &nbsp;&nbsp;06/25/2033 | &nbsp;&nbsp;4.447% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2006-5 Class N1 | &nbsp;&nbsp;CMO Series 2006-5 Class N1 | &nbsp;&nbsp;CMO Series 2006-5 Class N1 | &nbsp;&nbsp;CMO Series 2006-5 Class N1 |
| &nbsp;&nbsp;08/25/2034 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1838668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 2012-129 Class IC | &nbsp;&nbsp;CMO Series 2012-129 Class IC | &nbsp;&nbsp;CMO Series 2012-129 Class IC | &nbsp;&nbsp;CMO Series 2012-129 Class IC |
| &nbsp;&nbsp;01/25/2041 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;968438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47175 |
| &nbsp;&nbsp;CMO Series 2012-133 Class EI | &nbsp;&nbsp;CMO Series 2012-133 Class EI | &nbsp;&nbsp;CMO Series 2012-133 Class EI | &nbsp;&nbsp;CMO Series 2012-133 Class EI |
| &nbsp;&nbsp;07/25/2031 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;227394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4711 |
| &nbsp;&nbsp;CMO Series 2012-134 Class AI | &nbsp;&nbsp;CMO Series 2012-134 Class AI | &nbsp;&nbsp;CMO Series 2012-134 Class AI | &nbsp;&nbsp;CMO Series 2012-134 Class AI |
| &nbsp;&nbsp;07/25/2040 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;419319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7168 |
| &nbsp;&nbsp;CMO Series 2012-144 Class HI | &nbsp;&nbsp;CMO Series 2012-144 Class HI | &nbsp;&nbsp;CMO Series 2012-144 Class HI | &nbsp;&nbsp;CMO Series 2012-144 Class HI |
| &nbsp;&nbsp;07/25/2042 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;1104775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118159 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2012-40 Class IP | &nbsp;&nbsp;CMO Series 2012-40 Class IP | &nbsp;&nbsp;CMO Series 2012-40 Class IP | &nbsp;&nbsp;CMO Series 2012-40 Class IP |
| &nbsp;&nbsp;09/25/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2654042 | &nbsp;&nbsp;&nbsp;&nbsp;180242 |
| &nbsp;&nbsp;CMO Series 2013-1 Class AI | &nbsp;&nbsp;CMO Series 2013-1 Class AI | &nbsp;&nbsp;CMO Series 2013-1 Class AI | &nbsp;&nbsp;CMO Series 2013-1 Class AI |
| &nbsp;&nbsp;02/25/2043 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;1012727 | &nbsp;&nbsp;&nbsp;&nbsp;141336 |
| &nbsp;&nbsp;CMO Series 2013-10 Class AI | &nbsp;&nbsp;CMO Series 2013-10 Class AI | &nbsp;&nbsp;CMO Series 2013-10 Class AI | &nbsp;&nbsp;CMO Series 2013-10 Class AI |
| &nbsp;&nbsp;11/25/2041 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;3823147 | &nbsp;&nbsp;&nbsp;&nbsp;258995 |
| &nbsp;&nbsp;CMO Series 2013-16 | &nbsp;&nbsp;CMO Series 2013-16 | &nbsp;&nbsp;CMO Series 2013-16 | &nbsp;&nbsp;CMO Series 2013-16 |
| &nbsp;&nbsp;01/25/2040 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;854024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28792 |
| &nbsp;&nbsp;CMO Series 2013-6 Class MI | &nbsp;&nbsp;CMO Series 2013-6 Class MI | &nbsp;&nbsp;CMO Series 2013-6 Class MI | &nbsp;&nbsp;CMO Series 2013-6 Class MI |
| &nbsp;&nbsp;02/25/2040 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;CMO Series 2020-55 Class MI | &nbsp;&nbsp;CMO Series 2020-55 Class MI | &nbsp;&nbsp;CMO Series 2020-55 Class MI | &nbsp;&nbsp;CMO Series 2020-55 Class MI |
| &nbsp;&nbsp;08/25/2050 | &nbsp;&nbsp;2.500% | 11153997 | &nbsp;&nbsp;1760567 |
| &nbsp;&nbsp;CMO Series 2021-3 Class TI | &nbsp;&nbsp;CMO Series 2021-3 Class TI | &nbsp;&nbsp;CMO Series 2021-3 Class TI | &nbsp;&nbsp;CMO Series 2021-3 Class TI |
| &nbsp;&nbsp;02/25/2051 | &nbsp;&nbsp;2.500% | 22084639 | &nbsp;&nbsp;3605527 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2012-99 Class SL | &nbsp;&nbsp;CMO Series 2012-99 Class SL | &nbsp;&nbsp;CMO Series 2012-99 Class SL | &nbsp;&nbsp;CMO Series 2012-99 Class SL |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.620%<br> Cap 6.620%<br> 09/25/2042 | &nbsp;&nbsp;2.231% | &nbsp;&nbsp;4502811 | &nbsp;&nbsp;&nbsp;&nbsp;664988 |
| &nbsp;&nbsp;CMO Series 2014-93 Class ES | &nbsp;&nbsp;CMO Series 2014-93 Class ES | &nbsp;&nbsp;CMO Series 2014-93 Class ES | &nbsp;&nbsp;CMO Series 2014-93 Class ES |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 01/25/2045 | &nbsp;&nbsp;1.761% | &nbsp;&nbsp;2495253 | &nbsp;&nbsp;&nbsp;&nbsp;282037 |
| &nbsp;&nbsp;CMO Series 2016-37 Class SA | &nbsp;&nbsp;CMO Series 2016-37 Class SA | &nbsp;&nbsp;CMO Series 2016-37 Class SA | &nbsp;&nbsp;CMO Series 2016-37 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 5.850%<br> Cap 5.850%<br> 06/25/2046 | &nbsp;&nbsp;1.461% | &nbsp;&nbsp;3474144 | &nbsp;&nbsp;&nbsp;&nbsp;401727 |
| &nbsp;&nbsp;CMO Series 2016-42 Class SB | &nbsp;&nbsp;CMO Series 2016-42 Class SB | &nbsp;&nbsp;CMO Series 2016-42 Class SB | &nbsp;&nbsp;CMO Series 2016-42 Class SB |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 07/25/2046 | &nbsp;&nbsp;1.611% | &nbsp;&nbsp;8853909 | &nbsp;&nbsp;1037619 |
| &nbsp;&nbsp;CMO Series 2017-3 Class SA | &nbsp;&nbsp;CMO Series 2017-3 Class SA | &nbsp;&nbsp;CMO Series 2017-3 Class SA | &nbsp;&nbsp;CMO Series 2017-3 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 02/25/2047 | &nbsp;&nbsp;1.611% | &nbsp;&nbsp;5966768 | &nbsp;&nbsp;&nbsp;&nbsp;643241 |
| &nbsp;&nbsp;CMO Series 2017-51 Class SC | &nbsp;&nbsp;CMO Series 2017-51 Class SC | &nbsp;&nbsp;CMO Series 2017-51 Class SC | &nbsp;&nbsp;CMO Series 2017-51 Class SC |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 07/25/2047 | &nbsp;&nbsp;1.761% | &nbsp;&nbsp;6749637 | &nbsp;&nbsp;&nbsp;&nbsp;754528 |
| &nbsp;&nbsp;CMO Series 2017-72 Class S | &nbsp;&nbsp;CMO Series 2017-72 Class S | &nbsp;&nbsp;CMO Series 2017-72 Class S | &nbsp;&nbsp;CMO Series 2017-72 Class S |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 3.950%<br> Cap 2.750%<br> 09/25/2047 | &nbsp;&nbsp;0.000% | 14711452 | &nbsp;&nbsp;&nbsp;&nbsp;570591 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2017-90 Class SP | &nbsp;&nbsp;CMO Series 2017-90 Class SP | &nbsp;&nbsp;CMO Series 2017-90 Class SP | &nbsp;&nbsp;CMO Series 2017-90 Class SP |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 11/25/2047 | &nbsp;&nbsp;1.761% | &nbsp;&nbsp;3532387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381462 |
| &nbsp;&nbsp;CMO Series 2019-33 Class SB | &nbsp;&nbsp;CMO Series 2019-33 Class SB | &nbsp;&nbsp;CMO Series 2019-33 Class SB | &nbsp;&nbsp;CMO Series 2019-33 Class SB |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 07/25/2049 | &nbsp;&nbsp;1.661% | 10386554 | &nbsp;&nbsp;&nbsp;&nbsp;1105804 |
| &nbsp;&nbsp;CMO Series 2019-34 Class SM | &nbsp;&nbsp;CMO Series 2019-34 Class SM | &nbsp;&nbsp;CMO Series 2019-34 Class SM | &nbsp;&nbsp;CMO Series 2019-34 Class SM |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 07/25/2049 | &nbsp;&nbsp;1.661% | &nbsp;&nbsp;8816841 | &nbsp;&nbsp;&nbsp;&nbsp;1197555 |
| &nbsp;&nbsp;CMO Series 2020-40 Class LS | &nbsp;&nbsp;CMO Series 2020-40 Class LS | &nbsp;&nbsp;CMO Series 2020-40 Class LS | &nbsp;&nbsp;CMO Series 2020-40 Class LS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.080%<br> Cap 6.080%<br> 06/25/2050 | &nbsp;&nbsp;1.691% | &nbsp;&nbsp;9403719 | &nbsp;&nbsp;&nbsp;&nbsp;1347370 |
| &nbsp;&nbsp;Federal National Mortgage Association REMICS<sup>(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association REMICS<sup>(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association REMICS<sup>(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association REMICS<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 2021-13 Class IO | &nbsp;&nbsp;CMO Series 2021-13 Class IO | &nbsp;&nbsp;CMO Series 2021-13 Class IO | &nbsp;&nbsp;CMO Series 2021-13 Class IO |
| &nbsp;&nbsp;03/25/2051 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7235513 | &nbsp;&nbsp;&nbsp;&nbsp;1329117 |
| &nbsp;&nbsp;CMO Series 2021-54 Class LI | &nbsp;&nbsp;CMO Series 2021-54 Class LI | &nbsp;&nbsp;CMO Series 2021-54 Class LI | &nbsp;&nbsp;CMO Series 2021-54 Class LI |
| &nbsp;&nbsp;04/25/2049 | &nbsp;&nbsp;2.500% | 11302441 | &nbsp;&nbsp;&nbsp;&nbsp;1525741 |
| &nbsp;&nbsp;Freddie Mac REMICS | &nbsp;&nbsp;Freddie Mac REMICS | &nbsp;&nbsp;Freddie Mac REMICS | &nbsp;&nbsp;Freddie Mac REMICS |
| &nbsp;&nbsp;CMO Series 4633 Class ZM | &nbsp;&nbsp;CMO Series 4633 Class ZM | &nbsp;&nbsp;CMO Series 4633 Class ZM | &nbsp;&nbsp;CMO Series 4633 Class ZM |
| &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3935806 | &nbsp;&nbsp;&nbsp;&nbsp;3476105 |
| &nbsp;&nbsp;CMO Series 5104 Class LH | &nbsp;&nbsp;CMO Series 5104 Class LH | &nbsp;&nbsp;CMO Series 5104 Class LH | &nbsp;&nbsp;CMO Series 5104 Class LH |
| &nbsp;&nbsp;06/25/2049 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;3306526 | &nbsp;&nbsp;&nbsp;&nbsp;2777487 |
| &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association |
| &nbsp;&nbsp;08/20/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1805115 | &nbsp;&nbsp;&nbsp;&nbsp;1835871 |
| &nbsp;&nbsp;07/20/2041 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;2411917 | &nbsp;&nbsp;&nbsp;&nbsp;2407199 |
| &nbsp;&nbsp;04/20/2051-<br> 05/20/2051 | &nbsp;&nbsp;2.500% | 23477723 | &nbsp;&nbsp;19648427 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(e)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(e)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(e)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(e)</sup> |
| &nbsp;&nbsp;04/20/2048 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;4275792 | &nbsp;&nbsp;&nbsp;&nbsp;4208063 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 2012-121 Class PI | &nbsp;&nbsp;CMO Series 2012-121 Class PI | &nbsp;&nbsp;CMO Series 2012-121 Class PI | &nbsp;&nbsp;CMO Series 2012-121 Class PI |
| &nbsp;&nbsp;09/16/2042 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;1730008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267791 |
| &nbsp;&nbsp;CMO Series 2012-129 Class AI | &nbsp;&nbsp;CMO Series 2012-129 Class AI | &nbsp;&nbsp;CMO Series 2012-129 Class AI | &nbsp;&nbsp;CMO Series 2012-129 Class AI |
| &nbsp;&nbsp;08/20/2037 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;437663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5162 |
| &nbsp;&nbsp;CMO Series 2014-131 Class EI | &nbsp;&nbsp;CMO Series 2014-131 Class EI | &nbsp;&nbsp;CMO Series 2014-131 Class EI | &nbsp;&nbsp;CMO Series 2014-131 Class EI |
| &nbsp;&nbsp;09/16/2039 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2303204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215234 |
| &nbsp;&nbsp;CMO Series 2020-104 Class IY | &nbsp;&nbsp;CMO Series 2020-104 Class IY | &nbsp;&nbsp;CMO Series 2020-104 Class IY | &nbsp;&nbsp;CMO Series 2020-104 Class IY |
| &nbsp;&nbsp;07/20/2050 | &nbsp;&nbsp;3.000% | 10297638 | &nbsp;&nbsp;&nbsp;&nbsp;1533145 |
| &nbsp;&nbsp;CMO Series 2020-138 Class IN | &nbsp;&nbsp;CMO Series 2020-138 Class IN | &nbsp;&nbsp;CMO Series 2020-138 Class IN | &nbsp;&nbsp;CMO Series 2020-138 Class IN |
| &nbsp;&nbsp;09/20/2050 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;6630103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977667 |
| &nbsp;&nbsp;CMO Series 2020-138 Class JI | &nbsp;&nbsp;CMO Series 2020-138 Class JI | &nbsp;&nbsp;CMO Series 2020-138 Class JI | &nbsp;&nbsp;CMO Series 2020-138 Class JI |
| &nbsp;&nbsp;09/20/2050 | &nbsp;&nbsp;2.500% | 17772290 | &nbsp;&nbsp;&nbsp;&nbsp;2368598 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2020-142 Class GI | &nbsp;&nbsp;CMO Series 2020-142 Class GI | &nbsp;&nbsp;CMO Series 2020-142 Class GI | &nbsp;&nbsp;CMO Series 2020-142 Class GI |
| &nbsp;&nbsp;09/20/2050 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4122966 | &nbsp;&nbsp;&nbsp;&nbsp;583598 |
| &nbsp;&nbsp;CMO Series 2020-144 Class KI | &nbsp;&nbsp;CMO Series 2020-144 Class KI | &nbsp;&nbsp;CMO Series 2020-144 Class KI | &nbsp;&nbsp;CMO Series 2020-144 Class KI |
| &nbsp;&nbsp;09/20/2050 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;7725982 | &nbsp;&nbsp;&nbsp;&nbsp;964384 |
| &nbsp;&nbsp;CMO Series 2020-175 Class KI | &nbsp;&nbsp;CMO Series 2020-175 Class KI | &nbsp;&nbsp;CMO Series 2020-175 Class KI | &nbsp;&nbsp;CMO Series 2020-175 Class KI |
| &nbsp;&nbsp;11/20/2050 | &nbsp;&nbsp;2.500% | 12701017 | &nbsp;&nbsp;1780716 |
| &nbsp;&nbsp;CMO Series 2020-191 Class UC | &nbsp;&nbsp;CMO Series 2020-191 Class UC | &nbsp;&nbsp;CMO Series 2020-191 Class UC | &nbsp;&nbsp;CMO Series 2020-191 Class UC |
| &nbsp;&nbsp;12/20/2050 | &nbsp;&nbsp;4.000% | 11514649 | &nbsp;&nbsp;1821756 |
| &nbsp;&nbsp;CMO Series 2021-1 Class IB | &nbsp;&nbsp;CMO Series 2021-1 Class IB | &nbsp;&nbsp;CMO Series 2021-1 Class IB | &nbsp;&nbsp;CMO Series 2021-1 Class IB |
| &nbsp;&nbsp;01/20/2051 | &nbsp;&nbsp;2.500% | 11671271 | &nbsp;&nbsp;1538117 |
| &nbsp;&nbsp;CMO Series 2021-1 Class QI | &nbsp;&nbsp;CMO Series 2021-1 Class QI | &nbsp;&nbsp;CMO Series 2021-1 Class QI | &nbsp;&nbsp;CMO Series 2021-1 Class QI |
| &nbsp;&nbsp;01/20/2051 | &nbsp;&nbsp;2.500% | 13440054 | &nbsp;&nbsp;1835854 |
| &nbsp;&nbsp;CMO Series 2021-122 Class HI | &nbsp;&nbsp;CMO Series 2021-122 Class HI | &nbsp;&nbsp;CMO Series 2021-122 Class HI | &nbsp;&nbsp;CMO Series 2021-122 Class HI |
| &nbsp;&nbsp;11/20/2050 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;9162850 | &nbsp;&nbsp;1308460 |
| &nbsp;&nbsp;CMO Series 2021-142 Class IX | &nbsp;&nbsp;CMO Series 2021-142 Class IX | &nbsp;&nbsp;CMO Series 2021-142 Class IX | &nbsp;&nbsp;CMO Series 2021-142 Class IX |
| &nbsp;&nbsp;08/20/2051 | &nbsp;&nbsp;2.500% | 12773457 | &nbsp;&nbsp;1854615 |
| &nbsp;&nbsp;CMO Series 2021-146 Class IK | &nbsp;&nbsp;CMO Series 2021-146 Class IK | &nbsp;&nbsp;CMO Series 2021-146 Class IK | &nbsp;&nbsp;CMO Series 2021-146 Class IK |
| &nbsp;&nbsp;08/20/2051 | &nbsp;&nbsp;3.500% | 11288252 | &nbsp;&nbsp;1914053 |
| &nbsp;&nbsp;CMO Series 2021-158 Class VI | &nbsp;&nbsp;CMO Series 2021-158 Class VI | &nbsp;&nbsp;CMO Series 2021-158 Class VI | &nbsp;&nbsp;CMO Series 2021-158 Class VI |
| &nbsp;&nbsp;09/20/2051 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9394338 | &nbsp;&nbsp;1545374 |
| &nbsp;&nbsp;CMO Series 2021-159 Class IP | &nbsp;&nbsp;CMO Series 2021-159 Class IP | &nbsp;&nbsp;CMO Series 2021-159 Class IP | &nbsp;&nbsp;CMO Series 2021-159 Class IP |
| &nbsp;&nbsp;09/20/2051 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7239678 | &nbsp;&nbsp;1073961 |
| &nbsp;&nbsp;CMO Series 2021-175 Class IJ | &nbsp;&nbsp;CMO Series 2021-175 Class IJ | &nbsp;&nbsp;CMO Series 2021-175 Class IJ | &nbsp;&nbsp;CMO Series 2021-175 Class IJ |
| &nbsp;&nbsp;10/20/2051 | &nbsp;&nbsp;3.000% | 12324829 | &nbsp;&nbsp;1941232 |
| &nbsp;&nbsp;CMO Series 2021-228 Class IJ | &nbsp;&nbsp;CMO Series 2021-228 Class IJ | &nbsp;&nbsp;CMO Series 2021-228 Class IJ | &nbsp;&nbsp;CMO Series 2021-228 Class IJ |
| &nbsp;&nbsp;12/20/2051 | &nbsp;&nbsp;2.500% | 14442430 | &nbsp;&nbsp;2107643 |
| &nbsp;&nbsp;CMO Series 2021-27 Class IN | &nbsp;&nbsp;CMO Series 2021-27 Class IN | &nbsp;&nbsp;CMO Series 2021-27 Class IN | &nbsp;&nbsp;CMO Series 2021-27 Class IN |
| &nbsp;&nbsp;02/20/2051 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;7572116 | &nbsp;&nbsp;&nbsp;&nbsp;982016 |
| &nbsp;&nbsp;CMO Series 2021-67 Class GI | &nbsp;&nbsp;CMO Series 2021-67 Class GI | &nbsp;&nbsp;CMO Series 2021-67 Class GI | &nbsp;&nbsp;CMO Series 2021-67 Class GI |
| &nbsp;&nbsp;04/20/2051 | &nbsp;&nbsp;3.000% | 11885864 | &nbsp;&nbsp;1813630 |
| &nbsp;&nbsp;CMO Series 2021-8 Class BI | &nbsp;&nbsp;CMO Series 2021-8 Class BI | &nbsp;&nbsp;CMO Series 2021-8 Class BI | &nbsp;&nbsp;CMO Series 2021-8 Class BI |
| &nbsp;&nbsp;01/20/2051 | &nbsp;&nbsp;2.500% | 11916202 | &nbsp;&nbsp;1862583 |
| &nbsp;&nbsp;CMO Series 2021-8 Class IO | &nbsp;&nbsp;CMO Series 2021-8 Class IO | &nbsp;&nbsp;CMO Series 2021-8 Class IO | &nbsp;&nbsp;CMO Series 2021-8 Class IO |
| &nbsp;&nbsp;01/20/2051 | &nbsp;&nbsp;3.000% | 21510086 | &nbsp;&nbsp;3365212 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2014-131 Class BS | &nbsp;&nbsp;CMO Series 2014-131 Class BS | &nbsp;&nbsp;CMO Series 2014-131 Class BS | &nbsp;&nbsp;CMO Series 2014-131 Class BS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 09/16/2044 | &nbsp;&nbsp;1.874% | &nbsp;&nbsp;2038543 | &nbsp;&nbsp;&nbsp;&nbsp;247540 |
| &nbsp;&nbsp;CMO Series 2017-170 Class QS | &nbsp;&nbsp;CMO Series 2017-170 Class QS | &nbsp;&nbsp;CMO Series 2017-170 Class QS | &nbsp;&nbsp;CMO Series 2017-170 Class QS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 11/20/2047 | &nbsp;&nbsp;1.847% | &nbsp;&nbsp;3428634 | &nbsp;&nbsp;&nbsp;&nbsp;317441 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2018-1 Class SA | &nbsp;&nbsp;CMO Series 2018-1 Class SA | &nbsp;&nbsp;CMO Series 2018-1 Class SA | &nbsp;&nbsp;CMO Series 2018-1 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 01/20/2048 | &nbsp;&nbsp;1.847% | 2371006 | &nbsp;&nbsp;225977 |
| &nbsp;&nbsp;CMO Series 2018-105 Class SA | &nbsp;&nbsp;CMO Series 2018-105 Class SA | &nbsp;&nbsp;CMO Series 2018-105 Class SA | &nbsp;&nbsp;CMO Series 2018-105 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 08/20/2048 | &nbsp;&nbsp;1.847% | 3032607 | &nbsp;&nbsp;247827 |
| &nbsp;&nbsp;CMO Series 2018-139 Class KS | &nbsp;&nbsp;CMO Series 2018-139 Class KS | &nbsp;&nbsp;CMO Series 2018-139 Class KS | &nbsp;&nbsp;CMO Series 2018-139 Class KS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 10/20/2048 | &nbsp;&nbsp;1.797% | 5053707 | &nbsp;&nbsp;443714 |
| &nbsp;&nbsp;CMO Series 2018-147 Class SA | &nbsp;&nbsp;CMO Series 2018-147 Class SA | &nbsp;&nbsp;CMO Series 2018-147 Class SA | &nbsp;&nbsp;CMO Series 2018-147 Class SA |
| &nbsp;&nbsp;1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 10/20/2048 | &nbsp;&nbsp;1.847% | 6295385 | &nbsp;&nbsp;582926 |
| &nbsp;&nbsp;CMO Series 2018-155 Class LS | &nbsp;&nbsp;CMO Series 2018-155 Class LS | &nbsp;&nbsp;CMO Series 2018-155 Class LS | &nbsp;&nbsp;CMO Series 2018-155 Class LS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 11/20/2048 | &nbsp;&nbsp;1.797% | 4296683 | &nbsp;&nbsp;417561 |
| &nbsp;&nbsp;CMO Series 2018-21 Class WS | &nbsp;&nbsp;CMO Series 2018-21 Class WS | &nbsp;&nbsp;CMO Series 2018-21 Class WS | &nbsp;&nbsp;CMO Series 2018-21 Class WS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 02/20/2048 | &nbsp;&nbsp;1.847% | 3838992 | &nbsp;&nbsp;426987 |
| &nbsp;&nbsp;CMO Series 2018-40 Class SC | &nbsp;&nbsp;CMO Series 2018-40 Class SC | &nbsp;&nbsp;CMO Series 2018-40 Class SC | &nbsp;&nbsp;CMO Series 2018-40 Class SC |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 03/20/2048 | &nbsp;&nbsp;1.847% | 2096633 | &nbsp;&nbsp;181981 |
| &nbsp;&nbsp;CMO Series 2018-63 Class HS | &nbsp;&nbsp;CMO Series 2018-63 Class HS | &nbsp;&nbsp;CMO Series 2018-63 Class HS | &nbsp;&nbsp;CMO Series 2018-63 Class HS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 04/20/2048 | &nbsp;&nbsp;1.847% | 2924256 | &nbsp;&nbsp;259930 |
| &nbsp;&nbsp;CMO Series 2018-94 Class SA | &nbsp;&nbsp;CMO Series 2018-94 Class SA | &nbsp;&nbsp;CMO Series 2018-94 Class SA | &nbsp;&nbsp;CMO Series 2018-94 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 05/20/2048 | &nbsp;&nbsp;1.847% | 3915323 | &nbsp;&nbsp;435880 |
| &nbsp;&nbsp;CMO Series 2018-97 Class MS | &nbsp;&nbsp;CMO Series 2018-97 Class MS | &nbsp;&nbsp;CMO Series 2018-97 Class MS | &nbsp;&nbsp;CMO Series 2018-97 Class MS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 07/20/2048 | &nbsp;&nbsp;1.847% | 3359929 | &nbsp;&nbsp;286195 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2019-117 Class SA | &nbsp;&nbsp;CMO Series 2019-117 Class SA | &nbsp;&nbsp;CMO Series 2019-117 Class SA | &nbsp;&nbsp;CMO Series 2019-117 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 09/20/2049 | &nbsp;&nbsp;1.747% | &nbsp;&nbsp;8863141 | &nbsp;&nbsp;&nbsp;&nbsp;940447 |
| &nbsp;&nbsp;CMO Series 2019-23 Class SQ | &nbsp;&nbsp;CMO Series 2019-23 Class SQ | &nbsp;&nbsp;CMO Series 2019-23 Class SQ | &nbsp;&nbsp;CMO Series 2019-23 Class SQ |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 02/20/2049 | &nbsp;&nbsp;1.697% | &nbsp;&nbsp;3474551 | &nbsp;&nbsp;&nbsp;&nbsp;450110 |
| &nbsp;&nbsp;CMO Series 2019-43 Class SE | &nbsp;&nbsp;CMO Series 2019-43 Class SE | &nbsp;&nbsp;CMO Series 2019-43 Class SE | &nbsp;&nbsp;CMO Series 2019-43 Class SE |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 04/20/2049 | &nbsp;&nbsp;1.747% | &nbsp;&nbsp;6940519 | &nbsp;&nbsp;&nbsp;&nbsp;676713 |
| &nbsp;&nbsp;CMO Series 2019-52 Class AS | &nbsp;&nbsp;CMO Series 2019-52 Class AS | &nbsp;&nbsp;CMO Series 2019-52 Class AS | &nbsp;&nbsp;CMO Series 2019-52 Class AS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 04/16/2049 | &nbsp;&nbsp;1.724% | &nbsp;&nbsp;8229551 | &nbsp;&nbsp;1396920 |
| &nbsp;&nbsp;CMO Series 2019-92 Class SD | &nbsp;&nbsp;CMO Series 2019-92 Class SD | &nbsp;&nbsp;CMO Series 2019-92 Class SD | &nbsp;&nbsp;CMO Series 2019-92 Class SD |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 07/20/2049 | &nbsp;&nbsp;1.747% | 17180964 | &nbsp;&nbsp;1882018 |
| &nbsp;&nbsp;CMO Series 2020-104 Class SA | &nbsp;&nbsp;CMO Series 2020-104 Class SA | &nbsp;&nbsp;CMO Series 2020-104 Class SA | &nbsp;&nbsp;CMO Series 2020-104 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> 07/20/2050 | &nbsp;&nbsp;1.847% | &nbsp;&nbsp;7301779 | &nbsp;&nbsp;&nbsp;&nbsp;809318 |
| &nbsp;&nbsp;CMO Series 2020-125 Class SD | &nbsp;&nbsp;CMO Series 2020-125 Class SD | &nbsp;&nbsp;CMO Series 2020-125 Class SD | &nbsp;&nbsp;CMO Series 2020-125 Class SD |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.250%<br> Cap 6.250%<br> 08/20/2050 | &nbsp;&nbsp;1.897% | &nbsp;&nbsp;8749319 | &nbsp;&nbsp;&nbsp;&nbsp;975188 |
| &nbsp;&nbsp;CMO Series 2020-133 Class SK | &nbsp;&nbsp;CMO Series 2020-133 Class SK | &nbsp;&nbsp;CMO Series 2020-133 Class SK | &nbsp;&nbsp;CMO Series 2020-133 Class SK |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 09/20/2050 | &nbsp;&nbsp;1.947% | 15549809 | &nbsp;&nbsp;1875434 |
| &nbsp;&nbsp;CMO Series 2021-161 Class SM | &nbsp;&nbsp;CMO Series 2021-161 Class SM | &nbsp;&nbsp;CMO Series 2021-161 Class SM | &nbsp;&nbsp;CMO Series 2021-161 Class SM |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 09/20/2051 | &nbsp;&nbsp;1.947% | 14254082 | &nbsp;&nbsp;1713181 |
| &nbsp;&nbsp;CMO Series 2021-193 Class ES | &nbsp;&nbsp;CMO Series 2021-193 Class ES | &nbsp;&nbsp;CMO Series 2021-193 Class ES | &nbsp;&nbsp;CMO Series 2021-193 Class ES |
| &nbsp;&nbsp;30-day Average SOFR + 1.700%<br> 11/20/2051 | &nbsp;&nbsp;0.000% | 79568856 | &nbsp;&nbsp;&nbsp;&nbsp;407217 |
| &nbsp;&nbsp;CMO Series 2021-46 Class SE | &nbsp;&nbsp;CMO Series 2021-46 Class SE | &nbsp;&nbsp;CMO Series 2021-46 Class SE | &nbsp;&nbsp;CMO Series 2021-46 Class SE |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 03/20/2051 | &nbsp;&nbsp;1.947% | 14943142 | &nbsp;&nbsp;1551364 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(f)</sup> |
| &nbsp;&nbsp;01/23/2053 | &nbsp;&nbsp;3.000% | 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;15133090 |
| &nbsp;&nbsp;01/23/2053 | &nbsp;&nbsp;4.000% | 40000000 | &nbsp;&nbsp;&nbsp;&nbsp;37843898 |
| &nbsp;&nbsp;01/23/2053 | &nbsp;&nbsp;4.500% | 40000000 | &nbsp;&nbsp;&nbsp;&nbsp;38796502 |
| &nbsp;&nbsp;01/23/2053 | &nbsp;&nbsp;5.500% | 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;19106240 |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(f)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(f)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(f)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(f)</sup> |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;3.500% | 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;45415136 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.000% | 31000000 | &nbsp;&nbsp;&nbsp;&nbsp;29067458 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | 33000000 | &nbsp;&nbsp;&nbsp;&nbsp;31754458 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;5.000% | 54000000 | &nbsp;&nbsp;&nbsp;&nbsp;53201956 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,019,384,326) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,019,384,326) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,019,384,326) | &nbsp;&nbsp;**908835690** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 8.3%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 8.3%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 8.3%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 8.3%** |
| &nbsp;&nbsp;American Mortgage Trust<sup>(c),(g),(h)</sup> | &nbsp;&nbsp;American Mortgage Trust<sup>(c),(g),(h)</sup> | &nbsp;&nbsp;American Mortgage Trust<sup>(c),(g),(h)</sup> | &nbsp;&nbsp;American Mortgage Trust<sup>(c),(g),(h)</sup> |
| &nbsp;&nbsp;CMO Series 2093-3 Class 3A | &nbsp;&nbsp;CMO Series 2093-3 Class 3A | &nbsp;&nbsp;CMO Series 2093-3 Class 3A | &nbsp;&nbsp;CMO Series 2093-3 Class 3A |
| &nbsp;&nbsp;07/27/2023 | &nbsp;&nbsp;8.188% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2018-3A Class M1B | &nbsp;&nbsp;CMO Series 2018-3A Class M1B | &nbsp;&nbsp;CMO Series 2018-3A Class M1B | &nbsp;&nbsp;CMO Series 2018-3A Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.850%<br> Floor 1.850%<br> 10/25/2028 | &nbsp;&nbsp;6.239% | &nbsp;&nbsp;&nbsp;&nbsp;709319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708752 |
| &nbsp;&nbsp;CMO Series 2022-1 Class M1A | &nbsp;&nbsp;CMO Series 2022-1 Class M1A | &nbsp;&nbsp;CMO Series 2022-1 Class M1A | &nbsp;&nbsp;CMO Series 2022-1 Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 1.750%<br> Floor 1.750%<br> 01/26/2032 | &nbsp;&nbsp;5.762% | &nbsp;&nbsp;4550000 | &nbsp;&nbsp;&nbsp;&nbsp;4520259 |
| &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(g),(h)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(g),(h)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(g),(h)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(g),(h)</sup> |
| &nbsp;&nbsp;CMO Series 2021-CRT1 Class M3 | &nbsp;&nbsp;CMO Series 2021-CRT1 Class M3 | &nbsp;&nbsp;CMO Series 2021-CRT1 Class M3 | &nbsp;&nbsp;CMO Series 2021-CRT1 Class M3 |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 3.000%<br> 01/10/2033 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2393608 | &nbsp;&nbsp;&nbsp;&nbsp;2287930 |
| &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 |
| &nbsp;&nbsp;01/25/2067 | &nbsp;&nbsp;3.007% | &nbsp;&nbsp;3702526 | &nbsp;&nbsp;&nbsp;&nbsp;3377944 |
| &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 |
| &nbsp;&nbsp;03/25/2067 | &nbsp;&nbsp;3.757% | &nbsp;&nbsp;3923333 | &nbsp;&nbsp;&nbsp;&nbsp;3688781 |
| &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2014-A Class B2 | &nbsp;&nbsp;CMO Series 2014-A Class B2 | &nbsp;&nbsp;CMO Series 2014-A Class B2 | &nbsp;&nbsp;CMO Series 2014-A Class B2 |
| &nbsp;&nbsp;01/25/2035 | &nbsp;&nbsp;5.480% | &nbsp;&nbsp;&nbsp;&nbsp;922904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888196 |
| &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2015-RP2 Class B2 | &nbsp;&nbsp;CMO Series 2015-RP2 Class B2 | &nbsp;&nbsp;CMO Series 2015-RP2 Class B2 | &nbsp;&nbsp;CMO Series 2015-RP2 Class B2 |
| &nbsp;&nbsp;01/25/2053 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;2122693 | &nbsp;&nbsp;&nbsp;&nbsp;1997074 |
| &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2022-R01 Class 1M2 | &nbsp;&nbsp;CMO Series 2022-R01 Class 1M2 | &nbsp;&nbsp;CMO Series 2022-R01 Class 1M2 | &nbsp;&nbsp;CMO Series 2022-R01 Class 1M2 |
| &nbsp;&nbsp;30-day Average SOFR + 1.900%<br> 12/25/2041 | &nbsp;&nbsp;5.828% | &nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;5228132 |
| &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NQM1 Class A2 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A2 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A2 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A2 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;0.994% | &nbsp;&nbsp;1240044 | &nbsp;&nbsp;&nbsp;&nbsp;1040795 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;3.469% | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987763 |
| &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2022-DNA2 Class M1B | &nbsp;&nbsp;CMO Series 2022-DNA2 Class M1B | &nbsp;&nbsp;CMO Series 2022-DNA2 Class M1B | &nbsp;&nbsp;CMO Series 2022-DNA2 Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 2.400%<br> 02/25/2042 | &nbsp;&nbsp;6.328% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3402580 |
| &nbsp;&nbsp;GCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;GCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;GCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;GCAT LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-CM1 Class A1 | &nbsp;&nbsp;CMO Series 2021-CM1 Class A1 | &nbsp;&nbsp;CMO Series 2021-CM1 Class A1 | &nbsp;&nbsp;CMO Series 2021-CM1 Class A1 |
| &nbsp;&nbsp;04/25/2065 | &nbsp;&nbsp;1.469% | &nbsp;&nbsp;&nbsp;&nbsp;997741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935593 |
| &nbsp;&nbsp;GCAT Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;GCAT Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;GCAT Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;GCAT Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2022-NQM2 Class A3 | &nbsp;&nbsp;CMO Series 2022-NQM2 Class A3 | &nbsp;&nbsp;CMO Series 2022-NQM2 Class A3 | &nbsp;&nbsp;CMO Series 2022-NQM2 Class A3 |
| &nbsp;&nbsp;02/25/2067 | &nbsp;&nbsp;4.210% | &nbsp;&nbsp;3302379 | &nbsp;&nbsp;&nbsp;&nbsp;2911302 |
| &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2022-1 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-1 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-1 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-1 Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 2.850%<br> 10/25/2034 | &nbsp;&nbsp;6.371% | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;2589749 |
| &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-GS1 Class A1 | &nbsp;&nbsp;CMO Series 2021-GS1 Class A1 | &nbsp;&nbsp;CMO Series 2021-GS1 Class A1 | &nbsp;&nbsp;CMO Series 2021-GS1 Class A1 |
| &nbsp;&nbsp;10/25/2066 | &nbsp;&nbsp;1.892% | &nbsp;&nbsp;4001077 | &nbsp;&nbsp;&nbsp;&nbsp;3648725 |
| &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(h)</sup> | &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(h)</sup> | &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(h)</sup> | &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(h)</sup> |
| &nbsp;&nbsp;CMO Series 2021-2 Class A1X | &nbsp;&nbsp;CMO Series 2021-2 Class A1X | &nbsp;&nbsp;CMO Series 2021-2 Class A1X | &nbsp;&nbsp;CMO Series 2021-2 Class A1X |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 2.750%<br> 06/30/2023 | &nbsp;&nbsp;7.042% | &nbsp;&nbsp;&nbsp;&nbsp;725460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725460 |
| &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2014-1A Class AIO | &nbsp;&nbsp;CMO Series 2014-1A Class AIO | &nbsp;&nbsp;CMO Series 2014-1A Class AIO | &nbsp;&nbsp;CMO Series 2014-1A Class AIO |
| &nbsp;&nbsp;01/25/2054 | &nbsp;&nbsp;2.284% | &nbsp;&nbsp;9506651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469975 |
| &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2018-GT1 Class A | &nbsp;&nbsp;CMO Series 2018-GT1 Class A | &nbsp;&nbsp;CMO Series 2018-GT1 Class A | &nbsp;&nbsp;CMO Series 2018-GT1 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.850%<br> Floor 2.850%<br> 02/25/2023 | &nbsp;&nbsp;7.239% | 11500000 | &nbsp;&nbsp;11239404 |
| &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.650%<br> 08/25/2025 | &nbsp;&nbsp;6.694% | 10500000 | &nbsp;&nbsp;10305925 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 |
| &nbsp;&nbsp;01/25/2052 | &nbsp;&nbsp;2.981% | &nbsp;&nbsp;2446589 | &nbsp;&nbsp;&nbsp;&nbsp;2184797 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2019-2 Class M1B | &nbsp;&nbsp;CMO Series 2019-2 Class M1B | &nbsp;&nbsp;CMO Series 2019-2 Class M1B | &nbsp;&nbsp;CMO Series 2019-2 Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.750%<br> Floor 1.750%<br> 06/25/2029 | &nbsp;&nbsp;6.139% | &nbsp;&nbsp;&nbsp;323211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322864 |
| &nbsp;&nbsp;CMO Series 2020-1 Class M1B | &nbsp;&nbsp;CMO Series 2020-1 Class M1B | &nbsp;&nbsp;CMO Series 2020-1 Class M1B | &nbsp;&nbsp;CMO Series 2020-1 Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.450%<br> Floor 1.450%<br> 01/25/2030 | &nbsp;&nbsp;5.839% | 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;3630544 |
| &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2019-3 Class M1 | &nbsp;&nbsp;CMO Series 2019-3 Class M1 | &nbsp;&nbsp;CMO Series 2019-3 Class M1 | &nbsp;&nbsp;CMO Series 2019-3 Class M1 |
| &nbsp;&nbsp;09/25/2059 | &nbsp;&nbsp;3.526% | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;1940934 |
| &nbsp;&nbsp;Stanwich Mortgage Loan Co. LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Stanwich Mortgage Loan Co. LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Stanwich Mortgage Loan Co. LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Stanwich Mortgage Loan Co. LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPB1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPB1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPB1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPB1 Class A1 |
| &nbsp;&nbsp;10/16/2026 | &nbsp;&nbsp;2.735% | 1870185 | &nbsp;&nbsp;&nbsp;&nbsp;1627813 |
| &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 |
| &nbsp;&nbsp;12/26/2050 | &nbsp;&nbsp;2.289% | 2976222 | &nbsp;&nbsp;&nbsp;&nbsp;2805750 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $76,464,349) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $76,464,349) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $76,464,349) | &nbsp;&nbsp;**73467047** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Calls 0.2%** | &nbsp;&nbsp;**Options Purchased Calls 0.2%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $2,712,640) | &nbsp;&nbsp;**1603814** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 4.1%** | &nbsp;&nbsp;**Money Market Funds 4.1%** | &nbsp;&nbsp;**Money Market Funds 4.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(i),(j)</sup> | &nbsp;&nbsp;36695701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36684692 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $36,681,347) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $36,681,347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36684692** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,285,376,277)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,285,376,277)** | &nbsp;&nbsp;**1153181369** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;**(267863691)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**885317678** |

---

At December 31, 2022, securities and/or cash totaling $5,677,853 were pledged as collateral.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 5 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025391 | &nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 260 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;28061719 | &nbsp;&nbsp;&nbsp;&nbsp;3530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 91 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;12222438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(283405) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4820 | &nbsp;&nbsp;&nbsp;&nbsp;(283405) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Long Bond | (12) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1504125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(214) |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | (758) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(85121031) | &nbsp;&nbsp;&nbsp;&nbsp;706107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;706107 | &nbsp;&nbsp;&nbsp;&nbsp;(214) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;41020000 | &nbsp;&nbsp;41020000 | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;11/14/2023 | &nbsp;&nbsp;1312640 | &nbsp;&nbsp;1434855 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with JPMorgan to receive exercise rate and pay SOFR | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;70000000 | &nbsp;&nbsp;70000000 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;05/26/2023 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;168959 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;2712640 | &nbsp;&nbsp;1603814 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Premium<br> received ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;(36300000) | &nbsp;&nbsp;(36300000) | &nbsp;&nbsp;3.90 | &nbsp;&nbsp;01/27/2023 | &nbsp;&nbsp;(680625) | &nbsp;&nbsp;(91854) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Receive<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Implied<br> credit<br> spread<br> (%)\*** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Periodic<br> payments<br> receivable<br> (payable)<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | &nbsp;&nbsp;&nbsp;8.792 | USD | 5000000 | &nbsp;&nbsp;&nbsp;(864844) | 2500 |  | &nbsp;&nbsp;&nbsp;(846166) |  | &nbsp;&nbsp;&nbsp;(16178) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | &nbsp;&nbsp;&nbsp;8.792 | USD | 2500000 | &nbsp;&nbsp;&nbsp;(432422) | 1250 |  | &nbsp;&nbsp;&nbsp;(402923) |  | &nbsp;&nbsp;&nbsp;(28249) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 7 BBB- | Morgan Stanley | 01/17/2047 | 3.000 | Monthly | 34.426 | USD | 2500000 | &nbsp;&nbsp;&nbsp;(535156) | 1250 |  | &nbsp;&nbsp;&nbsp;(133639) |  | (400267) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  |  | (1832422) | 5000 |  | (1382728) |  | (444694) |

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $163,170,585, which represents 18.43% of total net assets.

(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The
interest rate shown was the current rate as of December 31, 2022.

(d) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

(e) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(f) Represents a security purchased on a when-issued basis.

(g) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2022, the total value of these securities amounted to $2,287,936,
which represents 0.26% of total net assets.

(h) Valuation based on significant unobservable inputs.

(i) The rate shown is the seven-day current annualized yield at December 31, 2022.

(j) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 81664439 | &nbsp;&nbsp;274428257 | &nbsp;&nbsp;(319416690) | &nbsp;&nbsp;8686 | &nbsp;&nbsp;36684692 | &nbsp;&nbsp;(13255) | &nbsp;&nbsp;702250 | &nbsp;&nbsp;36695701 |

---

#### Abbreviation Legend

---

| | |
|:---|:---|
| CMO | &nbsp;&nbsp;Collateralized Mortgage Obligation |
| FHLMC | &nbsp;&nbsp;Federal Home Loan Mortgage Corporation |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate |
| STRIPS | &nbsp;&nbsp;Separate Trading of Registered Interest and Principal Securities |
| TBA | &nbsp;&nbsp;To Be Announced |

---

#### Currency Legend
USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40864394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40864394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42886582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42886582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48839150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48839150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908835690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908835690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70453651 | &nbsp;&nbsp;&nbsp;&nbsp;3013396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73467047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Calls | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 36684692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36684692 |
| &nbsp;&nbsp;Total Investments in Securities | 36684692 | &nbsp;&nbsp;&nbsp;&nbsp;1113483281 | &nbsp;&nbsp;&nbsp;&nbsp;3013396 | &nbsp;&nbsp;&nbsp;&nbsp;1153181369 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;710927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(283619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Contracts Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(444694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(444694) |
| &nbsp;&nbsp;Total | 37112000 | &nbsp;&nbsp;&nbsp;&nbsp;1112946733 | &nbsp;&nbsp;&nbsp;&nbsp;3013396 | &nbsp;&nbsp;&nbsp;&nbsp;1153072129 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance<br> as of<br> 12/31/2021<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Increase<br> (decrease)<br> in accrued<br> discounts/<br> premiums<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized<br> gain (loss)<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Change<br> in unrealized<br> appreciation<br> (depreciation)<sup>(a)</sup><br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> into<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> out of<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Balance<br> as of<br> 12/31/2022<br> ($)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;4506003 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4506003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities — Agency | &nbsp;&nbsp;&nbsp;2138935 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2138935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities — Non-Agency | 21136006 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;43022 | &nbsp;&nbsp;&nbsp;&nbsp;(184708) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(17980924) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3013396 |
| &nbsp;&nbsp;**Total** | **27780944** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**43022** | &nbsp;&nbsp;&nbsp;&nbsp;**(184708)** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**(17980924)** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**(6664938)** | &nbsp;&nbsp;&nbsp;&nbsp;**3013396** |

---

(a) Change in unrealized appreciation (depreciation) relating to securities held at December 31, 2022 was $(184,708), which is comprised of Residential Mortgage-Backed Securities — Non-Agency.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain residential mortgage backed securities classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, estimated cash flows of the securities, single market quotations, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) fair value measurement.**

**Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.**

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,245,982,290) | $1114892863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $36,681,347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36684692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $2,712,640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603814 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457465 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004000 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33069984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108469 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12210 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1195227858 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Option contracts written, at value (premiums received $680,625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91854 |
| &nbsp;&nbsp;Unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444694 |
| &nbsp;&nbsp;Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382728 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;307378393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33817 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;309910180 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | &nbsp;&nbsp;&nbsp;&nbsp;**$885317678** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;1054231170 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(168913492) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | &nbsp;&nbsp;&nbsp;&nbsp;**$885317678** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$795136094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91459005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.69 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$23833818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.67 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$66347766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7630963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.69 |

---

(a) Includes collateral related to options written and swap contracts.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$702250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28277552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28980805 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19373 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4543816 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24436989 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(26842094) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13255) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(21321474) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4859860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8169850) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700450 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(49786312) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(123827876) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255087) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3223439) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(126291235) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(176077547) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(151640558)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$24436989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20895270 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(49786312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5154315) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(126291235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27409738) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;(151640558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11668783) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(18641016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36370983) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(438338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1010883) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1483948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3261776) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(20563302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40643642) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(49338414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128396410 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(221542274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76083985 |
| &nbsp;&nbsp;Net assets at beginning of year | 1106859952 | &nbsp;&nbsp;&nbsp;&nbsp;1030775967 |
| &nbsp;&nbsp;**Net assets at end of year** | &nbsp;&nbsp;**$885317678** | &nbsp;&nbsp;**$1106859952** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;463317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4204040 | &nbsp;&nbsp;&nbsp;&nbsp;11577438 | &nbsp;&nbsp;&nbsp;&nbsp;125938508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;1983087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18641016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36370983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (6716612) | &nbsp;&nbsp;&nbsp;&nbsp;(62858001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2905221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31442584) |
| &nbsp;&nbsp;Net increase (decrease) | (4270208) | &nbsp;&nbsp;&nbsp;&nbsp;(40012945) | &nbsp;&nbsp;&nbsp;&nbsp;12126252 | &nbsp;&nbsp;&nbsp;&nbsp;130866907 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;603458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(729381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6860686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(736889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7881802) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1044049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379269 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;142360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5134602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;157867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1185016) | &nbsp;&nbsp;&nbsp;&nbsp;(11144047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1234747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13246144) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(884789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8281420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4849766) |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(5234189)** | &nbsp;&nbsp;&nbsp;&nbsp;**(49338414)** | &nbsp;&nbsp;&nbsp;&nbsp;**11898352** | &nbsp;&nbsp;&nbsp;&nbsp;**128396410** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $10.34 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(1.69) | &nbsp;&nbsp;(1.45) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.83 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.62 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.23 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.35 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $10.31 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;(1.67) | &nbsp;&nbsp;(1.46) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.80 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.59 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.20 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.32 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.28) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $10.34 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(1.68) | &nbsp;&nbsp;(1.46) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.83 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.62 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.23 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.35 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.29) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | **12/31/2022** | &nbsp;&nbsp;**12/31/2021** | &nbsp;&nbsp;**12/31/2020** | &nbsp;&nbsp;**12/31/2019** | &nbsp;&nbsp;**12/31/2018** |
| &nbsp;&nbsp;Class 1 | less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Class 2 | less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Class 3 | less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$8.69 | (14.14%) 0.45%<sup>(c)</sup> | 2.54% | 301% | $795136 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.34 | &nbsp;&nbsp;(0.95%) 0.45%<sup>(c)</sup> | 1.88% | 302% | $989683 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.83 | &nbsp;&nbsp;&nbsp;5.09% 0.46%<sup>(c)</sup> | 2.32% | 332% | $905531 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.62 | &nbsp;&nbsp;&nbsp;6.73% 0.46%<sup>(c)</sup> | 2.83% | 335% | $888047 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.23 | &nbsp;&nbsp;&nbsp;1.85% 0.46%<sup>(c)</sup> | 2.91% | 286% | $847752 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$8.67 | (14.32%) 0.70%<sup>(c)</sup> | 2.29% | 301% | &nbsp;&nbsp;$23834 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.31 | &nbsp;&nbsp;(1.20%) 0.70%<sup>(c)</sup> | 1.62% | 302% | &nbsp;&nbsp;$29150 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.80 | &nbsp;&nbsp;&nbsp;4.85% 0.71%<sup>(c)</sup> | 2.07% | 332% | &nbsp;&nbsp;$28163 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.59 | &nbsp;&nbsp;&nbsp;6.50% 0.71%<sup>(c)</sup> | 2.57% | 335% | &nbsp;&nbsp;$25616 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.20 | &nbsp;&nbsp;&nbsp;1.60% 0.71%<sup>(c)</sup> | 2.66% | 286% | &nbsp;&nbsp;$22932 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$8.69 | (14.26%) 0.58%<sup>(c)</sup> | 2.41% | 301% | &nbsp;&nbsp;$66348 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.34 | &nbsp;&nbsp;(1.07%) 0.58%<sup>(c)</sup> | 1.74% | 302% | &nbsp;&nbsp;$88027 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.83 | &nbsp;&nbsp;&nbsp;4.96% 0.58%<sup>(c)</sup> | 2.20% | 332% | &nbsp;&nbsp;$97082 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.62 | &nbsp;&nbsp;&nbsp;6.61% 0.59%<sup>(c)</sup> | 2.71% | 335% | &nbsp;&nbsp;$94876 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.23 | &nbsp;&nbsp;&nbsp;1.72% 0.58%<sup>(c)</sup> | 2.78% | 286% | &nbsp;&nbsp;$99204 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – U.S. Government Mortgage Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

24 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

26 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to manage exposure to fluctuations in interest rates and to hedge the fair value of the Fund's investments. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

#### Interest rate swaption contracts
Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. Each interest rate swaption contract will specify if the buyer is entitled to receive the fixed or floating rate if the interest rate is exercised. Changes in the value of a purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.

#### Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

28 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710,927\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Investments, at value — Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;1603814 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2314741 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444,694\* |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;1382728 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283,619\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Options contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91854 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2202895 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700450 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;(21321474) | &nbsp;&nbsp;&nbsp;&nbsp;(8169850) | &nbsp;&nbsp;&nbsp;&nbsp;4859860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(24631464) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(21321474) | &nbsp;&nbsp;&nbsp;&nbsp;(8169850) | &nbsp;&nbsp;&nbsp;&nbsp;4859860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700450 | &nbsp;&nbsp;&nbsp;&nbsp;(22931014) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3223439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3223439) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751394 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917269 | &nbsp;&nbsp;&nbsp;&nbsp;(3223439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2472045) |

---

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 73804107 |
| &nbsp;&nbsp;Futures contracts — short | 45951664 |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | 20575000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | 1944250 |
| &nbsp;&nbsp;Options contracts — written | 2624741 |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

#### Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested

30 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

#### Interest only and principal only securities
The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Citi ($)** | &nbsp;&nbsp;**JPMorgan ($)<sup>(a)</sup>** | &nbsp;&nbsp;**JPMorgan ($)<sup>(a)</sup>** | &nbsp;&nbsp;**Morgan<br> Stanley ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |  |
| &nbsp;&nbsp;Options purchased calls | 1434855 | &nbsp;&nbsp;168959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;1603814 |
| &nbsp;&nbsp;Total assets | 1434855 | &nbsp;&nbsp;168959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;1603814 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91854 |
| &nbsp;&nbsp;OTC credit default swap contracts <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;862344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965078 | &nbsp;&nbsp;1827422 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;862344 | &nbsp;&nbsp;&nbsp;&nbsp;1056932 | &nbsp;&nbsp;1919276 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **1434855** | &nbsp;&nbsp;**168959** | &nbsp;&nbsp;**(862344)** | &nbsp;&nbsp;**(1056932)** | &nbsp;&nbsp;&nbsp;&nbsp;**(315462)** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(c)</sup> | 1422000 | &nbsp;&nbsp;168959 | &nbsp;&nbsp;&nbsp;(780000) | &nbsp;&nbsp;&nbsp;(1004000) | &nbsp;&nbsp;&nbsp;&nbsp;(193041) |
| &nbsp;&nbsp;**Net amount <sup>(d)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**12855** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;**(82344)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(52932)** | &nbsp;&nbsp;&nbsp;&nbsp;**(122421)** |

---

(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

(b) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized
depreciation, upfront payments and upfront receipts.

(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(d) Represents the net amount due from/(to) counterparties in the event of default.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

32 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.43% to 0.28% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.43% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.83 |
| &nbsp;&nbsp;Class 3 | 0.695 | 0.705 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for derivative investments, tax straddles, principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred compensation, foreign currency transactions and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;3529 | (3530) | 1 |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;20563302 |  | 20563302 | 38957952 | 1685690 | 40643642 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

34 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;24122025 – (60935439) | (131972217) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;1283661619 | 7005829 | (138978046) | (131972217) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(35030151) | (25905288) | (60935439) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $3,475,826,949 and $3,468,618,212, respectively, for the year ended December 31, 2022, of which $3,425,375,619 and $3,354,449,070, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 1680000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;5 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

36 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 98.7% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could

38 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Notes to Financial Statements (continued)

December 31, 2022

result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – U.S. Government Mortgage Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – U.S. Government Mortgage Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

40 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

42 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 43

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

44 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022 45

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

46 Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_264_cca34b39-9a32-4688-b131-0aa506153b06_TOC)

#### Columbia Variable Portfolio – U.S. Government Mortgage Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imged67f4a62.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7027_12_B01_(02/23)

------

![](img1922de561.jpg)

Annual Report

December 31, 2022

![](imga201cba82.jpg)

Columbia Variable Portfolio – Large Cap Index Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_2729395c-7916-4c40-8786-08565b772c48_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_2729395c-7916-4c40-8786-08565b772c48_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_874d3a66-7c8a-4c2b-8bae-89f62c277adf_1)<br>| 7 |
| [Portfolio of Investments](#xx_7a0bfa22-e17e-48ec-bdb6-68578408bc03_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_8d83e7f2-7592-4fc5-86fd-513ea18682b1_1)<br>| 19 |
| [Statement of Operations](#xx_8d83e7f2-7592-4fc5-86fd-513ea18682b1_2)<br>| 20 |
| [Statement of Changes in Net Assets](#xx_8d83e7f2-7592-4fc5-86fd-513ea18682b1_3)<br>| 21 |
| [Financial Highlights](#xx_cc016954-1498-4179-ada6-e539e2b9f459_1)<br>| 22 |
| [Notes to Financial Statements](#xx_9721e598-0e7c-47a4-8e1e-9b7b338197e4_1)<br>| 24 |
| [Report of Independent Registered Public Accounting Firm](#xx_7b56168a-eca6-4f84-9ead-b37f8794c92e_1)<br>| 34 |
| [Trustees and Officers](#xx_7966bfe5-e94c-4829-8005-969d5f450e57_1)<br>| 35 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Large Cap Index Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital appreciation.

Portfolio management

#### Christopher Lo, CFA
Lead Portfolio Manager

Managed Fund since 2014

#### Kaiyu Zhao
Portfolio Manager

Managed Fund since 2020

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;04/25/11 | &nbsp;&nbsp;&nbsp;&nbsp;-18.34 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 | &nbsp;&nbsp;&nbsp;&nbsp;12.22 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;04/25/11 | &nbsp;&nbsp;&nbsp;&nbsp;-18.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;&nbsp;&nbsp;11.94 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;05/01/00 | &nbsp;&nbsp;&nbsp;&nbsp;-18.45 | &nbsp;&nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;&nbsp;&nbsp;12.07 |
| &nbsp;&nbsp;S&P 500 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-18.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;12.56 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The S&P 500 Index (the Index), an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgcb43d1e43.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Large Cap Index Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;99.0 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;11.7 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;15.8 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;25.7 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 48.59% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Large Cap Index Fund returned -18.54%. The Fund closely tracked its benchmark, the unmanaged S&P 500 Index, which returned -18.11% for the same period. Mutual funds, unlike unmanaged indices, incur operating expenses.

Market overview

Driven by a series of seven interest rate hikes by the Federal Reserve (Fed), decades-high inflation, persistent recession worries, climbing U.S. Treasury yields, supply-chain disruptions, volatile commodity prices, geopolitical tensions resulting from Russia's invasion of Ukraine, and elevated concerns around China's zero-COVID policy, the U.S. equity market, as measured by the S&P 500 Index, posted its worst calendar year performance since 2008 for 2022. Based on slowing yet relatively resilient corporate earnings reports, a still-tight U.S. labor market and hopes that Fed interest rate hikes would be smaller and soon pause, there were brief respites of equity market rallies, such as those in July into early August and in October and November. Stocks ticked lower in December as investors realized that higher interest rates could persist even as inflation decreased, albeit from high levels, in the last four months of the year. Overall, the S&P 500 Index fell in each of the first three quarters of 2022 before rebounding into positive territory in the fourth quarter.

For the annual period overall, all capitalization segments within the U.S. equity market posted double-digit negative returns, with small-cap stocks the weakest, followed by large-cap stocks and then mid-cap stocks. From a style perspective, value-oriented stocks materially outperformed growth-oriented stocks across the capitalization spectrum.

The Fund's notable detractors during the period

• The information technology, consumer discretionary and communication services sectors were the weakest sectors both from a total return perspective and on the basis of impact.

• The worst performing industries for the annual period were automobiles; Internet and direct marketing retail; interactive media and services; entertainment; and leisure products.

• Top individual detractors from the S&P 500 Index were information technology giant Apple Inc., e-commerce retailing behemoth Amazon.com, Inc., software leader Microsoft Corp.,
electric vehicle maker Tesla, Inc. and social media conglomerate and Facebook parent company Meta Platforms, Inc. (Class A).

The Fund's notable contributors during the period

• Only two of the 11 sectors of the S&P 500 Index posted positive returns during the 12 months ended December 31, 2022.

• In terms of total return, the energy sector was by far the best relative performer, followed at some distance by the utilities sector.

• Similarly, on the basis of impact, which takes weightings and total returns into account, energy contributed most to the S&P 500 Index returns, followed at some distance by utilities.

• The top performing industries for the annual period were oil, gas and consumable fuels; energy equipment and services; construction and engineering; independent power and renewable electricity producers; and
wireless telecommunication services.

• The top individual contributors within the S&P 500 Index were integrated energy companies Exxon Mobil Corp., Chevron Corp. and ConocoPhillips and pharmaceuticals companies Merck
& Co., Inc. and Eli Lilly & Co.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Information technology remained the largest sector by weighting in the S&P 500 Index as of December 31, 2022, with a weighting of 25.74%.

• As always, each sector and stock in the S&P 500 Index was represented in the Fund with approximately the same weighting as in the S&P 500 Index and therefore had a
similar effect.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. The Fund's net value will generally decline when the performance of its targeted index declines. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.70 | &nbsp;&nbsp;&nbsp;&nbsp;1023.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.60 | &nbsp;&nbsp;&nbsp;&nbsp;1022.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 99.0%** | &nbsp;&nbsp;**Common Stocks 99.0%** | &nbsp;&nbsp;**Common Stocks 99.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 7.2%** | &nbsp;&nbsp;**Communication Services 7.2%** | &nbsp;&nbsp;**Communication Services 7.2%** |
| &nbsp;&nbsp;**Diversified Telecommunication Services 0.9%** | &nbsp;&nbsp;**Diversified Telecommunication Services 0.9%** | &nbsp;&nbsp;**Diversified Telecommunication Services 0.9%** |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;334802 | &nbsp;&nbsp;&nbsp;&nbsp;6163705 |
| &nbsp;&nbsp;Lumen Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233402 |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;197293 | &nbsp;&nbsp;&nbsp;&nbsp;7773344 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;14170451 |
| &nbsp;&nbsp;**Entertainment 1.3%** | &nbsp;&nbsp;**Entertainment 1.3%** | &nbsp;&nbsp;**Entertainment 1.3%** |
| &nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33456 | &nbsp;&nbsp;&nbsp;&nbsp;2561057 |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12321 | &nbsp;&nbsp;&nbsp;&nbsp;1505380 |
| &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467955 |
| &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20906 | &nbsp;&nbsp;&nbsp;&nbsp;6164761 |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771708 |
| &nbsp;&nbsp;Walt Disney Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;85641 | &nbsp;&nbsp;&nbsp;&nbsp;7440490 |
| &nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>(a)</sup> | &nbsp;&nbsp;103811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984128 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;19895479 |
| &nbsp;&nbsp;**Interactive Media & Services 3.9%** | &nbsp;&nbsp;**Interactive Media & Services 3.9%** | &nbsp;&nbsp;**Interactive Media & Services 3.9%** |
| &nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;280591 | &nbsp;&nbsp;&nbsp;&nbsp;24756544 |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;248733 | &nbsp;&nbsp;&nbsp;&nbsp;22070079 |
| &nbsp;&nbsp;Match Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544390 |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;105635 | &nbsp;&nbsp;&nbsp;&nbsp;12712116 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;60083129 |
| &nbsp;&nbsp;**Media 0.8%** | &nbsp;&nbsp;**Media 0.8%** | &nbsp;&nbsp;**Media 0.8%** |
| &nbsp;&nbsp;Charter Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5046 | &nbsp;&nbsp;&nbsp;&nbsp;1711099 |
| &nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;202655 | &nbsp;&nbsp;&nbsp;&nbsp;7086845 |
| &nbsp;&nbsp;DISH Network Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165784 |
| &nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;14209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431527 |
| &nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;6545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186205 |
| &nbsp;&nbsp;Interpublic Group of Companies, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;18252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607974 |
| &nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326909 |
| &nbsp;&nbsp;News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;5538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102121 |
| &nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781359 |
| &nbsp;&nbsp;Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;23725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400478 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;11800301 |
| &nbsp;&nbsp;**Wireless Telecommunication Services 0.3%** | &nbsp;&nbsp;**Wireless Telecommunication Services 0.3%** | &nbsp;&nbsp;**Wireless Telecommunication Services 0.3%** |
| &nbsp;&nbsp;T-Mobile US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28054 | &nbsp;&nbsp;&nbsp;&nbsp;3927560 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**109876920** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Consumer Discretionary 9.7%** | &nbsp;&nbsp;**Consumer Discretionary 9.7%** | &nbsp;&nbsp;**Consumer Discretionary 9.7%** |
| &nbsp;&nbsp;**Auto Components 0.1%** | &nbsp;&nbsp;**Auto Components 0.1%** | &nbsp;&nbsp;**Auto Components 0.1%** |
| &nbsp;&nbsp;Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12728 | &nbsp;&nbsp;&nbsp;&nbsp;1185359 |
| &nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442750 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;1628109 |
| &nbsp;&nbsp;**Automobiles 1.3%** | &nbsp;&nbsp;**Automobiles 1.3%** | &nbsp;&nbsp;**Automobiles 1.3%** |
| &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;185541 | &nbsp;&nbsp;&nbsp;&nbsp;2157842 |
| &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;66740 | &nbsp;&nbsp;&nbsp;&nbsp;2245133 |
| &nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;126089 | &nbsp;&nbsp;15531643 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;19934618 |
| &nbsp;&nbsp;**Distributors 0.2%** | &nbsp;&nbsp;**Distributors 0.2%** | &nbsp;&nbsp;**Distributors 0.2%** |
| &nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;6622 | &nbsp;&nbsp;&nbsp;&nbsp;1148983 |
| &nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636808 |
| &nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554473 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2340264 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 2.0%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 2.0%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 2.0%** |
| &nbsp;&nbsp;Booking Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1822 | &nbsp;&nbsp;&nbsp;&nbsp;3671840 |
| &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419328 |
| &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379174 |
| &nbsp;&nbsp;Chipotle Mexican Grill, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;&nbsp;1806512 |
| &nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795259 |
| &nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576063 |
| &nbsp;&nbsp;Expedia Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619595 |
| &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12705 | &nbsp;&nbsp;&nbsp;&nbsp;1605404 |
| &nbsp;&nbsp;Las Vegas Sands Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742008 |
| &nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12639 | &nbsp;&nbsp;&nbsp;&nbsp;1881821 |
| &nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34407 | &nbsp;&nbsp;&nbsp;&nbsp;9067277 |
| &nbsp;&nbsp;MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;14973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502045 |
| &nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242303 |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509574 |
| &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53924 | &nbsp;&nbsp;&nbsp;&nbsp;5349261 |
| &nbsp;&nbsp;Wynn Resorts Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399485 |
| &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13233 | &nbsp;&nbsp;&nbsp;&nbsp;1694882 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;30261831 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Household Durables 0.3%** | &nbsp;&nbsp;**Household Durables 0.3%** | &nbsp;&nbsp;**Household Durables 0.3%** |
| &nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14704 | &nbsp;&nbsp;&nbsp;&nbsp;1310715 |
| &nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664765 |
| &nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11968 | &nbsp;&nbsp;&nbsp;&nbsp;1083104 |
| &nbsp;&nbsp;Mohawk Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253199 |
| &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231267 |
| &nbsp;&nbsp;NVR, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650374 |
| &nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487262 |
| &nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361996 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5042682 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 2.4%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 2.4%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 2.4%** |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;416938 | &nbsp;&nbsp;35022792 |
| &nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25492 | &nbsp;&nbsp;&nbsp;&nbsp;1057153 |
| &nbsp;&nbsp;Etsy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707181 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;36787126 |
| &nbsp;&nbsp;**Leisure Products 0.0%** | &nbsp;&nbsp;**Leisure Products 0.0%** | &nbsp;&nbsp;**Leisure Products 0.0%** |
| &nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372100 |
| &nbsp;&nbsp;**Multiline Retail 0.5%** | &nbsp;&nbsp;**Multiline Retail 0.5%** | &nbsp;&nbsp;**Multiline Retail 0.5%** |
| &nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10597 | &nbsp;&nbsp;&nbsp;&nbsp;2609511 |
| &nbsp;&nbsp;Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9889 | &nbsp;&nbsp;&nbsp;&nbsp;1398700 |
| &nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21622 | &nbsp;&nbsp;&nbsp;&nbsp;3222543 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7230754 |
| &nbsp;&nbsp;**Specialty Retail 2.4%** | &nbsp;&nbsp;**Specialty Retail 2.4%** | &nbsp;&nbsp;**Specialty Retail 2.4%** |
| &nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415213 |
| &nbsp;&nbsp;AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;&nbsp;2199833 |
| &nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452078 |
| &nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755017 |
| &nbsp;&nbsp;CarMax, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451987 |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;48091 | &nbsp;&nbsp;15190023 |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29158 | &nbsp;&nbsp;&nbsp;&nbsp;5809440 |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2940 | &nbsp;&nbsp;&nbsp;&nbsp;2481448 |
| &nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16304 | &nbsp;&nbsp;&nbsp;&nbsp;1892405 |
| &nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;54542 | &nbsp;&nbsp;&nbsp;&nbsp;4341543 |
| &nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;5189 | &nbsp;&nbsp;&nbsp;&nbsp;1167369 |
| &nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2406 | &nbsp;&nbsp;&nbsp;&nbsp;1128582 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;36284938 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.5%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.5%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.5%** |
| &nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;59176 | &nbsp;&nbsp;&nbsp;&nbsp;6924184 |
| &nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203943 |
| &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431066 |
| &nbsp;&nbsp;VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428369 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7987562 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**147869984** |
| &nbsp;&nbsp;**Consumer Staples 7.1%** | &nbsp;&nbsp;**Consumer Staples 7.1%** | &nbsp;&nbsp;**Consumer Staples 7.1%** |
| &nbsp;&nbsp;**Beverages 1.9%** | &nbsp;&nbsp;**Beverages 1.9%** | &nbsp;&nbsp;**Beverages 1.9%** |
| &nbsp;&nbsp;Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;8590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564191 |
| &nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;182836 | &nbsp;&nbsp;&nbsp;&nbsp;11630198 |
| &nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7626 | &nbsp;&nbsp;&nbsp;&nbsp;1767325 |
| &nbsp;&nbsp;Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39918 | &nbsp;&nbsp;&nbsp;&nbsp;1423476 |
| &nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;8832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455025 |
| &nbsp;&nbsp;Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17892 | &nbsp;&nbsp;&nbsp;&nbsp;1816575 |
| &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64720 | &nbsp;&nbsp;&nbsp;&nbsp;11692315 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;29349105 |
| &nbsp;&nbsp;**Food & Staples Retailing 1.5%** | &nbsp;&nbsp;**Food & Staples Retailing 1.5%** | &nbsp;&nbsp;**Food & Staples Retailing 1.5%** |
| &nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20792 | &nbsp;&nbsp;&nbsp;&nbsp;9491548 |
| &nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;30600 | &nbsp;&nbsp;&nbsp;&nbsp;1364148 |
| &nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23806 | &nbsp;&nbsp;&nbsp;&nbsp;1819969 |
| &nbsp;&nbsp;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33720 | &nbsp;&nbsp;&nbsp;&nbsp;1259779 |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66303 | &nbsp;&nbsp;&nbsp;&nbsp;9401102 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;23336546 |
| &nbsp;&nbsp;**Food Products 1.2%** | &nbsp;&nbsp;**Food Products 1.2%** | &nbsp;&nbsp;**Food Products 1.2%** |
| &nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;25806 | &nbsp;&nbsp;&nbsp;&nbsp;2396087 |
| &nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;9435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535436 |
| &nbsp;&nbsp;ConAgra Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871292 |
| &nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27882 | &nbsp;&nbsp;&nbsp;&nbsp;2337906 |
| &nbsp;&nbsp;Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;6904 | &nbsp;&nbsp;&nbsp;&nbsp;1598759 |
| &nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619434 |
| &nbsp;&nbsp;JM Smucker Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;5006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793251 |
| &nbsp;&nbsp;Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;12024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856590 |
| &nbsp;&nbsp;Kraft Heinz Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;37403 | &nbsp;&nbsp;&nbsp;&nbsp;1522676 |
| &nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603806 |
| &nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975781 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;64152 | &nbsp;&nbsp;&nbsp;&nbsp;4275731 |
| &nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;13605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846911 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;18233660 |
| &nbsp;&nbsp;**Household Products 1.6%** | &nbsp;&nbsp;**Household Products 1.6%** | &nbsp;&nbsp;**Household Products 1.6%** |
| &nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923468 |
| &nbsp;&nbsp;Clorox Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;5796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813353 |
| &nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;39236 | &nbsp;&nbsp;&nbsp;&nbsp;3091404 |
| &nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15854 | &nbsp;&nbsp;&nbsp;&nbsp;2152181 |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;111321 | &nbsp;&nbsp;&nbsp;&nbsp;16871811 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;23852217 |
| &nbsp;&nbsp;**Personal Products 0.2%** | &nbsp;&nbsp;**Personal Products 0.2%** | &nbsp;&nbsp;**Personal Products 0.2%** |
| &nbsp;&nbsp;Estee Lauder Companies, Inc. (The), Class A | &nbsp;&nbsp;&nbsp;&nbsp;10864 | &nbsp;&nbsp;&nbsp;&nbsp;2695467 |
| &nbsp;&nbsp;**Tobacco 0.7%** | &nbsp;&nbsp;**Tobacco 0.7%** | &nbsp;&nbsp;**Tobacco 0.7%** |
| &nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84190 | &nbsp;&nbsp;&nbsp;&nbsp;3848325 |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72823 | &nbsp;&nbsp;&nbsp;&nbsp;7370416 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;11218741 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**108685736** |
| &nbsp;&nbsp;**Energy 5.2%** | &nbsp;&nbsp;**Energy 5.2%** | &nbsp;&nbsp;**Energy 5.2%** |
| &nbsp;&nbsp;**Energy Equipment & Services 0.4%** | &nbsp;&nbsp;**Energy Equipment & Services 0.4%** | &nbsp;&nbsp;**Energy Equipment & Services 0.4%** |
| &nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;47046 | &nbsp;&nbsp;&nbsp;&nbsp;1389268 |
| &nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;42657 | &nbsp;&nbsp;&nbsp;&nbsp;1678553 |
| &nbsp;&nbsp;Schlumberger Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;66613 | &nbsp;&nbsp;&nbsp;&nbsp;3561131 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6628952 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 4.8%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 4.8%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 4.8%** |
| &nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705055 |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83569 | &nbsp;&nbsp;&nbsp;&nbsp;14999800 |
| &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;&nbsp;&nbsp;58536 | &nbsp;&nbsp;&nbsp;&nbsp;6907248 |
| &nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910073 |
| &nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30709 | &nbsp;&nbsp;&nbsp;&nbsp;1888911 |
| &nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8268 | &nbsp;&nbsp;&nbsp;&nbsp;1130897 |
| &nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27594 | &nbsp;&nbsp;&nbsp;&nbsp;3573975 |
| &nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583331 |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;193464 | &nbsp;&nbsp;&nbsp;&nbsp;21339079 |
| &nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13035 | &nbsp;&nbsp;&nbsp;&nbsp;1848624 |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92920 | &nbsp;&nbsp;&nbsp;&nbsp;1679994 |
| &nbsp;&nbsp;Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807579 |
| &nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22016 | &nbsp;&nbsp;&nbsp;&nbsp;2562442 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34158 | &nbsp;&nbsp;&nbsp;&nbsp;2151612 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20996 | &nbsp;&nbsp;&nbsp;&nbsp;1379437 |
| &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;22203 | &nbsp;&nbsp;&nbsp;&nbsp;2310888 |
| &nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;11162 | &nbsp;&nbsp;&nbsp;&nbsp;2549289 |
| &nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781599 |
| &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18111 | &nbsp;&nbsp;&nbsp;&nbsp;2297561 |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;57218 | &nbsp;&nbsp;&nbsp;&nbsp;1882472 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;72289866 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**78918818** |
| &nbsp;&nbsp;**Financials 11.5%** | &nbsp;&nbsp;**Financials 11.5%** | &nbsp;&nbsp;**Financials 11.5%** |
| &nbsp;&nbsp;**Banks 3.8%** | &nbsp;&nbsp;**Banks 3.8%** | &nbsp;&nbsp;**Banks 3.8%** |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;327874 | &nbsp;&nbsp;10859187 |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90987 | &nbsp;&nbsp;&nbsp;&nbsp;4115342 |
| &nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910864 |
| &nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411261 |
| &nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;32245 | &nbsp;&nbsp;&nbsp;&nbsp;1057958 |
| &nbsp;&nbsp;First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;8593 | &nbsp;&nbsp;&nbsp;&nbsp;1047401 |
| &nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955628 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;137792 | &nbsp;&nbsp;18477907 |
| &nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;43828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763484 |
| &nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8109 | &nbsp;&nbsp;&nbsp;&nbsp;1176292 |
| &nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;18947 | &nbsp;&nbsp;&nbsp;&nbsp;2992489 |
| &nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946419 |
| &nbsp;&nbsp;Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;2956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340590 |
| &nbsp;&nbsp;SVB Financial Group<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639099 |
| &nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62327 | &nbsp;&nbsp;&nbsp;&nbsp;2681931 |
| &nbsp;&nbsp;U.S. Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;63517 | &nbsp;&nbsp;&nbsp;&nbsp;2769976 |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;179004 | &nbsp;&nbsp;&nbsp;&nbsp;7391075 |
| &nbsp;&nbsp;Zions Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;7029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345546 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;57882449 |
| &nbsp;&nbsp;**Capital Markets 3.1%** | &nbsp;&nbsp;**Capital Markets 3.1%** | &nbsp;&nbsp;**Capital Markets 3.1%** |
| &nbsp;&nbsp;Ameriprise Financial, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4999 | &nbsp;&nbsp;&nbsp;&nbsp;1556539 |
| &nbsp;&nbsp;Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;34553 | &nbsp;&nbsp;&nbsp;&nbsp;1572853 |
| &nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7056 | &nbsp;&nbsp;&nbsp;&nbsp;5000093 |
| &nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625217 |
| &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;71654 | &nbsp;&nbsp;&nbsp;&nbsp;5965912 |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16899 | &nbsp;&nbsp;&nbsp;&nbsp;2841736 |
| &nbsp;&nbsp;Factset Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718166 |
| &nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352015 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;15908 | &nbsp;&nbsp;&nbsp;&nbsp;5462489 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;26239 | &nbsp;&nbsp;&nbsp;&nbsp;2691859 |
| &nbsp;&nbsp;Invesco Ltd. | &nbsp;&nbsp;21365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384356 |
| &nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493077 |
| &nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7401 | &nbsp;&nbsp;&nbsp;&nbsp;2062067 |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;61929 | &nbsp;&nbsp;&nbsp;&nbsp;5265204 |
| &nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3756 | &nbsp;&nbsp;&nbsp;&nbsp;1747178 |
| &nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;15924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976937 |
| &nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866406 |
| &nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971694 |
| &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;15643 | &nbsp;&nbsp;&nbsp;&nbsp;5239466 |
| &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;17238 | &nbsp;&nbsp;&nbsp;&nbsp;1337152 |
| &nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;10498 | &nbsp;&nbsp;&nbsp;&nbsp;1144912 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;47275328 |
| &nbsp;&nbsp;**Consumer Finance 0.5%** | &nbsp;&nbsp;**Consumer Finance 0.5%** | &nbsp;&nbsp;**Consumer Finance 0.5%** |
| &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;28082 | &nbsp;&nbsp;&nbsp;&nbsp;4149115 |
| &nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;17931 | &nbsp;&nbsp;&nbsp;&nbsp;1666866 |
| &nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;12835 | &nbsp;&nbsp;&nbsp;&nbsp;1255648 |
| &nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;21165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695482 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7767111 |
| &nbsp;&nbsp;**Diversified Financial Services 1.7%** | &nbsp;&nbsp;**Diversified Financial Services 1.7%** | &nbsp;&nbsp;**Diversified Financial Services 1.7%** |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;84639 | &nbsp;&nbsp;26144987 |
| &nbsp;&nbsp;**Insurance 2.4%** | &nbsp;&nbsp;**Insurance 2.4%** | &nbsp;&nbsp;**Insurance 2.4%** |
| &nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;26581 | &nbsp;&nbsp;&nbsp;&nbsp;1912237 |
| &nbsp;&nbsp;Allstate Corp. (The) | &nbsp;&nbsp;12459 | &nbsp;&nbsp;&nbsp;&nbsp;1689440 |
| &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;34903 | &nbsp;&nbsp;&nbsp;&nbsp;2207266 |
| &nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;9717 | &nbsp;&nbsp;&nbsp;&nbsp;2916460 |
| &nbsp;&nbsp;Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;17375 | &nbsp;&nbsp;&nbsp;&nbsp;1090802 |
| &nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;9905 | &nbsp;&nbsp;&nbsp;&nbsp;1867489 |
| &nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310399 |
| &nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;11043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629120 |
| &nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;19498 | &nbsp;&nbsp;&nbsp;&nbsp;4301259 |
| &nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756048 |
| &nbsp;&nbsp;Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609537 |
| &nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512338 |
| &nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;14943 | &nbsp;&nbsp;&nbsp;&nbsp;1133128 |
| &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222228 |
| &nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539961 |
| &nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;23301 | &nbsp;&nbsp;&nbsp;&nbsp;3855849 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;30961 | &nbsp;&nbsp;&nbsp;&nbsp;2240648 |
| &nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;10690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897105 |
| &nbsp;&nbsp;Progressive Corp. (The) | &nbsp;&nbsp;27485 | &nbsp;&nbsp;&nbsp;&nbsp;3565079 |
| &nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;17287 | &nbsp;&nbsp;&nbsp;&nbsp;1719365 |
| &nbsp;&nbsp;Travelers Companies, Inc. (The) | &nbsp;&nbsp;11009 | &nbsp;&nbsp;&nbsp;&nbsp;2064077 |
| &nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;5085 | &nbsp;&nbsp;&nbsp;&nbsp;1243689 |
| &nbsp;&nbsp;WR Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696890 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;36980414 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**176050289** |
| &nbsp;&nbsp;**Health Care 15.7%** | &nbsp;&nbsp;**Health Care 15.7%** | &nbsp;&nbsp;**Health Care 15.7%** |
| &nbsp;&nbsp;**Biotechnology 2.5%** | &nbsp;&nbsp;**Biotechnology 2.5%** | &nbsp;&nbsp;**Biotechnology 2.5%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;83077 | &nbsp;&nbsp;&nbsp;&nbsp;13426074 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;25066 | &nbsp;&nbsp;&nbsp;&nbsp;6583334 |
| &nbsp;&nbsp;Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6765 | &nbsp;&nbsp;&nbsp;&nbsp;1873364 |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;58920 | &nbsp;&nbsp;&nbsp;&nbsp;5058282 |
| &nbsp;&nbsp;Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696696 |
| &nbsp;&nbsp;Moderna, Inc.<sup>(a)</sup> | &nbsp;&nbsp;15521 | &nbsp;&nbsp;&nbsp;&nbsp;2787882 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5030 | &nbsp;&nbsp;&nbsp;&nbsp;3629095 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;12058 | &nbsp;&nbsp;&nbsp;&nbsp;3482109 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;37536836 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 2.8%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 2.8%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 2.8%** |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;81907 | &nbsp;&nbsp;&nbsp;&nbsp;8992569 |
| &nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719802 |
| &nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;23682 | &nbsp;&nbsp;&nbsp;&nbsp;1207072 |
| &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;13398 | &nbsp;&nbsp;&nbsp;&nbsp;3407111 |
| &nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;67285 | &nbsp;&nbsp;&nbsp;&nbsp;3113277 |
| &nbsp;&nbsp;Cooper Companies, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;2318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766493 |
| &nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;10096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321457 |
| &nbsp;&nbsp;DexCom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;18145 | &nbsp;&nbsp;&nbsp;&nbsp;2054740 |
| &nbsp;&nbsp;Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp;29044 | &nbsp;&nbsp;&nbsp;&nbsp;2166973 |
| &nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;11728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877372 |
| &nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3890 | &nbsp;&nbsp;&nbsp;&nbsp;1586964 |
| &nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;16601 | &nbsp;&nbsp;&nbsp;&nbsp;4405075 |
| &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;62439 | &nbsp;&nbsp;&nbsp;&nbsp;4852759 |
| &nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6881 | &nbsp;&nbsp;&nbsp;&nbsp;1432143 |
| &nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;4689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866011 |
| &nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;15822 | &nbsp;&nbsp;&nbsp;&nbsp;3868321 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549935 |
| &nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9858 | &nbsp;&nbsp;&nbsp;&nbsp;1256895 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;42444969 |
| &nbsp;&nbsp;**Health Care Providers & Services 3.7%** | &nbsp;&nbsp;**Health Care Providers & Services 3.7%** | &nbsp;&nbsp;**Health Care Providers & Services 3.7%** |
| &nbsp;&nbsp;AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7608 | &nbsp;&nbsp;&nbsp;&nbsp;1260722 |
| &nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;12314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946577 |
| &nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp;26601 | &nbsp;&nbsp;&nbsp;&nbsp;2181548 |
| &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;14363 | &nbsp;&nbsp;&nbsp;&nbsp;4759036 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;61726 | &nbsp;&nbsp;&nbsp;&nbsp;5752246 |
| &nbsp;&nbsp;DaVita, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192798 |
| &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;11219 | &nbsp;&nbsp;&nbsp;&nbsp;5755010 |
| &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9961 | &nbsp;&nbsp;&nbsp;&nbsp;2390242 |
| &nbsp;&nbsp;Henry Schein, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508612 |
| &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5947 | &nbsp;&nbsp;&nbsp;&nbsp;3045994 |
| &nbsp;&nbsp;Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;4162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980068 |
| &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6661 | &nbsp;&nbsp;&nbsp;&nbsp;2498674 |
| &nbsp;&nbsp;Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905794 |
| &nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836954 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;43893 | &nbsp;&nbsp;23271191 |
| &nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;3014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424642 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;55710108 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 1.9%** | &nbsp;&nbsp;**Life Sciences Tools & Services 1.9%** | &nbsp;&nbsp;**Life Sciences Tools & Services 1.9%** |
| &nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;13907 | &nbsp;&nbsp;&nbsp;&nbsp;2081182 |
| &nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425115 |
| &nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611157 |
| &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520781 |
| &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;30778 | &nbsp;&nbsp;&nbsp;&nbsp;8169097 |
| &nbsp;&nbsp;Illumina, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7389 | &nbsp;&nbsp;&nbsp;&nbsp;1494056 |
| &nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8725 | &nbsp;&nbsp;&nbsp;&nbsp;1787665 |
| &nbsp;&nbsp;Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp;1513386 |
| &nbsp;&nbsp;PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831505 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;18424 | &nbsp;&nbsp;10145913 |
| &nbsp;&nbsp;Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956141 |
| &nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818547 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;29354545 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Pharmaceuticals 4.8%** | &nbsp;&nbsp;**Pharmaceuticals 4.8%** | &nbsp;&nbsp;**Pharmaceuticals 4.8%** |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;99880 | &nbsp;&nbsp;&nbsp;&nbsp;7186366 |
| &nbsp;&nbsp;Catalent, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380514 |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;37048 | &nbsp;&nbsp;&nbsp;&nbsp;13553640 |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;122820 | &nbsp;&nbsp;&nbsp;&nbsp;21696153 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;119104 | &nbsp;&nbsp;&nbsp;&nbsp;13214589 |
| &nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;11949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333735 |
| &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;263695 | &nbsp;&nbsp;&nbsp;&nbsp;13511732 |
| &nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634054 |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21894 | &nbsp;&nbsp;&nbsp;&nbsp;3208566 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;73719349 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**238765807** |
| &nbsp;&nbsp;**Industrials 8.6%** | &nbsp;&nbsp;**Industrials 8.6%** | &nbsp;&nbsp;**Industrials 8.6%** |
| &nbsp;&nbsp;**Aerospace & Defense 1.9%** | &nbsp;&nbsp;**Aerospace & Defense 1.9%** | &nbsp;&nbsp;**Aerospace & Defense 1.9%** |
| &nbsp;&nbsp;Boeing Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26317 | &nbsp;&nbsp;&nbsp;&nbsp;5013125 |
| &nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10576 | &nbsp;&nbsp;&nbsp;&nbsp;2624011 |
| &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681675 |
| &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432525 |
| &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8944 | &nbsp;&nbsp;&nbsp;&nbsp;1862230 |
| &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10957 | &nbsp;&nbsp;&nbsp;&nbsp;5330471 |
| &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6796 | &nbsp;&nbsp;&nbsp;&nbsp;3707966 |
| &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69059 | &nbsp;&nbsp;&nbsp;&nbsp;6969434 |
| &nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694336 |
| &nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2427 | &nbsp;&nbsp;&nbsp;&nbsp;1528161 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;28843934 |
| &nbsp;&nbsp;**Air Freight & Logistics 0.6%** | &nbsp;&nbsp;**Air Freight & Logistics 0.6%** | &nbsp;&nbsp;**Air Freight & Logistics 0.6%** |
| &nbsp;&nbsp;CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506327 |
| &nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776906 |
| &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11246 | &nbsp;&nbsp;&nbsp;&nbsp;1947807 |
| &nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;34285 | &nbsp;&nbsp;&nbsp;&nbsp;5960104 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9191144 |
| &nbsp;&nbsp;**Airlines 0.2%** | &nbsp;&nbsp;**Airlines 0.2%** | &nbsp;&nbsp;**Airlines 0.2%** |
| &nbsp;&nbsp;Alaska Air Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255836 |
| &nbsp;&nbsp;American Airlines Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388342 |
| &nbsp;&nbsp;Delta Air Lines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989776 |
| &nbsp;&nbsp;Southwest Airlines Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939124 |
| &nbsp;&nbsp;United Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578997 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3152075 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Building Products 0.5%** | &nbsp;&nbsp;**Building Products 0.5%** | &nbsp;&nbsp;**Building Products 0.5%** |
| &nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;4127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434408 |
| &nbsp;&nbsp;AO Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341150 |
| &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;39285 | &nbsp;&nbsp;&nbsp;&nbsp;1620506 |
| &nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;32353 | &nbsp;&nbsp;&nbsp;&nbsp;2070592 |
| &nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;10595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494469 |
| &nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;10819 | &nbsp;&nbsp;&nbsp;&nbsp;1818566 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6779691 |
| &nbsp;&nbsp;**Commercial Services & Supplies 0.5%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.5%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.5%** |
| &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4055 | &nbsp;&nbsp;&nbsp;&nbsp;1831319 |
| &nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp;20131 | &nbsp;&nbsp;&nbsp;&nbsp;1225777 |
| &nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9649 | &nbsp;&nbsp;&nbsp;&nbsp;1244625 |
| &nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;10873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397299 |
| &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;17547 | &nbsp;&nbsp;&nbsp;&nbsp;2752773 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7451793 |
| &nbsp;&nbsp;**Construction & Engineering 0.1%** | &nbsp;&nbsp;**Construction & Engineering 0.1%** | &nbsp;&nbsp;**Construction & Engineering 0.1%** |
| &nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719700 |
| &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956602 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;1676302 |
| &nbsp;&nbsp;**Electrical Equipment 0.6%** | &nbsp;&nbsp;**Electrical Equipment 0.6%** | &nbsp;&nbsp;**Electrical Equipment 0.6%** |
| &nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;10788 | &nbsp;&nbsp;&nbsp;&nbsp;1507299 |
| &nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;18683 | &nbsp;&nbsp;&nbsp;&nbsp;2932297 |
| &nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;27777 | &nbsp;&nbsp;&nbsp;&nbsp;2668259 |
| &nbsp;&nbsp;Generac Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299564 |
| &nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5395 | &nbsp;&nbsp;&nbsp;&nbsp;1389590 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;8797009 |
| &nbsp;&nbsp;**Industrial Conglomerates 0.9%** | &nbsp;&nbsp;**Industrial Conglomerates 0.9%** | &nbsp;&nbsp;**Industrial Conglomerates 0.9%** |
| &nbsp;&nbsp;3M Co. | &nbsp;&nbsp;25966 | &nbsp;&nbsp;&nbsp;&nbsp;3113843 |
| &nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;51330 | &nbsp;&nbsp;&nbsp;&nbsp;4300940 |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;31583 | &nbsp;&nbsp;&nbsp;&nbsp;6768237 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;14183020 |
| &nbsp;&nbsp;**Machinery 1.9%** | &nbsp;&nbsp;**Machinery 1.9%** | &nbsp;&nbsp;**Machinery 1.9%** |
| &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;24447 | &nbsp;&nbsp;&nbsp;&nbsp;5856523 |
| &nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6625 | &nbsp;&nbsp;&nbsp;&nbsp;1605171 |
| &nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;12902 | &nbsp;&nbsp;&nbsp;&nbsp;5531861 |
| &nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892758 |
| &nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;16621 | &nbsp;&nbsp;&nbsp;&nbsp;1067899 |
| &nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808973 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;13132 | &nbsp;&nbsp;&nbsp;&nbsp;2892980 |
| &nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;19022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993899 |
| &nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600481 |
| &nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;19570 | &nbsp;&nbsp;&nbsp;&nbsp;1532527 |
| &nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;16337 | &nbsp;&nbsp;&nbsp;&nbsp;1616873 |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6032 | &nbsp;&nbsp;&nbsp;&nbsp;1755312 |
| &nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;7728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347605 |
| &nbsp;&nbsp;Snap-On, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570540 |
| &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522084 |
| &nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852777 |
| &nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936086 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;28384349 |
| &nbsp;&nbsp;**Professional Services 0.3%** | &nbsp;&nbsp;**Professional Services 0.3%** | &nbsp;&nbsp;**Professional Services 0.3%** |
| &nbsp;&nbsp;CoStar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;19105 | &nbsp;&nbsp;&nbsp;&nbsp;1476434 |
| &nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5752 | &nbsp;&nbsp;&nbsp;&nbsp;1117959 |
| &nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675425 |
| &nbsp;&nbsp;Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376311 |
| &nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7347 | &nbsp;&nbsp;&nbsp;&nbsp;1296158 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4942287 |
| &nbsp;&nbsp;**Road & Rail 0.9%** | &nbsp;&nbsp;**Road & Rail 0.9%** | &nbsp;&nbsp;**Road & Rail 0.9%** |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;98764 | &nbsp;&nbsp;&nbsp;&nbsp;3059709 |
| &nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678435 |
| &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;10876 | &nbsp;&nbsp;&nbsp;&nbsp;2680064 |
| &nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4256 | &nbsp;&nbsp;&nbsp;&nbsp;1207768 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;28881 | &nbsp;&nbsp;&nbsp;&nbsp;5980388 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;13606364 |
| &nbsp;&nbsp;**Trading Companies & Distributors 0.2%** | &nbsp;&nbsp;**Trading Companies & Distributors 0.2%** | &nbsp;&nbsp;**Trading Companies & Distributors 0.2%** |
| &nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;26906 | &nbsp;&nbsp;&nbsp;&nbsp;1273192 |
| &nbsp;&nbsp;United Rentals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3256 | &nbsp;&nbsp;&nbsp;&nbsp;1157248 |
| &nbsp;&nbsp;W.W. Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2113 | &nbsp;&nbsp;&nbsp;&nbsp;1175356 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3605796 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**130613764** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Information Technology 25.5%** | &nbsp;&nbsp;**Information Technology 25.5%** | &nbsp;&nbsp;**Information Technology 25.5%** |
| &nbsp;&nbsp;**Communications Equipment 0.9%** | &nbsp;&nbsp;**Communications Equipment 0.9%** | &nbsp;&nbsp;**Communications Equipment 0.9%** |
| &nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11627 | &nbsp;&nbsp;&nbsp;&nbsp;1410937 |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;192885 | &nbsp;&nbsp;&nbsp;&nbsp;9189041 |
| &nbsp;&nbsp;F5, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403550 |
| &nbsp;&nbsp;Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487294 |
| &nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7855 | &nbsp;&nbsp;&nbsp;&nbsp;2024312 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;13515134 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.6%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.6%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.6%** |
| &nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;27956 | &nbsp;&nbsp;&nbsp;&nbsp;2128570 |
| &nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6360 | &nbsp;&nbsp;&nbsp;&nbsp;1135769 |
| &nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35760 | &nbsp;&nbsp;&nbsp;&nbsp;1142174 |
| &nbsp;&nbsp;Keysight Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8399 | &nbsp;&nbsp;&nbsp;&nbsp;1436817 |
| &nbsp;&nbsp;TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14942 | &nbsp;&nbsp;&nbsp;&nbsp;1715342 |
| &nbsp;&nbsp;Teledyne Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880602 |
| &nbsp;&nbsp;Trimble Navigation Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585788 |
| &nbsp;&nbsp;Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621794 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9646856 |
| &nbsp;&nbsp;**IT Services 4.4%** | &nbsp;&nbsp;**IT Services 4.4%** | &nbsp;&nbsp;**IT Services 4.4%** |
| &nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;29599 | &nbsp;&nbsp;&nbsp;&nbsp;7898197 |
| &nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622724 |
| &nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19487 | &nbsp;&nbsp;&nbsp;&nbsp;4654665 |
| &nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741337 |
| &nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;24142 | &nbsp;&nbsp;&nbsp;&nbsp;1380681 |
| &nbsp;&nbsp;DXC Technology Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286412 |
| &nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885553 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27875 | &nbsp;&nbsp;&nbsp;&nbsp;1891319 |
| &nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29831 | &nbsp;&nbsp;&nbsp;&nbsp;3015019 |
| &nbsp;&nbsp;FleetCor Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636451 |
| &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3712 | &nbsp;&nbsp;&nbsp;&nbsp;1247752 |
| &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12703 | &nbsp;&nbsp;&nbsp;&nbsp;1261662 |
| &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42473 | &nbsp;&nbsp;&nbsp;&nbsp;5984021 |
| &nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601644 |
| &nbsp;&nbsp;MasterCard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;39878 | &nbsp;&nbsp;13866777 |
| &nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15068 | &nbsp;&nbsp;&nbsp;&nbsp;1741258 |
| &nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53555 | &nbsp;&nbsp;&nbsp;&nbsp;3814187 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;VeriSign, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890172 |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;76807 | &nbsp;&nbsp;15957422 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;67377253 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.1%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.1%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.1%** |
| &nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75743 | &nbsp;&nbsp;&nbsp;&nbsp;4905874 |
| &nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24162 | &nbsp;&nbsp;&nbsp;&nbsp;3963293 |
| &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40414 | &nbsp;&nbsp;&nbsp;&nbsp;3935515 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19026 | &nbsp;&nbsp;10638007 |
| &nbsp;&nbsp;Enphase Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6385 | &nbsp;&nbsp;&nbsp;&nbsp;1691770 |
| &nbsp;&nbsp;First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697572 |
| &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;193873 | &nbsp;&nbsp;&nbsp;&nbsp;5124063 |
| &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6657 | &nbsp;&nbsp;&nbsp;&nbsp;2509889 |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6407 | &nbsp;&nbsp;&nbsp;&nbsp;2692862 |
| &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25838 | &nbsp;&nbsp;&nbsp;&nbsp;1815120 |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51072 | &nbsp;&nbsp;&nbsp;&nbsp;2552579 |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740813 |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;116972 | &nbsp;&nbsp;17094288 |
| &nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;12173 | &nbsp;&nbsp;&nbsp;&nbsp;1923699 |
| &nbsp;&nbsp;ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20314 | &nbsp;&nbsp;&nbsp;&nbsp;1266984 |
| &nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431718 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52661 | &nbsp;&nbsp;&nbsp;&nbsp;5789550 |
| &nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686847 |
| &nbsp;&nbsp;SolarEdge Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743867 |
| &nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639140 |
| &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42635 | &nbsp;&nbsp;&nbsp;&nbsp;7044155 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;76887605 |
| &nbsp;&nbsp;**Software 8.3%** | &nbsp;&nbsp;**Software 8.3%** | &nbsp;&nbsp;**Software 8.3%** |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21839 | &nbsp;&nbsp;&nbsp;&nbsp;7349479 |
| &nbsp;&nbsp;ANSYS, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988586 |
| &nbsp;&nbsp;Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10140 | &nbsp;&nbsp;&nbsp;&nbsp;1894862 |
| &nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12886 | &nbsp;&nbsp;&nbsp;&nbsp;2070007 |
| &nbsp;&nbsp;Ceridian HCM Holding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462842 |
| &nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30461 | &nbsp;&nbsp;&nbsp;&nbsp;1489238 |
| &nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583603 |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13241 | &nbsp;&nbsp;&nbsp;&nbsp;5153662 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;350186 | &nbsp;&nbsp;83981607 |
| &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72194 | &nbsp;&nbsp;&nbsp;&nbsp;5901138 |
| &nbsp;&nbsp;Paycom Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708438 |
| &nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596119 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4982 | &nbsp;&nbsp;&nbsp;&nbsp;2152672 |
| &nbsp;&nbsp;Salesforce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46977 | &nbsp;&nbsp;&nbsp;&nbsp;6228680 |
| &nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9489 | &nbsp;&nbsp;&nbsp;&nbsp;3684294 |
| &nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7183 | &nbsp;&nbsp;&nbsp;&nbsp;2293460 |
| &nbsp;&nbsp;Tyler Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630634 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;126169321 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 6.2%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 6.2%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 6.2%** |
| &nbsp;&nbsp;Apple, Inc.<sup>(c)</sup> | &nbsp;&nbsp;702471 | &nbsp;&nbsp;&nbsp;&nbsp;91272057 |
| &nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;60445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964702 |
| &nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41585 | &nbsp;&nbsp;&nbsp;&nbsp;1117389 |
| &nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613273 |
| &nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;9020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474542 |
| &nbsp;&nbsp;Western Digital Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470789 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;94912752 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**388508921** |
| &nbsp;&nbsp;**Materials 2.7%** | &nbsp;&nbsp;**Materials 2.7%** | &nbsp;&nbsp;**Materials 2.7%** |
| &nbsp;&nbsp;**Chemicals 1.9%** | &nbsp;&nbsp;**Chemicals 1.9%** | &nbsp;&nbsp;**Chemicals 1.9%** |
| &nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10419 | &nbsp;&nbsp;&nbsp;&nbsp;3211761 |
| &nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5503 | &nbsp;&nbsp;&nbsp;&nbsp;1193381 |
| &nbsp;&nbsp;Celanese Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479097 |
| &nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785203 |
| &nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33564 | &nbsp;&nbsp;&nbsp;&nbsp;1972892 |
| &nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33060 | &nbsp;&nbsp;&nbsp;&nbsp;1665893 |
| &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23337 | &nbsp;&nbsp;&nbsp;&nbsp;1601618 |
| &nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;5637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459077 |
| &nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11641 | &nbsp;&nbsp;&nbsp;&nbsp;1694464 |
| &nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738442 |
| &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11977 | &nbsp;&nbsp;&nbsp;&nbsp;1255669 |
| &nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;23224 | &nbsp;&nbsp;&nbsp;&nbsp;7575204 |
| &nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;11931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990631 |
| &nbsp;&nbsp;Mosaic Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;15995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701701 |
| &nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11041 | &nbsp;&nbsp;&nbsp;&nbsp;1388295 |
| &nbsp;&nbsp;Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;11078 | &nbsp;&nbsp;&nbsp;&nbsp;2629142 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;28342470 |
| &nbsp;&nbsp;**Construction Materials 0.1%** | &nbsp;&nbsp;**Construction Materials 0.1%** | &nbsp;&nbsp;**Construction Materials 0.1%** |
| &nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985858 |
| &nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;6244 | &nbsp;&nbsp;&nbsp;&nbsp;1093387 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2079245 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Containers & Packaging 0.3%** | &nbsp;&nbsp;**Containers & Packaging 0.3%** | &nbsp;&nbsp;**Containers & Packaging 0.3%** |
| &nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;69949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833093 |
| &nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688524 |
| &nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;14747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754162 |
| &nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;16708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578598 |
| &nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;4347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556025 |
| &nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338984 |
| &nbsp;&nbsp;WestRock Co. | &nbsp;&nbsp;11946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420021 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4169407 |
| &nbsp;&nbsp;**Metals & Mining 0.4%** | &nbsp;&nbsp;**Metals & Mining 0.4%** | &nbsp;&nbsp;**Metals & Mining 0.4%** |
| &nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;67145 | &nbsp;&nbsp;&nbsp;&nbsp;2551510 |
| &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;37287 | &nbsp;&nbsp;&nbsp;&nbsp;1759946 |
| &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;12052 | &nbsp;&nbsp;&nbsp;&nbsp;1588574 |
| &nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765480 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6665510 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**41256632** |
| &nbsp;&nbsp;**Real Estate 2.7%** | &nbsp;&nbsp;**Real Estate 2.7%** | &nbsp;&nbsp;**Real Estate 2.7%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 2.6%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 2.6%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 2.6%** |
| &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7015 | &nbsp;&nbsp;&nbsp;&nbsp;1021875 |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;21873 | &nbsp;&nbsp;&nbsp;&nbsp;4634014 |
| &nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6572 | &nbsp;&nbsp;&nbsp;&nbsp;1061509 |
| &nbsp;&nbsp;Boston Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452854 |
| &nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;5004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559848 |
| &nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;20343 | &nbsp;&nbsp;&nbsp;&nbsp;2759325 |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;13507 | &nbsp;&nbsp;&nbsp;&nbsp;1354347 |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4347 | &nbsp;&nbsp;&nbsp;&nbsp;2847415 |
| &nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;15978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942702 |
| &nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644661 |
| &nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925909 |
| &nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;3433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346870 |
| &nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;25252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633068 |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;33590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539119 |
| &nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;27286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808757 |
| &nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;13657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680801 |
| &nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;29053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615343 |
| &nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851671 |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;43363 | &nbsp;&nbsp;&nbsp;&nbsp;4888311 |
| &nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;7426 | &nbsp;&nbsp;&nbsp;&nbsp;2080691 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;29462 | &nbsp;&nbsp;&nbsp;&nbsp;1868775 |
| &nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452188 |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5072 | &nbsp;&nbsp;&nbsp;&nbsp;1421732 |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;15359 | &nbsp;&nbsp;&nbsp;&nbsp;1804375 |
| &nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;14375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556744 |
| &nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;18777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845904 |
| &nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;45243 | &nbsp;&nbsp;&nbsp;&nbsp;1465873 |
| &nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;7568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157490 |
| &nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;22197 | &nbsp;&nbsp;&nbsp;&nbsp;1455013 |
| &nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;34571 | &nbsp;&nbsp;&nbsp;&nbsp;1071701 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;39748885 |
| &nbsp;&nbsp;**Real Estate Management & Development 0.1%** | &nbsp;&nbsp;**Real Estate Management & Development 0.1%** | &nbsp;&nbsp;**Real Estate Management & Development 0.1%** |
| &nbsp;&nbsp;CBRE Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;14842 | &nbsp;&nbsp;&nbsp;&nbsp;1142240 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**40891125** |
| &nbsp;&nbsp;**Utilities 3.1%** | &nbsp;&nbsp;**Utilities 3.1%** | &nbsp;&nbsp;**Utilities 3.1%** |
| &nbsp;&nbsp;**Electric Utilities 2.1%** | &nbsp;&nbsp;**Electric Utilities 2.1%** | &nbsp;&nbsp;**Electric Utilities 2.1%** |
| &nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;11792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651036 |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;24140 | &nbsp;&nbsp;&nbsp;&nbsp;2292093 |
| &nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;15362 | &nbsp;&nbsp;&nbsp;&nbsp;1324358 |
| &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;36175 | &nbsp;&nbsp;&nbsp;&nbsp;3725663 |
| &nbsp;&nbsp;Edison International | &nbsp;&nbsp;17939 | &nbsp;&nbsp;&nbsp;&nbsp;1141279 |
| &nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9559 | &nbsp;&nbsp;&nbsp;&nbsp;1075388 |
| &nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;10783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678574 |
| &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;16362 | &nbsp;&nbsp;&nbsp;&nbsp;1371790 |
| &nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;46683 | &nbsp;&nbsp;&nbsp;&nbsp;2018106 |
| &nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;25517 | &nbsp;&nbsp;&nbsp;&nbsp;1070183 |
| &nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;93350 | &nbsp;&nbsp;&nbsp;&nbsp;7804060 |
| &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;10823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344388 |
| &nbsp;&nbsp;PG&E Corp.<sup>(a)</sup> | &nbsp;&nbsp;75634 | &nbsp;&nbsp;&nbsp;&nbsp;1229809 |
| &nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404153 |
| &nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;34590 | &nbsp;&nbsp;&nbsp;&nbsp;1010720 |
| &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;51142 | &nbsp;&nbsp;&nbsp;&nbsp;3652050 |
| &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;25708 | &nbsp;&nbsp;&nbsp;&nbsp;1802388 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;31596038 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Gas Utilities 0.0%** | &nbsp;&nbsp;**Gas Utilities 0.0%** | &nbsp;&nbsp;**Gas Utilities 0.0%** |
| &nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736524 |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers 0.0%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers 0.0%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers 0.0%** |
| &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902431 |
| &nbsp;&nbsp;**Multi-Utilities 0.9%** | &nbsp;&nbsp;**Multi-Utilities 0.9%** | &nbsp;&nbsp;**Multi-Utilities 0.9%** |
| &nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079844 |
| &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886924 |
| &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863505 |
| &nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588818 |
| &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400310 |
| &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069640 |
| &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523146 |
| &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436107 |
| &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281938 |
| &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389336 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13519568 |
| &nbsp;&nbsp;**Water Utilities 0.1%** | &nbsp;&nbsp;**Water Utilities 0.1%** | &nbsp;&nbsp;**Water Utilities 0.1%** |
| &nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301972 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48056533** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $987,430,851) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $987,430,851) | &nbsp;&nbsp;**1509494529** |
| &nbsp;&nbsp;**Money Market Funds 1.0%** | &nbsp;&nbsp;**Money Market Funds 1.0%** | &nbsp;&nbsp;**Money Market Funds 1.0%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(d)</sup> | &nbsp;&nbsp;15174660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15170108 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $15,168,768) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $15,168,768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15170108** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,002,599,619)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,002,599,619)** | &nbsp;&nbsp;**1524664637** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**275857** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**1524940494** |

---

At December 31, 2022, securities and/or cash totaling $1,780,041 were pledged as collateral.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 84 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;16216200 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(538198) |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;Ameriprise Financial, Inc. |
|  | &nbsp;&nbsp;&nbsp;1530924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4693) | &nbsp;&nbsp;11050 | &nbsp;&nbsp;&nbsp;&nbsp;1556539 | &nbsp;&nbsp;37755 | &nbsp;&nbsp;&nbsp;&nbsp;24662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999 |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 20253872 | &nbsp;&nbsp;93805714 | &nbsp;&nbsp;(98892337) | &nbsp;&nbsp;&nbsp;&nbsp;2859 | &nbsp;&nbsp;15170108 | &nbsp;&nbsp;&nbsp;(1077) | &nbsp;&nbsp;325406 | &nbsp;&nbsp;15174660 |
| &nbsp;&nbsp;Total | 21784796 |  |  | &nbsp;&nbsp;13909 | &nbsp;&nbsp;16726647 | &nbsp;&nbsp;36678 | &nbsp;&nbsp;350068 |  |

---

(c) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(d) The rate shown is the seven-day current annualized yield at December 31, 2022.

#### Currency Legend
USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;109876920 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109876920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;147869984 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147869984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;108685736 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108685736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;78918818 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78918818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;176050289 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176050289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;238765807 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238765807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;130613764 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130613764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;388508921 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388508921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;41256632 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41256632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;40891125 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40891125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;48056533 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48056533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 1509494529 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1509494529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;15170108 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15170108 |
| &nbsp;&nbsp;Total Investments in Securities | 1524664637 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1524664637 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(538198) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(538198) |
| &nbsp;&nbsp;Total | 1524126439 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1524126439 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $986,860,588) | $1507937990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $15,739,031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16726647 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18238 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14911 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1526099303 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64325 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158809 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1524940494** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $1524940494 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1524940494** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$781573554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24387348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.05 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$69384649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.15 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$673982291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21321241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.61 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$25529838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6137) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25873769 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Licensing fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27074 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078324 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20795445 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19318618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4510092) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14845162 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(374415745) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(918712) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(375320548) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(360475386) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(339679941)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$20795445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17924858 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14845162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55971736 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(375320548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339448712 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(339679941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413345306 |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14682657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7697181) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(324997284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405648125 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;1849937778 | &nbsp;&nbsp;&nbsp;&nbsp;1444289653 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1524940494** | &nbsp;&nbsp;**$1849937778** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;1277557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41750318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67315819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1045214) | &nbsp;&nbsp;&nbsp;&nbsp;(35602655) | &nbsp;&nbsp;&nbsp;&nbsp;(2253317) | &nbsp;&nbsp;&nbsp;&nbsp;(77945667) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;232343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6147663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147693) | &nbsp;&nbsp;&nbsp;&nbsp;(10629848) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;1209861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40293552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29060982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(111912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3687478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2064383) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;1097949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36606074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26996599 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;708135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23521650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34349923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1544160) | &nbsp;&nbsp;&nbsp;&nbsp;(51592730) | &nbsp;&nbsp;&nbsp;&nbsp;(1695529) | &nbsp;&nbsp;&nbsp;&nbsp;(58413855) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(836025) | &nbsp;&nbsp;&nbsp;&nbsp;(28071080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(666693) | &nbsp;&nbsp;&nbsp;&nbsp;(24063932) |
| &nbsp;&nbsp;**Total net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**494267** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14682657** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(65124)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7697181)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $39.25 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;(7.66) | &nbsp;&nbsp;(7.20) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $30.57 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;&nbsp;8.68 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $25.90 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $19.75 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp;&nbsp;6.15 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.72 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;(1.39) | &nbsp;&nbsp;(0.97) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $38.24 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(7.46) | &nbsp;&nbsp;(7.09) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.86 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;8.07 | &nbsp;&nbsp;&nbsp;&nbsp;8.38 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $25.36 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $19.39 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;5.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.97 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.40 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(1.35) | &nbsp;&nbsp;(1.01) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $38.76 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;(7.56) | &nbsp;&nbsp;(7.15) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $30.23 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp;8.53 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $25.65 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $19.58 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;6.07 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.57 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(1.36) | &nbsp;&nbsp;(0.99) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $32.05 | (18.34%) | 0.25%<sup>(c)</sup> | 0.25%<sup>(c)</sup> | 1.36% | 2% | $781574 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $39.25 | 28.39% | 0.25%<sup>(c)</sup> | 0.25%<sup>(c)</sup> | 1.14% | 5% | $947973 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $30.57 | 18.03% | 0.26%<sup>(d)</sup> | 0.26%<sup>(d)</sup> | 1.72% | 9% | $742971 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $25.90 | 31.14% | 0.26% | 0.26% | 1.91% | 2% | $599584 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $19.75 | &nbsp;&nbsp;(4.68%) | 0.28% | 0.28% | 1.94% | 3% | $332816 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $31.15 | (18.54%) | 0.50%<sup>(c)</sup> | 0.50%<sup>(c)</sup> | 1.15% | 2% | &nbsp;&nbsp;$69385 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $38.24 | 28.07% | 0.50%<sup>(c)</sup> | 0.50%<sup>(c)</sup> | 0.89% | 5% | &nbsp;&nbsp;$43195 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.86 | 17.74% | 0.51%<sup>(d)</sup> | 0.51%<sup>(d)</sup> | 1.48% | 9% | &nbsp;&nbsp;$11359 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $25.36 | 30.79% | 0.51% | 0.51% | 1.63% | 2% | &nbsp;&nbsp;$11354 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $19.39 | &nbsp;&nbsp;(4.95%) | 0.53% | 0.53% | 1.61% | 3% | &nbsp;&nbsp;$10146 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $31.61 | (18.45%) | 0.38%<sup>(c)</sup> | 0.38%<sup>(c)</sup> | 1.23% | 2% | $673982 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $38.76 | 28.22% | 0.38%<sup>(c)</sup> | 0.38%<sup>(c)</sup> | 1.01% | 5% | $858770 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $30.23 | 17.85% | 0.38%<sup>(d)</sup> | 0.38%<sup>(d)</sup> | 1.59% | 9% | $689960 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $25.65 | 31.00% | 0.39% | 0.39% | 1.76% | 2% | $599751 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $19.58 | &nbsp;&nbsp;(4.81%) | 0.40% | 0.40% | 1.75% | 3% | $442813 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Large Cap Index Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

24 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Notes to Financial Statements (continued)

December 31, 2022

the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in

26 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Notes to Financial Statements (continued)

December 31, 2022

unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;538,198\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(4510092) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;(918712) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 18823666 |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

28 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to 0.20% of the Fund's daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.03% of the Fund's average daily net assets.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;0.51 |
| &nbsp;&nbsp;Class 3 | 0.385 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $70,788,378 and $36,048,988, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

30 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Notes to Financial Statements (continued)

December 31, 2022

liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Passive investment risk
The Fund is not "actively" managed and may be affected by a general decline in market segments related to its Index's investment exposures. The Fund invests in securities or instruments included in, or believed by the Investment Manager to be representative of the Index regardless of their investment merits. The Fund does not seek temporary defensive positions when markets decline or appear overvalued. The decision of whether to remove a security from the tracking index is made by an independent index provider who is not affiliated with the Fund or the Investment Manager.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 99.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

32 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Large Cap Index Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Large Cap Index Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

34 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

36 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

38 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

40 Columbia Variable Portfolio – Large Cap Index Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_265_55fbba79-fd87-44c6-ba7d-c95f83ad0de1_TOC)

#### Columbia Variable Portfolio – Large Cap Index Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imga201cba82.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7014_12_B01_(02/23)

------

![](img3ad541b81.jpg)

Annual Report

December 31, 2022

![](img574896f32.jpg)

Columbia Variable Portfolio – Select Mid Cap Growth Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_e5880e58-3c71-4af5-a643-d1acd2e2cc5d_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_e5880e58-3c71-4af5-a643-d1acd2e2cc5d_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_4c3eb91c-af85-424a-9666-c23f05049447_1)<br>| 7 |
| [Portfolio of Investments](#xx_44ef64bd-619d-4fc3-9dc5-3f23c7adb1ac_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_afbf9cf6-5b00-43bd-8d3f-ef4e8380b4ba_1)<br>| 12 |
| [Statement of Operations](#xx_afbf9cf6-5b00-43bd-8d3f-ef4e8380b4ba_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_afbf9cf6-5b00-43bd-8d3f-ef4e8380b4ba_3)<br>| 14 |
| [Financial Highlights](#xx_784fc718-729b-4112-87fb-c6bafbc63d1c_2)<br>| 16 |
| [Notes to Financial Statements](#xx_27bb6e57-d2ad-41b3-a22a-e8b885d2ccb4_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_709c9e60-6b19-4f25-ba10-fb507203fd4d_1)<br>| 26 |
| [Trustees and Officers](#xx_28ae91a9-e081-464d-81aa-1139320e0dff_1)<br>| 27 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Select Mid Cap Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with growth of capital.

Portfolio management

#### Daniel Cole, CFA
Co-Portfolio Manager

Managed Fund since 2021

#### Wayne Collette, CFA
Co-Portfolio Manager

Managed Fund since February 2023

#### Dana Kelley, CFA
Co-Portfolio Manager

Managed Fund since February 2023

*Effective February 10, 2023, Wayne Collette and Dana Kelley were named Portfolio Managers of the Fund. Erika Maschmeyer and John Emerson no longer serve as Portfolio Managers of the Fund.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-30.84 | &nbsp;&nbsp;&nbsp;&nbsp;7.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.16 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-31.01 | &nbsp;&nbsp;&nbsp;&nbsp;6.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;05/01/01 | &nbsp;&nbsp;&nbsp;&nbsp;-30.92 | &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp;&nbsp;10.02 |
| &nbsp;&nbsp;Russell Midcap Growth Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-26.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.64 | &nbsp;&nbsp;&nbsp;&nbsp;11.41 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Russell Midcap Growth Index, an unmanaged index, measures the performance of those Russell Midcap Index companies with higher price-to-book ratios and forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img1d3b1df83.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Select Mid Cap Growth Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;97.2 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;18.4 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;21.0 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;14.6 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;28.4 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 35.42% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio - Select Mid Cap Growth Fund returned -31.01%, trailing the -26.72% return of the Fund's primary benchmark, the Russell Mid Cap Growth Index.

Market overview

In 2022, global markets took a pummeling, as looser monetary policies and stimulus spending from the previous two years came home to roost. At the start of the year, rhetoric from the U.S. Federal Reserve (Fed) on inflation amid a tight labor market and supply chain bottlenecks had primed the market for interest rate hikes. The unexpected Russian invasion of Ukraine in February 2022 added further inflationary pressure on energy and food prices, dampening market sentiment. The Fed subsequently embarked on an interest rate-raising trajectory that extended through the year with seven interest rate raises, resulting in consumer sentiment reaching its lowest point in over a year by June 2021. Following this, bearish investor sentiment continued to prevail, despite a rollover in energy prices and an easing in supply chain disruptions. Markets rebounded in the fourth quarter on more benign economic data and expectations of a Fed pivot on interest rate hikes. Unfortunately, this was not substantial enough to reverse the damage of the previous nine months.

Small- and mid-cap stocks trailed large-cap stocks, and growth stocks considerably underperformed value stocks during the period due to their greater sensitivity to rising interest rates. In other words, higher rates reduced the value of companies' future earnings when measured in today's dollars. Also, less economically-sensitive companies that traded at lower valuations provided more defense in a volatile and uncertain environment. From a sector perspective, the poorest performing sectors in the benchmark were the communication services, real estate, health care, consumer discretionary and information technology sectors. While interest rates had a bearing on information technology and smaller cap names, tight labor costs had an impact on services names. Energy benefited from high inflation, the only sector in the benchmark with positive returns for the year.

Factor correlations were skewed because of extreme volatility in inflation data, coupled with extreme market reaction to that data. Company fundamentals were additionally lost in the upheaval. Stocks, especially among longer duration names, suffered declines from a compression of multiples, and therefore the types of higher quality, profitable growers we seek were most severely impacted in a backdrop of rising rates. In response to this, we remained focused on investing in growing companies with outstanding business models and competitive advantages. We were selective across sectors, looking for opportunities that we believed, from a bottom-up perspective, had the ability to stand on their own and relatively detach from the surrounding macro environment.

The Fund's notable detractors during the period

• Overall stock selection in the information technology sector (both in software and services as well as semiconductors) hurt performance during the period.

• Within software and services, the biggest detractor was The Trade Desk, Inc., a technology platform company enabling real-time programmatic advertising designed to personalize digital content delivery to users. This
company has been vulnerable to higher interest rates because of having cash flows further out into the future. Fears that a recession would disproportionately hurt programmatic advertising also weighed on investor
sentiment.

• Again, in the information technology sector, software and services company, Zscaler, Inc. was also a detractor. Zscaler is a cybersecurity technology company that provides a
cloud-based integrated platform of services that acts as an intelligent switchboard to secure user-to-app, app-to-app and machine-to-machine communications over any network

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

---

| | |
|:---|:---|
|  | and location. We believe this is a high-quality software company with a long duration growth story that is well positioned in the long term. However, in the fourth quarter, Zscaler faced short term headwinds, despite a strong earnings report, from bigger deals in their pipeline that have to undergo greater scrutiny, thus unfavorably increasing the duration of their sell-cycle. |
| • | Roblox Corp. is the world's largest mobile gaming platform that connects independent video game developers with players. During the period, the stock was pressured by the broader weakness in growth stocks, as well as difficult comparisons to 2021 daily user growth numbers. |

---

The Fund's notable contributors during the period

• Stock selection in the consumer discretionary sector was the largest positive contributor. Some of the names that did well were Planet Fitness, Inc, Five Below, Inc. and Churchill Downs, Inc.

• In the health care sector, Intuitive Surgical, Inc., a global leader and pioneer of robotic-assisted surgery, had strong performance driven by better-than-expected system placements and procedures revenue, as well
as positive 2023 management commentary regarding moderating expense growth.

• Booz Allen Hamilton Holding Corp. is an American management and information technology consulting firm with a reputation for being one of the highest quality names in the defense services sector. We believe
investors have been positive about the company's strong organic growth, ability to positively maneuver COVID-related disruptions and staffing/productivity challenges, and are optimistic over their prospects to
continue to grow market share given that its defense capabilities are well aligned with customer priorities now and into the future.

• CoStar Group, Inc. is a company that provides commercial real estate information, analytics and online marketplaces. The company's top three products, CoStar, Apartments.com and
LoopNet, had strong sales growth (based off consistent, subscription based recurring revenues) that beat expectations. We believe CoStar has done a good job of articulating its strategy for moving into the residential
marketplace business. Improving multi-family market conditions also provided tailwinds for CoStar during the year.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investments in mid-cap companies involve risks and volatility greater thaninvestments in larger, more established companies. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. Investments in a limited number of companies subject the Fund to greater risk of loss. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1060.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1058.70 | &nbsp;&nbsp;&nbsp;&nbsp;1019.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1059.40 | &nbsp;&nbsp;&nbsp;&nbsp;1020.26 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 97.3%** | &nbsp;&nbsp;**Common Stocks 97.3%** | &nbsp;&nbsp;**Common Stocks 97.3%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 3.5%** | &nbsp;&nbsp;**Communication Services 3.5%** | &nbsp;&nbsp;**Communication Services 3.5%** |
| &nbsp;&nbsp;**Entertainment 1.8%** | &nbsp;&nbsp;**Entertainment 1.8%** | &nbsp;&nbsp;**Entertainment 1.8%** |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72232 | &nbsp;&nbsp;&nbsp;&nbsp;7521518 |
| &nbsp;&nbsp;**Media 1.7%** | &nbsp;&nbsp;**Media 1.7%** | &nbsp;&nbsp;**Media 1.7%** |
| &nbsp;&nbsp;Trade Desk, Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp;154484 | &nbsp;&nbsp;&nbsp;&nbsp;6925518 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**14447036** |
| &nbsp;&nbsp;**Consumer Discretionary 17.9%** | &nbsp;&nbsp;**Consumer Discretionary 17.9%** | &nbsp;&nbsp;**Consumer Discretionary 17.9%** |
| &nbsp;&nbsp;**Distributors 1.0%** | &nbsp;&nbsp;**Distributors 1.0%** | &nbsp;&nbsp;**Distributors 1.0%** |
| &nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13501 | &nbsp;&nbsp;&nbsp;&nbsp;4081757 |
| &nbsp;&nbsp;**Diversified Consumer Services 1.3%** | &nbsp;&nbsp;**Diversified Consumer Services 1.3%** | &nbsp;&nbsp;**Diversified Consumer Services 1.3%** |
| &nbsp;&nbsp;Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;84917 | &nbsp;&nbsp;&nbsp;&nbsp;5358263 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 7.9%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 7.9%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 7.9%** |
| &nbsp;&nbsp;Chipotle Mexican Grill, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9965 | &nbsp;&nbsp;13826338 |
| &nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34824 | &nbsp;&nbsp;&nbsp;&nbsp;7362839 |
| &nbsp;&nbsp;Planet Fitness, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;144189 | &nbsp;&nbsp;11362093 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;32551270 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.5%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.5%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.5%** |
| &nbsp;&nbsp;Etsy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50096 | &nbsp;&nbsp;&nbsp;&nbsp;6000499 |
| &nbsp;&nbsp;**Specialty Retail 6.2%** | &nbsp;&nbsp;**Specialty Retail 6.2%** | &nbsp;&nbsp;**Specialty Retail 6.2%** |
| &nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68674 | &nbsp;&nbsp;12146370 |
| &nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;45678 | &nbsp;&nbsp;10276180 |
| &nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27310 | &nbsp;&nbsp;&nbsp;&nbsp;3138465 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;25561015 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**73552804** |
| &nbsp;&nbsp;**Energy 3.7%** | &nbsp;&nbsp;**Energy 3.7%** | &nbsp;&nbsp;**Energy 3.7%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 3.7%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 3.7%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 3.7%** |
| &nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;64957 | &nbsp;&nbsp;&nbsp;&nbsp;2013017 |
| &nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93619 | &nbsp;&nbsp;13277047 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;15290064 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**15290064** |
| &nbsp;&nbsp;**Financials 7.6%** | &nbsp;&nbsp;**Financials 7.6%** | &nbsp;&nbsp;**Financials 7.6%** |
| &nbsp;&nbsp;**Banks 1.6%** | &nbsp;&nbsp;**Banks 1.6%** | &nbsp;&nbsp;**Banks 1.6%** |
| &nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90765 | &nbsp;&nbsp;&nbsp;&nbsp;6662151 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Capital Markets 4.9%** | &nbsp;&nbsp;**Capital Markets 4.9%** | &nbsp;&nbsp;**Capital Markets 4.9%** |
| &nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;151068 | &nbsp;&nbsp;10339094 |
| &nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20537 | &nbsp;&nbsp;&nbsp;&nbsp;9553196 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;19892290 |
| &nbsp;&nbsp;**Insurance 1.1%** | &nbsp;&nbsp;**Insurance 1.1%** | &nbsp;&nbsp;**Insurance 1.1%** |
| &nbsp;&nbsp;Ryan Specialty Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;111273 | &nbsp;&nbsp;&nbsp;&nbsp;4618942 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**31173383** |
| &nbsp;&nbsp;**Health Care 20.5%** | &nbsp;&nbsp;**Health Care 20.5%** | &nbsp;&nbsp;**Health Care 20.5%** |
| &nbsp;&nbsp;**Biotechnology 0.8%** | &nbsp;&nbsp;**Biotechnology 0.8%** | &nbsp;&nbsp;**Biotechnology 0.8%** |
| &nbsp;&nbsp;Horizon Therapeutics PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26919 | &nbsp;&nbsp;&nbsp;&nbsp;3063382 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 8.5%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 8.5%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 8.5%** |
| &nbsp;&nbsp;DexCom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;114998 | &nbsp;&nbsp;13022373 |
| &nbsp;&nbsp;Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29704 | &nbsp;&nbsp;&nbsp;&nbsp;8744561 |
| &nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49833 | &nbsp;&nbsp;13223187 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;34990121 |
| &nbsp;&nbsp;**Health Care Providers & Services 1.0%** | &nbsp;&nbsp;**Health Care Providers & Services 1.0%** | &nbsp;&nbsp;**Health Care Providers & Services 1.0%** |
| &nbsp;&nbsp;Amedisys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50394 | &nbsp;&nbsp;&nbsp;&nbsp;4209915 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 10.2%** | &nbsp;&nbsp;**Life Sciences Tools & Services 10.2%** | &nbsp;&nbsp;**Life Sciences Tools & Services 10.2%** |
| &nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;169113 | &nbsp;&nbsp;14016085 |
| &nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22436 | &nbsp;&nbsp;&nbsp;&nbsp;4596912 |
| &nbsp;&nbsp;Repligen Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62012 | &nbsp;&nbsp;10499252 |
| &nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54095 | &nbsp;&nbsp;12731258 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;41843507 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**84106925** |
| &nbsp;&nbsp;**Industrials 14.2%** | &nbsp;&nbsp;**Industrials 14.2%** | &nbsp;&nbsp;**Industrials 14.2%** |
| &nbsp;&nbsp;**Commercial Services & Supplies 4.1%** | &nbsp;&nbsp;**Commercial Services & Supplies 4.1%** | &nbsp;&nbsp;**Commercial Services & Supplies 4.1%** |
| &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21826 | &nbsp;&nbsp;&nbsp;&nbsp;9857058 |
| &nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;192657 | &nbsp;&nbsp;&nbsp;&nbsp;7039687 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;16896745 |
| &nbsp;&nbsp;**Electrical Equipment 2.6%** | &nbsp;&nbsp;**Electrical Equipment 2.6%** | &nbsp;&nbsp;**Electrical Equipment 2.6%** |
| &nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45806 | &nbsp;&nbsp;&nbsp;&nbsp;6400015 |
| &nbsp;&nbsp;Generac Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42523 | &nbsp;&nbsp;&nbsp;&nbsp;4280365 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10680380 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Machinery 2.5%** | &nbsp;&nbsp;**Machinery 2.5%** | &nbsp;&nbsp;**Machinery 2.5%** |
| &nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80058 | &nbsp;&nbsp;&nbsp;&nbsp;4183031 |
| &nbsp;&nbsp;Middleby Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;43915 | &nbsp;&nbsp;&nbsp;&nbsp;5880218 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10063249 |
| &nbsp;&nbsp;**Professional Services 3.5%** | &nbsp;&nbsp;**Professional Services 3.5%** | &nbsp;&nbsp;**Professional Services 3.5%** |
| &nbsp;&nbsp;CoStar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;185911 | &nbsp;&nbsp;14367202 |
| &nbsp;&nbsp;**Trading Companies & Distributors 1.5%** | &nbsp;&nbsp;**Trading Companies & Distributors 1.5%** | &nbsp;&nbsp;**Trading Companies & Distributors 1.5%** |
| &nbsp;&nbsp;SiteOne Landscape Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53298 | &nbsp;&nbsp;&nbsp;&nbsp;6252921 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**58260497** |
| &nbsp;&nbsp;**Information Technology 27.6%** | &nbsp;&nbsp;**Information Technology 27.6%** | &nbsp;&nbsp;**Information Technology 27.6%** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 4.1%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 4.1%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 4.1%** |
| &nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;111561 | &nbsp;&nbsp;&nbsp;&nbsp;8494254 |
| &nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46850 | &nbsp;&nbsp;&nbsp;&nbsp;8366473 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;16860727 |
| &nbsp;&nbsp;**IT Services 4.2%** | &nbsp;&nbsp;**IT Services 4.2%** | &nbsp;&nbsp;**IT Services 4.2%** |
| &nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25714 | &nbsp;&nbsp;&nbsp;&nbsp;8427507 |
| &nbsp;&nbsp;MongoDB, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16623 | &nbsp;&nbsp;&nbsp;&nbsp;3272071 |
| &nbsp;&nbsp;VeriSign, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26530 | &nbsp;&nbsp;&nbsp;&nbsp;5450323 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;17149901 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.6%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.6%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.6%** |
| &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;176775 | &nbsp;&nbsp;&nbsp;&nbsp;6547746 |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15979 | &nbsp;&nbsp;&nbsp;&nbsp;5650334 |
| &nbsp;&nbsp;Wolfspeed, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36018 | &nbsp;&nbsp;&nbsp;&nbsp;2486683 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;14684763 |
| &nbsp;&nbsp;**Software 15.7%** | &nbsp;&nbsp;**Software 15.7%** | &nbsp;&nbsp;**Software 15.7%** |
| &nbsp;&nbsp;ANSYS, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26585 | &nbsp;&nbsp;&nbsp;&nbsp;6422670 |
| &nbsp;&nbsp;Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45264 | &nbsp;&nbsp;&nbsp;&nbsp;5824572 |
| &nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68925 | &nbsp;&nbsp;11072112 |
| &nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;81096 | &nbsp;&nbsp;&nbsp;&nbsp;8538598 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Datadog, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59595 | &nbsp;&nbsp;&nbsp;&nbsp;4380233 |
| &nbsp;&nbsp;HubSpot, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17415 | &nbsp;&nbsp;&nbsp;&nbsp;5035199 |
| &nbsp;&nbsp;Paycom Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30208 | &nbsp;&nbsp;&nbsp;&nbsp;9373844 |
| &nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24873 | &nbsp;&nbsp;&nbsp;&nbsp;9657440 |
| &nbsp;&nbsp;Zscaler, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39856 | &nbsp;&nbsp;&nbsp;&nbsp;4459886 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;64764554 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**113459945** |
| &nbsp;&nbsp;**Materials 2.3%** | &nbsp;&nbsp;**Materials 2.3%** | &nbsp;&nbsp;**Materials 2.3%** |
| &nbsp;&nbsp;**Chemicals 1.3%** | &nbsp;&nbsp;**Chemicals 1.3%** | &nbsp;&nbsp;**Chemicals 1.3%** |
| &nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24790 | &nbsp;&nbsp;&nbsp;&nbsp;5375959 |
| &nbsp;&nbsp;**Construction Materials 1.0%** | &nbsp;&nbsp;**Construction Materials 1.0%** | &nbsp;&nbsp;**Construction Materials 1.0%** |
| &nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23404 | &nbsp;&nbsp;&nbsp;&nbsp;4098275 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;**9474234** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $430,453,575) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $430,453,575) | &nbsp;&nbsp;**399764888** |
| &nbsp;&nbsp;**Money Market Funds 2.8%** | &nbsp;&nbsp;**Money Market Funds 2.8%** | &nbsp;&nbsp;**Money Market Funds 2.8%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;11388416 | &nbsp;&nbsp;&nbsp;&nbsp;11384999 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $11,384,877) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $11,384,877) | &nbsp;&nbsp;&nbsp;&nbsp;**11384999** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $441,838,452)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $441,838,452)** | &nbsp;&nbsp;**411149887** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(280875)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**410869012** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 19792615 | &nbsp;&nbsp;168194629 | &nbsp;&nbsp;(176602367) | &nbsp;&nbsp;122 | &nbsp;&nbsp;11384999 | &nbsp;&nbsp;(365) | &nbsp;&nbsp;185632 | &nbsp;&nbsp;11388416 |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;14447036 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14447036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;73552804 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73552804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;15290064 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15290064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;31173383 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31173383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;84106925 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84106925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;58260497 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58260497 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 113459945 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;113459945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;9474234 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9474234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 399764888 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;399764888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;11384999 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11384999 |
| &nbsp;&nbsp;Total Investments in Securities | 411149887 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;411149887 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $430,453,575) | $399764888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $11,384,877) | &nbsp;&nbsp;&nbsp;&nbsp;11384999 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9108 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;411297324 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22164 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428312 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$410869012** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $410869012 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$410869012** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $162077975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36.25 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$34453452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35.15 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $214337585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35.68 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1827864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014486 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13108 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378926 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199846) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4179080 |
| &nbsp;&nbsp;**Net investment loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2164594) |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(24003755) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(24004120) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(158851043) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(158850921) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(182855041) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(185019635)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;$(2164594) | &nbsp;&nbsp;&nbsp;&nbsp;$(3856061) |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(24004120) | &nbsp;&nbsp;&nbsp;&nbsp;132462791 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(158850921) | &nbsp;&nbsp;&nbsp;&nbsp;(34316298) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;(185019635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94290432 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(13193801) | &nbsp;&nbsp;&nbsp;&nbsp;(99809027) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;(198213436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5518595) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;609082448 | &nbsp;&nbsp;&nbsp;&nbsp;614601043 |
| &nbsp;&nbsp;**Net assets at end of year** | **$410869012** | &nbsp;&nbsp;**$609082448** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;547523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19218032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (188964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7439868) | &nbsp;&nbsp;&nbsp;&nbsp;(1402981) | &nbsp;&nbsp;&nbsp;&nbsp;(68652519) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;358559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11778164 | &nbsp;&nbsp;&nbsp;&nbsp;(1343118) | &nbsp;&nbsp;&nbsp;&nbsp;(65618037) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;126812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4887387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9305333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (123753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4692951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6877414) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427919 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;13407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (662447) | &nbsp;&nbsp;&nbsp;&nbsp;(25659191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(764385) | &nbsp;&nbsp;&nbsp;&nbsp;(37353459) |
| &nbsp;&nbsp;Net decrease | (649040) | &nbsp;&nbsp;&nbsp;&nbsp;(25166401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749382) | &nbsp;&nbsp;&nbsp;&nbsp;(36618909) |
| &nbsp;&nbsp;**Total net decrease** | **(287422)** | &nbsp;&nbsp;&nbsp;&nbsp;**(13193801)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2045510)** | &nbsp;&nbsp;&nbsp;&nbsp;**(99809027)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $52.41 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(16.01) | &nbsp;&nbsp;(16.16) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $44.96 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;7.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $33.20 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;11.87 | &nbsp;&nbsp;&nbsp;&nbsp;11.76 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $24.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;8.64 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $25.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;(1.23) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $50.95 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(15.56) | &nbsp;&nbsp;(15.80) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $43.82 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;7.13 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $32.44 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;&nbsp;&nbsp;11.38 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $24.06 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp;&nbsp;8.38 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $25.32 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;(1.26) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $51.65 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(15.77) | &nbsp;&nbsp;(15.97) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $44.37 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;7.61 | &nbsp;&nbsp;&nbsp;&nbsp;7.28 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $32.80 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp;&nbsp;&nbsp;11.57 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $24.30 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $25.54 | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;(1.24) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |
| (d) | Rounds to zero. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.25 | (30.84%) | 0.88% | 0.84% | (0.39%) | &nbsp;&nbsp;73% | $162078 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $52.41 | 16.57% | 0.88% | 0.82% | (0.54%) | &nbsp;&nbsp;75% | $215521 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $44.96 | 35.42% | 0.88%<sup>(c)</sup> | 0.77%<sup>(c)</sup> | (0.32%) | &nbsp;&nbsp;84% | $245292 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $33.20 | 35.18% | 0.88% | 0.73% | 0.06% | &nbsp;&nbsp;70% | $231471 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $24.56 | &nbsp;&nbsp;(4.77%) | 0.89% | 0.74% | 0.12% | 150% | $183546 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $35.15 | (31.01%) | 1.13% | 1.09% | (0.64%) | &nbsp;&nbsp;73% | &nbsp;&nbsp;$34453 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $50.95 | 16.27% | 1.13% | 1.07% | (0.79%) | &nbsp;&nbsp;75% | &nbsp;&nbsp;$49778 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $43.82 | 35.08% | 1.13%<sup>(c)</sup> | 1.02%<sup>(c)</sup> | (0.58%) | &nbsp;&nbsp;84% | &nbsp;&nbsp;$40754 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $32.44 | 34.83% | 1.13% | 0.98% | (0.19%) | &nbsp;&nbsp;70% | &nbsp;&nbsp;$28169 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $24.06 | &nbsp;&nbsp;(4.98%) | 1.14% | 0.99% | (0.12%) | 150% | &nbsp;&nbsp;$19966 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $35.68 | (30.92%) | 1.01% | 0.96% | (0.52%) | &nbsp;&nbsp;73% | $214338 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $51.65 | 16.41% | 1.00% | 0.94% | (0.66%) | &nbsp;&nbsp;75% | $343782 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $44.37 | 35.28% | 1.01%<sup>(c)</sup> | 0.90%<sup>(c)</sup> | (0.45%) | &nbsp;&nbsp;84% | $328556 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $32.80 | 34.98% | 1.01% | 0.85% | (0.07%) | &nbsp;&nbsp;70% | $269172 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $24.30 | &nbsp;&nbsp;(4.86%) | 1.01% | 0.86% | (0.01%) | 150% | $227630 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Select Mid Cap Growth Fund (formerly known as Columbia Variable Portfolio – Mid Cap Growth Fund) (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective May 1, 2022, Columbia Variable Portfolio – Mid Cap Growth Fund was renamed Columbia Variable Portfolio – Select Mid Cap Growth Fund.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the

18 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Notes to Financial Statements (continued)

December 31, 2022

close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.82% to 0.65% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.82% of the Fund's average daily net assets.

#### Participating Affiliates
The Investment Manager and its investment advisory affiliates (Affiliates) may coordinate in providing services to their clients. From time to time, the Investment Manager may engage its Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Affiliates provide services to the Investment Manager pursuant to personnel-sharing agreements or other inter-company arrangements and the Fund pays no additional fees and expenses as a result of any such arrangements.

These Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered with the appropriate respective regulators and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States. Pursuant to such arrangements, employees of Affiliates may serve as

20 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Notes to Financial Statements (continued)

December 31, 2022

"associated persons" of the Investment Manager and, in this capacity, may provide such services to the Fund on behalf of the Investment Manager subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund's prospectus and SAI, and the Investment Manager's and the Fund's compliance policies and procedures.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.04% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;Class 3 | 0.965 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $327,891,423 and $334,807,122, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

22 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 1614286 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;7 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Health care sector risk
The Fund is more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the health care sector are subject to certain risks, including restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, and the rising cost of medical products and services (especially for companies dependent upon a relatively limited number of products or services). Performance of such companies may be affected by factors including government regulation, obtaining and protecting patents (or the failure to do so), product liability and other similar litigation as well as product obsolescence.

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 96.3% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

24 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Select Mid Cap Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Select Mid Cap Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

26 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

28 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

30 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

32 Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_267_af15a078-4b2c-429d-ad9c-d93820d5cedc_TOC)

#### Columbia Variable Portfolio – Select Mid Cap Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img574896f32.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7017_12_B01_(02/23)

------

![](imga5477fc51.jpg)

Annual Report

December 31, 2022

![](img9870dc352.jpg)

Columbia Variable Portfolio – Select Large Cap Value Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_91520b5e-3c51-48b9-a892-1008e0510a7e_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_91520b5e-3c51-48b9-a892-1008e0510a7e_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_88eefb89-b148-4030-9c84-8eeb5c8a4fea_1)<br>| 7 |
| [Portfolio of Investments](#xx_e1358bfb-9753-4ea3-9b9c-f330985bfd57_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_773a96fb-ee86-406b-af44-ea5591594d3b_1)<br>| 11 |
| [Statement of Operations](#xx_773a96fb-ee86-406b-af44-ea5591594d3b_2)<br>| 12 |
| [Statement of Changes in Net Assets](#xx_773a96fb-ee86-406b-af44-ea5591594d3b_3)<br>| 13 |
| [Financial Highlights](#xx_e29df732-3b7f-485f-b415-625ca69c7cc6_1)<br>| 14 |
| [Notes to Financial Statements](#xx_c1ec971c-2014-40cb-85b1-b5d822f48aa4_1)<br>| 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_bbeffc7c-12f2-4947-b112-e3f050b23331_1)<br>| 23 |
| [Trustees and Officers](#xx_20a85cff-0f3b-49ba-b034-81aeee45926a_1)<br>| 24 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Select Large Cap Value Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term growth of capital.

Portfolio management

#### Richard Rosen
Lead Portfolio Manager

Managed Fund since 2008

#### Richard Taft
Portfolio Manager

Managed Fund since 2016

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-1.84 | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;12.11 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-2.06 | &nbsp;&nbsp;&nbsp;&nbsp;7.84 | &nbsp;&nbsp;&nbsp;&nbsp;11.83 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;02/04/04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-1.95 | &nbsp;&nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;&nbsp;&nbsp;11.97 |
| &nbsp;&nbsp;Russell 1000 Value Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-7.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 |
| &nbsp;&nbsp;S&P 500 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-18.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;12.56 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img2e6ab2333.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Select Large Cap Value Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;97.9 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;11.3 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;18.1 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;14.5 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;9.7 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;13.9 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;10.7 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;11.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 89.52% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio - Select Large Cap Value Fund returned -2.06%. The Fund outperformed its benchmark, the Russell 1000 Value Index, which returned -7.54% for the same time period. During the same time, the broad equity market, as measured by the S&P 500 Index, returned -18.11%.

Market overview

U.S. equities declined in 2022, posting the worst annual performance, as measured by the S&P 500 Index, since the Global Financial Crisis in 2008 and the dot-com meltdown in 2002. In stark contrast to the previous calendar year, in which U.S. equities accelerated to 70 record highs throughout the period and all 11 economic sectors delivered double-digit gains, 2022 saw a choppy but steady downward trajectory as investor sentiment wavered between worry and hope. Six of the 11 sectors within the S&P 500 Index fell by double-digits. Energy stocks performed best, continuing the post-pandemic momentum driven by rising oil prices. Utilities stocks were the only other broad category to produce positive results, but just barely, as investors sought stability and at least some certainty about future earnings.

Results were driven largely by expectations around the course of inflation and corresponding action by the U.S. Federal Reserve (Fed), which hiked rates seven times by a combined 4.25 percentage points over the course of the year. Some upside during the period was sparked by investors' interpretation of Fed Chair Powell's remarks after the Federal Open Market Committee (FOMC) announced an anticipated 75-basis point rate hike at the end of July 2022. (A basis point is 1/100 of a percent.) What many seemingly heard were hints that rate hikes would slow in concert with softening economic growth. We believe that takeaway evaporated a month later when Powell spoke at a symposium in Jackson Hole, Wyoming and prioritized fighting inflation no matter how much pain the economy might suffer. His inflation-fighting resolve was confirmed by an additional 75-basis point hike in September, along with a forecast showing no expectations for rate cuts until 2024.

A similar about-face was repeated near year-end as sentiment abruptly turned positive to start the fourth quarter but stalled in mid-December when the Fed raised rates by 50 basis points. Although the hike was widely anticipated and marked a step down from the previous 75-basis point increases, it disappointed investors who had hoped for softening language about future increases. We believe that slowing global growth and China's COVID-19 lockdown policy compounded rate worries, as did an increasing realization that earnings estimates had been implausibly optimistic for much of the year.

The Fund's notable contributors during the period

• Strong broad-based stock selection was the key driver of outperformance during the period, with the Fund benefitting from robust stock-picking across every economic sector with the exception of the consumer
discretionary sector.

• An overweight to the energy sector and underweights to the real estate and communication services sectors also helped relative results. Sector exposures are a byproduct of the portfolio's longstanding
bottom-up investment process.

• Diversification among the Fund's top 10 performers during the period further illustrates the breadth of the year's success with security selection. Top contributors
represented six of the 11 sectors in the benchmark. Notable holdings included:

○ Refiner Marathon Petroleum Corp., which is in the midst of buying back effectively 60% of outstanding shares, delivered strong performance thanks in part to the sale of Speedway gas stations, but also due to
widening refining spreads (the price difference between crude oil and refined products), refinery efficiencies and production issues in other countries.

○ Subsea equipment and services provider TechnipFMC PLC also had a strong period of performance amid big contract wins, as offshore production entered what we believed to be its sweet
spot in the cycle and capital investments started to pay off.

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

○ California electric utility PG&E Corp. continued to execute and become what we believe to be a better company while delivering strong earnings growth. Another milestone for the utility came on the last day
of the third quarter of 2022, when the stock was added as a constituent of the S&P 500 Index.

○ Managed care provider Cigna Corp. rose due to continuing positive sentiment driven by solid results and expectations for sustained long-term demand.

The Fund's notable detractors during the period

• Security selection in health care was a key detractor for the year.

• Notable individual detractors included chip maker QUALCOMM, Inc. and semiconductor equipment maker Applied Materials, Inc., which were adversely affected by headwinds that buffeted most of the technology sector as
investors focused on slowdowns in global growth and demand that largely centered on the COVID-19 lockdown in China.

• An additional noteworthy detractor was multi-channel retailer Qurate Retail, Inc., which suffered from a bad retail environment, opacity in terms of a new business model and concerns
about negative cash flow related to supply chain issues, a warehouse fire and tepid demand.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. Investments in a limited number of companies subject the Fund to greater risk of loss. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1105.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1103.80 | &nbsp;&nbsp;&nbsp;&nbsp;1020.31 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1104.20 | &nbsp;&nbsp;&nbsp;&nbsp;1020.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.0%** | &nbsp;&nbsp;**Common Stocks 98.0%** | &nbsp;&nbsp;**Common Stocks 98.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 3.6%** | &nbsp;&nbsp;**Communication Services 3.6%** | &nbsp;&nbsp;**Communication Services 3.6%** |
| &nbsp;&nbsp;**Diversified Telecommunication Services 3.6%** | &nbsp;&nbsp;**Diversified Telecommunication Services 3.6%** | &nbsp;&nbsp;**Diversified Telecommunication Services 3.6%** |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;1856040 | &nbsp;&nbsp;&nbsp;&nbsp;73127976 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp;**73127976** |
| &nbsp;&nbsp;**Consumer Discretionary 3.4%** | &nbsp;&nbsp;**Consumer Discretionary 3.4%** | &nbsp;&nbsp;**Consumer Discretionary 3.4%** |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.3%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.3%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.3%** |
| &nbsp;&nbsp;Qurate Retail, Inc.<sup>(a)</sup> | &nbsp;&nbsp;3388236 | &nbsp;&nbsp;&nbsp;&nbsp;5522825 |
| &nbsp;&nbsp;**Specialty Retail 3.1%** | &nbsp;&nbsp;**Specialty Retail 3.1%** | &nbsp;&nbsp;**Specialty Retail 3.1%** |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322618 | &nbsp;&nbsp;&nbsp;&nbsp;64278410 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp;**69801235** |
| &nbsp;&nbsp;**Consumer Staples 3.5%** | &nbsp;&nbsp;**Consumer Staples 3.5%** | &nbsp;&nbsp;**Consumer Staples 3.5%** |
| &nbsp;&nbsp;**Tobacco 3.5%** | &nbsp;&nbsp;**Tobacco 3.5%** | &nbsp;&nbsp;**Tobacco 3.5%** |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;701087 | &nbsp;&nbsp;&nbsp;&nbsp;70957015 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;&nbsp;&nbsp;**70957015** |
| &nbsp;&nbsp;**Energy 11.1%** | &nbsp;&nbsp;**Energy 11.1%** | &nbsp;&nbsp;**Energy 11.1%** |
| &nbsp;&nbsp;**Energy Equipment & Services 2.2%** | &nbsp;&nbsp;**Energy Equipment & Services 2.2%** | &nbsp;&nbsp;**Energy Equipment & Services 2.2%** |
| &nbsp;&nbsp;TechnipFMC PLC<sup>(a)</sup> | &nbsp;&nbsp;3638906 | &nbsp;&nbsp;&nbsp;&nbsp;44358264 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 8.9%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 8.9%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 8.9%** |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;259640 | &nbsp;&nbsp;&nbsp;&nbsp;46602784 |
| &nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;629069 | &nbsp;&nbsp;&nbsp;&nbsp;73217341 |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;1893836 | &nbsp;&nbsp;&nbsp;&nbsp;62307204 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;182127329 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**226485593** |
| &nbsp;&nbsp;**Financials 17.8%** | &nbsp;&nbsp;**Financials 17.8%** | &nbsp;&nbsp;**Financials 17.8%** |
| &nbsp;&nbsp;**Banks 10.0%** | &nbsp;&nbsp;**Banks 10.0%** | &nbsp;&nbsp;**Banks 10.0%** |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;1557643 | &nbsp;&nbsp;&nbsp;&nbsp;51589136 |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;947767 | &nbsp;&nbsp;&nbsp;&nbsp;42867502 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;360491 | &nbsp;&nbsp;&nbsp;&nbsp;48341843 |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;1481430 | &nbsp;&nbsp;&nbsp;&nbsp;61168245 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;203966726 |
| &nbsp;&nbsp;**Capital Markets 1.9%** | &nbsp;&nbsp;**Capital Markets 1.9%** | &nbsp;&nbsp;**Capital Markets 1.9%** |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;449497 | &nbsp;&nbsp;&nbsp;&nbsp;38216235 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Insurance 5.9%** | &nbsp;&nbsp;**Insurance 5.9%** | &nbsp;&nbsp;**Insurance 5.9%** |
| &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;885440 | &nbsp;&nbsp;&nbsp;&nbsp;55995225 |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;891199 | &nbsp;&nbsp;&nbsp;&nbsp;64496072 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;120491297 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**362674258** |
| &nbsp;&nbsp;**Health Care 14.2%** | &nbsp;&nbsp;**Health Care 14.2%** | &nbsp;&nbsp;**Health Care 14.2%** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 1.8%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.8%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.8%** |
| &nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;717773 | &nbsp;&nbsp;&nbsp;&nbsp;36584890 |
| &nbsp;&nbsp;**Health Care Providers & Services 9.5%** | &nbsp;&nbsp;**Health Care Providers & Services 9.5%** | &nbsp;&nbsp;**Health Care Providers & Services 9.5%** |
| &nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;689753 | &nbsp;&nbsp;&nbsp;&nbsp;56566643 |
| &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;251908 | &nbsp;&nbsp;&nbsp;&nbsp;83467197 |
| &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106094 | &nbsp;&nbsp;&nbsp;&nbsp;54340286 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;194374126 |
| &nbsp;&nbsp;**Pharmaceuticals 2.9%** | &nbsp;&nbsp;**Pharmaceuticals 2.9%** | &nbsp;&nbsp;**Pharmaceuticals 2.9%** |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;826000 | &nbsp;&nbsp;&nbsp;&nbsp;59430700 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**290389716** |
| &nbsp;&nbsp;**Industrials 9.5%** | &nbsp;&nbsp;**Industrials 9.5%** | &nbsp;&nbsp;**Industrials 9.5%** |
| &nbsp;&nbsp;**Aerospace & Defense 3.1%** | &nbsp;&nbsp;**Aerospace & Defense 3.1%** | &nbsp;&nbsp;**Aerospace & Defense 3.1%** |
| &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;635252 | &nbsp;&nbsp;&nbsp;&nbsp;64109632 |
| &nbsp;&nbsp;**Airlines 2.2%** | &nbsp;&nbsp;**Airlines 2.2%** | &nbsp;&nbsp;**Airlines 2.2%** |
| &nbsp;&nbsp;Southwest Airlines Co.<sup>(a)</sup> | &nbsp;&nbsp;1353986 | &nbsp;&nbsp;&nbsp;&nbsp;45588709 |
| &nbsp;&nbsp;**Machinery 1.6%** | &nbsp;&nbsp;**Machinery 1.6%** | &nbsp;&nbsp;**Machinery 1.6%** |
| &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134843 | &nbsp;&nbsp;&nbsp;&nbsp;32302989 |
| &nbsp;&nbsp;**Road & Rail 2.6%** | &nbsp;&nbsp;**Road & Rail 2.6%** | &nbsp;&nbsp;**Road & Rail 2.6%** |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;1010278 | &nbsp;&nbsp;&nbsp;&nbsp;31298412 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101273 | &nbsp;&nbsp;&nbsp;&nbsp;20970600 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;52269012 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**194270342** |
| &nbsp;&nbsp;**Information Technology 13.6%** | &nbsp;&nbsp;**Information Technology 13.6%** | &nbsp;&nbsp;**Information Technology 13.6%** |
| &nbsp;&nbsp;**Communications Equipment 3.3%** | &nbsp;&nbsp;**Communications Equipment 3.3%** | &nbsp;&nbsp;**Communications Equipment 3.3%** |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;1428756 | &nbsp;&nbsp;&nbsp;&nbsp;68065936 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 3.0%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 3.0%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 3.0%** |
| &nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;1912127 | &nbsp;&nbsp;&nbsp;&nbsp;61073336 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.3%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.3%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.3%** |
| &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;597774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58211232 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;458974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50459602 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;108670834 |
| &nbsp;&nbsp;**Software 2.0%** | &nbsp;&nbsp;**Software 2.0%** | &nbsp;&nbsp;**Software 2.0%** |
| &nbsp;&nbsp;Teradata Corp.<sup>(a)</sup> | &nbsp;&nbsp;1204740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40551549 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp;**278361655** |
| &nbsp;&nbsp;**Materials 10.5%** | &nbsp;&nbsp;**Materials 10.5%** | &nbsp;&nbsp;**Materials 10.5%** |
| &nbsp;&nbsp;**Chemicals 3.9%** | &nbsp;&nbsp;**Chemicals 3.9%** | &nbsp;&nbsp;**Chemicals 3.9%** |
| &nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;637201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79522685 |
| &nbsp;&nbsp;**Metals & Mining 6.6%** | &nbsp;&nbsp;**Metals & Mining 6.6%** | &nbsp;&nbsp;**Metals & Mining 6.6%** |
| &nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;3265975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56109450 |
| &nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;2099217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79770246 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;135879696 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;**215402381** |
| &nbsp;&nbsp;**Utilities 10.8%** | &nbsp;&nbsp;**Utilities 10.8%** | &nbsp;&nbsp;**Utilities 10.8%** |
| &nbsp;&nbsp;**Electric Utilities 8.1%** | &nbsp;&nbsp;**Electric Utilities 8.1%** | &nbsp;&nbsp;**Electric Utilities 8.1%** |
| &nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;2011915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84379715 |
| &nbsp;&nbsp;PG&E Corp.<sup>(a)</sup> | &nbsp;&nbsp;5018495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81600729 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;165980444 |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers 2.7%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers 2.7%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers 2.7%** |
| &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;1889221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54333995 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**220314439** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,604,610,759) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,604,610,759) | &nbsp;&nbsp;**2001784610** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Stocks 0.1%** | &nbsp;&nbsp;**Preferred Stocks 0.1%** | &nbsp;&nbsp;**Preferred Stocks 0.1%** | &nbsp;&nbsp;**Preferred Stocks 0.1%** |
| &nbsp;&nbsp;**Issuer** |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Consumer Discretionary 0.1%** | &nbsp;&nbsp;**Consumer Discretionary 0.1%** | &nbsp;&nbsp;**Consumer Discretionary 0.1%** | &nbsp;&nbsp;**Consumer Discretionary 0.1%** |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.1%** |
| &nbsp;&nbsp;Qurate Retail, Inc. | &nbsp;&nbsp;8.000% | &nbsp;&nbsp;77461 | &nbsp;&nbsp;2653814 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**2653814** |
| &nbsp;&nbsp;Total Preferred Stocks<br> (Cost $10,833,818) | &nbsp;&nbsp;Total Preferred Stocks<br> (Cost $10,833,818) | &nbsp;&nbsp;Total Preferred Stocks<br> (Cost $10,833,818) | &nbsp;&nbsp;**2653814** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 2.0%** | &nbsp;&nbsp;**Money Market Funds 2.0%** | &nbsp;&nbsp;**Money Market Funds 2.0%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;40499891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40487742 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $40,483,945) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $40,483,945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40487742** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,655,928,522)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,655,928,522)** | &nbsp;&nbsp;**2044926166** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1945370)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**2042980796** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 45107980 | &nbsp;&nbsp;362000421 | &nbsp;&nbsp;(366626186) | &nbsp;&nbsp;5527 | &nbsp;&nbsp;40487742 | &nbsp;&nbsp;(13404) | &nbsp;&nbsp;673605 | &nbsp;&nbsp;40499891 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;73127976 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73127976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;69801235 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69801235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;70957015 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70957015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;226485593 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226485593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;362674258 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362674258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;290389716 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290389716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;194270342 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194270342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;278361655 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278361655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;215402381 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215402381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;220314439 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220314439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 2001784610 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2001784610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653814 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653814 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;40487742 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40487742 |
| &nbsp;&nbsp;Total Investments in Securities | 2044926166 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2044926166 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,615,444,577) | $2004438424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $40,483,945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40487742 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691317 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19589 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;2046649973 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29075 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669177 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$2042980796** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $2042980796 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$2042980796** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1866511406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50812624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36.73 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$87697109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35.62 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$88772281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2456397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36.14 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;$50873698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331998) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;51217024 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;15059584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36032 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;15701146 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;35515878 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;234524492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13404) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;234511088 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | (324897786) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (324892259) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(90381171) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(54865293)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$35515878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53584215 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;234511088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180145174 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(324892259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333856941 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54865293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567586330 |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(517403308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46923953 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(572268601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614510283 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;2615249397 | &nbsp;&nbsp;&nbsp;&nbsp;2000739114 |
| &nbsp;&nbsp;**Net assets at end of year** | **$2042980796** | &nbsp;&nbsp;**$2615249397** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17149837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14676863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471764199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (15457963) | &nbsp;&nbsp;&nbsp;&nbsp;(560216793) | &nbsp;&nbsp;&nbsp;&nbsp;(13484829) | &nbsp;&nbsp;&nbsp;&nbsp;(466074224) |
| &nbsp;&nbsp;Net increase (decrease) | (14980311) | &nbsp;&nbsp;&nbsp;&nbsp;(543066956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5689975 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24067748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29232738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5764146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2917352) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18303602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26315386 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11855188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18697162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4495142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3778570) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7360046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14918592 |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(14252698)** | &nbsp;&nbsp;&nbsp;&nbsp;**(517403308)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2400532** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46923953** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $37.42 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;(1.27) | &nbsp;&nbsp;(0.69) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.63 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;7.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.79 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $27.67 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $21.83 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $24.87 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;(3.44) | &nbsp;&nbsp;(3.04) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.37 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(0.75) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $28.87 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;7.50 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $27.03 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $21.38 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $24.42 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;(3.37) | &nbsp;&nbsp;(3.04) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.86 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;(1.24) | &nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.22 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;6.93 | &nbsp;&nbsp;&nbsp;&nbsp;7.64 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $27.32 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $21.59 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.34 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $24.62 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(3.39) | &nbsp;&nbsp;(3.03) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.73 | &nbsp;&nbsp;(1.84%) | 0.69% | 0.69% | 1.60% | &nbsp;&nbsp;7% | $1866511 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $37.42 | 26.29% | 0.68% | 0.68% | 2.12% | 21% | $2461727 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.63 | &nbsp;&nbsp;&nbsp;7.08% | 0.71%<sup>(c)</sup> | 0.71%<sup>(c)</sup> | 2.59% | 29% | $1913998 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $27.67 | 26.75% | 0.73%<sup>(c)</sup> | 0.73%<sup>(c)</sup> | 1.73% | 11% | $1241829 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $21.83 | (12.22%) | 0.73% | 0.73% | 1.60% | 16% | $1102434 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $35.62 | &nbsp;&nbsp;(2.06%) | 0.94% | 0.94% | 1.36% | &nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;$87697 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $36.37 | 25.98% | 0.93% | 0.93% | 1.93% | 21% | &nbsp;&nbsp;&nbsp;&nbsp;$70689 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $28.87 | &nbsp;&nbsp;&nbsp;6.81% | 0.96%<sup>(c)</sup> | 0.96%<sup>(c)</sup> | 2.32% | 29% | &nbsp;&nbsp;&nbsp;&nbsp;$34020 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $27.03 | 26.43% | 0.98%<sup>(c)</sup> | 0.98%<sup>(c)</sup> | 1.48% | 11% | &nbsp;&nbsp;&nbsp;&nbsp;$32815 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $21.38 | (12.45%) | 0.98% | 0.98% | 1.36% | 16% | &nbsp;&nbsp;&nbsp;&nbsp;$24610 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.14 | &nbsp;&nbsp;(1.95%) | 0.81% | 0.81% | 1.48% | &nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;$88772 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $36.86 | 26.15% | 0.80% | 0.80% | 2.04% | 21% | &nbsp;&nbsp;&nbsp;&nbsp;$82833 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.22 | &nbsp;&nbsp;&nbsp;6.95% | 0.83%<sup>(c)</sup> | 0.83%<sup>(c)</sup> | 2.40% | 29% | &nbsp;&nbsp;&nbsp;&nbsp;$52721 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $27.32 | 26.54% | 0.86%<sup>(c)</sup> | 0.86%<sup>(c)</sup> | 1.61% | 11% | &nbsp;&nbsp;&nbsp;&nbsp;$56957 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $21.59 | (12.31%) | 0.85% | 0.85% | 1.48% | 16% | &nbsp;&nbsp;&nbsp;&nbsp;$48804 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Select Large Cap Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

16 Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.77% to 0.57% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.67% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan

18 Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Notes to Financial Statements (continued)

December 31, 2022

constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;0.97 |
| &nbsp;&nbsp;Class 3 | 0.845 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Notes to Financial Statements (continued)

December 31, 2022

specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $163,621,918 and $644,302,150, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 5716667 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;6 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings

20 Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Notes to Financial Statements (continued)

December 31, 2022

up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 98.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Notes to Financial Statements (continued)

December 31, 2022

liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

22 Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Select Large Cap Value Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Select Large Cap Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

24 Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

26 Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

28 Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Select Large Cap Value Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_272_96420e23-8bb8-476c-ba54-675660b93c27_TOC)

#### Columbia Variable Portfolio – Select Large Cap Value Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img9870dc352.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7020_12_B01_(02/23)

------

![](img931a84371.jpg)

Annual Report

December 31, 2022

![](img80d352be2.jpg)

Columbia Variable Portfolio – Core Equity Fund

This Fund is closed to new investors.

Please remember that you may not buy (nor will you own) shares of the Fund directly. You invest by owning RiverSource Variable Annuity Fund A or RiverSource Variable Annuity Fund B and allocating your purchase payments to the variable account that invests in the Fund. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_be128ce6-98e6-4e18-981a-1e82d034b96f_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_be128ce6-98e6-4e18-981a-1e82d034b96f_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_0fb9474f-3174-462a-b4fd-c09419eb5240_1)<br>| 7 |
| [Portfolio of Investments](#xx_5b7c1ee1-2079-42d8-b8af-900064602869_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_feb60c11-6a53-4f63-96a6-67489cb7ec2d_1)<br>| 13 |
| [Statement of Operations](#xx_feb60c11-6a53-4f63-96a6-67489cb7ec2d_2)<br>| 14 |
| [Statement of Changes in Net Assets](#xx_feb60c11-6a53-4f63-96a6-67489cb7ec2d_3)<br>| 15 |
| [Financial Highlights](#xx_4adb2809-c4a9-49f9-99a3-2211ad24f64f_1)<br>| 16 |
| [Notes to Financial Statements](#xx_3ba6c5b7-b108-460c-beed-33195ebb586e_1)<br>| 17 |
| [Report of Independent Registered Public Accounting Firm](#xx_35d61457-4cd7-42bf-b1cb-638beb774890_1)<br>| 26 |
| [Trustees and Officers](#xx_9eea99fc-7295-4fd2-906d-bf14b5f86865_1)<br>| 27 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Core Equity Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term growth of capital.

Portfolio management

#### Raghavendran Sivaraman, Ph.D., CFA
Co-Portfolio Manager

Managed Fund since 2019

#### Oleg Nusinzon, CFA
Co-Portfolio Manager

Managed Fund since 2021

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Columbia Variable Portfolio — Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;09/10/04 | &nbsp;&nbsp;&nbsp;&nbsp;-18.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;12.38 |
| &nbsp;&nbsp;S&P 500 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-18.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;12.56 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img37cf92193.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Columbia Variable Portfolio – Core Equity Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;99.2 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;10.5 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;11.2 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;15.7 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;26.2 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, shares of Columbia Variable Portfolio – Core Equity Fund returned -18.54%. The Fund underperformed its benchmark, the S&P 500 Index, which returned -18.11%.

Market overview

Driven by aggressive U.S. Federal Reserve (Fed) interest rate hikes in response to decades-high inflation and supply-chain disruptions from Russia's invasion of Ukraine and China's zero-COVID-19 policy, the U.S. equity market, as measured by the benchmark, posted its worst calendar year performance since 2008 in 2022. On slowing yet relatively resilient corporate earnings reports and hopes that the pace of Fed interest rate hikes would ease, there were brief equity market rallies, such as those in July into early August and in October and November. However, as the realization that interest rates could remain higher for longer set in with investors, even as inflation decreased, albeit from high levels, in the last four months of the year, stocks ticked lower in December. Overall, the benchmark fell in each of the first three quarters of 2022 before rebounding into positive territory in the fourth quarter.

For the annual period overall, all capitalization segments within the U.S. equity market posted double-digit negative returns, with small-cap stocks the weakest, followed by large-cap stocks and then mid-cap stocks. From a style perspective, value-oriented stocks materially outperformed growth-oriented stocks across the capitalization spectrum.

The Fund's stock selection model

At the style level, stocks characterized by high earnings before interest, taxes, depreciation and amortization (EBITDA)-to-enterprise value, high dividend yield and high operating cash flow-to-price were in favor during the annual period. Conversely, high volatility and high growth characteristics were out of favor during the annual period.

We divide the metrics for our stock selection model into three broad categories — quality, value and catalyst. We then rank the securities within a sector/industry from "1" (most attractive) to "5" (least attractive) based upon the metrics within these categories. During the annual period, top-rated names in the quality theme did not add value, and the catalyst theme generated rather neutral results. The value theme of our stock selection model produced strong positive guidance during the annual period.

In the third quarter, we introduced an integrated energy sector model that recombined and consolidated energy names across industries in a single model that is still industry specific but now in a broader setting. As such, the portfolio now has 20 industry-specific models, 10 of which provided positive stock selection guidance during the annual period. Industrial (services), consumer discretionary (retail and apparel) and health care (products) contributed most positively to relative results. Consumer discretionary (consumer services), communication services and information technology (semiconductors) detracted most during the annual period.

The Fund's notable detractors during the period

• As usual, the Fund maintained a relatively neutral stance on sector allocation, though sector allocation did detract, albeit modestly, from relative performance during the period.

• Stock selection in the information technology, communication services and financials sectors detracted most from the Fund's relative performance during the period.

• Among the individual stocks detracting most from relative performance was Meta Platforms, Inc., the social media giant and parent company of Facebook, whose share price plummeted amid several headwinds. First, the
company reported a sharp decline in profits and said it lost about a million daily users globally. Second, in October 2022, the company forecast higher capital expenditures and no headcount reductions, which
contributed to a significantly growing year-over-year operating loss. Further, the company faced increased competition during the annual period from TikTok, less advertising due to a slowing macroeconomic environment
and pressures driven by Apple's privacy changes restricting the sharing of information. The portfolio's overweight in Meta Platforms was based on its attractive value theme score and in-line quality score,
but the models delivered negative stock selection guidance.

• Advanced Micro Devices, Inc., a semiconductor company, saw its shares decline in price as the highly cyclical semiconductor industry faced negative earnings revisions and signs of
higher inventory. While the company reported

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

---

| | |
|:---|:---|
|  | earnings in line with consensus expectations, it lowered its forward guidance on weakness in the personal computer industry. The decision to overweight the portfolio's position in Advanced Micro Devices was based on strong scores across all three of our investment themes — quality, value and catalyst, but the models provided negative guidance. |
| • | Under Armour Inc. (Class A) is an American sports clothing, footwear and accessories company. Under Armour announced a significant earnings shortfall for its March 2022 quarter and lowered its full-year forward guidance. The earnings shortfall was driven by supply-chain issues, increased freight costs and COVID-19-related lockdowns in China, which resulted in restricted store hours, low inventory and store closures in China. Shortly after this earnings miss, Under Armour's Chief Executive Officer unexpectedly announced he was stepping down from management of the company, further pressuring its shares. The portfolio's overweight in Under Armour (Class A) was established based on an attractive quality investment theme score, but the model provided negative guidance. |

---

The Fund's notable contributors during the period

• Stock selection overall contributed positively to the Fund's performance relative to the benchmark during the period.

• Stock selection in the consumer discretionary, health care and industrials sectors contributed most positively to the Fund's relative performance.

• Among the Fund's greatest individual positive contributors was EOG Resources, Inc., an oil and natural gas exploration and production company, whose shares rose on strong earnings given the elevated price of
oil. For investors, a key focus within the exploration and production industry of the energy sector was on companies, like EOG Resources, that have been accelerating the return of cash to equity holders. This focus,
in turn, resulted in these companies outperforming exploration and production companies which emphasized debt reduction instead. The portfolio's overweight in EOG Resources was driven by our quality and catalyst
themes, and the models delivered effective stock selection guidance.

• McKesson Corp., a drug distributor and medical services provider, performed well after reporting strong results wherein the company's profits jumped due to falling expenses and smaller charges for litigation,
claims, restructuring and impairment than incurred in prior periods. The portfolio's overweight in McKesson was based on attractive scores in our catalyst theme, and the model provided positive guidance.

• Exxon Mobil Corp., the integrated energy producer, generated strong returns during the year, as energy stocks broadly were among the few bright spots in the market turmoil of 2022.
Ongoing demand, along with elevated energy prices, boosted returns for Exxon Mobil. The portfolio's overweight in Exxon Mobil was driven by an attractive catalyst score and an in-line value score, and the models
delivered effective stock selection guidance.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. Foreign investments subject the fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract (Contract). The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1011.90 | &nbsp;&nbsp;&nbsp;&nbsp;1023.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |

---

Expenses paid during the period are equal to the annualized expense ratio as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 99.2%** | &nbsp;&nbsp;**Common Stocks 99.2%** | &nbsp;&nbsp;**Common Stocks 99.2%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 6.9%** | &nbsp;&nbsp;**Communication Services 6.9%** | &nbsp;&nbsp;**Communication Services 6.9%** |
| &nbsp;&nbsp;**Entertainment 0.9%** | &nbsp;&nbsp;**Entertainment 0.9%** | &nbsp;&nbsp;**Entertainment 0.9%** |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;13721 | &nbsp;&nbsp;&nbsp;&nbsp;1676432 |
| &nbsp;&nbsp;**Interactive Media & Services 5.7%** | &nbsp;&nbsp;**Interactive Media & Services 5.7%** | &nbsp;&nbsp;**Interactive Media & Services 5.7%** |
| &nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;83515 | &nbsp;&nbsp;&nbsp;&nbsp;7368528 |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;21119 | &nbsp;&nbsp;&nbsp;&nbsp;2541461 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9909989 |
| &nbsp;&nbsp;**Media 0.3%** | &nbsp;&nbsp;**Media 0.3%** | &nbsp;&nbsp;**Media 0.3%** |
| &nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570956 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**12157377** |
| &nbsp;&nbsp;**Consumer Discretionary 10.4%** | &nbsp;&nbsp;**Consumer Discretionary 10.4%** | &nbsp;&nbsp;**Consumer Discretionary 10.4%** |
| &nbsp;&nbsp;**Automobiles 0.5%** | &nbsp;&nbsp;**Automobiles 0.5%** | &nbsp;&nbsp;**Automobiles 0.5%** |
| &nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879136 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.3%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.3%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.3%** |
| &nbsp;&nbsp;Expedia Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;24989 | &nbsp;&nbsp;&nbsp;&nbsp;2189037 |
| &nbsp;&nbsp;**Household Durables 2.0%** | &nbsp;&nbsp;**Household Durables 2.0%** | &nbsp;&nbsp;**Household Durables 2.0%** |
| &nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;21425 | &nbsp;&nbsp;&nbsp;&nbsp;1938962 |
| &nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;36013 | &nbsp;&nbsp;&nbsp;&nbsp;1639672 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3578634 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.1%** |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;23616 | &nbsp;&nbsp;&nbsp;&nbsp;1983744 |
| &nbsp;&nbsp;**Specialty Retail 4.5%** | &nbsp;&nbsp;**Specialty Retail 4.5%** | &nbsp;&nbsp;**Specialty Retail 4.5%** |
| &nbsp;&nbsp;AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1052 | &nbsp;&nbsp;&nbsp;&nbsp;2594421 |
| &nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;32700 | &nbsp;&nbsp;&nbsp;&nbsp;1377978 |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3431 | &nbsp;&nbsp;&nbsp;&nbsp;2895867 |
| &nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977542 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7845808 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.0%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.0%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.0%** |
| &nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308267 |
| &nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;13450 | &nbsp;&nbsp;&nbsp;&nbsp;1421261 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;1729528 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**18205887** |
| &nbsp;&nbsp;**Consumer Staples 6.9%** | &nbsp;&nbsp;**Consumer Staples 6.9%** | &nbsp;&nbsp;**Consumer Staples 6.9%** |
| &nbsp;&nbsp;**Food & Staples Retailing 1.6%** | &nbsp;&nbsp;**Food & Staples Retailing 1.6%** | &nbsp;&nbsp;**Food & Staples Retailing 1.6%** |
| &nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;62442 | &nbsp;&nbsp;&nbsp;&nbsp;2783664 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Food Products 1.1%** | &nbsp;&nbsp;**Food Products 1.1%** | &nbsp;&nbsp;**Food Products 1.1%** |
| &nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;23412 | &nbsp;&nbsp;&nbsp;&nbsp;1963096 |
| &nbsp;&nbsp;**Household Products 1.7%** | &nbsp;&nbsp;**Household Products 1.7%** | &nbsp;&nbsp;**Household Products 1.7%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;19656 | &nbsp;&nbsp;&nbsp;&nbsp;2979064 |
| &nbsp;&nbsp;**Tobacco 2.5%** | &nbsp;&nbsp;**Tobacco 2.5%** | &nbsp;&nbsp;**Tobacco 2.5%** |
| &nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;59203 | &nbsp;&nbsp;&nbsp;&nbsp;2706169 |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;15441 | &nbsp;&nbsp;&nbsp;&nbsp;1562784 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4268953 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**11994777** |
| &nbsp;&nbsp;**Energy 5.5%** | &nbsp;&nbsp;**Energy 5.5%** | &nbsp;&nbsp;**Energy 5.5%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.5%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.5%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.5%** |
| &nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203014 |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;39367 | &nbsp;&nbsp;&nbsp;&nbsp;4342180 |
| &nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;20113 | &nbsp;&nbsp;&nbsp;&nbsp;2340952 |
| &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;21239 | &nbsp;&nbsp;&nbsp;&nbsp;2694379 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9580525 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;&nbsp;&nbsp;**9580525** |
| &nbsp;&nbsp;**Financials 11.1%** | &nbsp;&nbsp;**Financials 11.1%** | &nbsp;&nbsp;**Financials 11.1%** |
| &nbsp;&nbsp;**Banks 2.8%** | &nbsp;&nbsp;**Banks 2.8%** | &nbsp;&nbsp;**Banks 2.8%** |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;28606 | &nbsp;&nbsp;&nbsp;&nbsp;1293849 |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;88772 | &nbsp;&nbsp;&nbsp;&nbsp;3665396 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4959245 |
| &nbsp;&nbsp;**Capital Markets 2.8%** | &nbsp;&nbsp;**Capital Markets 2.8%** | &nbsp;&nbsp;**Capital Markets 2.8%** |
| &nbsp;&nbsp;Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;8150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370988 |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8042 | &nbsp;&nbsp;&nbsp;&nbsp;1352342 |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;32792 | &nbsp;&nbsp;&nbsp;&nbsp;2787976 |
| &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380093 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4891399 |
| &nbsp;&nbsp;**Consumer Finance 1.3%** | &nbsp;&nbsp;**Consumer Finance 1.3%** | &nbsp;&nbsp;**Consumer Finance 1.3%** |
| &nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;23536 | &nbsp;&nbsp;&nbsp;&nbsp;2187907 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Insurance 4.2%** | &nbsp;&nbsp;**Insurance 4.2%** | &nbsp;&nbsp;**Insurance 4.2%** |
| &nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470920 |
| &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;23937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735344 |
| &nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;20479 | &nbsp;&nbsp;&nbsp;&nbsp;3388865 |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;38083 | &nbsp;&nbsp;&nbsp;&nbsp;2756067 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7351196 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**19389747** |
| &nbsp;&nbsp;**Health Care 15.5%** | &nbsp;&nbsp;**Health Care 15.5%** | &nbsp;&nbsp;**Health Care 15.5%** |
| &nbsp;&nbsp;**Biotechnology 2.8%** | &nbsp;&nbsp;**Biotechnology 2.8%** | &nbsp;&nbsp;**Biotechnology 2.8%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;12575 | &nbsp;&nbsp;&nbsp;&nbsp;2032246 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187000 |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654367 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824663 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4135 | &nbsp;&nbsp;&nbsp;&nbsp;1194105 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4892381 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 1.9%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.9%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.9%** |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;21637 | &nbsp;&nbsp;&nbsp;&nbsp;2375526 |
| &nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;11982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896374 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3271900 |
| &nbsp;&nbsp;**Health Care Providers & Services 3.8%** | &nbsp;&nbsp;**Health Care Providers & Services 3.8%** | &nbsp;&nbsp;**Health Care Providers & Services 3.8%** |
| &nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;19401 | &nbsp;&nbsp;&nbsp;&nbsp;1491355 |
| &nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623276 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;23838 | &nbsp;&nbsp;&nbsp;&nbsp;2221463 |
| &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865601 |
| &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4180 | &nbsp;&nbsp;&nbsp;&nbsp;1568002 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6769697 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 2.0%** | &nbsp;&nbsp;**Life Sciences Tools & Services 2.0%** | &nbsp;&nbsp;**Life Sciences Tools & Services 2.0%** |
| &nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287029 |
| &nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;15559 | &nbsp;&nbsp;&nbsp;&nbsp;3187883 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3474912 |
| &nbsp;&nbsp;**Pharmaceuticals 5.0%** | &nbsp;&nbsp;**Pharmaceuticals 5.0%** | &nbsp;&nbsp;**Pharmaceuticals 5.0%** |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;51989 | &nbsp;&nbsp;&nbsp;&nbsp;3740609 |
| &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;92931 | &nbsp;&nbsp;&nbsp;&nbsp;4761784 |
| &nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;28485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317038 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;8819431 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**27228321** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Industrials 8.7%** | &nbsp;&nbsp;**Industrials 8.7%** | &nbsp;&nbsp;**Industrials 8.7%** |
| &nbsp;&nbsp;**Aerospace & Defense 3.8%** | &nbsp;&nbsp;**Aerospace & Defense 3.8%** | &nbsp;&nbsp;**Aerospace & Defense 3.8%** |
| &nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;14338 | &nbsp;&nbsp;&nbsp;&nbsp;3557401 |
| &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5303 | &nbsp;&nbsp;&nbsp;&nbsp;2579857 |
| &nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547142 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6684400 |
| &nbsp;&nbsp;**Air Freight & Logistics 0.8%** | &nbsp;&nbsp;**Air Freight & Logistics 0.8%** | &nbsp;&nbsp;**Air Freight & Logistics 0.8%** |
| &nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;7626 | &nbsp;&nbsp;&nbsp;&nbsp;1325704 |
| &nbsp;&nbsp;**Airlines 0.2%** | &nbsp;&nbsp;**Airlines 0.2%** | &nbsp;&nbsp;**Airlines 0.2%** |
| &nbsp;&nbsp;Delta Air Lines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166830 |
| &nbsp;&nbsp;Southwest Airlines Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158485 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325315 |
| &nbsp;&nbsp;**Building Products 0.3%** | &nbsp;&nbsp;**Building Products 0.3%** | &nbsp;&nbsp;**Building Products 0.3%** |
| &nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;12100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564707 |
| &nbsp;&nbsp;**Commercial Services & Supplies 1.3%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.3%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.3%** |
| &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5101 | &nbsp;&nbsp;&nbsp;&nbsp;2303714 |
| &nbsp;&nbsp;**Electrical Equipment 0.3%** | &nbsp;&nbsp;**Electrical Equipment 0.3%** | &nbsp;&nbsp;**Electrical Equipment 0.3%** |
| &nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;6363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611230 |
| &nbsp;&nbsp;**Machinery 1.5%** | &nbsp;&nbsp;**Machinery 1.5%** | &nbsp;&nbsp;**Machinery 1.5%** |
| &nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263425 |
| &nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256700 |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4692 | &nbsp;&nbsp;&nbsp;&nbsp;1365372 |
| &nbsp;&nbsp;Snap-On, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664220 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2549717 |
| &nbsp;&nbsp;**Professional Services 0.2%** | &nbsp;&nbsp;**Professional Services 0.2%** | &nbsp;&nbsp;**Professional Services 0.2%** |
| &nbsp;&nbsp;Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266748 |
| &nbsp;&nbsp;**Road & Rail 0.3%** | &nbsp;&nbsp;**Road & Rail 0.3%** | &nbsp;&nbsp;**Road & Rail 0.3%** |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;17195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532701 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**15164236** |
| &nbsp;&nbsp;**Information Technology 26.0%** | &nbsp;&nbsp;**Information Technology 26.0%** | &nbsp;&nbsp;**Information Technology 26.0%** |
| &nbsp;&nbsp;**Communications Equipment 2.2%** | &nbsp;&nbsp;**Communications Equipment 2.2%** | &nbsp;&nbsp;**Communications Equipment 2.2%** |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;81791 | &nbsp;&nbsp;&nbsp;&nbsp;3896523 |
| &nbsp;&nbsp;**IT Services 2.5%** | &nbsp;&nbsp;**IT Services 2.5%** | &nbsp;&nbsp;**IT Services 2.5%** |
| &nbsp;&nbsp;MasterCard, Inc., Class A | &nbsp;&nbsp;12697 | &nbsp;&nbsp;&nbsp;&nbsp;4415128 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.5%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.5%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.5%** |
| &nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;40059 | &nbsp;&nbsp;&nbsp;&nbsp;2594622 |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4508 | &nbsp;&nbsp;&nbsp;&nbsp;1894712 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;30368 | &nbsp;&nbsp;&nbsp;&nbsp;3338658 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7827992 |
| &nbsp;&nbsp;**Software 10.2%** | &nbsp;&nbsp;**Software 10.2%** | &nbsp;&nbsp;**Software 10.2%** |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5242 | &nbsp;&nbsp;&nbsp;&nbsp;1764090 |
| &nbsp;&nbsp;Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876047 |
| &nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;60653 | &nbsp;&nbsp;&nbsp;&nbsp;2965325 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;51276 | &nbsp;&nbsp;12297010 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;17902472 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 6.6%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 6.6%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 6.6%** |
| &nbsp;&nbsp;Apple, Inc.<sup>(b)</sup> | &nbsp;&nbsp;88685 | &nbsp;&nbsp;11522842 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**45564957** |
| &nbsp;&nbsp;**Materials 2.5%** | &nbsp;&nbsp;**Materials 2.5%** | &nbsp;&nbsp;**Materials 2.5%** |
| &nbsp;&nbsp;**Chemicals 1.1%** | &nbsp;&nbsp;**Chemicals 1.1%** | &nbsp;&nbsp;**Chemicals 1.1%** |
| &nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742774 |
| &nbsp;&nbsp;Mosaic Co. (The) | &nbsp;&nbsp;28499 | &nbsp;&nbsp;&nbsp;&nbsp;1250251 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;1993025 |
| &nbsp;&nbsp;**Metals & Mining 1.4%** | &nbsp;&nbsp;**Metals & Mining 1.4%** | &nbsp;&nbsp;**Metals & Mining 1.4%** |
| &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;18226 | &nbsp;&nbsp;&nbsp;&nbsp;2402369 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;**4395394** |
| &nbsp;&nbsp;**Real Estate 3.0%** | &nbsp;&nbsp;**Real Estate 3.0%** | &nbsp;&nbsp;**Real Estate 3.0%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 3.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 3.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 3.0%** |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;94869 | &nbsp;&nbsp;&nbsp;&nbsp;1522647 |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691805 |
| &nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;98183 | &nbsp;&nbsp;&nbsp;&nbsp;3043673 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5258125 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**5258125** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Utilities 2.7%** | &nbsp;&nbsp;**Utilities 2.7%** | &nbsp;&nbsp;**Utilities 2.7%** |
| &nbsp;&nbsp;**Electric Utilities 2.7%** | &nbsp;&nbsp;**Electric Utilities 2.7%** | &nbsp;&nbsp;**Electric Utilities 2.7%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33353 | &nbsp;&nbsp;&nbsp;&nbsp;3166867 |
| &nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25407 | &nbsp;&nbsp;&nbsp;&nbsp;1598863 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4765730 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**4765730** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $156,838,171) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $156,838,171) | &nbsp;&nbsp;**173705076** |
| &nbsp;&nbsp;**Money Market Funds 0.8%** | &nbsp;&nbsp;**Money Market Funds 0.8%** | &nbsp;&nbsp;**Money Market Funds 0.8%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(c),(d)</sup> | &nbsp;&nbsp;1480659 | &nbsp;&nbsp;&nbsp;&nbsp;1480215 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $1,480,106) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $1,480,106) | &nbsp;&nbsp;&nbsp;&nbsp;**1480215** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $158,318,277)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $158,318,277)** | &nbsp;&nbsp;**175185291** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(48941)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**175136350** |

---

At December 31, 2022, securities and/or cash totaling $207,888 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 9 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1737450 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(61556) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(c) The rate shown is the seven-day current annualized yield at December 31, 2022.

(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 3047987 | &nbsp;&nbsp;19667396 | &nbsp;&nbsp;(21235339) | &nbsp;&nbsp;171 | &nbsp;&nbsp;1480215 | &nbsp;&nbsp;(1161) | &nbsp;&nbsp;32222 | &nbsp;&nbsp;1480659 |

---

#### Currency Legend
USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued) The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;12157377 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12157377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;18205887 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18205887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;11994777 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11994777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;9580525 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9580525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;19389747 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19389747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;27228321 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27228321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;15164236 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15164236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;45564957 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45564957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;4395394 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4395394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;5258125 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5258125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;4765730 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 173705076 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;173705076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1480215 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480215 |
| &nbsp;&nbsp;Total Investments in Securities | 175185291 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;175185291 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61556) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61556) |
| &nbsp;&nbsp;Total | 175123735 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;175123735 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $156,838,171) | $173705076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $1,480,106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480215 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6946 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;175391318 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6005 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254968 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$175136350** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $175136350 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$175136350** |
| &nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5694933 |
| &nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.75 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$3365086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32222 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3397308 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8447 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872735 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84963) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787772 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609536 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;11673728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1161) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(651368) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;11021199 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(56295177) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150797) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(56445803) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(45424604) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(42815068)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$2609536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2768633 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;11021199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36116585 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(56445803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24376005 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(42815068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63261223 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(20320318) | &nbsp;&nbsp;&nbsp;&nbsp;(25991912) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(63135386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37269311 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;238271736 | &nbsp;&nbsp;&nbsp;&nbsp;201002425 |
| &nbsp;&nbsp;**Net assets at end of year** | **$175136350** | &nbsp;&nbsp;**$238271736** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (621141) | &nbsp;&nbsp;&nbsp;&nbsp;(20435616) | &nbsp;&nbsp;&nbsp;&nbsp;(792952) | &nbsp;&nbsp;&nbsp;&nbsp;(26425815) |
| &nbsp;&nbsp;**Total net decrease** | **(617528)** | &nbsp;&nbsp;&nbsp;&nbsp;**(20320318)** | &nbsp;&nbsp;&nbsp;&nbsp;**(779412)** | &nbsp;&nbsp;&nbsp;&nbsp;**(25991912)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;&nbsp;**2018** |
| &nbsp;&nbsp;**Per share data** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$37.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.45 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;$30.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.78 |
| &nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;(18.54%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.28%) |
| &nbsp;&nbsp;**Ratios to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;Total gross expenses<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;Total net expenses<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $175136 | &nbsp;&nbsp;&nbsp;&nbsp;$238272 | &nbsp;&nbsp;&nbsp;&nbsp;$201002 | &nbsp;&nbsp;&nbsp;&nbsp;$196278 | &nbsp;&nbsp;&nbsp;&nbsp;$178338 |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Core Equity Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). You may not buy (nor will you own) shares of the Fund directly. You invest by owning RiverSource Variable Annuity Fund A or RiverSource Variable Annuity Fund B, issued by RiverSource Life Insurance Company (Participating Insurance Companies), and allocating your purchase payments to the variable account that invests in the Fund. Refer to your variable annuity contract prospectus for information regarding the investment options available to you. The Fund is closed to new investors.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

18 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;61,556\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(651368) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(150797) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 1790431 |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

20 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund.

#### Determination of net asset value
The net asset value per share of the Fund is computed by dividing the value of the net assets of the Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent, at the close of regular trading (ordinarily 4:00 p.m. Eastern Time) every day the New York Stock Exchange is open.

#### Federal income tax status
The Fund is a disregarded entity for federal income tax purposes and does not expect to make regular distributions to shareholders. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The shareholder is subject to tax on its distributive share of the Fund's income and losses. The components of the Fund's net assets are reported at the shareholder level for tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to 0.40% of the Fund's daily net assets.

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, under which the Fund did not pay any fees to the Transfer Agent during the reporting period.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) indefinitely, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the annual rate of 0.40% of the Fund's average daily net assets.

Under the agreement governing this fee waiver and/or expense reimbursement arrangement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $94,961,585 and $111,778,735, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

22 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

24 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Core Equity Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Core Equity Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

26 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

28 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

30 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

32 Columbia Variable Portfolio – Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_277_438cba02-7f4f-4553-b30e-6e742f5bfa72_TOC)

#### Columbia Variable Portfolio – Core Equity Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img80d352be2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7003_12_B01_(02/23)

------

![](img03b20b361.jpg)

Annual Report

December 31, 2022

![](img981cdace2.jpg)

Columbia Variable Portfolio – Income Opportunities Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_a9f11671-8b0a-46a1-9333-5e88cd7b3105_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_a9f11671-8b0a-46a1-9333-5e88cd7b3105_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_197e9000-2b6a-4846-9b9f-e14cad21a050_1)<br>| 7 |
| [Portfolio of Investments](#xx_2321c848-5112-4222-ae6a-c1f337f72dfb_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_77f42241-aa19-42b2-ab80-4baa855204eb_1)<br>| 18 |
| [Statement of Operations](#xx_77f42241-aa19-42b2-ab80-4baa855204eb_2)<br>| 19 |
| [Statement of Changes in Net Assets](#xx_77f42241-aa19-42b2-ab80-4baa855204eb_3)<br>| 20 |
| [Financial Highlights](#xx_eea32692-59a9-42fb-b1b6-ff060a649675_2)<br>| 22 |
| [Notes to Financial Statements](#xx_0290a9f5-07b7-4d50-ac3c-58c2daef7ad8_1)<br>| 24 |
| [Report of Independent Registered Public Accounting Firm](#xx_93e67701-b63b-4ea1-949e-ad5dd263e893_1)<br>| 34 |
| [Trustees and Officers](#xx_3be563ea-5fa6-4787-94ea-40b55a87d23d_1)<br>| 35 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Income Opportunities Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a high total return through current income and capital appreciation.

Portfolio management

#### Brian Lavin, CFA
Lead Portfolio Manager

Managed Fund since 2004

#### Daniel DeYoung
Portfolio Manager

Managed Fund since 2019

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-10.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-10.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;06/01/04 | &nbsp;&nbsp;&nbsp;&nbsp;-10.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 |
| &nbsp;&nbsp;ICE BofA BB-B US Cash Pay High Yield Constrained Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-10.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The ICE BofA BB-B US Cash Pay High Yield Constrained Index is an unmanaged index of high-yield bonds. The index is subject to a 2% cap on allocation to any one issuer. The 2% cap is intended to provide broad diversification and better reflect the overall character of the high-yield market. Effective July 1, 2022, the ICE BofA BB-B US Cash Pay High Yield Constrained Index includes transaction costs.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgb91ccc0b3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Income Opportunities Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;90.9 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;43.5 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;49.3 |
| &nbsp;&nbsp;CCC rating | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the average rating of Moody's, S&P and Fitch. When ratings are available from only two rating agencies, the average of the two rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Income Opportunities Fund returned -10.22%. The Fund's benchmark, the ICE BofA BB-B US Cash Pay High Yield Constrained Index, returned -10.59% during the same time period.

Market overview

Historically high inflation and efforts on the part of the U.S. Federal Reserve (Fed) to contain prices were the principal drivers of the broader bond market's negative return for the 12 months that ended December 31, 2022. U.S. consumer price inflation rose above 8% in March 2022 and peaked at 9.1% in June 2022. The Fed responded by raising its benchmark overnight lending rate seven times, leaving the federal funds target range at 4.25%-4.50% at year-end, as compared to 0.0%-0.25% entering 2022.

The U.S. Treasury yield curve finished the 12-month period dramatically higher than where it began the period. The two-year Treasury note began 2022 at 0.73% and ended the year at 4.41% for an increase of 368 basis points, while the yield on the bellwether 10-year Treasury rose a more modest 236 basis points, from 1.52% to 3.88%. (A basis point is 1/100 of a percent.) As a result, the Treasury curve ended 2022 significantly inverted (meaning that short-term yields were higher than long-term yields), a development which has frequently foreshadowed recession.

The high-yield market in 2022 was characterized by heightened interest rate and credit spread volatility, and higher industry and issuer return dispersion, as compared to 2021. The asset class experienced its worst calendar year total return since 2008 and second worst year on record. The primary driver of negative total returns was sharply higher Treasury rates, as the Fed conducted the most aggressive tightening of policy rates in 40 years. In addition, credit spreads finished the period notably wider, given heightened macro concerns regarding the impact on overall demand from tighter monetary policy.

The Fund's notable contributors during the period

• Positive results, relative to the benchmark, were driven both by security selection and industry allocation over the year.

• The Fund began the period with slightly defensive positioning, as compared to the benchmark, with a modestly lower yield and credit sensitivity.

○ Positioning became more defensive over the course of the year, with both relative yield and credit sensitivity decreasing.

○ We remain comfortable maintaining the Fund's conservative positioning while continuing to look for what we believe to be dislocations in the market that provide idiosyncratic
buying opportunities. That said, we continue to believe that, should a recession materialize, it should not cause default rates to spike to levels seen in previous recessions.

• Security selection was strongest within support services, with notable contributions driven by overweight allocations to ratings measurement firm Nielsen, heavy equipment auctioneer Ritchie Brothers and used car
auction company KAR Auction Services, in addition to smaller contributions from several other issuers within the sector.

• Selection was also positive within pharmaceuticals, driven by an underweight allocation to and higher quality positioning within the capital structure of Canadian pharmaceutical company Bausch Health.

• Positive selection within telecommunications-wireline was driven by shorter dated positioning within the capital structure of Lumen Technologies.

• Selection within technology hardware and equipment also contributed, driven by an overweight allocation to headset manufacturer Plantronics, which saw its bonds move sharply higher on the announcement that the
company would be acquired by Hewlett-Packard.

• In terms of sector allocation, underweights to banking and specialty retail led positive contributions.

The Fund's notable detractors during the period

• Selection within cable and satellite TV was the largest detractor from performance relative to the benchmark, most notably an overweight allocation to Dish Corp.

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Selection also detracted within energy exploration and production, with underperformance driven largely by overweight allocations to higher quality, more interest rate sensitive "rising stars" rather
than credit deterioration.

• In this vein, overweight positions in Occidental Petroleum and Apache Corporation, both candidates for ratings upgrades, were the two largest individual detractors.

• Also within energy, an underweight allocation to refiners detracted, as this segment benefited from higher commodity prices.

• Finally, selection within recreation and travel weighed on performance, with overweight allocations to cruise line operators Carnival, Royal Caribbean, and NCL Corp driving negative
results.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. Prepayment and extension risk exists as a loan, bond or other investment may be called, prepaid or redeemed before maturity and that similar yielding investments may not be available for purchase. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. Market or other (e.g., interest rate) environments may adversely affect the liquidity of Fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.* 

6 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1037.10 | &nbsp;&nbsp;&nbsp;&nbsp;1021.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1036.10 | &nbsp;&nbsp;&nbsp;&nbsp;1020.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1035.40 | &nbsp;&nbsp;&nbsp;&nbsp;1021.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 0.0%** | &nbsp;&nbsp;**Common Stocks 0.0%** | &nbsp;&nbsp;**Common Stocks 0.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 0.0%** | &nbsp;&nbsp;**Communication Services 0.0%** | &nbsp;&nbsp;**Communication Services 0.0%** |
| &nbsp;&nbsp;**Media 0.0%** | &nbsp;&nbsp;**Media 0.0%** | &nbsp;&nbsp;**Media 0.0%** |
| &nbsp;&nbsp;Haights Cross Communications, Inc.<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Telesat Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;Ziff Davis Holdings, Inc.<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51** |
| &nbsp;&nbsp;**Consumer Discretionary 0.0%** | &nbsp;&nbsp;**Consumer Discretionary 0.0%** | &nbsp;&nbsp;**Consumer Discretionary 0.0%** |
| &nbsp;&nbsp;**Auto Components 0.0%** | &nbsp;&nbsp;**Auto Components 0.0%** | &nbsp;&nbsp;**Auto Components 0.0%** |
| &nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;26788 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**26788** |
| &nbsp;&nbsp;**Industrials 0.0%** | &nbsp;&nbsp;**Industrials 0.0%** | &nbsp;&nbsp;**Industrials 0.0%** |
| &nbsp;&nbsp;**Commercial Services & Supplies 0.0%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.0%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.0%** |
| &nbsp;&nbsp;Quad/Graphics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277 | &nbsp;&nbsp;&nbsp;&nbsp;5210 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;&nbsp;&nbsp;**5210** |
| &nbsp;&nbsp;**Utilities —%** | &nbsp;&nbsp;**Utilities —%** | &nbsp;&nbsp;**Utilities —%** |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers —%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers —%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers —%** |
| &nbsp;&nbsp;Calpine Corp. Escrow<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;6049000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $331,985) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $331,985) | &nbsp;&nbsp;**32049** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Bonds 0.8%** | &nbsp;&nbsp;**Convertible Bonds 0.8%** | &nbsp;&nbsp;**Convertible Bonds 0.8%** | &nbsp;&nbsp;**Convertible Bonds 0.8%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Cable and Satellite 0.8%** | &nbsp;&nbsp;**Cable and Satellite 0.8%** | &nbsp;&nbsp;**Cable and Satellite 0.8%** | &nbsp;&nbsp;**Cable and Satellite 0.8%** |
| &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;3.375% | 1901000 | &nbsp;&nbsp;1190976 |
| &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $1,686,309) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $1,686,309) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $1,686,309) | &nbsp;&nbsp;**1190976** |
| &nbsp;&nbsp;**Corporate Bonds & Notes 89.7%** | &nbsp;&nbsp;**Corporate Bonds & Notes 89.7%** | &nbsp;&nbsp;**Corporate Bonds & Notes 89.7%** | &nbsp;&nbsp;**Corporate Bonds & Notes 89.7%** |
| &nbsp;&nbsp;**Aerospace & Defense 2.3%** | &nbsp;&nbsp;**Aerospace & Defense 2.3%** | &nbsp;&nbsp;**Aerospace & Defense 2.3%** | &nbsp;&nbsp;**Aerospace & Defense 2.3%** |
| &nbsp;&nbsp;Bombardier, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;7.875% | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;223920 |
| &nbsp;&nbsp;Moog, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Moog, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Moog, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Moog, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;447000 | &nbsp;&nbsp;&nbsp;&nbsp;412948 |
| &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;11/30/2029 | &nbsp;&nbsp;9.375% | &nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;&nbsp;177044 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;TransDigm, Inc.<sup>(d)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(d)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(d)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | 1488000 | &nbsp;&nbsp;1470624 |
| &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;997000 | &nbsp;&nbsp;&nbsp;&nbsp;971610 |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25354 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60629 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3342129** |
| &nbsp;&nbsp;**Airlines 2.4%** | &nbsp;&nbsp;**Airlines 2.4%** | &nbsp;&nbsp;**Airlines 2.4%** | &nbsp;&nbsp;**Airlines 2.4%** |
| &nbsp;&nbsp;Air Canada<sup>(d)</sup> | &nbsp;&nbsp;Air Canada<sup>(d)</sup> | &nbsp;&nbsp;Air Canada<sup>(d)</sup> | &nbsp;&nbsp;Air Canada<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;355358 |
| &nbsp;&nbsp;American Airlines, Inc.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;11.750% | &nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;189347 |
| &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;04/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 1353605 | &nbsp;&nbsp;1301711 |
| &nbsp;&nbsp;04/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;30469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27875 |
| &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;552635 | &nbsp;&nbsp;&nbsp;&nbsp;500021 |
| &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;06/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;782126 | &nbsp;&nbsp;&nbsp;&nbsp;779269 |
| &nbsp;&nbsp;Spirit Loyalty Cayman Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Spirit Loyalty Cayman Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Spirit Loyalty Cayman Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Spirit Loyalty Cayman Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;09/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;288974 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3442555** |
| &nbsp;&nbsp;**Automotive 4.3%** | &nbsp;&nbsp;**Automotive 4.3%** | &nbsp;&nbsp;**Automotive 4.3%** | &nbsp;&nbsp;**Automotive 4.3%** |
| &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;&nbsp;153000 |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45332 |
| &nbsp;&nbsp;Clarios Global LP<sup>(d)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(d)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(d)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp;&nbsp;&nbsp;280330 |
| &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. |
| &nbsp;&nbsp;02/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;317000 | &nbsp;&nbsp;&nbsp;&nbsp;238525 |
| &nbsp;&nbsp;01/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;446000 | &nbsp;&nbsp;&nbsp;&nbsp;322676 |
| &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC |
| &nbsp;&nbsp;03/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;5.584% | &nbsp;&nbsp;&nbsp;513000 | &nbsp;&nbsp;&nbsp;&nbsp;507225 |
| &nbsp;&nbsp;11/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;4.063% | &nbsp;&nbsp;&nbsp;178000 | &nbsp;&nbsp;&nbsp;&nbsp;171525 |
| &nbsp;&nbsp;06/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;512000 | &nbsp;&nbsp;&nbsp;&nbsp;493592 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;734000 | &nbsp;&nbsp;&nbsp;&nbsp;664839 |
| &nbsp;&nbsp;05/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.950% | &nbsp;&nbsp;&nbsp;143000 | &nbsp;&nbsp;&nbsp;&nbsp;133565 |
| &nbsp;&nbsp;08/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;712000 | &nbsp;&nbsp;&nbsp;&nbsp;636246 |
| &nbsp;&nbsp;11/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.350% | &nbsp;&nbsp;&nbsp;263000 | &nbsp;&nbsp;&nbsp;&nbsp;269496 |
| &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2.900% | &nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp;195833 |
| &nbsp;&nbsp;11/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;359000 | &nbsp;&nbsp;&nbsp;&nbsp;294854 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;125956 |
| &nbsp;&nbsp;IAA Spinco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;398451 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(d),(e)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(d),(e)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(d),(e)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(d),(e)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73671 |
| &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(d)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(d)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(d)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;615851 |
| &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;293554 |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.500% | &nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;336542 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6251063** |
| &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.3%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.3%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.3%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.3%** |
| &nbsp;&nbsp;AG Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;AG Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;AG Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;AG Issuer LLC<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27642 |
| &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(d)</sup> |
| &nbsp;&nbsp;09/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.625% | &nbsp;&nbsp;&nbsp;549000 | &nbsp;&nbsp;&nbsp;&nbsp;554132 |
| &nbsp;&nbsp;NFP Corp<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;418000 | &nbsp;&nbsp;&nbsp;&nbsp;392920 |
| &nbsp;&nbsp;NFP Corp.<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | 1112000 | &nbsp;&nbsp;&nbsp;&nbsp;946758 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1921452** |
| &nbsp;&nbsp;**Building Materials 1.0%** | &nbsp;&nbsp;**Building Materials 1.0%** | &nbsp;&nbsp;**Building Materials 1.0%** | &nbsp;&nbsp;**Building Materials 1.0%** |
| &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;374429 |
| &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;514000 | &nbsp;&nbsp;&nbsp;&nbsp;481775 |
| &nbsp;&nbsp;Interface, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Interface, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Interface, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Interface, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;110361 |
| &nbsp;&nbsp;SRS Distribution, Inc.<sup>(d)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(d)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(d)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;609000 | &nbsp;&nbsp;&nbsp;&nbsp;543987 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1510552** |
| &nbsp;&nbsp;**Cable and Satellite 6.0%** | &nbsp;&nbsp;**Cable and Satellite 6.0%** | &nbsp;&nbsp;**Cable and Satellite 6.0%** | &nbsp;&nbsp;**Cable and Satellite 6.0%** |
| &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(d)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(d)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(d)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;886000 | &nbsp;&nbsp;&nbsp;&nbsp;826741 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp;219654 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 1041000 | &nbsp;&nbsp;&nbsp;&nbsp;899099 |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;306367 |
| &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;178000 | &nbsp;&nbsp;&nbsp;&nbsp;142912 |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;339687 |
| &nbsp;&nbsp;CSC Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;689000 | &nbsp;&nbsp;&nbsp;&nbsp;555392 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;443598 |
| &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 1038000 | &nbsp;&nbsp;&nbsp;&nbsp;669626 |
| &nbsp;&nbsp;DISH Network Corp.<sup>(d)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(d)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(d)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;11.750% | &nbsp;&nbsp;&nbsp;288000 | &nbsp;&nbsp;&nbsp;&nbsp;296161 |
| &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;792000 | &nbsp;&nbsp;&nbsp;&nbsp;582075 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;338000 | &nbsp;&nbsp;&nbsp;&nbsp;300102 |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;539000 | &nbsp;&nbsp;&nbsp;&nbsp;445290 |
| &nbsp;&nbsp;Videotron Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;312827 |
| &nbsp;&nbsp;Virgin Media Finance PLC<sup>(d)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(d)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(d)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;634701 |
| &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(d)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(d)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(d)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;154571 |
| &nbsp;&nbsp;VZ Secured Financing BV<sup>(d)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(d)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(d)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;635957 |
| &nbsp;&nbsp;Ziggo BV<sup>(d)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(d)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(d)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.875% | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp;953213 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**8717973** |
| &nbsp;&nbsp;**Chemicals 4.1%** | &nbsp;&nbsp;**Chemicals 4.1%** | &nbsp;&nbsp;**Chemicals 4.1%** | &nbsp;&nbsp;**Chemicals 4.1%** |
| &nbsp;&nbsp;Avient Corp.<sup>(d)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(d)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(d)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;287000 | &nbsp;&nbsp;&nbsp;&nbsp;282297 |
| &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(d)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(d)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(d)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;571000 | &nbsp;&nbsp;&nbsp;&nbsp;473846 |
| &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;343000 | &nbsp;&nbsp;&nbsp;&nbsp;327082 |
| &nbsp;&nbsp;Element Solutions, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;539000 | &nbsp;&nbsp;&nbsp;&nbsp;460081 |
| &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;398000 | &nbsp;&nbsp;&nbsp;&nbsp;350372 |
| &nbsp;&nbsp;Herens Holdco Sarl<sup>(d)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(d)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(d)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;330297 |
| &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;9.000% | &nbsp;&nbsp;&nbsp;247000 | &nbsp;&nbsp;&nbsp;&nbsp;207876 |
| &nbsp;&nbsp;Ingevity Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;872000 | &nbsp;&nbsp;&nbsp;&nbsp;752229 |
| &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;9.375% | &nbsp;&nbsp;&nbsp;462000 | &nbsp;&nbsp;&nbsp;&nbsp;452963 |
| &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;441000 | &nbsp;&nbsp;&nbsp;&nbsp;361337 |
| &nbsp;&nbsp;SPCM SA<sup>(d)</sup> | &nbsp;&nbsp;SPCM SA<sup>(d)</sup> | &nbsp;&nbsp;SPCM SA<sup>(d)</sup> | &nbsp;&nbsp;SPCM SA<sup>(d)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30287 |
| &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(d)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(d)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(d)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;09/30/2028 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;&nbsp;135289 |
| &nbsp;&nbsp;WR Grace Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2024 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;746000 | &nbsp;&nbsp;&nbsp;&nbsp;737198 |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;642000 | &nbsp;&nbsp;&nbsp;&nbsp;568744 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;637000 | &nbsp;&nbsp;&nbsp;&nbsp;515343 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5985241** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Construction Machinery 1.3%** | &nbsp;&nbsp;**Construction Machinery 1.3%** | &nbsp;&nbsp;**Construction Machinery 1.3%** | &nbsp;&nbsp;**Construction Machinery 1.3%** |
| &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(d)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(d)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(d)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;3.875% | 1085000 | &nbsp;&nbsp;&nbsp;&nbsp;923704 |
| &nbsp;&nbsp;Herc Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;607000 | &nbsp;&nbsp;&nbsp;&nbsp;565904 |
| &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2025 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;351000 | &nbsp;&nbsp;&nbsp;&nbsp;346100 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1835708** |
| &nbsp;&nbsp;**Consumer Cyclical Services 2.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 2.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 2.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 2.1%** |
| &nbsp;&nbsp;APX Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;269000 | &nbsp;&nbsp;&nbsp;&nbsp;259141 |
| &nbsp;&nbsp;Arches Buyer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;609000 | &nbsp;&nbsp;&nbsp;&nbsp;477649 |
| &nbsp;&nbsp;Match Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Match Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Match Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Match Group, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;222000 | &nbsp;&nbsp;&nbsp;&nbsp;198540 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp;194531 |
| &nbsp;&nbsp;Staples, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;228119 |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;429000 | &nbsp;&nbsp;&nbsp;&nbsp;429612 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;4.500% | 1520000 | &nbsp;&nbsp;1325167 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3112759** |
| &nbsp;&nbsp;**Consumer Products 1.3%** | &nbsp;&nbsp;**Consumer Products 1.3%** | &nbsp;&nbsp;**Consumer Products 1.3%** | &nbsp;&nbsp;**Consumer Products 1.3%** |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;569234 |
| &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;117158 |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;166000 | &nbsp;&nbsp;&nbsp;&nbsp;163843 |
| &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) |
| &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;153581 |
| &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;524000 | &nbsp;&nbsp;&nbsp;&nbsp;518575 |
| &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;201000 | &nbsp;&nbsp;&nbsp;&nbsp;175822 |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22191 |
| &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp;&nbsp;&nbsp;208235 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1928639** |
| &nbsp;&nbsp;**Diversified Manufacturing 1.2%** | &nbsp;&nbsp;**Diversified Manufacturing 1.2%** | &nbsp;&nbsp;**Diversified Manufacturing 1.2%** | &nbsp;&nbsp;**Diversified Manufacturing 1.2%** |
| &nbsp;&nbsp;Chart Industries, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;&nbsp;&nbsp;199826 |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;9.500% | &nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70765 |
| &nbsp;&nbsp;Madison IAQ LLC<sup>(d)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(d)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(d)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(d)</sup> |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;294000 | &nbsp;&nbsp;&nbsp;&nbsp;244833 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Resideo Funding, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;317000 | &nbsp;&nbsp;&nbsp;&nbsp;255756 |
| &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;250851 |
| &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(d)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(d)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(d)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;773000 | &nbsp;&nbsp;&nbsp;&nbsp;783709 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1805740** |
| &nbsp;&nbsp;**Electric 5.6%** | &nbsp;&nbsp;**Electric 5.6%** | &nbsp;&nbsp;**Electric 5.6%** | &nbsp;&nbsp;**Electric 5.6%** |
| &nbsp;&nbsp;Atlantica Sustainable Infrastructure PLC<sup>(d)</sup> | &nbsp;&nbsp;Atlantica Sustainable Infrastructure PLC<sup>(d)</sup> | &nbsp;&nbsp;Atlantica Sustainable Infrastructure PLC<sup>(d)</sup> | &nbsp;&nbsp;Atlantica Sustainable Infrastructure PLC<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;235446 |
| &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(d)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(d)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(d)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(d)</sup> |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;4.750% | 1006000 | &nbsp;&nbsp;&nbsp;&nbsp;932772 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.750% | 1017000 | &nbsp;&nbsp;&nbsp;&nbsp;848881 |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;552000 | &nbsp;&nbsp;&nbsp;&nbsp;446060 |
| &nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;FirstEnergy Corp. |
| &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;151342 |
| &nbsp;&nbsp;FirstEnergy Corp.<sup>(f)</sup> | &nbsp;&nbsp;FirstEnergy Corp.<sup>(f)</sup> | &nbsp;&nbsp;FirstEnergy Corp.<sup>(f)</sup> | &nbsp;&nbsp;FirstEnergy Corp.<sup>(f)</sup> |
| &nbsp;&nbsp;07/15/2047 | &nbsp;&nbsp;5.100% | &nbsp;&nbsp;&nbsp;153000 | &nbsp;&nbsp;&nbsp;&nbsp;136744 |
| &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(d)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(d)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(d)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;527000 | &nbsp;&nbsp;&nbsp;&nbsp;456410 |
| &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(d)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(d)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(d)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(d)</sup> |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;4.500% | 2127000 | &nbsp;&nbsp;1957971 |
| &nbsp;&nbsp;NRG Energy, Inc.<sup>(d)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(d)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(d)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;684000 | &nbsp;&nbsp;&nbsp;&nbsp;604310 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;613000 | &nbsp;&nbsp;&nbsp;&nbsp;469024 |
| &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(d)</sup> | &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(d)</sup> | &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(d)</sup> | &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;286000 | &nbsp;&nbsp;&nbsp;&nbsp;256691 |
| &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;220533 |
| &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(d)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(d)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(d)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(d)</sup> |
| &nbsp;&nbsp;01/31/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp;509395 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;577029 |
| &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(d)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(d)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(d)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(d)</sup> |
| &nbsp;&nbsp;07/31/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp;143314 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp;&nbsp;&nbsp;240724 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**8186646** |
| &nbsp;&nbsp;**Environmental 1.1%** | &nbsp;&nbsp;**Environmental 1.1%** | &nbsp;&nbsp;**Environmental 1.1%** | &nbsp;&nbsp;**Environmental 1.1%** |
| &nbsp;&nbsp;GFL Environmental, Inc.<sup>(d)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(d)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(d)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;673086 |
| &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;356693 |
| &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;683000 | &nbsp;&nbsp;&nbsp;&nbsp;605236 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1635015** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Finance Companies 2.2%** | &nbsp;&nbsp;**Finance Companies 2.2%** | &nbsp;&nbsp;**Finance Companies 2.2%** | &nbsp;&nbsp;**Finance Companies 2.2%** |
| &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. |
| &nbsp;&nbsp;06/25/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;471029 |
| &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;6.375% | 1323000 | &nbsp;&nbsp;1168726 |
| &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;301518 |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69506 |
| &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;4.000% | 1267000 | &nbsp;&nbsp;&nbsp;&nbsp;947720 |
| &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. |
| &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;212799 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3171298** |
| &nbsp;&nbsp;**Food and Beverage 2.6%** | &nbsp;&nbsp;**Food and Beverage 2.6%** | &nbsp;&nbsp;**Food and Beverage 2.6%** | &nbsp;&nbsp;**Food and Beverage 2.6%** |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;374000 | &nbsp;&nbsp;&nbsp;&nbsp;364794 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;264622 |
| &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(d)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(d)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(d)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.625% | 1233000 | &nbsp;&nbsp;1157016 |
| &nbsp;&nbsp;Performance Food Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Performance Food Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Performance Food Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Performance Food Group, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;185267 |
| &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(d)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(d)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(d)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp;268972 |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72694 |
| &nbsp;&nbsp;Post Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp;149124 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;&nbsp;&nbsp;407359 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;150979 |
| &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/30/2029 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;243546 |
| &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(d)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(d)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(d)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;353000 | &nbsp;&nbsp;&nbsp;&nbsp;288837 |
| &nbsp;&nbsp;US Foods, Inc.<sup>(d)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(d)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(d)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;276000 | &nbsp;&nbsp;&nbsp;&nbsp;243883 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3797093** |
| &nbsp;&nbsp;**Gaming 3.3%** | &nbsp;&nbsp;**Gaming 3.3%** | &nbsp;&nbsp;**Gaming 3.3%** | &nbsp;&nbsp;**Gaming 3.3%** |
| &nbsp;&nbsp;Boyd Gaming Corp.<sup>(d)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(d)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(d)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;154055 |
| &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;702000 | &nbsp;&nbsp;&nbsp;&nbsp;687962 |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;759000 | &nbsp;&nbsp;&nbsp;&nbsp;738447 |
| &nbsp;&nbsp;International Game Technology PLC<sup>(d)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(d)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(d)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;827000 | &nbsp;&nbsp;&nbsp;&nbsp;833321 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;187147 |
| &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(d)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(d)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(d)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;469958 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp;166922 |
| &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;462000 | &nbsp;&nbsp;&nbsp;&nbsp;390116 |
| &nbsp;&nbsp;Scientific Games International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;349000 | &nbsp;&nbsp;&nbsp;&nbsp;333706 |
| &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;569000 | &nbsp;&nbsp;&nbsp;&nbsp;530999 |
| &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(d)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(d)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(d)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;340166 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4832799** |
| &nbsp;&nbsp;**Health Care 7.4%** | &nbsp;&nbsp;**Health Care 7.4%** | &nbsp;&nbsp;**Health Care 7.4%** | &nbsp;&nbsp;**Health Care 7.4%** |
| &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;143349 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;189074 |
| &nbsp;&nbsp;AdaptHealth LLC<sup>(d)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(d)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(d)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(d)</sup> |
| &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79629 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;549000 | &nbsp;&nbsp;&nbsp;&nbsp;467264 |
| &nbsp;&nbsp;Avantor Funding, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;348000 | &nbsp;&nbsp;&nbsp;&nbsp;315996 |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;736000 | &nbsp;&nbsp;&nbsp;&nbsp;618450 |
| &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp;&nbsp;&nbsp;174670 |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;222000 | &nbsp;&nbsp;&nbsp;&nbsp;175100 |
| &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;251000 | &nbsp;&nbsp;&nbsp;&nbsp;230962 |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;143000 | &nbsp;&nbsp;&nbsp;&nbsp;126432 |
| &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;&nbsp;141046 |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;779000 | &nbsp;&nbsp;&nbsp;&nbsp;588367 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;154296 |
| &nbsp;&nbsp;Hologic, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hologic, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hologic, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hologic, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;273738 |
| &nbsp;&nbsp;Indigo Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Indigo Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Indigo Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Indigo Merger Sub, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;181094 |
| &nbsp;&nbsp;IQVIA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp;638358 |
| &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;442000 | &nbsp;&nbsp;&nbsp;&nbsp;351293 |
| &nbsp;&nbsp;Owens & Minor, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;141021 |
| &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(d)</sup> |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;988000 | &nbsp;&nbsp;&nbsp;&nbsp;755598 |
| &nbsp;&nbsp;Select Medical Corp.<sup>(d)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(d)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(d)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;6.250% | 1033000 | &nbsp;&nbsp;&nbsp;&nbsp;984494 |
| &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;Teleflex, Inc. |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;599000 | &nbsp;&nbsp;&nbsp;&nbsp;571237 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Teleflex, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Teleflex, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Teleflex, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Teleflex, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224804 |
| &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;4.875% | 1205000 | &nbsp;&nbsp;&nbsp;&nbsp;1148037 |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;6.250% | 1288000 | &nbsp;&nbsp;&nbsp;&nbsp;1237133 |
| &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;304000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283673 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155951 |
| &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(d)</sup> | &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(d)</sup> | &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(d)</sup> | &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369205 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10720271** |
| &nbsp;&nbsp;**Home Construction 0.4%** | &nbsp;&nbsp;**Home Construction 0.4%** | &nbsp;&nbsp;**Home Construction 0.4%** | &nbsp;&nbsp;**Home Construction 0.4%** |
| &nbsp;&nbsp;Meritage Homes Corp.<sup>(d)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(d)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(d)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167185 |
| &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349534 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**516719** |
| &nbsp;&nbsp;**Independent Energy 5.2%** | &nbsp;&nbsp;**Independent Energy 5.2%** | &nbsp;&nbsp;**Independent Energy 5.2%** | &nbsp;&nbsp;**Independent Energy 5.2%** |
| &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. |
| &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;5.100% | &nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76402 |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154980 |
| &nbsp;&nbsp;04/15/2043 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;516000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389186 |
| &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;338000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317926 |
| &nbsp;&nbsp;Callon Petroleum Co.<sup>(d)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(d)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(d)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143211 |
| &nbsp;&nbsp;CNX Resources Corp.<sup>(d)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(d)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(d)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;03/14/2027 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31902 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383962 |
| &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(d)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(d)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(d)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458919 |
| &nbsp;&nbsp;Comstock Resources, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175152 |
| &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126393 |
| &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(d)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(d)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(d)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(d)</sup> |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571560 |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451252 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;147000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131552 |
| &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;547000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527914 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;817000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844194 |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469565 |
| &nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176728 |
| &nbsp;&nbsp;09/15/2036 | &nbsp;&nbsp;6.450% | &nbsp;&nbsp;&nbsp;614000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626401 |
| &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;629000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601174 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 1048000 | &nbsp;&nbsp;&nbsp;&nbsp;894816 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**7553189** |
| &nbsp;&nbsp;**Leisure 2.2%** | &nbsp;&nbsp;**Leisure 2.2%** | &nbsp;&nbsp;**Leisure 2.2%** | &nbsp;&nbsp;**Leisure 2.2%** |
| &nbsp;&nbsp;Carnival Corp.<sup>(d)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(d)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(d)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.625% | &nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp;126191 |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;495876 |
| &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;10.375% | &nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;363376 |
| &nbsp;&nbsp;Cinemark USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;678000 | &nbsp;&nbsp;&nbsp;&nbsp;564048 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29711 |
| &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;147090 |
| &nbsp;&nbsp;NCL Corp., Ltd.<sup>(d)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(d)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(d)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;234000 | &nbsp;&nbsp;&nbsp;&nbsp;202542 |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;11.500% | &nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99896 |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;408000 | &nbsp;&nbsp;&nbsp;&nbsp;330352 |
| &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;809000 | &nbsp;&nbsp;&nbsp;&nbsp;680644 |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;178000 | &nbsp;&nbsp;&nbsp;&nbsp;144802 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3184528** |
| &nbsp;&nbsp;**Lodging 0.3%** | &nbsp;&nbsp;**Lodging 0.3%** | &nbsp;&nbsp;**Lodging 0.3%** | &nbsp;&nbsp;**Lodging 0.3%** |
| &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;369712 |
| &nbsp;&nbsp;**Media and Entertainment 2.6%** | &nbsp;&nbsp;**Media and Entertainment 2.6%** | &nbsp;&nbsp;**Media and Entertainment 2.6%** | &nbsp;&nbsp;**Media and Entertainment 2.6%** |
| &nbsp;&nbsp;Clear Channel International BV<sup>(d)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(d)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(d)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(d)</sup> |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;330203 |
| &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 1089000 | &nbsp;&nbsp;&nbsp;&nbsp;943618 |
| &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;164285 | &nbsp;&nbsp;&nbsp;&nbsp;151117 |
| &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(d)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(d)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(d)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55021 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp;&nbsp;&nbsp;216345 |
| &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp;127739 |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;891000 | &nbsp;&nbsp;&nbsp;&nbsp;738908 |
| &nbsp;&nbsp;Playtika Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;728000 | &nbsp;&nbsp;&nbsp;&nbsp;571293 |
| &nbsp;&nbsp;Roblox Corp.<sup>(d)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(d)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(d)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;473000 | &nbsp;&nbsp;&nbsp;&nbsp;372587 |
| &nbsp;&nbsp;Univision Communications, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;309000 | &nbsp;&nbsp;&nbsp;&nbsp;295683 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3802514** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Metals and Mining 3.1%** | &nbsp;&nbsp;**Metals and Mining 3.1%** | &nbsp;&nbsp;**Metals and Mining 3.1%** | &nbsp;&nbsp;**Metals and Mining 3.1%** |
| &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp;102468 |
| &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;488000 | &nbsp;&nbsp;&nbsp;&nbsp;428177 |
| &nbsp;&nbsp;Constellium SE<sup>(d)</sup> | &nbsp;&nbsp;Constellium SE<sup>(d)</sup> | &nbsp;&nbsp;Constellium SE<sup>(d)</sup> | &nbsp;&nbsp;Constellium SE<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp;308846 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.750% | 1431000 | &nbsp;&nbsp;1165190 |
| &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;252905 |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;6.125% | 1567000 | &nbsp;&nbsp;1428157 |
| &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(d)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(d)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(d)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55231 |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;524000 | &nbsp;&nbsp;&nbsp;&nbsp;420990 |
| &nbsp;&nbsp;Novelis Corp.<sup>(d)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(d)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(d)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;284000 | &nbsp;&nbsp;&nbsp;&nbsp;254532 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;143000 | &nbsp;&nbsp;&nbsp;&nbsp;117013 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4533509** |
| &nbsp;&nbsp;**Midstream 6.3%** | &nbsp;&nbsp;**Midstream 6.3%** | &nbsp;&nbsp;**Midstream 6.3%** | &nbsp;&nbsp;**Midstream 6.3%** |
| &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP |
| &nbsp;&nbsp;01/31/2032 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;201000 | &nbsp;&nbsp;&nbsp;&nbsp;160099 |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;Cheniere Energy, Inc. |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;814000 | &nbsp;&nbsp;&nbsp;&nbsp;738165 |
| &nbsp;&nbsp;CNX Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;297170 |
| &nbsp;&nbsp;DCP Midstream Operating LP | &nbsp;&nbsp;DCP Midstream Operating LP | &nbsp;&nbsp;DCP Midstream Operating LP | &nbsp;&nbsp;DCP Midstream Operating LP |
| &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;5.600% | &nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;312398 |
| &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;383000 | &nbsp;&nbsp;&nbsp;&nbsp;370542 |
| &nbsp;&nbsp;DT Midstream, Inc.<sup>(d)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(d)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(d)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp;242792 |
| &nbsp;&nbsp;EQM Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp;143771 |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp;121481 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;539000 | &nbsp;&nbsp;&nbsp;&nbsp;515309 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;547000 | &nbsp;&nbsp;&nbsp;&nbsp;462769 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;271931 |
| &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP |
| &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;151366 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;138462 |
| &nbsp;&nbsp;07/15/2048 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;611000 | &nbsp;&nbsp;&nbsp;&nbsp;458259 |
| &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp;176649 |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;499437 |
| &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;596000 | &nbsp;&nbsp;&nbsp;&nbsp;575746 |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;415307 |
| &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;979000 | &nbsp;&nbsp;&nbsp;&nbsp;851509 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(d)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(d)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(d)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;496000 | &nbsp;&nbsp;&nbsp;&nbsp;434260 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;773000 | &nbsp;&nbsp;&nbsp;&nbsp;658989 |
| &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;423000 | &nbsp;&nbsp;&nbsp;&nbsp;345341 |
| &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;4.650% | &nbsp;&nbsp;&nbsp;908000 | &nbsp;&nbsp;&nbsp;&nbsp;864027 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**9205779** |
| &nbsp;&nbsp;**Oil Field Services 0.7%** | &nbsp;&nbsp;**Oil Field Services 0.7%** | &nbsp;&nbsp;**Oil Field Services 0.7%** | &nbsp;&nbsp;**Oil Field Services 0.7%** |
| &nbsp;&nbsp;Nabors Industries, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp;163633 |
| &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2023 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;834854 | &nbsp;&nbsp;&nbsp;&nbsp;828222 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**991855** |
| &nbsp;&nbsp;**Other REIT 1.2%** | &nbsp;&nbsp;**Other REIT 1.2%** | &nbsp;&nbsp;**Other REIT 1.2%** | &nbsp;&nbsp;**Other REIT 1.2%** |
| &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;409300 |
| &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;843000 | &nbsp;&nbsp;&nbsp;&nbsp;709848 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;173000 | &nbsp;&nbsp;&nbsp;&nbsp;139682 |
| &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp;239552 |
| &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(d)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(d)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(d)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;172672 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1671054** |
| &nbsp;&nbsp;**Packaging 2.0%** | &nbsp;&nbsp;**Packaging 2.0%** | &nbsp;&nbsp;**Packaging 2.0%** | &nbsp;&nbsp;**Packaging 2.0%** |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(d)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(d)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(d)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;151864 |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;757000 | &nbsp;&nbsp;&nbsp;&nbsp;600471 |
| &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/30/2025 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;399000 | &nbsp;&nbsp;&nbsp;&nbsp;381673 |
| &nbsp;&nbsp;BWAY Holding Co.<sup>(d)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(d)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(d)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2024 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;283130 |
| &nbsp;&nbsp;Canpack SA/US LLC<sup>(d)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(d)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(d)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(d)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;627000 | &nbsp;&nbsp;&nbsp;&nbsp;496448 |
| &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(d)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(d)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(d)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.500% | 1051000 | &nbsp;&nbsp;&nbsp;&nbsp;982419 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2896005** |
| &nbsp;&nbsp;**Pharmaceuticals 1.5%** | &nbsp;&nbsp;**Pharmaceuticals 1.5%** | &nbsp;&nbsp;**Pharmaceuticals 1.5%** | &nbsp;&nbsp;**Pharmaceuticals 1.5%** |
| &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;313000 | &nbsp;&nbsp;&nbsp;&nbsp;215324 |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;476000 | &nbsp;&nbsp;&nbsp;&nbsp;304530 |
| &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(d)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(d)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(d)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp;122859 |
| &nbsp;&nbsp;Jazz Securities DAC<sup>(d)</sup> | &nbsp;&nbsp;Jazz Securities DAC<sup>(d)</sup> | &nbsp;&nbsp;Jazz Securities DAC<sup>(d)</sup> | &nbsp;&nbsp;Jazz Securities DAC<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;184017 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Organon Finance 1 LLC<sup>(d)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(d)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(d)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(d)</sup> |
| &nbsp;&nbsp;04/30/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;848000 | &nbsp;&nbsp;&nbsp;&nbsp;750835 |
| &nbsp;&nbsp;04/30/2031 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;597695 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2175260** |
| &nbsp;&nbsp;**Property & Casualty 1.1%** | &nbsp;&nbsp;**Property & Casualty 1.1%** | &nbsp;&nbsp;**Property & Casualty 1.1%** | &nbsp;&nbsp;**Property & Casualty 1.1%** |
| &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;4.250% | 1379000 | &nbsp;&nbsp;1242146 |
| &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(d),(g)</sup> | &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(d),(g)</sup> | &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(d),(g)</sup> | &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(d),(g)</sup> |
| &nbsp;&nbsp;12/01/2097 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(g)</sup> | &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(g)</sup> | &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(g)</sup> | &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(g)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 |
| &nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;MGIC Investment Corp. |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;112000 | &nbsp;&nbsp;&nbsp;&nbsp;103440 |
| &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;Radian Group, Inc. |
| &nbsp;&nbsp;03/15/2025 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43540 |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;&nbsp;240096 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1629618** |
| &nbsp;&nbsp;**Restaurants 1.4%** | &nbsp;&nbsp;**Restaurants 1.4%** | &nbsp;&nbsp;**Restaurants 1.4%** | &nbsp;&nbsp;**Restaurants 1.4%** |
| &nbsp;&nbsp;IRB Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;7.000% | 1723000 | &nbsp;&nbsp;1718319 |
| &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. |
| &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;361000 | &nbsp;&nbsp;&nbsp;&nbsp;334458 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2052777** |
| &nbsp;&nbsp;**Retailers 1.4%** | &nbsp;&nbsp;**Retailers 1.4%** | &nbsp;&nbsp;**Retailers 1.4%** | &nbsp;&nbsp;**Retailers 1.4%** |
| &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93653 |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91571 |
| &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp;&nbsp;111376 |
| &nbsp;&nbsp;L Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;9.375% | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;117881 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;398000 | &nbsp;&nbsp;&nbsp;&nbsp;373295 |
| &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78904 |
| &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(d)</sup> | &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(d)</sup> | &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(d)</sup> | &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;443000 | &nbsp;&nbsp;&nbsp;&nbsp;357818 |
| &nbsp;&nbsp;Lithia Motors, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;143611 |
| &nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;Penske Automotive Group, Inc. |
| &nbsp;&nbsp;09/01/2025 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp;193756 |
| &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;339816 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | 197000 | &nbsp;&nbsp;&nbsp;&nbsp;149169 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2050850** |
| &nbsp;&nbsp;**Supermarkets 0.1%** | &nbsp;&nbsp;**Supermarkets 0.1%** | &nbsp;&nbsp;**Supermarkets 0.1%** | &nbsp;&nbsp;**Supermarkets 0.1%** |
| &nbsp;&nbsp;SEG Holding LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;SEG Holding LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;SEG Holding LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;SEG Holding LLC/Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% | 189000 | &nbsp;&nbsp;&nbsp;&nbsp;176313 |
| &nbsp;&nbsp;**Technology 5.8%** | &nbsp;&nbsp;**Technology 5.8%** | &nbsp;&nbsp;**Technology 5.8%** | &nbsp;&nbsp;**Technology 5.8%** |
| &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(d)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(d)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(d)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;435999 |
| &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;139681 |
| &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.125% | 233000 | &nbsp;&nbsp;&nbsp;&nbsp;228514 |
| &nbsp;&nbsp;Camelot Finance SA<sup>(d)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(d)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(d)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(d)</sup> |
| &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 505000 | &nbsp;&nbsp;&nbsp;&nbsp;474768 |
| &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(d)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(d)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(d)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;195190 |
| &nbsp;&nbsp;Entegris Escrow Corp.<sup>(d)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(d)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(d)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 382000 | &nbsp;&nbsp;&nbsp;&nbsp;349391 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.950% | 430000 | &nbsp;&nbsp;&nbsp;&nbsp;396696 |
| &nbsp;&nbsp;Gartner, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | 171000 | &nbsp;&nbsp;&nbsp;&nbsp;149897 |
| &nbsp;&nbsp;HealthEquity, Inc.<sup>(d)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(d)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(d)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 455000 | &nbsp;&nbsp;&nbsp;&nbsp;404235 |
| &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | 432000 | &nbsp;&nbsp;&nbsp;&nbsp;328809 |
| &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(d)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(d)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(d)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | 436000 | &nbsp;&nbsp;&nbsp;&nbsp;363939 |
| &nbsp;&nbsp;Iron Mountain, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | 268000 | &nbsp;&nbsp;&nbsp;&nbsp;246793 |
| &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 912000 | &nbsp;&nbsp;&nbsp;&nbsp;492252 |
| &nbsp;&nbsp;NCR Corp.<sup>(d)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(d)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(d)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | 424000 | &nbsp;&nbsp;&nbsp;&nbsp;363811 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 755000 | &nbsp;&nbsp;&nbsp;&nbsp;631402 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21434 |
| &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;9.290% | 239000 | &nbsp;&nbsp;&nbsp;&nbsp;225196 |
| &nbsp;&nbsp;Picard Midco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | 449000 | &nbsp;&nbsp;&nbsp;&nbsp;380190 |
| &nbsp;&nbsp;PTC, Inc.<sup>(d)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(d)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(d)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | 262000 | &nbsp;&nbsp;&nbsp;&nbsp;237133 |
| &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;11.250% | &nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55579 |
| &nbsp;&nbsp;Sensata Technologies BV<sup>(d)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(d)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(d)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | 270000 | &nbsp;&nbsp;&nbsp;&nbsp;255751 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;648000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611268 |
| &nbsp;&nbsp;Synaptics, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288719 |
| &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378213 |
| &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;827000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696897 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8351757** |
| &nbsp;&nbsp;**Wireless 3.1%** | &nbsp;&nbsp;**Wireless 3.1%** | &nbsp;&nbsp;**Wireless 3.1%** | &nbsp;&nbsp;**Wireless 3.1%** |
| &nbsp;&nbsp;Altice France SA<sup>(d)</sup> | &nbsp;&nbsp;Altice France SA<sup>(d)</sup> | &nbsp;&nbsp;Altice France SA<sup>(d)</sup> | &nbsp;&nbsp;Altice France SA<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;8.125% | &nbsp;&nbsp;&nbsp;661000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603416 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;821000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644595 |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;456000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341059 |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;SBA Communications Corp. |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;922000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834634 |
| &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. |
| &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;6.875% | 1009000 | &nbsp;&nbsp;&nbsp;&nbsp;1049304 |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142748 |
| &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(d)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(d)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(d)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(d)</sup> |
| &nbsp;&nbsp;01/31/2031 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;438000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354803 |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541520 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4512079** |
| &nbsp;&nbsp;**Wirelines 1.8%** | &nbsp;&nbsp;**Wirelines 1.8%** | &nbsp;&nbsp;**Wirelines 1.8%** | &nbsp;&nbsp;**Wirelines 1.8%** |
| &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;654000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484688 |
| &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246638 |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330808 |
| &nbsp;&nbsp;Iliad Holding SAS<sup>(d)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(d)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(d)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;6.500% | 1042000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967785 |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;638000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578651 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2608570** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $145,882,457) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $145,882,457) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $145,882,457) | &nbsp;&nbsp;**130479021** |
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(h)</sup> 0.6%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(h)</sup> 0.6%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(h)</sup> 0.6%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(h)</sup> 0.6%** |
| &nbsp;&nbsp;**Canada 0.6%** | &nbsp;&nbsp;**Canada 0.6%** | &nbsp;&nbsp;**Canada 0.6%** | &nbsp;&nbsp;**Canada 0.6%** |
| &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(d)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(d)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(d)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;771000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692621 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101281 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**793902** |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $893,417) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $893,417) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $893,417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**793902** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans 3.2%** | &nbsp;&nbsp;**Senior Loans 3.2%** | &nbsp;&nbsp;**Senior Loans 3.2%** | &nbsp;&nbsp;**Senior Loans 3.2%** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Consumer Cyclical Services 0.7%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.7%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.7%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.7%** |
| &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(i),(j)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(i),(j)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(i),(j)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(i),(j)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> 10/01/2025 | &nbsp;&nbsp;8.134% | 1289082 | &nbsp;&nbsp;1068327 |
| &nbsp;&nbsp;**Health Care 0.5%** | &nbsp;&nbsp;**Health Care 0.5%** | &nbsp;&nbsp;**Health Care 0.5%** | &nbsp;&nbsp;**Health Care 0.5%** |
| &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(i),(j)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(i),(j)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(i),(j)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(i),(j)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 08/31/2026 | &nbsp;&nbsp;8.050% | &nbsp;&nbsp;&nbsp;643430 | &nbsp;&nbsp;&nbsp;&nbsp;634512 |
| &nbsp;&nbsp;**Media and Entertainment 0.5%** | &nbsp;&nbsp;**Media and Entertainment 0.5%** | &nbsp;&nbsp;**Media and Entertainment 0.5%** | &nbsp;&nbsp;**Media and Entertainment 0.5%** |
| &nbsp;&nbsp;Cengage Learning, Inc.<sup>(i),(j)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(i),(j)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(i),(j)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(i),(j)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.750%<br> Floor 1.000%<br> 07/14/2026 | &nbsp;&nbsp;7.814% | &nbsp;&nbsp;&nbsp;817032 | &nbsp;&nbsp;&nbsp;&nbsp;733033 |
| &nbsp;&nbsp;**Technology 1.5%** | &nbsp;&nbsp;**Technology 1.5%** | &nbsp;&nbsp;**Technology 1.5%** | &nbsp;&nbsp;**Technology 1.5%** |
| &nbsp;&nbsp;Ascend Learning LLC<sup>(i),(j)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(i),(j)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(i),(j)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(i),(j)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 12/11/2028 | &nbsp;&nbsp;7.884% | &nbsp;&nbsp;&nbsp;796950 | &nbsp;&nbsp;&nbsp;&nbsp;752122 |
| &nbsp;&nbsp;UKG, Inc.<sup>(i),(j)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(i),(j)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(i),(j)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(i),(j)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> 05/04/2026 | &nbsp;&nbsp;8.134% | &nbsp;&nbsp;&nbsp;408285 | &nbsp;&nbsp;&nbsp;&nbsp;392974 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 05/04/2026 | &nbsp;&nbsp;6.998% | 1132703 | &nbsp;&nbsp;1076068 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2221164** |
| &nbsp;&nbsp;Total Senior Loans<br> (Cost $5,080,015) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $5,080,015) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $5,080,015) | &nbsp;&nbsp;**4657036** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 4.4%** | &nbsp;&nbsp;**Money Market Funds 4.4%** | &nbsp;&nbsp;**Money Market Funds 4.4%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(k),(l)</sup> | &nbsp;&nbsp;6449774 | &nbsp;&nbsp;&nbsp;&nbsp;6447839 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $6,447,204) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $6,447,204) | &nbsp;&nbsp;&nbsp;&nbsp;**6447839** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $160,321,387)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $160,321,387)** | &nbsp;&nbsp;**143600823** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1841181** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**145442004** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2022, the total value of these securities amounted to $6, which represents less than
0.01% of total net assets.

(b) Non-income producing investment.

(c) Valuation based on significant unobservable inputs.

(d) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section
4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $107,918,426, which represents 74.20% of
total net assets.

(e) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

(f) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(g) Represents a security in default.

(h) Principal and interest may not be guaranteed by a governmental entity.

(i) The stated interest rate represents the weighted average interest rate at December 31, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily
determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending
rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed.
Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining
maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(j) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(k) The rate shown is the seven-day current annualized yield at December 31, 2022.

(l) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 4419370 | &nbsp;&nbsp;31964151 | &nbsp;&nbsp;(29936458) | &nbsp;&nbsp;776 | &nbsp;&nbsp;6447839 | &nbsp;&nbsp;(1106) | &nbsp;&nbsp;95784 | &nbsp;&nbsp;6449774 |

---

#### Abbreviation Legend
LIBOR London Interbank Offered Rate

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;26788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;32043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190976 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;130479021 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;130479021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793902 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4657036 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4657036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 6447839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6447839 |
| &nbsp;&nbsp;Total Investments in Securities | 6479882 | &nbsp;&nbsp;&nbsp;&nbsp;137120935 | &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;143600823 |

---

\* Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $153,874,183) | $137152984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $6,447,204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6447839 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27569 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6793 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;145826772 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23370 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384768 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$145442004** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;158353162 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(12911158) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$145442004** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$15940139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.00 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$32299881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.95 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$97201984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;16081089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.04 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8423206 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8518990 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8211 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450699 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230695) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220004 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7298986 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(3090566) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1106) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(3091672) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(22177521) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(22176745) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(25268417) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(17969431)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$7298986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8027357 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(3091672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14227477 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(22176745) | &nbsp;&nbsp;&nbsp;&nbsp;(14291797) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(17969431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7963037 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(1514214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1831278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;(2901842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3203673) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;(9245559) | &nbsp;&nbsp;&nbsp;&nbsp;(11422235) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(13661615) | &nbsp;&nbsp;&nbsp;&nbsp;(16457186) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(3896840) | &nbsp;&nbsp;&nbsp;(173186005) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(35527886) | &nbsp;&nbsp;&nbsp;(181680154) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;180969890 | &nbsp;&nbsp;&nbsp;&nbsp;362650044 |
| &nbsp;&nbsp;**Net assets at end of year** | **$145442004** | &nbsp;&nbsp;**$180969890** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;109761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;248231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(415637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2713004) | &nbsp;&nbsp;&nbsp;&nbsp;(22961477) | &nbsp;&nbsp;&nbsp;&nbsp;(177027879) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(57645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483446) | &nbsp;&nbsp;&nbsp;&nbsp;(22543433) | &nbsp;&nbsp;&nbsp;&nbsp;(173950896) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;523046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;478852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2901842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(557326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3608498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(577468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4319689) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;444572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251296 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;1503343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9245559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11422235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2389613) | &nbsp;&nbsp;&nbsp;&nbsp;(15638698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2047398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15537269) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(843770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6101216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1486405) |
| &nbsp;&nbsp;**Total net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(456843)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3896840)** | &nbsp;&nbsp;&nbsp;&nbsp;**(22362792)** | &nbsp;&nbsp;&nbsp;&nbsp;**(173186005)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $7.33 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.61) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $7.71 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $7.64 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $6.91 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $7.56 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $7.27 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;(1.02) | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.59) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $7.66 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $7.59 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $6.87 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $7.51 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $7.38 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $7.75 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.71) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $7.68 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $6.95 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $7.60 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $6.00 | (10.01%) | 0.79% | 0.64% | 4.79% | 26% | &nbsp;&nbsp;$15940 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $7.33 | &nbsp;&nbsp;&nbsp;4.50% | 0.77% | 0.66% | 4.26% | 50% | &nbsp;&nbsp;$19891 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $7.71 | &nbsp;&nbsp;&nbsp;5.90% | 0.73% | 0.67% | 4.74% | 58% | $194656 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $7.64 | 16.47% | 0.75% | 0.69% | 4.83% | 58% | $178149 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $6.91 | &nbsp;&nbsp;(3.75%) | 0.74% | 0.73% | 5.05% | 42% | $138357 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $5.95 | (10.22%) | 1.04% | 0.89% | 4.55% | 26% | &nbsp;&nbsp;$32300 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $7.27 | &nbsp;&nbsp;&nbsp;4.14% | 1.05% | 0.90% | 4.07% | 50% | &nbsp;&nbsp;$36232 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $7.66 | &nbsp;&nbsp;&nbsp;5.67% | 0.98% | 0.92% | 4.49% | 58% | &nbsp;&nbsp;$35700 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $7.59 | 16.12% | 1.00% | 0.94% | 4.59% | 58% | &nbsp;&nbsp;$37916 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $6.87 | &nbsp;&nbsp;(3.90%) | 0.99% | 0.98% | 4.79% | 42% | &nbsp;&nbsp;$32893 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $6.04 | (10.21%) | 0.91% | 0.76% | 4.66% | 26% | &nbsp;&nbsp;$97202 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $7.38 | &nbsp;&nbsp;&nbsp;4.48% | 0.92% | 0.78% | 4.19% | 50% | $124846 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $7.75 | &nbsp;&nbsp;&nbsp;5.74% | 0.86% | 0.80% | 4.62% | 58% | $132293 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $7.68 | 16.23% | 0.87% | 0.81% | 4.72% | 58% | $147395 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $6.95 | &nbsp;&nbsp;(3.86%) | 0.87% | 0.85% | 4.90% | 42% | $146078 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Income Opportunities Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close

24 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Investments in senior loans
The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. For convertible securities, premiums attributable to the conversion feature are not amortized.

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

The value of additional securities received as an income payment through a payment in kind, if any, is recorded as interest income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

26 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.66% to 0.40% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.66% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.07% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;0.89 |
| &nbsp;&nbsp;Class 3 | 0.765 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

28 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred compensation and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;51229 | (51230) | 1 |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;9942886 | 3718729 | 13661615 | 16457186 |  | 16457186 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;7270211 – (3131831) | (16872753) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;160473576 | 155938 | (17028691) | (16872753) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(1354914) | (1776917) | (3131831) |  |

---

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $39,634,048 and $52,277,820, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

30 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### High-yield investments risk
Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 87.9% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could

32 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Income Opportunities Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Income Opportunities Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, broker and agent banks. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

34 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

36 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

38 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

40 Columbia Variable Portfolio – Income Opportunities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_273_ed32e2f1-b020-428a-abd1-0171cb6f92e7_TOC)

#### Columbia Variable Portfolio – Income Opportunities Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img981cdace2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7011_12_B01_(02/23)

------

![](img7659b60b1.jpg)

Annual Report

December 31, 2022

![](img4a154a2f2.jpg)

Columbia Variable Portfolio – Select Mid Cap Value Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_ee0d3400-aa56-4576-a570-08f33f53c799_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_ee0d3400-aa56-4576-a570-08f33f53c799_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_647a866d-7fe7-431c-9a59-4a92e70ae5c4_1)<br>| 7 |
| [Portfolio of Investments](#xx_730dd6a8-8b1e-4068-b55e-36153b9f0808_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_0c1be9e0-66d2-4822-9cc5-d8ef67fda280_1)<br>| 12 |
| [Statement of Operations](#xx_0c1be9e0-66d2-4822-9cc5-d8ef67fda280_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_0c1be9e0-66d2-4822-9cc5-d8ef67fda280_3)<br>| 14 |
| [Financial Highlights](#xx_f689fd98-49e6-4b9e-ad62-0fb4a47f5baa_2)<br>| 16 |
| [Notes to Financial Statements](#xx_2acb92b8-cec7-4826-8dbe-0988a5b5b204_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_15a85dd5-7733-412e-a912-d687443f22bb_1)<br>| 25 |
| [Trustees and Officers](#xx_a3e35287-3f99-48b1-895e-b06d12b55228_1)<br>| 26 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Select Mid Cap Value Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term growth of capital.

Portfolio management

#### Kari Montanus
Lead Portfolio Manager

Managed Fund since 2018

#### Jonas Patrikson, CFA
Portfolio Manager

Managed Fund since 2014

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-9.44 | &nbsp;&nbsp;&nbsp;&nbsp;8.01 | &nbsp;&nbsp;&nbsp;&nbsp;10.86 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-9.66 | &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;&nbsp;10.60 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;05/02/05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-9.56 | &nbsp;&nbsp;&nbsp;&nbsp;7.87 | &nbsp;&nbsp;&nbsp;&nbsp;10.74 |
| &nbsp;&nbsp;Russell Midcap Value Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-12.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;10.11 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Russell Midcap Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value Index.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgd111fae93.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Select Mid Cap Value Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;98.6 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;11.1 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;16.6 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;9.0 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;15.4 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;9.1 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 54.55% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Select Mid Cap Value Fund returned -9.66%. The Fund outperformed its benchmark, the Russell Midcap Value Index, which returned -12.03% for the same time period.

Market overview

U.S. equities declined in 2022, posting the worst annual performance, as measured by the S&P 500 Index, since the Global Financial Crisis in 2008 and the dot-com meltdown in 2002. In stark contrast to the previous calendar year, in which U.S. equities accelerated to 70 record highs throughout the period and all 11 economic sectors of the S&P 500 Index delivered double-digit gains, 2022 saw a choppy but steady downward trajectory as investor sentiment wavered between worry and hope. Six of the 11 sectors within the S&P 500 Index fell by double-digits. Energy stocks performed best, continuing the post-pandemic momentum driven by rising oil prices. Utilities stocks were the only other broad category to produce positive results, but just barely, as investors sought stability and at least some certainty about future earnings.

Results were driven largely by expectations around the course of inflation and corresponding action by the U.S. Federal Reserve (Fed), which hiked rates seven times by a combined 4.25 percentage points over the course of the year. Some upside during the period was sparked by investors' interpretation of Fed Chair Powell's remarks after the Federal Open Market Committee (FOMC) announced an anticipated 75-basis point rate hike at the end of July. (A basis point is 1/100 of a percent.) Many took the remarks to mean that rate hikes would slow in concert with softening economic growth. That takeaway evaporated a month later when Powell spoke at Jackson Hole and prioritized fighting inflation no matter how much pain the economy might suffer. His inflation-fighting resolve was confirmed by an additional 75-basis point hike in September, along with a forecast showing no expectations for rate cuts until 2024.

A similar about-face was repeated near year-end as sentiment abruptly turned positive at the start of the fourth quarter but stalled in mid-December when the Fed raised rates by 50 basis points. Although the hike was widely anticipated and marked a step down from the previous 75-basis point increases, it disappointed investors who had hoped for softening language about future increases. Slowing global growth and China's COVID-19 lockdown policy compounded rate worries, as did an increasing realization that earnings estimates had been implausibly optimistic for much of the year.

The Fund's notable contributors during the period

• Strong stock selection within the consumer discretionary, materials and real estate sectors was the key driver of outperformance during the year, more than offsetting weaker results in the financials and consumer
staples sectors.

• Two of the Fund's top performers were within the energy sector, with both Marathon Petroleum Corp. and Devon Energy Corp. delivering robust gains.

○ Shares in refining company Marathon climbed as the company is in the midst of buying back effectively 60% of outstanding shares, thanks in part to the sale of Speedway gas stations, but also due to widening refining
spreads, refinery efficiencies and production issues in other countries.

○ Exploration and production company Devon Energy again reported excellent quarterly results. Further, the company increased their fixed and variable dividend and continued to buy back
stock.

• Specialty materials maker Allegheny Technologies, Inc. also was a top contributor, rising after reporting results well above consensus expectations and raising forward guidance against the backdrop of recovery in
aerospace, a key market for the company. The Fund sold its position in Allegheny Technologies early in the second half of the year.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• The Fund's holding in power generation company AES Corp. was a standout within utilities. The company reported strong quarterly results with earnings ahead of consensus estimates, driven in part by liquefied
natural gas sales, and reaffirmed their annualized growth targets through 2025. The company also continues to focus on its renewables business, unveiling plans to build a green hydrogen production facility in Texas.

• Within financials, life and health insurer Reinsurance Group of America rose strongly, fueled by reporting results well above expectations amid an improving industry backdrop and lack
of exposure to liabilities causing investor concern.

The Fund's notable detractors during the period

• Overall sector allocation detracted from relative results, most notably a below-benchmark exposure to the utilities sector, which other than energy was the only sector within the benchmark to post a positive return
for the period (sector exposures are a byproduct of the portfolio's longstanding bottom-up investment process).

• Adverse stock selection within the financials and consumer staples sectors were notable detractors from relative results during the period.

• Individual detractors included two holdings within the financials sector, Lincoln National Corp. and SVB Financial Group.

○ Shares in insurer Lincoln National dropped after the company reported a larger-than-expected charge related to an actuarial review that revealed higher persistency in certain life insurance policies.

○ Shares in SVB Financial, a firm that primarily provides banking services for the technology and life science industries in California, dropped following lowered forward guidance
impacted by lower capital markets activity within the technology and health care sectors amid higher interest rates, as well as an uncertain macroeconomic environment.

• In health care, contract research organization Syneos Health, Inc. was a notable detractor. Shares in the company, which provides clinical trial support to the pharmaceutical and biotechnology industries, dropped
following below-expectation results driven by a decline in clinical bookings owing to the challenging macroeconomic environment.

• In communication services, interactive game maker Take-Two Interactive Software, Inc. struggled throughout the period as investors considered a slowdown in mobile gaming amid weaker economic conditions as well as
tough comparisons to the company's robust results coming out of the pandemic.

• In information technology, semiconductor testing equipment maker Teradyne, Inc. fell as investors worried about weakening demand in key end markets such as industrial automation.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investments in mid-cap companies involve risks and volatility greater than investments in larger, more established companies. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1080.60 | &nbsp;&nbsp;&nbsp;&nbsp;1020.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1078.80 | &nbsp;&nbsp;&nbsp;&nbsp;1019.65 | &nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1079.70 | &nbsp;&nbsp;&nbsp;&nbsp;1020.31 | &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.7%** | &nbsp;&nbsp;**Common Stocks 98.7%** | &nbsp;&nbsp;**Common Stocks 98.7%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 5.6%** | &nbsp;&nbsp;**Communication Services 5.6%** | &nbsp;&nbsp;**Communication Services 5.6%** |
| &nbsp;&nbsp;**Entertainment 3.6%** | &nbsp;&nbsp;**Entertainment 3.6%** | &nbsp;&nbsp;**Entertainment 3.6%** |
| &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58882 | &nbsp;&nbsp;&nbsp;&nbsp;4106431 |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57098 | &nbsp;&nbsp;&nbsp;&nbsp;5945615 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10052046 |
| &nbsp;&nbsp;**Media 2.0%** | &nbsp;&nbsp;**Media 2.0%** | &nbsp;&nbsp;**Media 2.0%** |
| &nbsp;&nbsp;Nexstar Media Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;32805 | &nbsp;&nbsp;&nbsp;&nbsp;5741859 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**15793905** |
| &nbsp;&nbsp;**Consumer Discretionary 11.0%** | &nbsp;&nbsp;**Consumer Discretionary 11.0%** | &nbsp;&nbsp;**Consumer Discretionary 11.0%** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 2.2%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 2.2%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 2.2%** |
| &nbsp;&nbsp;Hyatt Hotels Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68259 | &nbsp;&nbsp;&nbsp;&nbsp;6174026 |
| &nbsp;&nbsp;**Household Durables 1.6%** | &nbsp;&nbsp;**Household Durables 1.6%** | &nbsp;&nbsp;**Household Durables 1.6%** |
| &nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50297 | &nbsp;&nbsp;&nbsp;&nbsp;4483475 |
| &nbsp;&nbsp;**Multiline Retail 1.4%** | &nbsp;&nbsp;**Multiline Retail 1.4%** | &nbsp;&nbsp;**Multiline Retail 1.4%** |
| &nbsp;&nbsp;Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27055 | &nbsp;&nbsp;&nbsp;&nbsp;3826659 |
| &nbsp;&nbsp;**Specialty Retail 4.2%** | &nbsp;&nbsp;**Specialty Retail 4.2%** | &nbsp;&nbsp;**Specialty Retail 4.2%** |
| &nbsp;&nbsp;Burlington Stores, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28031 | &nbsp;&nbsp;&nbsp;&nbsp;5683566 |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7308 | &nbsp;&nbsp;&nbsp;&nbsp;6168171 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;11851737 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.6%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.6%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.6%** |
| &nbsp;&nbsp;Capri Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;78234 | &nbsp;&nbsp;&nbsp;&nbsp;4484373 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**30820270** |
| &nbsp;&nbsp;**Consumer Staples 2.9%** | &nbsp;&nbsp;**Consumer Staples 2.9%** | &nbsp;&nbsp;**Consumer Staples 2.9%** |
| &nbsp;&nbsp;**Food & Staples Retailing 1.6%** | &nbsp;&nbsp;**Food & Staples Retailing 1.6%** | &nbsp;&nbsp;**Food & Staples Retailing 1.6%** |
| &nbsp;&nbsp;U.S. Foods Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;131023 | &nbsp;&nbsp;&nbsp;&nbsp;4457402 |
| &nbsp;&nbsp;**Food Products 1.3%** | &nbsp;&nbsp;**Food Products 1.3%** | &nbsp;&nbsp;**Food Products 1.3%** |
| &nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;58655 | &nbsp;&nbsp;&nbsp;&nbsp;3651274 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;&nbsp;&nbsp;**8108676** |
| &nbsp;&nbsp;**Energy 5.3%** | &nbsp;&nbsp;**Energy 5.3%** | &nbsp;&nbsp;**Energy 5.3%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.3%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.3%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.3%** |
| &nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;110894 | &nbsp;&nbsp;&nbsp;&nbsp;6821090 |
| &nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68744 | &nbsp;&nbsp;&nbsp;&nbsp;8001114 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;14822204 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**14822204** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Financials 16.4%** | &nbsp;&nbsp;**Financials 16.4%** | &nbsp;&nbsp;**Financials 16.4%** |
| &nbsp;&nbsp;**Banks 6.2%** | &nbsp;&nbsp;**Banks 6.2%** | &nbsp;&nbsp;**Banks 6.2%** |
| &nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90189 | &nbsp;&nbsp;&nbsp;&nbsp;5981334 |
| &nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;329008 | &nbsp;&nbsp;&nbsp;&nbsp;7093413 |
| &nbsp;&nbsp;SVB Financial Group<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19239 | &nbsp;&nbsp;&nbsp;&nbsp;4427663 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;17502410 |
| &nbsp;&nbsp;**Consumer Finance 2.4%** | &nbsp;&nbsp;**Consumer Finance 2.4%** | &nbsp;&nbsp;**Consumer Finance 2.4%** |
| &nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;68956 | &nbsp;&nbsp;&nbsp;&nbsp;6745966 |
| &nbsp;&nbsp;**Diversified Financial Services 2.1%** | &nbsp;&nbsp;**Diversified Financial Services 2.1%** | &nbsp;&nbsp;**Diversified Financial Services 2.1%** |
| &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94425 | &nbsp;&nbsp;&nbsp;&nbsp;5806193 |
| &nbsp;&nbsp;**Insurance 5.7%** | &nbsp;&nbsp;**Insurance 5.7%** | &nbsp;&nbsp;**Insurance 5.7%** |
| &nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;45709 | &nbsp;&nbsp;&nbsp;&nbsp;6176657 |
| &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;139613 | &nbsp;&nbsp;&nbsp;&nbsp;4288912 |
| &nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38022 | &nbsp;&nbsp;&nbsp;&nbsp;5402546 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;15868115 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**45922684** |
| &nbsp;&nbsp;**Health Care 8.9%** | &nbsp;&nbsp;**Health Care 8.9%** | &nbsp;&nbsp;**Health Care 8.9%** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 2.4%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 2.4%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 2.4%** |
| &nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51878 | &nbsp;&nbsp;&nbsp;&nbsp;6614445 |
| &nbsp;&nbsp;**Health Care Providers & Services 4.1%** | &nbsp;&nbsp;**Health Care Providers & Services 4.1%** | &nbsp;&nbsp;**Health Care Providers & Services 4.1%** |
| &nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72737 | &nbsp;&nbsp;&nbsp;&nbsp;5965162 |
| &nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36369 | &nbsp;&nbsp;&nbsp;&nbsp;5689566 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;11654728 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 2.4%** | &nbsp;&nbsp;**Life Sciences Tools & Services 2.4%** | &nbsp;&nbsp;**Life Sciences Tools & Services 2.4%** |
| &nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30545 | &nbsp;&nbsp;&nbsp;&nbsp;4571059 |
| &nbsp;&nbsp;Syneos Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;2090760 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6661819 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**24930992** |
| &nbsp;&nbsp;**Industrials 15.2%** | &nbsp;&nbsp;**Industrials 15.2%** | &nbsp;&nbsp;**Industrials 15.2%** |
| &nbsp;&nbsp;**Airlines 1.7%** | &nbsp;&nbsp;**Airlines 1.7%** | &nbsp;&nbsp;**Airlines 1.7%** |
| &nbsp;&nbsp;Southwest Airlines Co.<sup>(a)</sup> | &nbsp;&nbsp;141518 | &nbsp;&nbsp;&nbsp;&nbsp;4764911 |
| &nbsp;&nbsp;**Building Products 2.9%** | &nbsp;&nbsp;**Building Products 2.9%** | &nbsp;&nbsp;**Building Products 2.9%** |
| &nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;47724 | &nbsp;&nbsp;&nbsp;&nbsp;8021927 |
| &nbsp;&nbsp;**Electrical Equipment 3.5%** | &nbsp;&nbsp;**Electrical Equipment 3.5%** | &nbsp;&nbsp;**Electrical Equipment 3.5%** |
| &nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69835 | &nbsp;&nbsp;&nbsp;&nbsp;9757346 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Machinery 5.0%** | &nbsp;&nbsp;**Machinery 5.0%** | &nbsp;&nbsp;**Machinery 5.0%** |
| &nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;120605 | &nbsp;&nbsp;&nbsp;&nbsp;6301612 |
| &nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94882 | &nbsp;&nbsp;&nbsp;&nbsp;7694930 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;13996542 |
| &nbsp;&nbsp;**Professional Services 2.1%** | &nbsp;&nbsp;**Professional Services 2.1%** | &nbsp;&nbsp;**Professional Services 2.1%** |
| &nbsp;&nbsp;CACI International, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19755 | &nbsp;&nbsp;&nbsp;&nbsp;5938155 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**42478881** |
| &nbsp;&nbsp;**Information Technology 8.2%** | &nbsp;&nbsp;**Information Technology 8.2%** | &nbsp;&nbsp;**Information Technology 8.2%** |
| &nbsp;&nbsp;**Communications Equipment 2.2%** | &nbsp;&nbsp;**Communications Equipment 2.2%** | &nbsp;&nbsp;**Communications Equipment 2.2%** |
| &nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24233 | &nbsp;&nbsp;&nbsp;&nbsp;6245086 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 2.1%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 2.1%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 2.1%** |
| &nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;178498 | &nbsp;&nbsp;&nbsp;&nbsp;5701226 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.9%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.9%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.9%** |
| &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72008 | &nbsp;&nbsp;&nbsp;&nbsp;2667176 |
| &nbsp;&nbsp;ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;63022 | &nbsp;&nbsp;&nbsp;&nbsp;3930682 |
| &nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49381 | &nbsp;&nbsp;&nbsp;&nbsp;4313431 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10911289 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**22857601** |
| &nbsp;&nbsp;**Materials 7.7%** | &nbsp;&nbsp;**Materials 7.7%** | &nbsp;&nbsp;**Materials 7.7%** |
| &nbsp;&nbsp;**Chemicals 4.1%** | &nbsp;&nbsp;**Chemicals 4.1%** | &nbsp;&nbsp;**Chemicals 4.1%** |
| &nbsp;&nbsp;Chemours Co. LLC (The) | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;4439900 |
| &nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55374 | &nbsp;&nbsp;&nbsp;&nbsp;6910675 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;11350575 |
| &nbsp;&nbsp;**Metals & Mining 3.6%** | &nbsp;&nbsp;**Metals & Mining 3.6%** | &nbsp;&nbsp;**Metals & Mining 3.6%** |
| &nbsp;&nbsp;ATI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;148905 | &nbsp;&nbsp;&nbsp;&nbsp;4446303 |
| &nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;151853 | &nbsp;&nbsp;&nbsp;&nbsp;5770414 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10216717 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**21567292** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Real Estate 9.0%** | &nbsp;&nbsp;**Real Estate 9.0%** | &nbsp;&nbsp;**Real Estate 9.0%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 9.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 9.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 9.0%** |
| &nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129437 | &nbsp;&nbsp;&nbsp;&nbsp;6246630 |
| &nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123550 | &nbsp;&nbsp;&nbsp;&nbsp;6435719 |
| &nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67152 | &nbsp;&nbsp;&nbsp;&nbsp;6339149 |
| &nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94785 | &nbsp;&nbsp;&nbsp;&nbsp;6213157 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;25234655 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**25234655** |
| &nbsp;&nbsp;**Utilities 8.5%** | &nbsp;&nbsp;**Utilities 8.5%** | &nbsp;&nbsp;**Utilities 8.5%** |
| &nbsp;&nbsp;**Electric Utilities 2.6%** | &nbsp;&nbsp;**Electric Utilities 2.6%** | &nbsp;&nbsp;**Electric Utilities 2.6%** |
| &nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66185 | &nbsp;&nbsp;&nbsp;&nbsp;7445812 |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers 2.8%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers 2.8%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers 2.8%** |
| &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;271075 | &nbsp;&nbsp;&nbsp;&nbsp;7796117 |
| &nbsp;&nbsp;**Multi-Utilities 3.1%** | &nbsp;&nbsp;**Multi-Utilities 3.1%** | &nbsp;&nbsp;**Multi-Utilities 3.1%** |
| &nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98029 | &nbsp;&nbsp;&nbsp;&nbsp;8716739 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**23958668** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $225,698,858) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $225,698,858) | &nbsp;&nbsp;**276495828** |
| &nbsp;&nbsp;**Money Market Funds 1.4%** | &nbsp;&nbsp;**Money Market Funds 1.4%** | &nbsp;&nbsp;**Money Market Funds 1.4%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;4007910 | &nbsp;&nbsp;&nbsp;&nbsp;4006708 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $4,006,293) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $4,006,293) | &nbsp;&nbsp;&nbsp;&nbsp;**4006708** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $229,705,151)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $229,705,151)** | &nbsp;&nbsp;**280502536** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(298142)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**280204394** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 3559678 | &nbsp;&nbsp;48409052 | &nbsp;&nbsp;(47962543) | &nbsp;&nbsp;521 | &nbsp;&nbsp;4006708 | &nbsp;&nbsp;(308) | &nbsp;&nbsp;50368 | &nbsp;&nbsp;4007910 |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;15793905 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15793905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;30820270 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30820270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;8108676 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8108676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;14822204 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14822204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;45922684 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45922684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;24930992 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24930992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;42478881 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42478881 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;22857601 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22857601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;21567292 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21567292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;25234655 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25234655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;23958668 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23958668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 276495828 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;276495828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;4006708 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006708 |
| &nbsp;&nbsp;Total Investments in Securities | 280502536 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;280502536 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $225,698,858) | $276495828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $4,006,293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006708 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7689 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;280749218 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19994 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544824 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$280204394** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $280204394 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$280204394** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $166488337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4984685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.40 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$48561369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.44 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$65154688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.91 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$5138686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19842) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5169212 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9820 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844735 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153314) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691421 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477791 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;26536324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;26536016 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(61235183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(61234662) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(34698646) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(32220855)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$2477791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2073651 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;26536016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55160550 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(61234662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35845364 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(32220855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93079565 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(33053649) | &nbsp;&nbsp;&nbsp;&nbsp;(78497952) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(65274504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14581613 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;345478898 | &nbsp;&nbsp;&nbsp;&nbsp;330897285 |
| &nbsp;&nbsp;**Net assets at end of year** | **$280204394** | &nbsp;&nbsp;**$345478898** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;101870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1152445) | &nbsp;&nbsp;&nbsp;&nbsp;(39237356) | &nbsp;&nbsp;&nbsp;&nbsp;(2556233) | &nbsp;&nbsp;&nbsp;&nbsp;(80412074) |
| &nbsp;&nbsp;Net decrease | (1050575) | &nbsp;&nbsp;&nbsp;&nbsp;(35791179) | &nbsp;&nbsp;&nbsp;&nbsp;(2477770) | &nbsp;&nbsp;&nbsp;&nbsp;(77998941) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;292808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9704722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(174208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5742927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3808407) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;118600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3692553 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;119998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(157218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5232518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7157170) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(37220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1224265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4191564) |
| &nbsp;&nbsp;**Total net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(969195)** | &nbsp;&nbsp;&nbsp;&nbsp;**(33053649)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2496776)** | &nbsp;&nbsp;&nbsp;&nbsp;**(78497952)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.88 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(3.78) | &nbsp;&nbsp;(3.48) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $27.87 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;9.01 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $25.93 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $19.70 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;6.23 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $22.72 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(3.22) | &nbsp;&nbsp;(3.02) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $35.91 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(3.69) | &nbsp;&nbsp;(3.47) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $27.21 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;&nbsp;&nbsp;8.70 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $25.37 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $19.33 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;&nbsp;&nbsp;6.04 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $22.35 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(3.16) | &nbsp;&nbsp;(3.02) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.39 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(3.74) | &nbsp;&nbsp;(3.48) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $27.54 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;8.85 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $25.64 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $19.51 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp;&nbsp;6.13 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $22.53 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(3.18) | &nbsp;&nbsp;(3.02) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $33.40 | &nbsp;&nbsp;(9.44%) | 0.88% | 0.83% | 0.89% | 24% | $166488 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $36.88 | 32.33% | 0.88% | 0.82% | 0.68% | 32% | $222591 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $27.87 | &nbsp;&nbsp;&nbsp;7.48% | 0.88% | 0.81% | 1.03% | 40% | $237299 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $25.93 | 31.62% | 0.88% | 0.82% | 1.22% | 31% | $220919 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $19.70 | (13.29%) | 0.89% | 0.85% | 0.87% | 98% | $170998 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $32.44 | &nbsp;&nbsp;(9.66%) | 1.13% | 1.08% | 0.66% | 24% | &nbsp;&nbsp;$48561 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $35.91 | 31.97% | 1.13% | 1.07% | 0.45% | 32% | &nbsp;&nbsp;$49498 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $27.21 | &nbsp;&nbsp;&nbsp;7.25% | 1.13% | 1.06% | 0.78% | 40% | &nbsp;&nbsp;$34497 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $25.37 | 31.25% | 1.13% | 1.07% | 0.97% | 31% | &nbsp;&nbsp;$34239 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $19.33 | (13.51%) | 1.14% | 1.10% | 0.62% | 98% | &nbsp;&nbsp;$25687 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $32.91 | &nbsp;&nbsp;(9.56%) | 1.01% | 0.95% | 0.78% | 24% | &nbsp;&nbsp;$65155 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $36.39 | 32.14% | 1.01% | 0.95% | 0.57% | 32% | &nbsp;&nbsp;$73390 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $27.54 | &nbsp;&nbsp;&nbsp;7.41% | 1.01% | 0.94% | 0.91% | 40% | &nbsp;&nbsp;$59101 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $25.64 | 31.42% | 1.01% | 0.95% | 1.08% | 31% | &nbsp;&nbsp;$68354 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $19.51 | (13.40%) | 1.01% | 0.97% | 0.73% | 98% | &nbsp;&nbsp;$61387 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Select Mid Cap Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.82% to 0.65% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.82% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan

20 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.03% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;1.08 |
| &nbsp;&nbsp;Class 3 | 0.955 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $72,365,731 and $103,645,504, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

22 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 8. Significant risks

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 95.8% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

24 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Select Mid Cap Value Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Select Mid Cap Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

26 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

28 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

30 Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_278_018ff608-4668-4367-87fe-8888dc695c7f_TOC)

#### Columbia Variable Portfolio – Select Mid Cap Value Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img4a154a2f2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7021_12_B01_(02/23

------

![](imga41c50b21.jpg)

Annual Report

December 31, 2022

![](imgbf6ff9402.jpg)

Columbia Variable Portfolio – Seligman Global Technology Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_84e24fcd-3aad-4bd4-a48c-4bc7c2313d16_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_84e24fcd-3aad-4bd4-a48c-4bc7c2313d16_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_ef0521cd-da1e-496a-8e91-453a19d3938b_1)<br>| 7 |
| [Portfolio of Investments](#xx_72762d6b-71b2-460b-aa79-a1f62078c210_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_e801c89a-ac01-4853-a237-8f743e064393_1)<br>| 12 |
| [Statement of Operations](#xx_e801c89a-ac01-4853-a237-8f743e064393_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_e801c89a-ac01-4853-a237-8f743e064393_3)<br>| 14 |
| [Financial Highlights](#xx_c8935a20-34e7-4cc7-8f70-04c788703fa1_2)<br>| 16 |
| [Notes to Financial Statements](#xx_55081993-8450-408f-a3e8-6bfd336e7e4f_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_483c9867-2a76-43ed-92bb-5eba3da048f4_1)<br>| 29 |
| [Federal Income Tax Information](#xx_76ed20da-99af-4cc1-aa15-3b7d30ba1953_1)<br>| 30 |
| [Trustees and Officers](#xx_76ed20da-99af-4cc1-aa15-3b7d30ba1953_1)<br>| 30 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Seligman Global Technology Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital appreciation.

Portfolio management

#### Paul Wick
Lead Portfolio Manager

Managed Fund since 2006

#### Shekhar Pramanick
Technology Team Member

Managed Fund since 2014

#### Sanjay Devgan
Technology Team Member

Managed Fund since 2014

#### Christopher Boova
Technology Team Member

Managed Fund since 2016

#### Vimal Patel
Technology Team Member

Managed Fund since 2018

#### Sanjiv Wadhwani
Technology Team Member

Managed Fund since 2021

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/01/96 | &nbsp;&nbsp;&nbsp;&nbsp;-31.72 | &nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;18.70 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/01/00 | &nbsp;&nbsp;&nbsp;&nbsp;-31.86 | &nbsp;&nbsp;&nbsp;&nbsp;14.35 | &nbsp;&nbsp;&nbsp;&nbsp;18.39 |
| &nbsp;&nbsp;MSCI World Information Technology Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;-30.79 | &nbsp;&nbsp;&nbsp;&nbsp;13.18 | &nbsp;&nbsp;&nbsp;&nbsp;16.17 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The MSCI World Information Technology Index (Net) is a free float-adjusted market capitalization index designed to measure information technology stock performance in the global developed equity market.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI World Information Technology Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img963a9a8e3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Seligman Global Technology Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;86.2 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sub-industry breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sub-industry breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;**Information Technology** |  |
| &nbsp;&nbsp;Application Software | &nbsp;&nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;Data Processing & Outsourced Services | &nbsp;&nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;Electronic Equipment & Instruments | &nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Internet Services & Infrastructure | &nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;IT Consulting & Other Services | &nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Semiconductor Equipment | 13.5 |
| &nbsp;&nbsp;Semiconductors | 23.9 |
| &nbsp;&nbsp;Systems Software | 15.7 |
| &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;9.8 |
| &nbsp;&nbsp;**Total** | **86.2** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;United States<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;92.5 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer's place of organization/incorporation. Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At December 31, 2022, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

4 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio - Seligman Global Technology Fund returned -31.86%. The Fund's benchmark, the MSCI World Information Technology Index (Net) returned -30.79% for the same time period.

Market overview

Both U.S. and international equities finished sharply lower for the calendar year 2022. Historically high inflation and efforts on the part of the U.S. Federal Reserve (Fed) to contain prices were the principal drivers of the U.S. equity market downturn. Inflation had begun to drift upward in late 2021 but spiked in the wake of Russia's late-February 2022 invasion of Ukraine. U.S. consumer price inflation rose above 8% in March and peaked at 9.1% in June. The Fed responded by raising its benchmark overnight lending rate seven times, leaving the fed funds target range at 4.25%-4.50% at year-end, up from 0.0%-0.25% entering 2022. The increase in interest rates generally had the largest negative impact on the most growth-oriented segments of the market, most notably the information technology sector.

Despite a tremendous rebound in the fourth quarter, developed international equity markets struggled and finished down by double-digit percentages in U.S. dollar terms over the one-year period ending December 31, 2022. Energy stocks were the only economic sector within the MSCI EAFE Index (Net) to finish with positive returns, up more than 26% for the year. Next best were financials, which declined about 5%. All other sectors suffered double-digit losses.

Numerous concerns weighed on sentiment throughout the first three quarters of the year, particularly a toxic combination of geopolitical and financial market events that punished most asset returns except for "hard" assets such as oil, gold and other commodities. As a result of the invasion of Ukraine by Russia, many western nations imposed punitive sanctions on Russia that limited its ability to transact in global markets and access assets held outside its borders. Combined, Russia and Ukraine provide a significant portion of many raw materials to the global economy, focused most prominently in Europe and the Middle East. Loss of these supplies disrupted access to necessities for many countries and raised the cost of such goods precipitously in some cases.

As the war in Ukraine continued to grind on, pressure on commodity markets around the world was made even worse by lockdowns in China stemming from a zero-COVID-19 policy. Mounting inflationary pressures forced central banks globally into the unfortunate position of needing to tighten monetary policy despite deteriorating economic conditions. These stagflationary conditions proved to be a major driver of poor returns across both stocks and bonds.

The Fund's notable detractors during the period

• Selections within the semiconductor, communications equipment and technology hardware industries detracted most from results versus the benchmark during the period.

• An overweighted allocation to the semiconductor industry, an out-of-benchmark allocation to interactive media in the communication services sector and an underweight to the technology hardware industry also
detracted.

• Top individual detractors to relative performance included semiconductor companies Synaptics, Inc., Teradyne, Inc., Marvell Technology, Inc. and Lam Research Corp.

• Not owning global payment-processing company Mastercard weighed on relative results.

The Fund's notable contributors during the period

• Allocation decisions, namely an overweight to communication services sector (particularly within the entertainment and media industries) and an out-of-benchmark allocation to the industrials sector contributed to
Fund results versus the benchmark.

• Within the information technology sector, an underweight to the software industry was also additive.

• Selections within the software, IT services and electronic equipment industries contributed positively to Fund results versus the benchmark.

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Top individual holdings that contributed during the period, relative to the benchmark, included software company Synopsis, Inc., semiconductor company Analog Devices, Inc., gaming company Activision Blizzard, Inc.
and communications equipment company Plantronics, Inc. During the period, Plantronics was acquired by Hewlett-Packard, and it was announced that Activision Blizzard would be acquired by Microsoft.

• Not owning software company NVIDIA Corp., e-commerce company Shopify Inc. and online payments company PayPal Holdings, Inc. also contributed versus the benchmark.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The products of technology companies may be subject to severe competition and rapid obsolescence, and technology stocks may be subject to greater price fluctuations. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are enhanced for emerging market issuers. As a non-diversified fund, fewer investments could have a greater effect on performance. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;967.70 | &nbsp;&nbsp;&nbsp;&nbsp;1020.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;967.10 | &nbsp;&nbsp;&nbsp;&nbsp;1018.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.3%** | &nbsp;&nbsp;**Common Stocks 98.3%** | &nbsp;&nbsp;**Common Stocks 98.3%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Canada 0.3%** | &nbsp;&nbsp;**Canada 0.3%** | &nbsp;&nbsp;**Canada 0.3%** |
| &nbsp;&nbsp;Shaw Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10295 | &nbsp;&nbsp;&nbsp;&nbsp;296608 |
| &nbsp;&nbsp;**Germany 0.5%** | &nbsp;&nbsp;**Germany 0.5%** | &nbsp;&nbsp;**Germany 0.5%** |
| &nbsp;&nbsp;TeamViewer AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45115 | &nbsp;&nbsp;&nbsp;&nbsp;578714 |
| &nbsp;&nbsp;**Israel 1.8%** | &nbsp;&nbsp;**Israel 1.8%** | &nbsp;&nbsp;**Israel 1.8%** |
| &nbsp;&nbsp;Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;1110208 |
| &nbsp;&nbsp;CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4015 | &nbsp;&nbsp;&nbsp;&nbsp;520545 |
| &nbsp;&nbsp;Tower Semiconductor Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6459 | &nbsp;&nbsp;&nbsp;&nbsp;279029 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1909782** |
| &nbsp;&nbsp;**Japan 2.4%** | &nbsp;&nbsp;**Japan 2.4%** | &nbsp;&nbsp;**Japan 2.4%** |
| &nbsp;&nbsp;Renesas Electronics Corp.<sup>(a)</sup> | &nbsp;&nbsp;251000 | &nbsp;&nbsp;2218404 |
| &nbsp;&nbsp;Sumco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26300 | &nbsp;&nbsp;&nbsp;&nbsp;348438 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2566842** |
| &nbsp;&nbsp;**Netherlands 1.6%** | &nbsp;&nbsp;**Netherlands 1.6%** | &nbsp;&nbsp;**Netherlands 1.6%** |
| &nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;10932 | &nbsp;&nbsp;1727584 |
| &nbsp;&nbsp;**Sweden 0.8%** | &nbsp;&nbsp;**Sweden 0.8%** | &nbsp;&nbsp;**Sweden 0.8%** |
| &nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, ADR | &nbsp;&nbsp;154396 | &nbsp;&nbsp;&nbsp;&nbsp;901673 |
| &nbsp;&nbsp;**United States 90.9%** | &nbsp;&nbsp;**United States 90.9%** | &nbsp;&nbsp;**United States 90.9%** |
| &nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22201 | &nbsp;&nbsp;1699487 |
| &nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88040 | &nbsp;&nbsp;&nbsp;&nbsp;834619 |
| &nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23201 | &nbsp;&nbsp;1990182 |
| &nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45283 | &nbsp;&nbsp;3995319 |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17969 | &nbsp;&nbsp;1594389 |
| &nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20691 | &nbsp;&nbsp;3393945 |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44286 | &nbsp;&nbsp;5754080 |
| &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35998 | &nbsp;&nbsp;3505485 |
| &nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6609 | &nbsp;&nbsp;&nbsp;&nbsp;802002 |
| &nbsp;&nbsp;Bloom Energy Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;141127 | &nbsp;&nbsp;2698348 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9590 | &nbsp;&nbsp;5362057 |
| &nbsp;&nbsp;Cerence, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16185 | &nbsp;&nbsp;&nbsp;&nbsp;299908 |
| &nbsp;&nbsp;Comcast Corp., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13188 | &nbsp;&nbsp;&nbsp;&nbsp;461184 |
| &nbsp;&nbsp;Dell Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27902 | &nbsp;&nbsp;1122219 |
| &nbsp;&nbsp;Dropbox, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;119547 | &nbsp;&nbsp;2675462 |
| &nbsp;&nbsp;DXC Technology Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20567 | &nbsp;&nbsp;&nbsp;&nbsp;545026 |
| &nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54180 | &nbsp;&nbsp;2246845 |
| &nbsp;&nbsp;Eiger BioPharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;74741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88194 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;F5, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;10422 | &nbsp;&nbsp;1495661 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;12410 | &nbsp;&nbsp;&nbsp;&nbsp;842019 |
| &nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp;12879 | &nbsp;&nbsp;1301681 |
| &nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;39677 | &nbsp;&nbsp;1939809 |
| &nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;98605 | &nbsp;&nbsp;2113105 |
| &nbsp;&nbsp;GlobalFoundries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;23503 | &nbsp;&nbsp;1266577 |
| &nbsp;&nbsp;GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;37921 | &nbsp;&nbsp;2837249 |
| &nbsp;&nbsp;HireRight Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;20056 | &nbsp;&nbsp;&nbsp;&nbsp;237864 |
| &nbsp;&nbsp;Intapp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5312 | &nbsp;&nbsp;&nbsp;&nbsp;132481 |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;15407 | &nbsp;&nbsp;6475562 |
| &nbsp;&nbsp;Legend Biotech Corp., ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6532 | &nbsp;&nbsp;&nbsp;&nbsp;326077 |
| &nbsp;&nbsp;Lumentum Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;23093 | &nbsp;&nbsp;1204762 |
| &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;53823 | &nbsp;&nbsp;1993604 |
| &nbsp;&nbsp;Match Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8145 | &nbsp;&nbsp;&nbsp;&nbsp;337936 |
| &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;25800 | &nbsp;&nbsp;1812450 |
| &nbsp;&nbsp;Micron Technology, Inc.<sup>(b)</sup> | &nbsp;&nbsp;10472 | &nbsp;&nbsp;&nbsp;&nbsp;523391 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;16226 | &nbsp;&nbsp;3891319 |
| &nbsp;&nbsp;National Instruments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5571 | &nbsp;&nbsp;&nbsp;&nbsp;205570 |
| &nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;36638 | &nbsp;&nbsp;2200478 |
| &nbsp;&nbsp;ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1774 | &nbsp;&nbsp;&nbsp;&nbsp;110644 |
| &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;34080 | &nbsp;&nbsp;2785699 |
| &nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;13865 | &nbsp;&nbsp;1934722 |
| &nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;18113 | &nbsp;&nbsp;1641762 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87182 |
| &nbsp;&nbsp;Rambus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;26779 | &nbsp;&nbsp;&nbsp;&nbsp;959224 |
| &nbsp;&nbsp;Salesforce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4437 | &nbsp;&nbsp;&nbsp;&nbsp;588302 |
| &nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2167 | &nbsp;&nbsp;&nbsp;&nbsp;197479 |
| &nbsp;&nbsp;SMART Global Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;46706 | &nbsp;&nbsp;&nbsp;&nbsp;694985 |
| &nbsp;&nbsp;Splunk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3842 | &nbsp;&nbsp;&nbsp;&nbsp;330758 |
| &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;28336 | &nbsp;&nbsp;2696454 |
| &nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;12173 | &nbsp;&nbsp;3886717 |
| &nbsp;&nbsp;Tenable Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8199 | &nbsp;&nbsp;&nbsp;&nbsp;312792 |
| &nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;44669 | &nbsp;&nbsp;3901837 |
| &nbsp;&nbsp;Thoughtworks Holding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;26673 | &nbsp;&nbsp;&nbsp;&nbsp;271798 |
| &nbsp;&nbsp;T-Mobile US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3638 | &nbsp;&nbsp;&nbsp;&nbsp;509320 |
| &nbsp;&nbsp;Transphorm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;26979 | &nbsp;&nbsp;&nbsp;&nbsp;146766 |
| &nbsp;&nbsp;Viavi Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;30526 | &nbsp;&nbsp;&nbsp;&nbsp;320828 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233369 |
| &nbsp;&nbsp;VMware, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059296 |
| &nbsp;&nbsp;Western Digital Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220890 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**97097170** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $92,103,092) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $92,103,092) | &nbsp;&nbsp;&nbsp;&nbsp;**105078373** |
| &nbsp;&nbsp;**Money Market Funds 1.5%** | &nbsp;&nbsp;**Money Market Funds 1.5%** | &nbsp;&nbsp;**Money Market Funds 1.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(c),(d)</sup> | &nbsp;&nbsp;1590777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590299 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $1,590,201) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $1,590,201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1590299** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $93,693,293)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $93,693,293)** | &nbsp;&nbsp;&nbsp;&nbsp;**106668672** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**213014** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$106881686** |

---

At December 31, 2022, securities and/or cash totaling $918,286 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Premium<br> received ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Comcast Corp | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;(444119) | &nbsp;&nbsp;(127) | &nbsp;&nbsp;&nbsp;&nbsp;45.00 | &nbsp;&nbsp;1/19/2024 | &nbsp;&nbsp;(12275) | &nbsp;&nbsp;(17336) |
| &nbsp;&nbsp;F5, Inc. | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(14351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;195.00 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) |
| &nbsp;&nbsp;Micron Technology, Inc. | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;(459816) | &nbsp;&nbsp;&nbsp;&nbsp;(92) | &nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;6/16/2023 | &nbsp;&nbsp;(26941) | &nbsp;&nbsp;&nbsp;&nbsp;(8648) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;(39810) | &nbsp;&nbsp;(26134) |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(c) The rate shown is the seven-day current annualized yield at December 31, 2022.

(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 2982402 | &nbsp;&nbsp;23779042 | &nbsp;&nbsp;(25171298) | &nbsp;&nbsp;153 | &nbsp;&nbsp;1590299 | &nbsp;&nbsp;(258) | &nbsp;&nbsp;28228 | &nbsp;&nbsp;1590777 |

---

#### Abbreviation Legend
ADR American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Currency Legend
USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578714 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;1909782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2566842 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1727584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;97097170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97097170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 101932817 | &nbsp;&nbsp;&nbsp;&nbsp;3145556 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;105078373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1590299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590299 |
| &nbsp;&nbsp;Total Investments in Securities | 103523116 | &nbsp;&nbsp;&nbsp;&nbsp;3145556 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;106668672 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Contracts Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26134) |
| &nbsp;&nbsp;Total | 103496982 | &nbsp;&nbsp;&nbsp;&nbsp;3145556 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;106642538 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued) See the Portfolio of Investments for all investment classifications not indicated in the table.
**The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.**

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $92,103,092) | $105078373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $1,590,201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590299 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;107035340 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Option contracts written, at value (premiums received $39,810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26134 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153654 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$106881686** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;&nbsp;87744495 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;19137191 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$106881686** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$40656409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.66 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$66225277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.55 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$1002861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21495) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009594 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13846 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620901 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228091) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392810 |
| &nbsp;&nbsp;**Net investment loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(383216) |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6630989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4586) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28190 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6654335 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(58085465) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13676 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(58071633) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(51417298) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(51800514)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(383216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(273156) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6654335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30061713 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(58071633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19456859 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(51800514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49245416 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(11069734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6326232) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;(18760666) | &nbsp;&nbsp;&nbsp;&nbsp;(10678214) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(29830400) | &nbsp;&nbsp;&nbsp;&nbsp;(17004446) |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;14755455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5738398 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(66875459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37979368 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;173757145 | &nbsp;&nbsp;&nbsp;&nbsp;135777777 |
| &nbsp;&nbsp;**Net assets at end of year** | **$106881686** | &nbsp;&nbsp;**$173757145** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;61279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;466094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11069734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6326232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (233114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6564096) | &nbsp;&nbsp;&nbsp;&nbsp;(374568) | &nbsp;&nbsp;&nbsp;&nbsp;(13228843) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;294259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5851645 | &nbsp;&nbsp;&nbsp;&nbsp;(184790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6677859) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;651021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13854015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30645097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;929206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18760666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10678214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (914227) | &nbsp;&nbsp;&nbsp;&nbsp;(23710871) | &nbsp;&nbsp;&nbsp;&nbsp;(920024) | &nbsp;&nbsp;&nbsp;&nbsp;(28907054) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;666000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8903810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12416257 |
| &nbsp;&nbsp;**Total net increase** | &nbsp;&nbsp;**960259** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14755455** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**192887** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5738398** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $39.33 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(11.51) | &nbsp;&nbsp;(11.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(7.12) | &nbsp;&nbsp;(7.12) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $31.55 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;11.76 | &nbsp;&nbsp;&nbsp;&nbsp;11.75 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(3.82) | &nbsp;&nbsp;(3.97) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $23.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.99) | &nbsp;&nbsp;(1.99) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $17.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.44) | &nbsp;&nbsp;(3.44) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $21.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;(1.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.32) | &nbsp;&nbsp;(2.32) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $34.73 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(10.04) | &nbsp;&nbsp;(10.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(7.04) | &nbsp;&nbsp;(7.04) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $28.26 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(3.82) | &nbsp;&nbsp;(3.92) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $21.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.94) | &nbsp;&nbsp;(1.94) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $16.33 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;&nbsp;8.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.38) | &nbsp;&nbsp;(3.38) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $19.99 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.27) | &nbsp;&nbsp;(2.27) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |
| (d) | Ratios include line of credit interest expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $20.66 | (31.72%) 1.17%<sup>(c)</sup> 0.98%<sup>(c)</sup> | (0.16%) | 15% | &nbsp;&nbsp;$40656 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $39.33 | 39.03% 1.17%<sup>(c)</sup> 0.99%<sup>(c)</sup> | (0.04%) | 35% | &nbsp;&nbsp;$65802 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $31.55 | 46.18% 1.19%<sup>(c),(d)</sup> 0.98%<sup>(c),(d)</sup> | 0.62% | 46% | &nbsp;&nbsp;$58611 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $23.36 | 55.31% 1.18%<sup>(c)</sup> 0.97%<sup>(c)</sup> | 0.09% | 56% | &nbsp;&nbsp;$44565 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $17.78 | &nbsp;&nbsp;(8.15%) 1.09%<sup>(c),(d)</sup> 1.03%<sup>(c),(d)</sup> | 0.05% | 44% | &nbsp;&nbsp;$32129 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $17.55 | (31.86%) 1.42%<sup>(c)</sup> 1.23%<sup>(c)</sup> | (0.41%) | 15% | &nbsp;&nbsp;$66225 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $34.73 | 38.68% 1.42%<sup>(c)</sup> 1.24%<sup>(c)</sup> | (0.28%) | 35% | $107955 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $28.26 | 45.80% 1.44%<sup>(c),(d)</sup> 1.23%<sup>(c),(d)</sup> | 0.37% | 46% | &nbsp;&nbsp;$77167 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $21.12 | 54.97% 1.43%<sup>(c)</sup> 1.21%<sup>(c)</sup> | (0.15%) | 56% | &nbsp;&nbsp;$57023 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $16.33 | &nbsp;&nbsp;(8.45%) 1.33%<sup>(c),(d)</sup> 1.28%<sup>(c),(d)</sup> | (0.22%) | 44% | &nbsp;&nbsp;$33975 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Seligman Global Technology Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund has written option contracts to decrease the Fund's exposure to equity market risk and to facilitate buying and selling of securities for investments. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund

20 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Options contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp;26134 |

---

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;28190 |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;13676 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — written | (7629) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | |
|:---|:---|
|  | **Morgan<br> Stanley ($)** |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;26134 |
| &nbsp;&nbsp;**Total Financial and Derivative Net Assets** | **(26134)** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) (a) | (26134) |
| &nbsp;&nbsp;**Net Amount (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** |

---

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(b) Represents the net amount due from/(to) counterparties in the event of default.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

22 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. Effective July 1, 2022, the management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.915% to 0.705% as the Fund's net assets increase. Prior to July 1, 2022, the

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

management services fee was equal to a percentage of the Fund's daily net assets that declined from 0.915% to 0.755% as the Fund's net assets increased. The effective management services fee rate for the year ended December 31, 2022 was 0.915% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.18% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.98% | 0.99% |
| &nbsp;&nbsp;Class 2 | 1.23 | 1.24 |

---

24 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, tax straddles, trustees' deferred compensation, foreign currency transactions and net operating loss reclassification. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Excess of distributions<br> over net investment<br> income ($)** | **Accumulated<br> net realized<br> gain ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;383891 | 4585 | (388476) |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;4022512 | 25807888 | 29830400 | 2502622 | 14501824 | 17004446 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Undistributed<br> long-term<br> capital gains ($)** |
| &nbsp;&nbsp;— | 6626195 – 12557496 |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> appreciation ($)** |
| &nbsp;&nbsp;94085042 | 21118431 | (8560935) | 12557496 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $18,086,515 and $32,581,760, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;2 |

---

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate

26 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Notes to Financial Statements (continued)

December 31, 2022

pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Non-diversification risk
A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of a more diversified fund.

#### Shareholder concentration risk
At December 31, 2022, two unaffiliated shareholders of record owned 71.2% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

28 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Seligman Global Technology Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Seligman Global Technology Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

## Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Dividends<br> received<br> deduction** | **Capital<br> gain<br> dividend** |
| &nbsp;&nbsp;34.56% | $6978553 |

---

Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |

---

30 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |

---

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |

---

32 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited)
\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

34 Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Seligman Global Technology Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_289_fd676134-68fd-4ff5-b0a9-d04b5e4a86f5_TOC)

#### Columbia Variable Portfolio – Seligman Global Technology Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgbf6ff9402.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7072_12_B01_(02/23)

------

![](imgfaac30651.jpg)

Annual Report

December 31, 2022

![](img9b18a6fb2.jpg)

Columbia Variable Portfolio – Limited Duration Credit Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_d75e7678-4355-4ef9-a392-370c8997a2f5_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_d75e7678-4355-4ef9-a392-370c8997a2f5_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_0efd887e-3627-4e6c-9146-4b87b63af449_1)<br>| 7 |
| [Portfolio of Investments](#xx_5f519c29-6d4e-45cb-a01c-8ed1602155b9_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_ea0b66a2-dcea-4bfe-81af-d92e6c236e83_1)<br>| 13 |
| [Statement of Operations](#xx_ea0b66a2-dcea-4bfe-81af-d92e6c236e83_2)<br>| 14 |
| [Statement of Changes in Net Assets](#xx_ea0b66a2-dcea-4bfe-81af-d92e6c236e83_3)<br>| 15 |
| [Financial Highlights](#xx_10bf5b1d-3379-43dc-8d29-9d5e837730ae_1)<br>| 16 |
| [Notes to Financial Statements](#xx_ad28e21b-3a34-44e2-a19e-78676a896b13_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_955bae92-0078-499a-89c8-8d8fde1e4bc2_1)<br>| 29 |
| [Trustees and Officers](#xx_f8fcc324-37f4-4c69-87c8-2bf63ce0fcca_1)<br>| 30 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Limited Duration Credit Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a level of current income consistent with preservation of capital.

Portfolio management

#### Tom Murphy, CFA
Lead Portfolio Manager

Managed Fund since 2010

#### Royce D. Wilson, CFA
Portfolio Manager

Managed Fund since 2012

#### John Dawson, CFA
Portfolio Manager

Managed Fund since 2020

#### Shannon Rinehart, CFA
Portfolio Manager

Managed Fund since February 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-6.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-6.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| &nbsp;&nbsp;Bloomberg U.S. 1-5 Year Corporate Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-5.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Bloomberg U.S. 1-5 Year Corporate Index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies, with maturities between 1 and 5 years. .

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img0f2e9df63.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Limited Duration Credit Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;92.8 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;27.1 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;62.0 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 88.81% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Limited Duration Credit Fund returned -6.36%. The Fund's benchmark, the Bloomberg U.S. 1-5 Year Corporate Index, returned -5.62% for the same time period.

Market overview

Historically high inflation, and efforts on the part of the U.S. Federal Reserve (Fed) to contain prices, were the principal drivers of the bond market's negative return for the 12 months that ended December 31, 2022. Inflation had begun to drift upward in late 2021, but spiked in the wake of Russia's late-February 2022 invasion of Ukraine. U.S. consumer price inflation rose above 8% in March and peaked at 9.1% in June. The Fed responded by raising its benchmark overnight lending rate seven times, leaving the federal funds target range at 4.25%-4.50% at year-end, as compared to 0.0%-0.25% entering 2022

The U.S. Treasury yield curve finished the 12-month period dramatically higher. The two-year Treasury note began 2022 at 0.73% and ended the year at 4.41%, for an increase of 368 basis points, while the yield on the bellwether 10-year Treasury rose a more modest 236 basis points, from 1.52% to 3.88%. (A basis point is 1/100 of a percent.) As a result, the Treasury curve ended 2022 significantly inverted (meaning that short-term yields were higher than long-term yields), a development which has frequently foreshadowed recession. Against this backdrop, bond market returns for the period were negative and credit spreads generally widened.

The Fund's notable detractors during the period

• The Fund's positioning along the yield curve, and slightly overweight stance with respect to duration and corresponding interest rate sensitivity, detracted from performance as interest rates finished the
period sharply higher. We generally seek to keep the Fund positioned relatively neutrally with respect to the yield curve and duration, rather than actively manage this exposure.

• Security selection within financials weighed on relative performance, although, as noted below, security selection overall was a neutral factor.

The Fund's notable contributors during the period

• Sector allocation was the primary positive contributor to the Fund's performance relative to the benchmark over the period, highlighted by overweight allocations to life insurance, electric, and
aerospace/defense companies.

• The Fund's slightly overweighted stance with respect to credit risk was a neutral-to-marginally positive factor in relative performance, despite the widening of credit spreads seen during the period, due to
the concentration of credit exposure within utilities and industrials relative to financials.

• While overall security selection was essentially a neutral factor in relative performance, selection within utilities and industrials proved additive.

• At period end, the Fund's largest overweights were to the electric, media and entertainment and life insurance sectors, while the most significant underweights were to banking, technology and pharmaceuticals.

• The Fund maintained a modest overweight to credit at period end.

Derivative usage

The Fund employed Treasury futures contracts during the 12-month period to seek to reduce the potentially negative impact of rising interest rates. The use of these derivatives, on a stand-alone basis, contributed to Fund performance during the period.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

*Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Fixed-income securities present **issuer default** risk. A rise in **interest rates** may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. **Non-investment-grade** securities (high-yield or junk bonds) are volatile and carry more risk to principal and income than investment-grade securities. **Prepayment and extension** risk exists as a loan, bond or other investment may be called, prepaid or redeemed before maturity and that similar yielding investments may not be available for purchase. As a **non-diversified** fund, fewer investments could have a greater effect on performance. **Foreign** investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for **emerging market i**ssuers. Market or other (e.g., interest rate) environments may adversely affect the **liquidity** of Fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. Investing in **derivatives** is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. See the Fund's prospectus for more information on these and other risks.*

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.70 | &nbsp;&nbsp;&nbsp;&nbsp;1022.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1004.10 | &nbsp;&nbsp;&nbsp;&nbsp;1021.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes 92.1%** | &nbsp;&nbsp;**Corporate Bonds & Notes 92.1%** | &nbsp;&nbsp;**Corporate Bonds & Notes 92.1%** | &nbsp;&nbsp;**Corporate Bonds & Notes 92.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Aerospace & Defense 3.8%** | &nbsp;&nbsp;**Aerospace & Defense 3.8%** | &nbsp;&nbsp;**Aerospace & Defense 3.8%** | &nbsp;&nbsp;**Aerospace & Defense 3.8%** |
| &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) |
| &nbsp;&nbsp;02/01/2026 | &nbsp;&nbsp;2.750% | 23500000 | &nbsp;&nbsp;&nbsp;&nbsp;21822483 |
| &nbsp;&nbsp;02/04/2026 | &nbsp;&nbsp;2.196% | &nbsp;&nbsp;5991000 | &nbsp;&nbsp;&nbsp;&nbsp;5445349 |
| &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;Howmet Aerospace, Inc. |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;9025000 | &nbsp;&nbsp;&nbsp;&nbsp;7627767 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**34895599** |
| &nbsp;&nbsp;**Automotive 0.8%** | &nbsp;&nbsp;**Automotive 0.8%** | &nbsp;&nbsp;**Automotive 0.8%** | &nbsp;&nbsp;**Automotive 0.8%** |
| &nbsp;&nbsp;General Motors Financial Co., Inc. | &nbsp;&nbsp;General Motors Financial Co., Inc. | &nbsp;&nbsp;General Motors Financial Co., Inc. | &nbsp;&nbsp;General Motors Financial Co., Inc. |
| &nbsp;&nbsp;04/09/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5287000 | &nbsp;&nbsp;&nbsp;&nbsp;5125571 |
| &nbsp;&nbsp;04/10/2028 | &nbsp;&nbsp;2.400% | &nbsp;&nbsp;2731000 | &nbsp;&nbsp;&nbsp;&nbsp;2304736 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**7430307** |
| &nbsp;&nbsp;**Banking 17.1%** | &nbsp;&nbsp;**Banking 17.1%** | &nbsp;&nbsp;**Banking 17.1%** | &nbsp;&nbsp;**Banking 17.1%** |
| &nbsp;&nbsp;Bank of America Corp.<sup>(a)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(a)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(a)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;12/20/2028 | &nbsp;&nbsp;3.419% | 47437000 | &nbsp;&nbsp;&nbsp;&nbsp;43026860 |
| &nbsp;&nbsp;HSBC Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/22/2027 | &nbsp;&nbsp;2.251% | 25853000 | &nbsp;&nbsp;&nbsp;&nbsp;22395516 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a)</sup> |
| &nbsp;&nbsp;06/14/2030 | &nbsp;&nbsp;4.565% | 33130000 | &nbsp;&nbsp;&nbsp;&nbsp;31283549 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;2.739% | &nbsp;&nbsp;8622000 | &nbsp;&nbsp;&nbsp;&nbsp;7240508 |
| &nbsp;&nbsp;Morgan Stanley<sup>(a)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(a)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(a)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(a)</sup> |
| &nbsp;&nbsp;07/22/2025 | &nbsp;&nbsp;2.720% | 12530000 | &nbsp;&nbsp;&nbsp;&nbsp;11986755 |
| &nbsp;&nbsp;05/04/2027 | &nbsp;&nbsp;1.593% | &nbsp;&nbsp;3793000 | &nbsp;&nbsp;&nbsp;&nbsp;3329786 |
| &nbsp;&nbsp;01/21/2028 | &nbsp;&nbsp;2.475% | 18980000 | &nbsp;&nbsp;&nbsp;&nbsp;16860710 |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(a)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(a)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(a)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(a)</sup> |
| &nbsp;&nbsp;06/17/2027 | &nbsp;&nbsp;3.196% | &nbsp;&nbsp;8718000 | &nbsp;&nbsp;&nbsp;&nbsp;8093137 |
| &nbsp;&nbsp;06/02/2028 | &nbsp;&nbsp;2.393% | 14882000 | &nbsp;&nbsp;&nbsp;&nbsp;13124683 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**157341504** |
| &nbsp;&nbsp;**Building Materials 0.8%** | &nbsp;&nbsp;**Building Materials 0.8%** | &nbsp;&nbsp;**Building Materials 0.8%** | &nbsp;&nbsp;**Building Materials 0.8%** |
| &nbsp;&nbsp;Ferguson Finance PLC<sup>(b)</sup> | &nbsp;&nbsp;Ferguson Finance PLC<sup>(b)</sup> | &nbsp;&nbsp;Ferguson Finance PLC<sup>(b)</sup> | &nbsp;&nbsp;Ferguson Finance PLC<sup>(b)</sup> |
| &nbsp;&nbsp;04/20/2027 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;7842000 | &nbsp;&nbsp;&nbsp;&nbsp;7419192 |
| &nbsp;&nbsp;**Cable and Satellite 3.8%** | &nbsp;&nbsp;**Cable and Satellite 3.8%** | &nbsp;&nbsp;**Cable and Satellite 3.8%** | &nbsp;&nbsp;**Cable and Satellite 3.8%** |
| &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;2.250% | 26045000 | &nbsp;&nbsp;&nbsp;&nbsp;20933962 |
| &nbsp;&nbsp;Sky PLC<sup>(b)</sup> | &nbsp;&nbsp;Sky PLC<sup>(b)</sup> | &nbsp;&nbsp;Sky PLC<sup>(b)</sup> | &nbsp;&nbsp;Sky PLC<sup>(b)</sup> |
| &nbsp;&nbsp;09/16/2024 | &nbsp;&nbsp;3.750% | 14515000 | &nbsp;&nbsp;&nbsp;&nbsp;14171345 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**35105307** |
| &nbsp;&nbsp;**Diversified Manufacturing 0.3%** | &nbsp;&nbsp;**Diversified Manufacturing 0.3%** | &nbsp;&nbsp;**Diversified Manufacturing 0.3%** | &nbsp;&nbsp;**Diversified Manufacturing 0.3%** |
| &nbsp;&nbsp;General Electric Co.<sup>(c)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(c)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(c)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(c)</sup> |
| &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated |
| &nbsp;&nbsp;3-month USD LIBOR + 3.330%<br> 12/31/2049 | &nbsp;&nbsp;8.099% | &nbsp;&nbsp;2465000 | &nbsp;&nbsp;&nbsp;&nbsp;2440975 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Electric 21.3%** | &nbsp;&nbsp;**Electric 21.3%** | &nbsp;&nbsp;**Electric 21.3%** | &nbsp;&nbsp;**Electric 21.3%** |
| &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;1.375% | 27670000 | &nbsp;&nbsp;&nbsp;&nbsp;24654728 |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;American Electric Power Co., Inc. |
| &nbsp;&nbsp;11/01/2025 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1341022 |
| &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. |
| &nbsp;&nbsp;09/01/2024 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;2772000 | &nbsp;&nbsp;&nbsp;&nbsp;2659443 |
| &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;CMS Energy Corp. |
| &nbsp;&nbsp;11/15/2025 | &nbsp;&nbsp;3.600% | 30396000 | &nbsp;&nbsp;&nbsp;&nbsp;28961674 |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;2987000 | &nbsp;&nbsp;&nbsp;&nbsp;2766525 |
| &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. |
| &nbsp;&nbsp;11/01/2024 | &nbsp;&nbsp;4.220% | &nbsp;&nbsp;9414000 | &nbsp;&nbsp;&nbsp;&nbsp;9263680 |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;6879000 | &nbsp;&nbsp;&nbsp;&nbsp;6441357 |
| &nbsp;&nbsp;Edison International | &nbsp;&nbsp;Edison International | &nbsp;&nbsp;Edison International | &nbsp;&nbsp;Edison International |
| &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;2076283 |
| &nbsp;&nbsp;Emera U.S. Finance LP | &nbsp;&nbsp;Emera U.S. Finance LP | &nbsp;&nbsp;Emera U.S. Finance LP | &nbsp;&nbsp;Emera U.S. Finance LP |
| &nbsp;&nbsp;06/15/2024 | &nbsp;&nbsp;0.833% | &nbsp;&nbsp;2962000 | &nbsp;&nbsp;&nbsp;&nbsp;2771488 |
| &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;3.550% | 28398000 | &nbsp;&nbsp;&nbsp;&nbsp;26667940 |
| &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;1.650% | 11571000 | &nbsp;&nbsp;&nbsp;&nbsp;9000287 |
| &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(b)</sup> | &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(b)</sup> | &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(b)</sup> | &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(b)</sup> |
| &nbsp;&nbsp;01/15/2025 | &nbsp;&nbsp;4.350% | 11980000 | &nbsp;&nbsp;&nbsp;&nbsp;11648171 |
| &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. |
| &nbsp;&nbsp;07/30/2023 | &nbsp;&nbsp;2.100% | 12915000 | &nbsp;&nbsp;&nbsp;&nbsp;12692028 |
| &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(c)</sup> | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(c)</sup> | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(c)</sup> | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(c)</sup> |
| &nbsp;&nbsp;SOFR + 0.400%<br> 11/03/2023 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;7255000 | &nbsp;&nbsp;&nbsp;&nbsp;7226041 |
| &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(b)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(b)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(b)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(b)</sup> |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;9550000 | &nbsp;&nbsp;&nbsp;&nbsp;9280973 |
| &nbsp;&nbsp;NRG Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;12/02/2027 | &nbsp;&nbsp;2.450% | 12997000 | &nbsp;&nbsp;&nbsp;&nbsp;10780097 |
| &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;3.000% | 13315000 | &nbsp;&nbsp;&nbsp;&nbsp;11542032 |
| &nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;Pinnacle West Capital Corp. |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;1.300% | &nbsp;&nbsp;2403000 | &nbsp;&nbsp;&nbsp;&nbsp;2189256 |
| &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. |
| &nbsp;&nbsp;11/08/2023 | &nbsp;&nbsp;0.841% | &nbsp;&nbsp;3045000 | &nbsp;&nbsp;&nbsp;&nbsp;2932809 |
| &nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;Southern California Edison Co. |
| &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;5.850% | &nbsp;&nbsp;5495000 | &nbsp;&nbsp;&nbsp;&nbsp;5673862 |
| &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;WEC Energy Group, Inc. |
| &nbsp;&nbsp;09/15/2023 | &nbsp;&nbsp;0.550% | &nbsp;&nbsp;2990000 | &nbsp;&nbsp;&nbsp;&nbsp;2893922 |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;2212000 | &nbsp;&nbsp;&nbsp;&nbsp;2115759 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**195579377** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Environmental 0.6%** | &nbsp;&nbsp;**Environmental 0.6%** | &nbsp;&nbsp;**Environmental 0.6%** | &nbsp;&nbsp;**Environmental 0.6%** |
| &nbsp;&nbsp;GFL Environmental, Inc.<sup>(b)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(b)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(b)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;5450000 | &nbsp;&nbsp;&nbsp;&nbsp;5146883 |
| &nbsp;&nbsp;**Food and Beverage 3.7%** | &nbsp;&nbsp;**Food and Beverage 3.7%** | &nbsp;&nbsp;**Food and Beverage 3.7%** | &nbsp;&nbsp;**Food and Beverage 3.7%** |
| &nbsp;&nbsp;Bacardi Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.700% | 35171000 | &nbsp;&nbsp;33785881 |
| &nbsp;&nbsp;**Health Care 6.5%** | &nbsp;&nbsp;**Health Care 6.5%** | &nbsp;&nbsp;**Health Care 6.5%** | &nbsp;&nbsp;**Health Care 6.5%** |
| &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(b)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(b)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(b)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(b)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;5.650% | 19805000 | &nbsp;&nbsp;20095513 |
| &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;5.250% | 23535000 | &nbsp;&nbsp;23259851 |
| &nbsp;&nbsp;HCA, Inc.<sup>(b)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(b)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(b)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;2933000 | &nbsp;&nbsp;&nbsp;&nbsp;2667993 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(c)</sup> | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(c)</sup> | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(c)</sup> | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(c)</sup> |
| &nbsp;&nbsp;SOFR + 0.390%<br> 10/18/2023 | &nbsp;&nbsp;4.690% | 14166000 | &nbsp;&nbsp;14097940 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**60121297** |
| &nbsp;&nbsp;**Healthcare Insurance 2.7%** | &nbsp;&nbsp;**Healthcare Insurance 2.7%** | &nbsp;&nbsp;**Healthcare Insurance 2.7%** | &nbsp;&nbsp;**Healthcare Insurance 2.7%** |
| &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. |
| &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;2425000 | &nbsp;&nbsp;&nbsp;&nbsp;2357772 |
| &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;4407000 | &nbsp;&nbsp;&nbsp;&nbsp;4138384 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;2.450% | 22050000 | &nbsp;&nbsp;18604291 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**25100447** |
| &nbsp;&nbsp;**Independent Energy 0.7%** | &nbsp;&nbsp;**Independent Energy 0.7%** | &nbsp;&nbsp;**Independent Energy 0.7%** | &nbsp;&nbsp;**Independent Energy 0.7%** |
| &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;Canadian Natural Resources Ltd. |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;2.050% | &nbsp;&nbsp;4224000 | &nbsp;&nbsp;&nbsp;&nbsp;3931165 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;2504000 | &nbsp;&nbsp;&nbsp;&nbsp;2535949 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6467114** |
| &nbsp;&nbsp;**Life Insurance 7.8%** | &nbsp;&nbsp;**Life Insurance 7.8%** | &nbsp;&nbsp;**Life Insurance 7.8%** | &nbsp;&nbsp;**Life Insurance 7.8%** |
| &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(b)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(b)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(b)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;04/05/2027 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;1508000 | &nbsp;&nbsp;&nbsp;&nbsp;1404790 |
| &nbsp;&nbsp;Five Corners Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(b)</sup> |
| &nbsp;&nbsp;11/15/2023 | &nbsp;&nbsp;4.419% | 15160000 | &nbsp;&nbsp;15015636 |
| &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(b)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(b)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(b)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(b)</sup> |
| &nbsp;&nbsp;08/25/2025 | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;3603000 | &nbsp;&nbsp;&nbsp;&nbsp;3525245 |
| &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(b)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;3.976% | 20087000 | &nbsp;&nbsp;19414338 |
| &nbsp;&nbsp;Principal Life Global Funding II<sup>(b)</sup> | &nbsp;&nbsp;Principal Life Global Funding II<sup>(b)</sup> | &nbsp;&nbsp;Principal Life Global Funding II<sup>(b)</sup> | &nbsp;&nbsp;Principal Life Global Funding II<sup>(b)</sup> |
| &nbsp;&nbsp;11/21/2024 | &nbsp;&nbsp;2.250% | 17640000 | &nbsp;&nbsp;16678912 |
| &nbsp;&nbsp;08/16/2026 | &nbsp;&nbsp;1.250% | 15227000 | &nbsp;&nbsp;13209592 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;Voya Financial, Inc. |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;2245000 | &nbsp;&nbsp;&nbsp;&nbsp;2129000 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**71377513** |
| &nbsp;&nbsp;**Media and Entertainment 4.9%** | &nbsp;&nbsp;**Media and Entertainment 4.9%** | &nbsp;&nbsp;**Media and Entertainment 4.9%** | &nbsp;&nbsp;**Media and Entertainment 4.9%** |
| &nbsp;&nbsp;Magallanes, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;4.054% | 33215000 | &nbsp;&nbsp;28787686 |
| &nbsp;&nbsp;Netflix, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;5.375% | 16705000 | &nbsp;&nbsp;16355041 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**45142727** |
| &nbsp;&nbsp;**Metals and Mining 0.4%** | &nbsp;&nbsp;**Metals and Mining 0.4%** | &nbsp;&nbsp;**Metals and Mining 0.4%** | &nbsp;&nbsp;**Metals and Mining 0.4%** |
| &nbsp;&nbsp;Alcoa Nederland Holding BV<sup>(b)</sup> | &nbsp;&nbsp;Alcoa Nederland Holding BV<sup>(b)</sup> | &nbsp;&nbsp;Alcoa Nederland Holding BV<sup>(b)</sup> | &nbsp;&nbsp;Alcoa Nederland Holding BV<sup>(b)</sup> |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;3860000 | &nbsp;&nbsp;&nbsp;&nbsp;3719188 |
| &nbsp;&nbsp;**Midstream 3.4%** | &nbsp;&nbsp;**Midstream 3.4%** | &nbsp;&nbsp;**Midstream 3.4%** | &nbsp;&nbsp;**Midstream 3.4%** |
| &nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(b)</sup> | &nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(b)</sup> | &nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(b)</sup> | &nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;4685000 | &nbsp;&nbsp;&nbsp;&nbsp;4477621 |
| &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;3880000 | &nbsp;&nbsp;&nbsp;&nbsp;3664906 |
| &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;4.500% | 16055000 | &nbsp;&nbsp;15436143 |
| &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;4.650% | &nbsp;&nbsp;7609000 | &nbsp;&nbsp;&nbsp;&nbsp;7240512 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**30819182** |
| &nbsp;&nbsp;**Natural Gas 0.8%** | &nbsp;&nbsp;**Natural Gas 0.8%** | &nbsp;&nbsp;**Natural Gas 0.8%** | &nbsp;&nbsp;**Natural Gas 0.8%** |
| &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;8370000 | &nbsp;&nbsp;&nbsp;&nbsp;7270617 |
| &nbsp;&nbsp;**Packaging 1.7%** | &nbsp;&nbsp;**Packaging 1.7%** | &nbsp;&nbsp;**Packaging 1.7%** | &nbsp;&nbsp;**Packaging 1.7%** |
| &nbsp;&nbsp;Berry Global, Inc. | &nbsp;&nbsp;Berry Global, Inc. | &nbsp;&nbsp;Berry Global, Inc. | &nbsp;&nbsp;Berry Global, Inc. |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;1.570% | 17869000 | &nbsp;&nbsp;15955358 |
| &nbsp;&nbsp;**Technology 5.5%** | &nbsp;&nbsp;**Technology 5.5%** | &nbsp;&nbsp;**Technology 5.5%** | &nbsp;&nbsp;**Technology 5.5%** |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. |
| &nbsp;&nbsp;03/01/2024 | &nbsp;&nbsp;0.600% | &nbsp;&nbsp;1734000 | &nbsp;&nbsp;&nbsp;&nbsp;1641864 |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;8264000 | &nbsp;&nbsp;&nbsp;&nbsp;8111247 |
| &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. |
| &nbsp;&nbsp;09/01/2023 | &nbsp;&nbsp;2.670% | 12140000 | &nbsp;&nbsp;11899900 |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;0.972% | &nbsp;&nbsp;6364000 | &nbsp;&nbsp;&nbsp;&nbsp;6050331 |
| &nbsp;&nbsp;09/01/2024 | &nbsp;&nbsp;0.983% | 11387000 | &nbsp;&nbsp;10560619 |
| &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;6697000 | &nbsp;&nbsp;&nbsp;&nbsp;6418488 |
| &nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;VeriSign, Inc. |
| &nbsp;&nbsp;04/01/2025 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5935000 | &nbsp;&nbsp;&nbsp;&nbsp;5924884 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**50607333** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Tobacco 1.8%** | &nbsp;&nbsp;**Tobacco 1.8%** | &nbsp;&nbsp;**Tobacco 1.8%** | &nbsp;&nbsp;**Tobacco 1.8%** |
| &nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;BAT Capital Corp. |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;3.557% | 12055000 | &nbsp;&nbsp;&nbsp;&nbsp;10977122 |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;Philip Morris International, Inc. |
| &nbsp;&nbsp;11/17/2029 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;5413000 | &nbsp;&nbsp;&nbsp;&nbsp;5512868 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**16489990** |
| &nbsp;&nbsp;**Wireless 3.7%** | &nbsp;&nbsp;**Wireless 3.7%** | &nbsp;&nbsp;**Wireless 3.7%** | &nbsp;&nbsp;**Wireless 3.7%** |
| &nbsp;&nbsp;Sprint Spectrum Co. I/II/III LLC<sup>(b)</sup> | &nbsp;&nbsp;Sprint Spectrum Co. I/II/III LLC<sup>(b)</sup> | &nbsp;&nbsp;Sprint Spectrum Co. I/II/III LLC<sup>(b)</sup> | &nbsp;&nbsp;Sprint Spectrum Co. I/II/III LLC<sup>(b)</sup> |
| &nbsp;&nbsp;03/20/2028 | &nbsp;&nbsp;5.152% | 16427000 | &nbsp;&nbsp;&nbsp;&nbsp;16207600 |
| &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;2.250% | 13753000 | &nbsp;&nbsp;&nbsp;&nbsp;12525175 |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;5368000 | &nbsp;&nbsp;&nbsp;&nbsp;5061225 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**33794000** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $897,588,848) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $897,588,848) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $897,588,848) | &nbsp;&nbsp;**846009791** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 4.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations 4.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations 4.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations 4.9%** |
| &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury |
| &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;8622000 | &nbsp;&nbsp;&nbsp;&nbsp;8371423 |
| &nbsp;&nbsp;09/15/2025 | &nbsp;&nbsp;3.500% | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;11761875 |
| &nbsp;&nbsp;06/30/2027 | &nbsp;&nbsp;3.250% | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;13539532 |
| &nbsp;&nbsp;07/31/2027 | &nbsp;&nbsp;2.750% | 12218600 | &nbsp;&nbsp;&nbsp;&nbsp;11561850 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $46,604,661) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $46,604,661) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $46,604,661) | &nbsp;&nbsp;&nbsp;&nbsp;**45234680** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 2.2%** | &nbsp;&nbsp;**Money Market Funds 2.2%** | &nbsp;&nbsp;**Money Market Funds 2.2%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(d),(e)</sup> | &nbsp;&nbsp;20555274 | &nbsp;&nbsp;&nbsp;&nbsp;20549107 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $20,546,087) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $20,546,087) | &nbsp;&nbsp;&nbsp;&nbsp;**20549107** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $964,739,596)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $964,739,596)** | &nbsp;&nbsp;**911793578** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7105224** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**918898802** |

---

At December 31, 2022, securities and/or cash totaling $4,150,487 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 1004 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;205898439 | &nbsp;&nbsp;&nbsp;&nbsp;215125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 218 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44707031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(48563) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;215125 | &nbsp;&nbsp;&nbsp;&nbsp;(48563) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | (1021) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(114655109) | &nbsp;&nbsp;&nbsp;&nbsp;317995 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | (740) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79867969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59482 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (18) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2129063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2919 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;380396 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher
coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(b) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section
4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $253,791,697, which represents 27.62% of
total net assets.

(c) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(d) The rate shown is the seven-day current annualized yield at December 31, 2022.

(e) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 23477596 | &nbsp;&nbsp;1350163615 | &nbsp;&nbsp;(1353095980) | &nbsp;&nbsp;3876 | &nbsp;&nbsp;20549107 | &nbsp;&nbsp;(40772) | &nbsp;&nbsp;723156 | &nbsp;&nbsp;20555274 |

---

#### Abbreviation Legend
LIBOR London Interbank Offered Rate <br> SOFR Secured Overnight Financing Rate

#### Currency Legend
USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;846009791 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;846009791 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45234680 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45234680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 20549107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20549107 |
| &nbsp;&nbsp;Total Investments in Securities | 20549107 | &nbsp;&nbsp;&nbsp;&nbsp;891244471 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;911793578 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;595521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48563) |
| &nbsp;&nbsp;Total | 21096065 | &nbsp;&nbsp;&nbsp;&nbsp;891244471 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;912340536 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $944,193,509) | $891244471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $20,546,087) | &nbsp;&nbsp;&nbsp;&nbsp;20549107 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150487 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6945921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12029 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;923245574 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23919 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346772 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$918898802** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;982927631 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(64028829) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$918898802** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $818216281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;89272010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.17 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $100682521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;11035014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.12 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$723156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;30813432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;31537470 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5184551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19574 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5589816 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386425) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5203391 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;26334079 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(43589756) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40772) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8521668 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(35108860) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(52652854) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962892 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(51686086) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(86794946) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(60460867)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$26334079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9365945 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(35108860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13449724 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(51686086) | &nbsp;&nbsp;&nbsp;&nbsp;(28413610) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(60460867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5597941) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(9185017) | &nbsp;&nbsp;&nbsp;&nbsp;(12952166) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1249319) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(9662075) | &nbsp;&nbsp;&nbsp;&nbsp;(14201485) |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;90106344 | &nbsp;&nbsp;&nbsp;&nbsp;166992501 |
| &nbsp;&nbsp;Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp;19983402 | &nbsp;&nbsp;&nbsp;&nbsp;147193075 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;898915400 | &nbsp;&nbsp;&nbsp;&nbsp;751722325 |
| &nbsp;&nbsp;**Net assets at end of year** | **$918898802** | &nbsp;&nbsp;**$898915400** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;82536420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767606691 | &nbsp;&nbsp;&nbsp;&nbsp;17053409 | &nbsp;&nbsp;&nbsp;&nbsp;171251440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9185017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12952166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (76228754) | &nbsp;&nbsp;&nbsp;&nbsp;(701071006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2663232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26594221) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;7298498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75720702 | &nbsp;&nbsp;&nbsp;&nbsp;15694524 | &nbsp;&nbsp;&nbsp;&nbsp;157609385 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;2904349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26681242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23320621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(1373476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12772658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1531476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15186824) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;1582503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14385642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9383116 |
| &nbsp;&nbsp;**Total net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**8881001** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90106344** | &nbsp;&nbsp;&nbsp;&nbsp;**16636644** | &nbsp;&nbsp;&nbsp;&nbsp;**166992501** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;$9.84 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.06 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;&nbsp;$9.76 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.28 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;&nbsp;$9.44 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;$9.79 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.82) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.01 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;&nbsp;$9.72 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.24 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;&nbsp;$9.40 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.16) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Rounds to zero. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$9.17 | (6.08%) | 0.49% | 0.46% | 2.45% | 110% | $818216 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | &nbsp;&nbsp;$9.84 | (0.59%) | 0.50% | 0.48% | 1.08% | &nbsp;&nbsp;88% | $806365 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.06 | 5.90% | 0.50% | 0.49% | 1.92% | &nbsp;&nbsp;92% | $666530 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;$9.76 | 7.69% | 0.50% | 0.49% | 2.58% | 110% | $684486 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;$9.28 | 0.24% | 0.50% | 0.50% | 2.30% | &nbsp;&nbsp;62% | $707421 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$9.12 | (6.36%) | 0.74% | 0.71% | 2.18% | 110% | $100683 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | &nbsp;&nbsp;$9.79 | (0.84%) | 0.75% | 0.73% | 0.83% | &nbsp;&nbsp;88% | &nbsp;&nbsp;$92550 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.01 | 5.57% | 0.75% | 0.74% | 1.63% | &nbsp;&nbsp;92% | &nbsp;&nbsp;$85193 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;$9.72 | 7.47% | 0.75% | 0.74% | 2.32% | 110% | &nbsp;&nbsp;$54988 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;$9.24 | (0.02%) | 0.75% | 0.75% | 2.06% | &nbsp;&nbsp;62% | &nbsp;&nbsp;$46253 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Limited Duration Credit Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

18 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;595,521\* |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;48,563\* |

---

20 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;8521668 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;8521668 |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962892 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 210116614 |
| &nbsp;&nbsp;Futures contracts — short | 167899805 |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.48% to 0.33% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.48% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and

22 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.45% | 0.48% |
| &nbsp;&nbsp;Class 2 | 0.70 | 0.73 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, principal and/or interest from fixed income securities, capital loss carryforwards and trustees' deferred compensation. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;357257 | (357257) |  |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;9662075 |  | 9662075 | 14201485 |  | 14201485 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;26478840 – (37026700) | (53346613) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;965687149 | 708019 | (54054632) | (53346613) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(14973388) | (22053312) | (37026700) |  |

---

24 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,244,918,160 and $1,126,467,629, respectively, for the year ended December 31, 2022, of which $148,113,711 and $171,542,821, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 1825000 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;4 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain;

26 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 99.3% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

(10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

28 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Limited Duration Credit Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Limited Duration Credit Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

30 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

32 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

34 Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Limited Duration Credit Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_295_78d1e535-2459-42af-9e3f-329eeab2bfd9_TOC)

#### Columbia Variable Portfolio – Limited Duration Credit Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img9b18a6fb2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7015_12_B01_(02/23)

------

![](imgcc78d4931.jpg)

Annual Report

December 31, 2022

![](imgc75bdd2a2.jpg)

Columbia Variable Portfolio – Emerging Markets Bond Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_070bb2e1-9713-4d79-b78c-796d9cd4fa01_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_070bb2e1-9713-4d79-b78c-796d9cd4fa01_4)<br>| 6 |
| [Understanding Your Fund's Expenses](#xx_21beb06d-4a9e-4060-a2ae-89fd6771b705_1)<br>| 9 |
| [Portfolio of Investments](#xx_4c34b450-0fd1-4c67-808d-ac9004683c2f_1)<br>| 10 |
| [Statement of Assets and Liabilities](#xx_51ac46bb-af12-4aa7-b02f-ae356501e4e7_1)<br>| 16 |
| [Statement of Operations](#xx_51ac46bb-af12-4aa7-b02f-ae356501e4e7_2)<br>| 17 |
| [Statement of Changes in Net Assets](#xx_51ac46bb-af12-4aa7-b02f-ae356501e4e7_3)<br>| 18 |
| [Financial Highlights](#xx_8edb584c-6145-4bdd-885f-553c3ca94ca9_2)<br>| 20 |
| [Notes to Financial Statements](#xx_a4defa36-f1ec-41a8-b87c-c0a5ba13a30b_1)<br>| 22 |
| [Report of Independent Registered Public Accounting Firm](#xx_0a9ec9c4-d5ef-467a-b095-42eeb6504881_1)<br>| 35 |
| [Federal Income Tax Information](#xx_cbeb604d-f02b-4f6d-b9db-a84404d000b9_1)<br>| 36 |
| [Trustees and Officers](#xx_cbeb604d-f02b-4f6d-b9db-a84404d000b9_1)<br>| 36 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Emerging Markets Bond Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with high total return through current income and, secondarily, through capital appreciation.

Portfolio management

#### Adrian Hilton
Lead Portfolio Manager

Managed Fund since 2020

#### Christopher Cooke
Portfolio Manager

Managed Fund since 2017

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;04/30/12 | &nbsp;&nbsp;&nbsp;&nbsp;-16.03 | &nbsp;&nbsp;&nbsp;&nbsp;-1.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;04/30/12 | &nbsp;&nbsp;&nbsp;&nbsp;-16.16 | &nbsp;&nbsp;&nbsp;&nbsp;-1.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;JPMorgan Emerging Markets Bond Index-Global |  | &nbsp;&nbsp;&nbsp;&nbsp;-16.45 | &nbsp;&nbsp;&nbsp;&nbsp;-1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The JPMorgan Emerging Markets Bond Index-Global is based on U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, such as Brady bonds, Eurobonds and loans, and reflects reinvestment of all distributions and changes in market prices.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgba83e5ca3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Emerging Markets Bond Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;28.3 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;26.7 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;16.6 |
| &nbsp;&nbsp;CCC rating | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| &nbsp;&nbsp;CC rating | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;C rating | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other country-specific factors as the direction and stance of fiscal policy, balance of payment trends and commodity prices, the level and structure of public debt as well as political stability and commitment to strong macroeconomic policies.

4 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Angola | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Azerbaijan | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Bahrain | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Belarus | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Colombia | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| &nbsp;&nbsp;Croatia | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Dominican Republic | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;Ecuador | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;Egypt | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;Ghana | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Guatemala | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Hungary | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Isle of Man | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Ivory Coast | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Jersey | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;9.2 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Mongolia | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Oman | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Pakistan | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Panama | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Paraguay | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Philippines | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Qatar | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| &nbsp;&nbsp;Romania | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Russian Federation | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Turkey | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;Ukraine | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;United States<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;14.0 |
| &nbsp;&nbsp;Venezuela | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Virgin Islands | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer's place of organization/incorporation. Percentages indicated are based upon total investments, excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 35.11% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Emerging Markets Bond Fund returned -16.16%. While absolute returns disappointed, the Fund modestly outperformed its benchmark, the JPMorgan Emerging Markets Bond Index–Global, which returned -16.45% for the same period.

Market overview

In a challenging period for fixed-income assets in general, emerging market bonds suffered declines in 2022. Investor sentiment was dominated by concerns around accelerating global inflation, related expectations and then implementation of tighter monetary policy from the U.S. Federal Reserve (Fed) and other major central banks, the course of the war in Ukraine and the economic impact of COVID-related lockdowns in China.

In the early months of 2022, financial markets endured heightened volatility and risk assets weakened amid the ensuing flight to safety following Russia's late-February invasion of Ukraine, with investors contemplating the impact of sanctions and supply disruptions on global commodity prices and inflation overall. Oil prices surged on fears the conflict could disrupt supply, supporting the markets of emerging market oil producers. But uncertainty dominated sentiment, and emerging market bond prices trended lower, with bonds in Russia, Belarus and Ukraine suffering the greatest falls. Notably, JPMorgan made the decision to remove Russian debt from all its fixed-income indices, including the Fund's benchmark, effective March 31, 2022.

As the year progressed, there were brief respites of rebounds, such as those in May and July. But overall, the sell-off in emerging market bonds persisted against a backdrop of plunging global equities, surging government bond yields and widening credit spreads. Economic growth fears mounted and inflation remained at or close to multi-decade highs in many countries. Major central banks raised interest rates steeply, several countries experienced uncertainties around domestic political elections and the U.S. dollar strengthened. In the fourth quarter, emerging market bonds generally posted gains. Indeed, the benchmark posted its best monthly return in more than two decades in November 2022. Amid growing indications of a recession, particularly in the U.S., and ongoing geopolitical risks, investors in certain emerging market asset classes, including developed market equities and core government bonds, took to interpreting bad news as positive. It seemed such data promoted hopes the Fed would slow its pace of interest rate hikes. Sentiment towards emerging markets assets was further boosted by an apparent thaw in U.S./China relations and hopes that Beijing was relaxing its hardline approach to managing COVID-19. A weakening of the U.S. dollar in the fourth quarter was also supportive.

Throughout the period, a trend towards tighter monetary policy was widespread within the emerging markets. Among those hiking their respective interest rates at various points were the central banks of Argentina, Brazil, Chile, Colombia, Hungary, India, Indonesia, Malaysia, Mexico, Nigeria, Peru, Poland, Romania, Russia, South Africa, Sri Lanka and Thailand. Turkey was a notable outlier, despite escalating inflation, and slashed its rates significantly. The People's Bank of China left its main interest rate unchanged but tightened regulations around currency trading after the renminbi slid to a 14-year low against the U.S. dollar. Russia lowered its rates from April through July 2022, unwinding the severe tightening of policy it had imposed in February following its invasion of Ukraine and the imposition of Western sanctions.

The Fund's notable contributors during the period

• Overall, duration positioning contributed most positively to the Fund's relative performance, as the Fund maintained a shorter duration than that of its benchmark during a period when U.S. Treasury and other
government bond yields rose.

• Having an allocation to cash and cash equivalents during a period when the benchmark experienced a double-digit decline amid volatile markets and risk-averse investor sentiment proved beneficial.

• Security selection overall added value, primarily as a result of holding some exposure to Russian bonds when Russia was removed from the benchmark at the end of March 2022.

6 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

○ JPMorgan marked Russian bonds to zero upon removing them from its indices, thereby decreasing the benchmark's overall value.

○ By default, the Russian bonds in the Fund's portfolio contributed positively to relative results as they were still priced higher than zero.

• The Fund's underweight to Sri Lanka contributed positively, given its debt market's poor performance during the period.

○ In April 2022, we exited the Fund's position in Sri Lanka completely, as we believed the risk of its default had risen.

○ This action proved prudent, as Sri Lanka subsequently announced it would halt payments on external debt to save U.S. dollar reserves, plunging the country into default.

• The Fund's overweight to Colombia boosted relative results, as spreads (the differential in yields to U.S. Treasuries) narrowed after leftist candidate Gustavo Petro's victory in the final round of
Colombian presidential elections and the subsequent moderation of his campaign agenda.

• An out-of-benchmark position in the bonds of Macau gaming company Studio City contributed positively to the Fund's relative returns.

○ The company's bond prices rallied toward the end of the calendar year, as the easing of zero-COVID policies in China benefited gaming operators in Macau. Moreover, as expected, the company retained its casino
license.

The Fund's notable detractors during the period

• Country positioning overall detracted most from relative results, attributable primarily to an overweight to Ukraine, as Ukrainian bonds sold off following the invasion by Russia.

• Having an underweight to Turkey detracted, as its bond market outperformed the benchmark during the period, despite the country's weakening fundamentals.

○ Turkey's fundamentals weakened amid spiraling inflation and a deteriorating lira, its currency.

○ Still, Turkey's central bank not only refused to raise its interest rates but, on the contrary, implemented several rate cuts during the annual period.

• The Fund's underweight to the Middle East region overall detracted, as spreads in the region tightened, aided by elevated oil prices.

○ The Fund maintained an underweight to the region due to what we considered to be rich valuations, expressing our Middle East view via Qatari sovereign and quasi-sovereign bonds.

○ Positioning in the bonds of Qatar Petroleum generated positive performance during the period, but it was not enough to offset the negative effect of positioning in the region as a
whole.

• The Fund held a small position in Mexican local currency bonds as well as some Indonesian rupiah, each of which detracted as inflationary pressures persisted.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market and sovereign debt issuers. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective*

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

8 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1038.80 | &nbsp;&nbsp;&nbsp;&nbsp;1021.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1037.50 | &nbsp;&nbsp;&nbsp;&nbsp;1020.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes 12.1%** | &nbsp;&nbsp;**Corporate Bonds & Notes 12.1%** | &nbsp;&nbsp;**Corporate Bonds & Notes 12.1%** | &nbsp;&nbsp;**Corporate Bonds & Notes 12.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Brazil 0.5%** | &nbsp;&nbsp;**Brazil 0.5%** | &nbsp;&nbsp;**Brazil 0.5%** | &nbsp;&nbsp;**Brazil 0.5%** |
| &nbsp;&nbsp;Hidrovias International Finance Sarl<sup>(a)</sup> | &nbsp;&nbsp;Hidrovias International Finance Sarl<sup>(a)</sup> | &nbsp;&nbsp;Hidrovias International Finance Sarl<sup>(a)</sup> | &nbsp;&nbsp;Hidrovias International Finance Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;02/08/2031 | &nbsp;&nbsp;4.950% | 2472000 | &nbsp;&nbsp;&nbsp;&nbsp;1844662 |
| &nbsp;&nbsp;02/08/2031 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149244 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1993906** |
| &nbsp;&nbsp;**Colombia 1.0%** | &nbsp;&nbsp;**Colombia 1.0%** | &nbsp;&nbsp;**Colombia 1.0%** | &nbsp;&nbsp;**Colombia 1.0%** |
| &nbsp;&nbsp;Banco de Bogota SA<sup>(a)</sup> | &nbsp;&nbsp;Banco de Bogota SA<sup>(a)</sup> | &nbsp;&nbsp;Banco de Bogota SA<sup>(a)</sup> | &nbsp;&nbsp;Banco de Bogota SA<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/12/2026 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524333 |
| &nbsp;&nbsp;Millicom International Cellular SA<sup>(a)</sup> | &nbsp;&nbsp;Millicom International Cellular SA<sup>(a)</sup> | &nbsp;&nbsp;Millicom International Cellular SA<sup>(a)</sup> | &nbsp;&nbsp;Millicom International Cellular SA<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.125% | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1674838 |
| &nbsp;&nbsp;03/25/2029 | &nbsp;&nbsp;6.250% | 1080000 | &nbsp;&nbsp;&nbsp;&nbsp;1035969 |
| &nbsp;&nbsp;03/25/2029 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776977 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4012117** |
| &nbsp;&nbsp;**Guatemala 0.5%** | &nbsp;&nbsp;**Guatemala 0.5%** | &nbsp;&nbsp;**Guatemala 0.5%** | &nbsp;&nbsp;**Guatemala 0.5%** |
| &nbsp;&nbsp;Energuate Trust<sup>(a)</sup> | &nbsp;&nbsp;Energuate Trust<sup>(a)</sup> | &nbsp;&nbsp;Energuate Trust<sup>(a)</sup> | &nbsp;&nbsp;Energuate Trust<sup>(a)</sup> |
| &nbsp;&nbsp;05/03/2027 | &nbsp;&nbsp;5.875% | 1650000 | &nbsp;&nbsp;&nbsp;&nbsp;1569198 |
| &nbsp;&nbsp;05/03/2027 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618169 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2187367** |
| &nbsp;&nbsp;**Hong Kong 2.4%** | &nbsp;&nbsp;**Hong Kong 2.4%** | &nbsp;&nbsp;**Hong Kong 2.4%** | &nbsp;&nbsp;**Hong Kong 2.4%** |
| &nbsp;&nbsp;Lenovo Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Lenovo Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Lenovo Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Lenovo Group Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/24/2025 | &nbsp;&nbsp;5.875% | 4600000 | &nbsp;&nbsp;&nbsp;&nbsp;4521055 |
| &nbsp;&nbsp;07/27/2032 | &nbsp;&nbsp;6.536% | 3744000 | &nbsp;&nbsp;&nbsp;&nbsp;3610018 |
| &nbsp;&nbsp;Xiaomi Best Time International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Xiaomi Best Time International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Xiaomi Best Time International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Xiaomi Best Time International Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/14/2031 | &nbsp;&nbsp;2.875% | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;2017116 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10148189** |
| &nbsp;&nbsp;**India 1.1%** | &nbsp;&nbsp;**India 1.1%** | &nbsp;&nbsp;**India 1.1%** | &nbsp;&nbsp;**India 1.1%** |
| &nbsp;&nbsp;Adani Electricity Mumbai Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani Electricity Mumbai Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani Electricity Mumbai Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani Electricity Mumbai Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;02/12/2030 | &nbsp;&nbsp;3.949% | 2600000 | &nbsp;&nbsp;&nbsp;&nbsp;1971473 |
| &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;08/04/2027 | &nbsp;&nbsp;4.200% | 2900000 | &nbsp;&nbsp;&nbsp;&nbsp;2552098 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4523571** |
| &nbsp;&nbsp;**Ireland 0.4%** | &nbsp;&nbsp;**Ireland 0.4%** | &nbsp;&nbsp;**Ireland 0.4%** | &nbsp;&nbsp;**Ireland 0.4%** |
| &nbsp;&nbsp;Phosagro OAO Via Phosagro Bond Funding DAC<sup>(a)</sup> | &nbsp;&nbsp;Phosagro OAO Via Phosagro Bond Funding DAC<sup>(a)</sup> | &nbsp;&nbsp;Phosagro OAO Via Phosagro Bond Funding DAC<sup>(a)</sup> | &nbsp;&nbsp;Phosagro OAO Via Phosagro Bond Funding DAC<sup>(a)</sup> |
| &nbsp;&nbsp;09/16/2028 | &nbsp;&nbsp;2.600% | 2128000 | &nbsp;&nbsp;&nbsp;&nbsp;1480513 |
| &nbsp;&nbsp;**Isle of Man 0.1%** | &nbsp;&nbsp;**Isle of Man 0.1%** | &nbsp;&nbsp;**Isle of Man 0.1%** | &nbsp;&nbsp;**Isle of Man 0.1%** |
| &nbsp;&nbsp;AngloGold Ashanti Holdings PLC | &nbsp;&nbsp;AngloGold Ashanti Holdings PLC | &nbsp;&nbsp;AngloGold Ashanti Holdings PLC | &nbsp;&nbsp;AngloGold Ashanti Holdings PLC |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641842 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Jersey 1.3%** | &nbsp;&nbsp;**Jersey 1.3%** | &nbsp;&nbsp;**Jersey 1.3%** | &nbsp;&nbsp;**Jersey 1.3%** |
| &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;03/31/2036 | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;2092280 |
| &nbsp;&nbsp;09/30/2040 | &nbsp;&nbsp;2.940% | &nbsp;&nbsp;4059426 | &nbsp;&nbsp;&nbsp;&nbsp;3268301 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5360581** |
| &nbsp;&nbsp;**Netherlands 0.1%** | &nbsp;&nbsp;**Netherlands 0.1%** | &nbsp;&nbsp;**Netherlands 0.1%** | &nbsp;&nbsp;**Netherlands 0.1%** |
| &nbsp;&nbsp;Mong Duong Finance Holdings BV<sup>(a)</sup> | &nbsp;&nbsp;Mong Duong Finance Holdings BV<sup>(a)</sup> | &nbsp;&nbsp;Mong Duong Finance Holdings BV<sup>(a)</sup> | &nbsp;&nbsp;Mong Duong Finance Holdings BV<sup>(a)</sup> |
| &nbsp;&nbsp;05/07/2029 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358291 |
| &nbsp;&nbsp;**Philippines 0.6%** | &nbsp;&nbsp;**Philippines 0.6%** | &nbsp;&nbsp;**Philippines 0.6%** | &nbsp;&nbsp;**Philippines 0.6%** |
| &nbsp;&nbsp;SMC Global Power Holdings Corp.<sup>(a),(b)</sup> | &nbsp;&nbsp;SMC Global Power Holdings Corp.<sup>(a),(b)</sup> | &nbsp;&nbsp;SMC Global Power Holdings Corp.<sup>(a),(b)</sup> | &nbsp;&nbsp;SMC Global Power Holdings Corp.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;5.700% | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631456 |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;5.950% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;1821556 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2453012** |
| &nbsp;&nbsp;**Turkey 0.5%** | &nbsp;&nbsp;**Turkey 0.5%** | &nbsp;&nbsp;**Turkey 0.5%** | &nbsp;&nbsp;**Turkey 0.5%** |
| &nbsp;&nbsp;Turk Telekomunikasyon AS<sup>(a)</sup> | &nbsp;&nbsp;Turk Telekomunikasyon AS<sup>(a)</sup> | &nbsp;&nbsp;Turk Telekomunikasyon AS<sup>(a)</sup> | &nbsp;&nbsp;Turk Telekomunikasyon AS<sup>(a)</sup> |
| &nbsp;&nbsp;02/28/2025 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;2167392 |
| &nbsp;&nbsp;**United Kingdom 0.4%** | &nbsp;&nbsp;**United Kingdom 0.4%** | &nbsp;&nbsp;**United Kingdom 0.4%** | &nbsp;&nbsp;**United Kingdom 0.4%** |
| &nbsp;&nbsp;Tullow Oil PLC<sup>(a)</sup> | &nbsp;&nbsp;Tullow Oil PLC<sup>(a)</sup> | &nbsp;&nbsp;Tullow Oil PLC<sup>(a)</sup> | &nbsp;&nbsp;Tullow Oil PLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;1772414 |
| &nbsp;&nbsp;**Virgin Islands 3.2%** | &nbsp;&nbsp;**Virgin Islands 3.2%** | &nbsp;&nbsp;**Virgin Islands 3.2%** | &nbsp;&nbsp;**Virgin Islands 3.2%** |
| &nbsp;&nbsp;Gold Fields Orogen Holdings BVI Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Gold Fields Orogen Holdings BVI Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Gold Fields Orogen Holdings BVI Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Gold Fields Orogen Holdings BVI Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;2943171 |
| &nbsp;&nbsp;JGSH Philippines Ltd.<sup>(a)</sup> | &nbsp;&nbsp;JGSH Philippines Ltd.<sup>(a)</sup> | &nbsp;&nbsp;JGSH Philippines Ltd.<sup>(a)</sup> | &nbsp;&nbsp;JGSH Philippines Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/09/2030 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;8700000 | &nbsp;&nbsp;&nbsp;&nbsp;7638761 |
| &nbsp;&nbsp;Studio City Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Studio City Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Studio City Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Studio City Finance Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3880000 | &nbsp;&nbsp;&nbsp;&nbsp;2870640 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13452572** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $56,731,607) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $56,731,607) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $56,731,607) | &nbsp;&nbsp;**50551767** |
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> 72.4%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> 72.4%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> 72.4%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> 72.4%** |
| &nbsp;&nbsp;**Angola 1.3%** | &nbsp;&nbsp;**Angola 1.3%** | &nbsp;&nbsp;**Angola 1.3%** | &nbsp;&nbsp;**Angola 1.3%** |
| &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;11/26/2029 | &nbsp;&nbsp;8.000% | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;3959124 |
| &nbsp;&nbsp;05/08/2048 | &nbsp;&nbsp;9.375% | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;1505758 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5464882** |
| &nbsp;&nbsp;**Argentina 1.7%** | &nbsp;&nbsp;**Argentina 1.7%** | &nbsp;&nbsp;**Argentina 1.7%** | &nbsp;&nbsp;**Argentina 1.7%** |
| &nbsp;&nbsp;Argentine Republic Government International Bond<sup>(b)</sup> | &nbsp;&nbsp;Argentine Republic Government International Bond<sup>(b)</sup> | &nbsp;&nbsp;Argentine Republic Government International Bond<sup>(b)</sup> | &nbsp;&nbsp;Argentine Republic Government International Bond<sup>(b)</sup> |
| &nbsp;&nbsp;07/09/2035 | &nbsp;&nbsp;0.500% | 26500000 | &nbsp;&nbsp;&nbsp;&nbsp;6749765 |
| &nbsp;&nbsp;07/09/2046 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183836 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6933601** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Azerbaijan 0.6%** | &nbsp;&nbsp;**Azerbaijan 0.6%** | &nbsp;&nbsp;**Azerbaijan 0.6%** | &nbsp;&nbsp;**Azerbaijan 0.6%** |
| &nbsp;&nbsp;Republic of Azerbaijan International Bond<sup>(a)</sup> | &nbsp;&nbsp;Republic of Azerbaijan International Bond<sup>(a)</sup> | &nbsp;&nbsp;Republic of Azerbaijan International Bond<sup>(a)</sup> | &nbsp;&nbsp;Republic of Azerbaijan International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;3.500% | 2900000 | &nbsp;&nbsp;&nbsp;&nbsp;2419414 |
| &nbsp;&nbsp;**Bahrain 1.5%** | &nbsp;&nbsp;**Bahrain 1.5%** | &nbsp;&nbsp;**Bahrain 1.5%** | &nbsp;&nbsp;**Bahrain 1.5%** |
| &nbsp;&nbsp;Bahrain Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Bahrain Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Bahrain Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Bahrain Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;05/18/2034 | &nbsp;&nbsp;5.625% | 3480000 | &nbsp;&nbsp;&nbsp;&nbsp;3004841 |
| &nbsp;&nbsp;CBB International Sukuk Programme Co. WLL<sup>(a)</sup> | &nbsp;&nbsp;CBB International Sukuk Programme Co. WLL<sup>(a)</sup> | &nbsp;&nbsp;CBB International Sukuk Programme Co. WLL<sup>(a)</sup> | &nbsp;&nbsp;CBB International Sukuk Programme Co. WLL<sup>(a)</sup> |
| &nbsp;&nbsp;05/18/2029 | &nbsp;&nbsp;3.875% | 3867000 | &nbsp;&nbsp;&nbsp;&nbsp;3442462 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6447303** |
| &nbsp;&nbsp;**Belarus 0.1%** | &nbsp;&nbsp;**Belarus 0.1%** | &nbsp;&nbsp;**Belarus 0.1%** | &nbsp;&nbsp;**Belarus 0.1%** |
| &nbsp;&nbsp;Republic of Belarus International Bond<sup>(a),(e)</sup> | &nbsp;&nbsp;Republic of Belarus International Bond<sup>(a),(e)</sup> | &nbsp;&nbsp;Republic of Belarus International Bond<sup>(a),(e)</sup> | &nbsp;&nbsp;Republic of Belarus International Bond<sup>(a),(e)</sup> |
| &nbsp;&nbsp;02/28/2030 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253864 |
| &nbsp;&nbsp;**Brazil 1.8%** | &nbsp;&nbsp;**Brazil 1.8%** | &nbsp;&nbsp;**Brazil 1.8%** | &nbsp;&nbsp;**Brazil 1.8%** |
| &nbsp;&nbsp;Brazil Minas SPE via State of Minas Gerais<sup>(a)</sup> | &nbsp;&nbsp;Brazil Minas SPE via State of Minas Gerais<sup>(a)</sup> | &nbsp;&nbsp;Brazil Minas SPE via State of Minas Gerais<sup>(a)</sup> | &nbsp;&nbsp;Brazil Minas SPE via State of Minas Gerais<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;5.333% | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174718 |
| &nbsp;&nbsp;Brazilian Government International Bond | &nbsp;&nbsp;Brazilian Government International Bond | &nbsp;&nbsp;Brazilian Government International Bond | &nbsp;&nbsp;Brazilian Government International Bond |
| &nbsp;&nbsp;06/12/2030 | &nbsp;&nbsp;3.875% | 6196000 | &nbsp;&nbsp;&nbsp;&nbsp;5382225 |
| &nbsp;&nbsp;01/07/2041 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377086 |
| &nbsp;&nbsp;01/27/2045 | &nbsp;&nbsp;5.000% | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;1408742 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**7342771** |
| &nbsp;&nbsp;**Canada 0.4%** | &nbsp;&nbsp;**Canada 0.4%** | &nbsp;&nbsp;**Canada 0.4%** | &nbsp;&nbsp;**Canada 0.4%** |
| &nbsp;&nbsp;MEGlobal Canada ULC<sup>(a)</sup> | &nbsp;&nbsp;MEGlobal Canada ULC<sup>(a)</sup> | &nbsp;&nbsp;MEGlobal Canada ULC<sup>(a)</sup> | &nbsp;&nbsp;MEGlobal Canada ULC<sup>(a)</sup> |
| &nbsp;&nbsp;05/18/2025 | &nbsp;&nbsp;5.000% | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1571656 |
| &nbsp;&nbsp;**Chile 0.3%** | &nbsp;&nbsp;**Chile 0.3%** | &nbsp;&nbsp;**Chile 0.3%** | &nbsp;&nbsp;**Chile 0.3%** |
| &nbsp;&nbsp;Chile Government International Bond | &nbsp;&nbsp;Chile Government International Bond | &nbsp;&nbsp;Chile Government International Bond | &nbsp;&nbsp;Chile Government International Bond |
| &nbsp;&nbsp;01/25/2050 | &nbsp;&nbsp;3.500% | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1270421 |
| &nbsp;&nbsp;**China 0.3%** | &nbsp;&nbsp;**China 0.3%** | &nbsp;&nbsp;**China 0.3%** | &nbsp;&nbsp;**China 0.3%** |
| &nbsp;&nbsp;State Grid Overseas Investment 2016 Ltd.<sup>(a)</sup> | &nbsp;&nbsp;State Grid Overseas Investment 2016 Ltd.<sup>(a)</sup> | &nbsp;&nbsp;State Grid Overseas Investment 2016 Ltd.<sup>(a)</sup> | &nbsp;&nbsp;State Grid Overseas Investment 2016 Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/04/2027 | &nbsp;&nbsp;3.500% | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1240969 |
| &nbsp;&nbsp;**Colombia 4.7%** | &nbsp;&nbsp;**Colombia 4.7%** | &nbsp;&nbsp;**Colombia 4.7%** | &nbsp;&nbsp;**Colombia 4.7%** |
| &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond |
| &nbsp;&nbsp;01/30/2030 | &nbsp;&nbsp;3.000% | 9800000 | &nbsp;&nbsp;&nbsp;&nbsp;7497435 |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;3.125% | 6640000 | &nbsp;&nbsp;&nbsp;&nbsp;4934508 |
| &nbsp;&nbsp;04/22/2032 | &nbsp;&nbsp;3.250% | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;2035585 |
| &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA |
| &nbsp;&nbsp;04/29/2030 | &nbsp;&nbsp;6.875% | 5800000 | &nbsp;&nbsp;&nbsp;&nbsp;5265286 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**19732814** |
| &nbsp;&nbsp;**Croatia 0.2%** | &nbsp;&nbsp;**Croatia 0.2%** | &nbsp;&nbsp;**Croatia 0.2%** | &nbsp;&nbsp;**Croatia 0.2%** |
| &nbsp;&nbsp;Croatia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Croatia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Croatia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Croatia Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/26/2024 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;861000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866569 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Dominican Republic 3.1%** | &nbsp;&nbsp;**Dominican Republic 3.1%** | &nbsp;&nbsp;**Dominican Republic 3.1%** | &nbsp;&nbsp;**Dominican Republic 3.1%** | &nbsp;&nbsp;**Dominican Republic 3.1%** |
| &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/25/2027 | &nbsp;&nbsp;5.950% |  | 4035000 | &nbsp;&nbsp;&nbsp;&nbsp;3951779 |
| &nbsp;&nbsp;01/30/2030 | &nbsp;&nbsp;4.500% |  | 4845000 | &nbsp;&nbsp;&nbsp;&nbsp;4130387 |
| &nbsp;&nbsp;09/23/2032 | &nbsp;&nbsp;4.875% |  | 1650000 | &nbsp;&nbsp;&nbsp;&nbsp;1372894 |
| &nbsp;&nbsp;01/27/2045 | &nbsp;&nbsp;6.850% |  | &nbsp;&nbsp;&nbsp;271000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235522 |
| &nbsp;&nbsp;06/05/2049 | &nbsp;&nbsp;6.400% |  | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2023155 |
| &nbsp;&nbsp;01/30/2060 | &nbsp;&nbsp;5.875% |  | 1650000 | &nbsp;&nbsp;&nbsp;&nbsp;1212091 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**12925828** |
| &nbsp;&nbsp;**Ecuador 1.1%** | &nbsp;&nbsp;**Ecuador 1.1%** | &nbsp;&nbsp;**Ecuador 1.1%** | &nbsp;&nbsp;**Ecuador 1.1%** | &nbsp;&nbsp;**Ecuador 1.1%** |
| &nbsp;&nbsp;Ecuador Government International Bond<sup>(a),(b)</sup> | &nbsp;&nbsp;Ecuador Government International Bond<sup>(a),(b)</sup> | &nbsp;&nbsp;Ecuador Government International Bond<sup>(a),(b)</sup> | &nbsp;&nbsp;Ecuador Government International Bond<sup>(a),(b)</sup> | &nbsp;&nbsp;Ecuador Government International Bond<sup>(a),(b)</sup> |
| &nbsp;&nbsp;07/31/2030 | &nbsp;&nbsp;5.500% |  | 4550000 | &nbsp;&nbsp;&nbsp;&nbsp;2931153 |
| &nbsp;&nbsp;07/31/2035 | &nbsp;&nbsp;2.500% |  | 1708842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791055 |
| &nbsp;&nbsp;07/31/2040 | &nbsp;&nbsp;1.500% |  | 2342250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959284 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4681492** |
| &nbsp;&nbsp;**Egypt 2.9%** | &nbsp;&nbsp;**Egypt 2.9%** | &nbsp;&nbsp;**Egypt 2.9%** | &nbsp;&nbsp;**Egypt 2.9%** | &nbsp;&nbsp;**Egypt 2.9%** |
| &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;04/16/2030 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;EUR | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;1631864 |
| &nbsp;&nbsp;04/11/2031 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;EUR | 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;2452593 |
| &nbsp;&nbsp;05/29/2032 | &nbsp;&nbsp;7.625% |  | 2585000 | &nbsp;&nbsp;&nbsp;&nbsp;1914100 |
| &nbsp;&nbsp;09/30/2033 | &nbsp;&nbsp;7.300% |  | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;3544681 |
| &nbsp;&nbsp;02/21/2048 | &nbsp;&nbsp;7.903% |  | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;1326210 |
| &nbsp;&nbsp;03/01/2049 | &nbsp;&nbsp;8.700% |  | 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;1033556 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**11903004** |
| &nbsp;&nbsp;**Ghana 0.4%** | &nbsp;&nbsp;**Ghana 0.4%** | &nbsp;&nbsp;**Ghana 0.4%** | &nbsp;&nbsp;**Ghana 0.4%** | &nbsp;&nbsp;**Ghana 0.4%** |
| &nbsp;&nbsp;Ghana Government International Bond<sup>(a),(e)</sup> | &nbsp;&nbsp;Ghana Government International Bond<sup>(a),(e)</sup> | &nbsp;&nbsp;Ghana Government International Bond<sup>(a),(e)</sup> | &nbsp;&nbsp;Ghana Government International Bond<sup>(a),(e)</sup> | &nbsp;&nbsp;Ghana Government International Bond<sup>(a),(e)</sup> |
| &nbsp;&nbsp;03/26/2051 | &nbsp;&nbsp;0.000% |  | 4300000 | &nbsp;&nbsp;&nbsp;&nbsp;1498641 |
| &nbsp;&nbsp;**Guatemala 0.8%** | &nbsp;&nbsp;**Guatemala 0.8%** | &nbsp;&nbsp;**Guatemala 0.8%** | &nbsp;&nbsp;**Guatemala 0.8%** | &nbsp;&nbsp;**Guatemala 0.8%** |
| &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> |
| &nbsp;&nbsp;10/07/2033 | &nbsp;&nbsp;3.700% |  | 1109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914590 |
| &nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;6.125% |  | 2350000 | &nbsp;&nbsp;&nbsp;&nbsp;2213804 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3128394** |
| &nbsp;&nbsp;**Hungary 0.9%** | &nbsp;&nbsp;**Hungary 0.9%** | &nbsp;&nbsp;**Hungary 0.9%** | &nbsp;&nbsp;**Hungary 0.9%** | &nbsp;&nbsp;**Hungary 0.9%** |
| &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/22/2031 | &nbsp;&nbsp;2.125% |  | 2780000 | &nbsp;&nbsp;&nbsp;&nbsp;2056097 |
| &nbsp;&nbsp;09/21/2051 | &nbsp;&nbsp;3.125% |  | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;1688792 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3744889** |
| &nbsp;&nbsp;**India 1.0%** | &nbsp;&nbsp;**India 1.0%** | &nbsp;&nbsp;**India 1.0%** | &nbsp;&nbsp;**India 1.0%** | &nbsp;&nbsp;**India 1.0%** |
| &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> | &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> | &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> | &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> | &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;3.250% |  | 4800000 | &nbsp;&nbsp;&nbsp;&nbsp;4172755 |
| &nbsp;&nbsp;**Indonesia 6.2%** | &nbsp;&nbsp;**Indonesia 6.2%** | &nbsp;&nbsp;**Indonesia 6.2%** | &nbsp;&nbsp;**Indonesia 6.2%** | &nbsp;&nbsp;**Indonesia 6.2%** |
| &nbsp;&nbsp;Indonesia Asahan Aluminium Persero PT<sup>(a)</sup> | &nbsp;&nbsp;Indonesia Asahan Aluminium Persero PT<sup>(a)</sup> | &nbsp;&nbsp;Indonesia Asahan Aluminium Persero PT<sup>(a)</sup> | &nbsp;&nbsp;Indonesia Asahan Aluminium Persero PT<sup>(a)</sup> | &nbsp;&nbsp;Indonesia Asahan Aluminium Persero PT<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;5.800% |  | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1507892 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Indonesia Government International Bond | &nbsp;&nbsp;Indonesia Government International Bond | &nbsp;&nbsp;Indonesia Government International Bond | &nbsp;&nbsp;Indonesia Government International Bond | &nbsp;&nbsp;Indonesia Government International Bond |
| &nbsp;&nbsp;09/18/2029 | &nbsp;&nbsp;3.400% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;1750618 |
| &nbsp;&nbsp;10/30/2049 | &nbsp;&nbsp;3.700% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;2940147 |
| &nbsp;&nbsp;03/31/2052 | &nbsp;&nbsp;4.300% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635741 |
| &nbsp;&nbsp;Indonesia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Indonesia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Indonesia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Indonesia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Indonesia Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2045 | &nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2907722 |
| &nbsp;&nbsp;Indonesia Treasury Bond | &nbsp;&nbsp;Indonesia Treasury Bond | &nbsp;&nbsp;Indonesia Treasury Bond | &nbsp;&nbsp;Indonesia Treasury Bond | &nbsp;&nbsp;Indonesia Treasury Bond |
| &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;IDR | 67700000000 | &nbsp;&nbsp;&nbsp;&nbsp;4187898 |
| &nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup> | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup> | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup> | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup> | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup> |
| &nbsp;&nbsp;06/23/2025 | &nbsp;&nbsp;2.300% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455000 | &nbsp;&nbsp;&nbsp;&nbsp;1377280 |
| &nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara<sup>(a)</sup> | &nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara<sup>(a)</sup> | &nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara<sup>(a)</sup> | &nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara<sup>(a)</sup> | &nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2050 | &nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503211 |
| &nbsp;&nbsp;PT Indonesia Asahan Aluminium Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Indonesia Asahan Aluminium Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Indonesia Asahan Aluminium Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Indonesia Asahan Aluminium Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Indonesia Asahan Aluminium Persero<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;5.450% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5715038 |
| &nbsp;&nbsp;PT Perusahaan Listrik Negara<sup>(a)</sup> | &nbsp;&nbsp;PT Perusahaan Listrik Negara<sup>(a)</sup> | &nbsp;&nbsp;PT Perusahaan Listrik Negara<sup>(a)</sup> | &nbsp;&nbsp;PT Perusahaan Listrik Negara<sup>(a)</sup> | &nbsp;&nbsp;PT Perusahaan Listrik Negara<sup>(a)</sup> |
| &nbsp;&nbsp;07/17/2049 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;1652089 |
| &nbsp;&nbsp;PT Saka Energi Indonesia<sup>(a)</sup> | &nbsp;&nbsp;PT Saka Energi Indonesia<sup>(a)</sup> | &nbsp;&nbsp;PT Saka Energi Indonesia<sup>(a)</sup> | &nbsp;&nbsp;PT Saka Energi Indonesia<sup>(a)</sup> | &nbsp;&nbsp;PT Saka Energi Indonesia<sup>(a)</sup> |
| &nbsp;&nbsp;05/05/2024 | &nbsp;&nbsp;4.450% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765000 | &nbsp;&nbsp;&nbsp;&nbsp;2627547 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**25805183** |
| &nbsp;&nbsp;**Ivory Coast 1.9%** | &nbsp;&nbsp;**Ivory Coast 1.9%** | &nbsp;&nbsp;**Ivory Coast 1.9%** | &nbsp;&nbsp;**Ivory Coast 1.9%** | &nbsp;&nbsp;**Ivory Coast 1.9%** |
| &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;07/23/2024 | &nbsp;&nbsp;5.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288026 |
| &nbsp;&nbsp;10/17/2031 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;4756231 |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;6.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2670700 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**7714957** |
| &nbsp;&nbsp;**Kazakhstan 2.0%** | &nbsp;&nbsp;**Kazakhstan 2.0%** | &nbsp;&nbsp;**Kazakhstan 2.0%** | &nbsp;&nbsp;**Kazakhstan 2.0%** | &nbsp;&nbsp;**Kazakhstan 2.0%** |
| &nbsp;&nbsp;KazMunayGas National Co. JSC<sup>(a)</sup> | &nbsp;&nbsp;KazMunayGas National Co. JSC<sup>(a)</sup> | &nbsp;&nbsp;KazMunayGas National Co. JSC<sup>(a)</sup> | &nbsp;&nbsp;KazMunayGas National Co. JSC<sup>(a)</sup> | &nbsp;&nbsp;KazMunayGas National Co. JSC<sup>(a)</sup> |
| &nbsp;&nbsp;04/19/2027 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550000 | &nbsp;&nbsp;&nbsp;&nbsp;5109499 |
| &nbsp;&nbsp;04/24/2030 | &nbsp;&nbsp;5.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;2061084 |
| &nbsp;&nbsp;04/19/2047 | &nbsp;&nbsp;5.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573000 | &nbsp;&nbsp;&nbsp;&nbsp;1219253 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8389836** |
| &nbsp;&nbsp;**Malaysia 0.4%** | &nbsp;&nbsp;**Malaysia 0.4%** | &nbsp;&nbsp;**Malaysia 0.4%** | &nbsp;&nbsp;**Malaysia 0.4%** | &nbsp;&nbsp;**Malaysia 0.4%** |
| &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/21/2030 | &nbsp;&nbsp;3.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055000 | &nbsp;&nbsp;&nbsp;&nbsp;1878017 |
| &nbsp;&nbsp;**Mexico 9.1%** | &nbsp;&nbsp;**Mexico 9.1%** | &nbsp;&nbsp;**Mexico 9.1%** | &nbsp;&nbsp;**Mexico 9.1%** | &nbsp;&nbsp;**Mexico 9.1%** |
| &nbsp;&nbsp;Comision Federal de Electricidad<sup>(a)</sup> | &nbsp;&nbsp;Comision Federal de Electricidad<sup>(a)</sup> | &nbsp;&nbsp;Comision Federal de Electricidad<sup>(a)</sup> | &nbsp;&nbsp;Comision Federal de Electricidad<sup>(a)</sup> | &nbsp;&nbsp;Comision Federal de Electricidad<sup>(a)</sup> |
| &nbsp;&nbsp;07/26/2033 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325000 | &nbsp;&nbsp;&nbsp;&nbsp;3261940 |
| &nbsp;&nbsp;Mexican Bonos | &nbsp;&nbsp;Mexican Bonos | &nbsp;&nbsp;Mexican Bonos | &nbsp;&nbsp;Mexican Bonos | &nbsp;&nbsp;Mexican Bonos |
| &nbsp;&nbsp;05/31/2029 | &nbsp;&nbsp;8.500% | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747906 |
| &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond |
| &nbsp;&nbsp;04/16/2030 | &nbsp;&nbsp;3.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950000 | &nbsp;&nbsp;&nbsp;&nbsp;6060946 |
| &nbsp;&nbsp;01/15/2047 | &nbsp;&nbsp;4.350% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;1724191 |
| &nbsp;&nbsp;02/10/2048 | &nbsp;&nbsp;4.600% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1547925 |
| &nbsp;&nbsp;Petroleos Mexicanos<sup>(a)</sup> | &nbsp;&nbsp;Petroleos Mexicanos<sup>(a)</sup> | &nbsp;&nbsp;Petroleos Mexicanos<sup>(a)</sup> | &nbsp;&nbsp;Petroleos Mexicanos<sup>(a)</sup> | &nbsp;&nbsp;Petroleos Mexicanos<sup>(a)</sup> |
| &nbsp;&nbsp;09/12/2024 | &nbsp;&nbsp;7.190% | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28520 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos |
| &nbsp;&nbsp;11/12/2026 | &nbsp;&nbsp;7.470% | &nbsp;&nbsp;MXN | &nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207124 |
| &nbsp;&nbsp;01/28/2031 | &nbsp;&nbsp;5.950% |  | &nbsp;&nbsp;9600000 | &nbsp;&nbsp;&nbsp;&nbsp;7284656 |
| &nbsp;&nbsp;02/16/2032 | &nbsp;&nbsp;6.700% |  | 11949000 | &nbsp;&nbsp;&nbsp;&nbsp;9407437 |
| &nbsp;&nbsp;01/23/2045 | &nbsp;&nbsp;6.375% |  | &nbsp;&nbsp;6900000 | &nbsp;&nbsp;&nbsp;&nbsp;4273116 |
| &nbsp;&nbsp;09/21/2047 | &nbsp;&nbsp;6.750% |  | &nbsp;&nbsp;2893000 | &nbsp;&nbsp;&nbsp;&nbsp;1851621 |
| &nbsp;&nbsp;01/23/2050 | &nbsp;&nbsp;7.690% |  | &nbsp;&nbsp;2029000 | &nbsp;&nbsp;&nbsp;&nbsp;1405846 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**37801228** |
| &nbsp;&nbsp;**Mongolia 0.3%** | &nbsp;&nbsp;**Mongolia 0.3%** | &nbsp;&nbsp;**Mongolia 0.3%** | &nbsp;&nbsp;**Mongolia 0.3%** | &nbsp;&nbsp;**Mongolia 0.3%** |
| &nbsp;&nbsp;Mongolia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Mongolia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Mongolia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Mongolia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Mongolia Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;07/07/2031 | &nbsp;&nbsp;4.450% |  | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1164802 |
| &nbsp;&nbsp;**Netherlands 0.4%** | &nbsp;&nbsp;**Netherlands 0.4%** | &nbsp;&nbsp;**Netherlands 0.4%** | &nbsp;&nbsp;**Netherlands 0.4%** | &nbsp;&nbsp;**Netherlands 0.4%** |
| &nbsp;&nbsp;Syngenta Finance NV<sup>(a)</sup> | &nbsp;&nbsp;Syngenta Finance NV<sup>(a)</sup> | &nbsp;&nbsp;Syngenta Finance NV<sup>(a)</sup> | &nbsp;&nbsp;Syngenta Finance NV<sup>(a)</sup> | &nbsp;&nbsp;Syngenta Finance NV<sup>(a)</sup> |
| &nbsp;&nbsp;04/24/2023 | &nbsp;&nbsp;4.441% |  | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1742679 |
| &nbsp;&nbsp;**Oman 1.2%** | &nbsp;&nbsp;**Oman 1.2%** | &nbsp;&nbsp;**Oman 1.2%** | &nbsp;&nbsp;**Oman 1.2%** | &nbsp;&nbsp;**Oman 1.2%** |
| &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/25/2031 | &nbsp;&nbsp;6.250% |  | &nbsp;&nbsp;1846000 | &nbsp;&nbsp;&nbsp;&nbsp;1859669 |
| &nbsp;&nbsp;01/17/2048 | &nbsp;&nbsp;6.750% |  | &nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;2994850 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4854519** |
| &nbsp;&nbsp;**Pakistan 0.3%** | &nbsp;&nbsp;**Pakistan 0.3%** | &nbsp;&nbsp;**Pakistan 0.3%** | &nbsp;&nbsp;**Pakistan 0.3%** | &nbsp;&nbsp;**Pakistan 0.3%** |
| &nbsp;&nbsp;Pakistan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Pakistan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Pakistan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Pakistan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Pakistan Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;8.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;529000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253116 |
| &nbsp;&nbsp;12/05/2027 | &nbsp;&nbsp;6.875% |  | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539569 |
| &nbsp;&nbsp;04/08/2031 | &nbsp;&nbsp;7.375% |  | &nbsp;&nbsp;1395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491173 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1283858** |
| &nbsp;&nbsp;**Panama 2.1%** | &nbsp;&nbsp;**Panama 2.1%** | &nbsp;&nbsp;**Panama 2.1%** | &nbsp;&nbsp;**Panama 2.1%** | &nbsp;&nbsp;**Panama 2.1%** |
| &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond |
| &nbsp;&nbsp;03/16/2025 | &nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918800 |
| &nbsp;&nbsp;09/29/2032 | &nbsp;&nbsp;2.252% |  | &nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;2076921 |
| &nbsp;&nbsp;01/19/2033 | &nbsp;&nbsp;3.298% |  | &nbsp;&nbsp;2978000 | &nbsp;&nbsp;&nbsp;&nbsp;2421607 |
| &nbsp;&nbsp;02/14/2035 | &nbsp;&nbsp;6.400% |  | &nbsp;&nbsp;1428000 | &nbsp;&nbsp;&nbsp;&nbsp;1452795 |
| &nbsp;&nbsp;01/19/2063 | &nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;2435000 | &nbsp;&nbsp;&nbsp;&nbsp;1724029 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8594152** |
| &nbsp;&nbsp;**Paraguay 1.7%** | &nbsp;&nbsp;**Paraguay 1.7%** | &nbsp;&nbsp;**Paraguay 1.7%** | &nbsp;&nbsp;**Paraguay 1.7%** | &nbsp;&nbsp;**Paraguay 1.7%** |
| &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;06/28/2033 | &nbsp;&nbsp;3.849% |  | &nbsp;&nbsp;4560000 | &nbsp;&nbsp;&nbsp;&nbsp;4005393 |
| &nbsp;&nbsp;08/11/2044 | &nbsp;&nbsp;6.100% |  | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;2594371 |
| &nbsp;&nbsp;03/30/2050 | &nbsp;&nbsp;5.400% |  | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583875 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**7183639** |
| &nbsp;&nbsp;**Peru 0.3%** | &nbsp;&nbsp;**Peru 0.3%** | &nbsp;&nbsp;**Peru 0.3%** | &nbsp;&nbsp;**Peru 0.3%** | &nbsp;&nbsp;**Peru 0.3%** |
| &nbsp;&nbsp;Peruvian Government International Bond | &nbsp;&nbsp;Peruvian Government International Bond | &nbsp;&nbsp;Peruvian Government International Bond | &nbsp;&nbsp;Peruvian Government International Bond | &nbsp;&nbsp;Peruvian Government International Bond |
| &nbsp;&nbsp;01/15/2034 | &nbsp;&nbsp;3.000% |  | &nbsp;&nbsp;1519000 | &nbsp;&nbsp;&nbsp;&nbsp;1200679 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Philippines 0.6%** | &nbsp;&nbsp;**Philippines 0.6%** | &nbsp;&nbsp;**Philippines 0.6%** | &nbsp;&nbsp;**Philippines 0.6%** |
| &nbsp;&nbsp;Philippine Government International Bond | &nbsp;&nbsp;Philippine Government International Bond | &nbsp;&nbsp;Philippine Government International Bond | &nbsp;&nbsp;Philippine Government International Bond |
| &nbsp;&nbsp;07/06/2046 | &nbsp;&nbsp;3.200% | 3540000 | &nbsp;&nbsp;&nbsp;&nbsp;2584247 |
| &nbsp;&nbsp;**Qatar 5.3%** | &nbsp;&nbsp;**Qatar 5.3%** | &nbsp;&nbsp;**Qatar 5.3%** | &nbsp;&nbsp;**Qatar 5.3%** |
| &nbsp;&nbsp;Ooredoo International Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Ooredoo International Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Ooredoo International Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Ooredoo International Finance Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/08/2031 | &nbsp;&nbsp;2.625% | 1367000 | &nbsp;&nbsp;&nbsp;&nbsp;1175812 |
| &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;04/23/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201216 |
| &nbsp;&nbsp;03/14/2029 | &nbsp;&nbsp;4.000% | 7350000 | &nbsp;&nbsp;&nbsp;&nbsp;7227957 |
| &nbsp;&nbsp;04/16/2030 | &nbsp;&nbsp;3.750% | 4600000 | &nbsp;&nbsp;&nbsp;&nbsp;4450192 |
| &nbsp;&nbsp;04/23/2048 | &nbsp;&nbsp;5.103% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2008544 |
| &nbsp;&nbsp;03/14/2049 | &nbsp;&nbsp;4.817% | 3490000 | &nbsp;&nbsp;&nbsp;&nbsp;3391380 |
| &nbsp;&nbsp;04/16/2050 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548453 |
| &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> |
| &nbsp;&nbsp;07/12/2031 | &nbsp;&nbsp;2.250% | 3738000 | &nbsp;&nbsp;&nbsp;&nbsp;3098972 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**22102526** |
| &nbsp;&nbsp;**Romania 2.1%** | &nbsp;&nbsp;**Romania 2.1%** | &nbsp;&nbsp;**Romania 2.1%** | &nbsp;&nbsp;**Romania 2.1%** |
| &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;02/27/2027 | &nbsp;&nbsp;3.000% | 3116000 | &nbsp;&nbsp;&nbsp;&nbsp;2759345 |
| &nbsp;&nbsp;11/25/2027 | &nbsp;&nbsp;5.250% | 3284000 | &nbsp;&nbsp;&nbsp;&nbsp;3156842 |
| &nbsp;&nbsp;02/14/2051 | &nbsp;&nbsp;4.000% | 4200000 | &nbsp;&nbsp;&nbsp;&nbsp;2787856 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8704043** |
| &nbsp;&nbsp;**Russian Federation 0.4%** | &nbsp;&nbsp;**Russian Federation 0.4%** | &nbsp;&nbsp;**Russian Federation 0.4%** | &nbsp;&nbsp;**Russian Federation 0.4%** |
| &nbsp;&nbsp;Gazprom PJSC via Gaz Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Gazprom PJSC via Gaz Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Gazprom PJSC via Gaz Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Gazprom PJSC via Gaz Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/25/2030 | &nbsp;&nbsp;3.250% | 2254000 | &nbsp;&nbsp;&nbsp;&nbsp;1527718 |
| &nbsp;&nbsp;**Saudi Arabia 4.6%** | &nbsp;&nbsp;**Saudi Arabia 4.6%** | &nbsp;&nbsp;**Saudi Arabia 4.6%** | &nbsp;&nbsp;**Saudi Arabia 4.6%** |
| &nbsp;&nbsp;KSA Sukuk Ltd.<sup>(a)</sup> | &nbsp;&nbsp;KSA Sukuk Ltd.<sup>(a)</sup> | &nbsp;&nbsp;KSA Sukuk Ltd.<sup>(a)</sup> | &nbsp;&nbsp;KSA Sukuk Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;10/29/2029 | &nbsp;&nbsp;2.969% | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1584703 |
| &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> |
| &nbsp;&nbsp;11/24/2030 | &nbsp;&nbsp;2.250% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3294719 |
| &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;04/17/2049 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470401 |
| &nbsp;&nbsp;01/21/2055 | &nbsp;&nbsp;3.750% | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;6296360 |
| &nbsp;&nbsp;01/21/2055 | &nbsp;&nbsp;3.750% | 5400000 | &nbsp;&nbsp;&nbsp;&nbsp;4250043 |
| &nbsp;&nbsp;02/02/2061 | &nbsp;&nbsp;3.450% | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;3219647 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**19115873** |
| &nbsp;&nbsp;**South Africa 2.3%** | &nbsp;&nbsp;**South Africa 2.3%** | &nbsp;&nbsp;**South Africa 2.3%** | &nbsp;&nbsp;**South Africa 2.3%** |
| &nbsp;&nbsp;Eskom Holdings SOC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Eskom Holdings SOC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Eskom Holdings SOC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Eskom Holdings SOC Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;02/11/2025 | &nbsp;&nbsp;7.125% | 3100000 | &nbsp;&nbsp;&nbsp;&nbsp;2816064 |
| &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond |
| &nbsp;&nbsp;09/30/2029 | &nbsp;&nbsp;4.850% | 1760000 | &nbsp;&nbsp;&nbsp;&nbsp;1567423 |
| &nbsp;&nbsp;09/30/2049 | &nbsp;&nbsp;5.750% | 5700000 | &nbsp;&nbsp;&nbsp;&nbsp;4184768 |
| &nbsp;&nbsp;04/20/2052 | &nbsp;&nbsp;7.300% | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1204699 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**9772954** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(d)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Turkey 3.5%** | &nbsp;&nbsp;**Turkey 3.5%** | &nbsp;&nbsp;**Turkey 3.5%** | &nbsp;&nbsp;**Turkey 3.5%** |
| &nbsp;&nbsp;Turkey Government International Bond | &nbsp;&nbsp;Turkey Government International Bond | &nbsp;&nbsp;Turkey Government International Bond | &nbsp;&nbsp;Turkey Government International Bond |
| &nbsp;&nbsp;04/14/2026 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;2931966 |
| &nbsp;&nbsp;02/17/2028 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;8800000 | &nbsp;&nbsp;&nbsp;&nbsp;7612084 |
| &nbsp;&nbsp;04/26/2029 | &nbsp;&nbsp;7.625% | &nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;3575104 |
| &nbsp;&nbsp;05/11/2047 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340066 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**14459220** |
| &nbsp;&nbsp;**Ukraine 0.7%** | &nbsp;&nbsp;**Ukraine 0.7%** | &nbsp;&nbsp;**Ukraine 0.7%** | &nbsp;&nbsp;**Ukraine 0.7%** |
| &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;9400000 | &nbsp;&nbsp;&nbsp;&nbsp;1998040 |
| &nbsp;&nbsp;05/21/2031 | &nbsp;&nbsp;6.876% | &nbsp;&nbsp;5109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975040 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2973080** |
| &nbsp;&nbsp;**United Arab Emirates 3.7%** | &nbsp;&nbsp;**United Arab Emirates 3.7%** | &nbsp;&nbsp;**United Arab Emirates 3.7%** | &nbsp;&nbsp;**United Arab Emirates 3.7%** |
| &nbsp;&nbsp;Abu Dhabi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Abu Dhabi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Abu Dhabi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Abu Dhabi Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2029 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1433920 |
| &nbsp;&nbsp;09/30/2049 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2220524 |
| &nbsp;&nbsp;04/16/2050 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414266 |
| &nbsp;&nbsp;Abu Dhabi Ports Co. PJSC<sup>(a)</sup> | &nbsp;&nbsp;Abu Dhabi Ports Co. PJSC<sup>(a)</sup> | &nbsp;&nbsp;Abu Dhabi Ports Co. PJSC<sup>(a)</sup> | &nbsp;&nbsp;Abu Dhabi Ports Co. PJSC<sup>(a)</sup> |
| &nbsp;&nbsp;05/06/2031 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2074875 |
| &nbsp;&nbsp;DP World Crescent Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Crescent Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Crescent Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Crescent Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;09/26/2028 | &nbsp;&nbsp;4.848% | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1234817 |
| &nbsp;&nbsp;DP World PLC<sup>(a)</sup> | &nbsp;&nbsp;DP World PLC<sup>(a)</sup> | &nbsp;&nbsp;DP World PLC<sup>(a)</sup> | &nbsp;&nbsp;DP World PLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/02/2037 | &nbsp;&nbsp;6.850% | &nbsp;&nbsp;5900000 | &nbsp;&nbsp;&nbsp;&nbsp;6267391 |
| &nbsp;&nbsp;MDGH GMTN (RSC), Ltd.<sup>(a)</sup> | &nbsp;&nbsp;MDGH GMTN (RSC), Ltd.<sup>(a)</sup> | &nbsp;&nbsp;MDGH GMTN (RSC), Ltd.<sup>(a)</sup> | &nbsp;&nbsp;MDGH GMTN (RSC), Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/28/2033 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1808000 | &nbsp;&nbsp;&nbsp;&nbsp;1912845 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**15558638** |
| &nbsp;&nbsp;**Venezuela 0.2%** | &nbsp;&nbsp;**Venezuela 0.2%** | &nbsp;&nbsp;**Venezuela 0.2%** | &nbsp;&nbsp;**Venezuela 0.2%** |
| &nbsp;&nbsp;Petroleos de Venezuela SA<sup>(a),(e)</sup> | &nbsp;&nbsp;Petroleos de Venezuela SA<sup>(a),(e)</sup> | &nbsp;&nbsp;Petroleos de Venezuela SA<sup>(a),(e)</sup> | &nbsp;&nbsp;Petroleos de Venezuela SA<sup>(a),(e)</sup> |
| &nbsp;&nbsp;05/16/2024 | &nbsp;&nbsp;0.000% | 12559928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594855 |
| &nbsp;&nbsp;Venezuela Government International Bond<sup>(a),(e)</sup> | &nbsp;&nbsp;Venezuela Government International Bond<sup>(a),(e)</sup> | &nbsp;&nbsp;Venezuela Government International Bond<sup>(a),(e)</sup> | &nbsp;&nbsp;Venezuela Government International Bond<sup>(a),(e)</sup> |
| &nbsp;&nbsp;10/13/2024 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359058 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**953913** |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $383,239,275) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $383,239,275) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $383,239,275) | &nbsp;&nbsp;**300965028** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 13.8%** | &nbsp;&nbsp;**Money Market Funds 13.8%** | &nbsp;&nbsp;**Money Market Funds 13.8%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(f),(g)</sup> | &nbsp;&nbsp;57392587 | &nbsp;&nbsp;&nbsp;&nbsp;57375369 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $57,363,805) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $57,363,805) | &nbsp;&nbsp;&nbsp;&nbsp;**57375369** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $497,334,687)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $497,334,687)** | &nbsp;&nbsp;&nbsp;&nbsp;**408892164** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7067230** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$415959394** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170,794 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(653) |
| &nbsp;&nbsp;30,000,000 MXN | &nbsp;&nbsp;&nbsp;&nbsp;1,518,295 USD | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(16878) |
| &nbsp;&nbsp;&nbsp;7,794,632 EUR | &nbsp;&nbsp;&nbsp;&nbsp;8,320,848 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(31428) |
| &nbsp;&nbsp;Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(48959) |

---

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $237,949,704, which represents 57.21% of total net assets.

(b) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(c) Principal amounts are denominated in United States Dollars unless otherwise noted.

(d) Principal and interest may not be guaranteed by a governmental entity.

(e) Represents a security in default.

(f) The rate shown is the seven-day current annualized yield at December 31, 2022.

(g) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 49304728 | &nbsp;&nbsp;102079295 | &nbsp;&nbsp;(94023763) | &nbsp;&nbsp;15109 | &nbsp;&nbsp;57375369 | &nbsp;&nbsp;(14489) | &nbsp;&nbsp;1022340 | &nbsp;&nbsp;57392587 |

---

#### Currency Legend

---

| | |
|:---|:---|
| EUR | &nbsp;&nbsp;Euro |
| IDR | &nbsp;&nbsp;Indonesian Rupiah |
| MXN | &nbsp;&nbsp;Mexican Peso |
| USD | &nbsp;&nbsp;US Dollar |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50551767 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50551767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;300965028 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;300965028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 57375369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57375369 |
| &nbsp;&nbsp;Total Investments in Securities | 57375369 | &nbsp;&nbsp;&nbsp;&nbsp;351516795 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;408892164 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48959) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48959) |
| &nbsp;&nbsp;Total | 57375369 | &nbsp;&nbsp;&nbsp;&nbsp;351467836 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;408843205 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $439,970,882) | $351516795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $57,363,805) | &nbsp;&nbsp;&nbsp;&nbsp;57375369 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125757 |
| &nbsp;&nbsp;Foreign currency (cost $924,253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937355 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6179287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10435 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8369 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;416366026 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48959 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26559 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406632 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$415959394** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;541829683 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;(125870289) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$415959394** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $216467182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;28766880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.52 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $199492212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;26529984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.52 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$1022340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;21025073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9922) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;22038156 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11458 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3769877 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;18268279 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(23072956) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14489) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61129) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433633 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(22351247) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(77464030) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(77138659) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(99489906) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(81221627)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$18268279 | &nbsp;&nbsp;&nbsp;&nbsp;$17632396 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(22351247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276739 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(77138659) | &nbsp;&nbsp;&nbsp;&nbsp;(31869701) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(81221627) | &nbsp;&nbsp;&nbsp;&nbsp;(10960566) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(9636284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9225316) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;(8650294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9066729) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(18286578) | &nbsp;&nbsp;&nbsp;&nbsp;(18292045) |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;15967722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50006632 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(83540483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20754021 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;499499877 | &nbsp;&nbsp;&nbsp;&nbsp;478745856 |
| &nbsp;&nbsp;**Net assets at end of year** | **$415959394** | &nbsp;&nbsp;**$499499877** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;2957970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23863112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6237833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59984146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;1270433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9636284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9225316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2023042) | &nbsp;&nbsp;&nbsp;&nbsp;(15900645) | &nbsp;&nbsp;&nbsp;&nbsp;(4485763) | &nbsp;&nbsp;&nbsp;&nbsp;(43450596) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;2205361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17598751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25758866 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;1160162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9490508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23735038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;1141046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9066729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2533299) | &nbsp;&nbsp;&nbsp;&nbsp;(19771831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8554001) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(232091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1631029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24247766 |
| &nbsp;&nbsp;**Total net increase** | &nbsp;&nbsp;**1973270** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15967722** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5274687** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50006632** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;$9.37 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;(1.51) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;$9.97 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;&nbsp;$9.62 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.01 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.49) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.15 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;$9.36 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;(1.83) | &nbsp;&nbsp;(1.51) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;$9.96 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.47) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.15 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;(1.25) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.41) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $7.52 | (16.03%) | 0.75% | 0.75% | 4.37% | &nbsp;&nbsp;22% | $216467 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $9.37 | &nbsp;&nbsp;(2.20%) | 0.76% | 0.76% | 3.81% | &nbsp;&nbsp;41% | $248905 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $9.97 | &nbsp;&nbsp;&nbsp;7.43% | 0.75%<sup>(c)</sup> | 0.75%<sup>(c)</sup> | 4.01% | 114% | $237553 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $9.62 | 12.35% | 0.76% | 0.76% | 5.21% | 137% | $117692 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $9.01 | &nbsp;&nbsp;(7.04%) | 0.76%<sup>(c)</sup> | 0.76%<sup>(c)</sup> | 5.53% | &nbsp;&nbsp;64% | $103590 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $7.52 | (16.16%) | 1.00% | 1.00% | 4.11% | &nbsp;&nbsp;22% | $199492 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $9.36 | &nbsp;&nbsp;(2.45%) | 1.01% | 1.01% | 3.56% | &nbsp;&nbsp;41% | $250595 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $9.96 | &nbsp;&nbsp;&nbsp;7.16% | 1.00%<sup>(c)</sup> | 1.00%<sup>(c)</sup> | 3.76% | 114% | $241193 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $9.61 | 12.09% | 1.01% | 1.01% | 4.94% | 137% | $203064 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $9.00 | &nbsp;&nbsp;(7.38%) | 1.02%<sup>(c)</sup> | 1.02%<sup>(c)</sup> | 5.32% | &nbsp;&nbsp;64% | $121570 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Emerging Markets Bond Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

22 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Notes to Financial Statements (continued)

December 31, 2022

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Notes to Financial Statements (continued)

December 31, 2022

ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities and to shift foreign currency exposure back to U.S. dollars. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

24 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;48959 |

---

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;363694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;363694 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;433633 | &nbsp;&nbsp;&nbsp;&nbsp;433633 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;363694 | &nbsp;&nbsp;&nbsp;&nbsp;433633 | &nbsp;&nbsp;&nbsp;&nbsp;797327 |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;279526 | &nbsp;&nbsp;&nbsp;&nbsp;279526 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp;279526 | &nbsp;&nbsp;&nbsp;&nbsp;283867 |

---

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — short | 2064991 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;85292 | &nbsp;&nbsp;&nbsp;&nbsp;(64525) |

---

\* Based on the ending daily outstanding amounts for the year ended December 31, 2022.

\*\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Citi ($)** | &nbsp;&nbsp;**Goldman<br> Sachs<br> International ($)** | &nbsp;&nbsp;**UBS ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;653 | &nbsp;&nbsp;&nbsp;&nbsp;16878 | &nbsp;&nbsp;&nbsp;&nbsp;31428 | &nbsp;&nbsp;&nbsp;&nbsp;48959 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **(653)** | &nbsp;&nbsp;**(16878)** | &nbsp;&nbsp;**(31428)** | &nbsp;&nbsp;**(48959)** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Net amount <sup>(b)</sup>** | **(653)** | &nbsp;&nbsp;**(16878)** | &nbsp;&nbsp;**(31428)** | &nbsp;&nbsp;**(48959)** |

---

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(b) Represents the net amount due from/(to) counterparties in the event of default.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

26 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed quarterly. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Notes to Financial Statements (continued)

December 31, 2022

services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.60% to 0.393% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.600% of the Fund's average daily net assets.

#### Participating Affiliates
The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates provide services to the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) either pursuant to subadvisory agreements, personnel-sharing agreements or other inter-company arrangements, and the Fund pays no additional fees and expenses as a result of any such arrangements.

These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered, as appropriate, with respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.

Pursuant to some of these arrangements, certain employees of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund's prospectus and Statement of Additional Information (SAI), may provide such services to the Fund on behalf of the Investment Manager.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.13% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

28 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | 0.80% |
| &nbsp;&nbsp;Class 2 | 1.05 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, tax straddles, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards and trustees' deferred compensation. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;104893 | (104893) |  |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;18286578 |  | 18286578 | 18292045 |  | 18292045 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;1439567 – (37034031) | (90247027) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;499090232 | 1189913 | (91436940) | (90247027) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(13682894) | (23351137) | (37034031) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $89,041,734 and $81,310,035, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

30 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 1742857 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;7 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer's country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Notes to Financial Statements (continued)

December 31, 2022

be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

#### Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund.

*Latin America Region. The Fund is particularly susceptible to risks related to economic, political, regulatory, legal, social or other events or conditions affecting issuers in, or those that have investment exposure to, the Latin America region. These include risks of elevated and volatile interest, inflation and unemployment rates. Currency devaluations, exchange rate volatility and relatively high dependence upon commodities and international trade may also present additional risks for the Fund. Latin American economies may be susceptible to adverse government regulatory and economic intervention and controls, limitations in the ability to repatriate investment income, capital or the proceeds of the sale of securities, inadequate investor protections, less developed custody, settlement, regulatory, accounting, auditing and financial standards, unfavorable changes in laws or regulations, natural disasters, corruption and military activity.*

#### High-yield investments risk
Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

32 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Non-diversification risk
A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of a more diversified fund.

#### Shareholder concentration risk
At December 31, 2022, two unaffiliated shareholders of record owned 59.7% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 37.9% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Notes to Financial Statements (continued)

December 31, 2022

large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

34 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Emerging Markets Bond Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Emerging Markets Bond Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

## Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign<br> taxes paid<br> to foreign<br> countries** | **Foreign<br> taxes paid<br> per share<br> to foreign<br> countries** | **Foreign<br> source<br> income** | **Foreign<br> source<br> income per<br> share** |
| &nbsp;&nbsp;$9922 | $0.0002 | $20547427 | $0.37 |

---

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |

---

36 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |

---

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |

---

38 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited)
\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

40 Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_490_22c9b6df-bf2f-4a6c-8f6e-5aac089f00d6_TOC)

#### Columbia Variable Portfolio – Emerging Markets Bond Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgc75bdd2a2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7006_12_B01_(02/23)

------

![](img6a0892291.jpg)

Annual Report

December 31, 2022

![](imgf6b36c692.jpg)

Columbia Variable Portfolio – Balanced Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_689284f8-31d7-4270-b2e4-21f6130019db_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_689284f8-31d7-4270-b2e4-21f6130019db_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_bcacc891-b21d-4ce0-876e-8c1c3573b74f_1)<br>| 8 |
| [Portfolio of Investments](#xx_02caca77-2fb7-4bae-81d1-42bbcd7d995c_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_09c977bd-b60c-4910-b67f-9238108a67fb_1)<br>| 34 |
| [Statement of Operations](#xx_09c977bd-b60c-4910-b67f-9238108a67fb_2)<br>| 35 |
| [Statement of Changes in Net Assets](#xx_09c977bd-b60c-4910-b67f-9238108a67fb_3)<br>| 36 |
| [Financial Highlights](#xx_e3c2f9e0-c4dc-4115-8ed7-4abb254f2022_2)<br>| 38 |
| [Notes to Financial Statements](#xx_e33b882a-3836-4dba-962a-98cdd3457328_1)<br>| 40 |
| [Report of Independent Registered Public Accounting Firm](#xx_e81e0689-808d-44f3-a8b6-c3f37afeb63f_1)<br>| 53 |
| [Trustees and Officers](#xx_93e5ec84-8153-4380-8c5d-5d6c5c2baaa4_1)<br>| 54 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Balanced Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks maximum total investment return through a combination of capital growth and current income.

Portfolio management

#### Guy Pope, CFA
Lead Portfolio Manager

Managed Fund since 2011

#### Jason Callan
Portfolio Manager

Managed Fund since 2018

#### Gregory Liechty
Portfolio Manager

Managed Fund since 2011

#### Ronald Stahl, CFA
Portfolio Manager

Managed Fund since 2011

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;06/25/14 | &nbsp;&nbsp;&nbsp;&nbsp;-16.65 | &nbsp;&nbsp;&nbsp;&nbsp;5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 |
| &nbsp;&nbsp;Class 2\* | &nbsp;&nbsp;&nbsp;&nbsp;06/25/14 | &nbsp;&nbsp;&nbsp;&nbsp;-16.87 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.84 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;04/30/86 | &nbsp;&nbsp;&nbsp;&nbsp;-16.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-15.79 | &nbsp;&nbsp;&nbsp;&nbsp;5.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.08 |
| &nbsp;&nbsp;S&P 500 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-18.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;12.56 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Bond Index.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img2a98840a3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 3 shares of Columbia Variable Portfolio – Balanced Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;50.7 |
| &nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;Exchange-Traded Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;11.6 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;10.1 |
| &nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 3 shares of Columbia Variable Portfolio – Balanced Fund returned -16.74%. The Fund underperformed its Blended Benchmark, which returned -15.79% for the same time period. The Fund's equity benchmark, the S&P 500 Index, returned -18.11% and the Fund's fixed-income benchmark, the Bloomberg U.S. Aggregate Bond Index, returned -13.01% for the 12-month period.

Market overview

U.S. equities declined in 2022, posting the worst annual performance, as measured by the S&P 500 Index, since the Global Financial Crisis in 2008 and the dot-com meltdown in 2002. In stark contrast to the previous calendar year, in which U.S. equities accelerated to 70 record highs throughout the period and all 11 economic sectors delivered double-digit gains, 2022 saw a choppy but steady downward trajectory as investor sentiment wavered between worry and hope. Six of the 11 sectors within the S&P 500 Index fell by double-digits. Energy stocks performed best, continuing the post-pandemic momentum driven by rising oil prices. Utilities stocks were the only other broad category to produce positive results, but just barely, as investors sought stability and at least some certainty about future earnings.

Results were driven largely by expectations around the course of inflation and corresponding action by the U.S. Federal Reserve (Fed), which hiked rates seven times for a combined 4.25 percentage point increase over the course of the year. Some upside during the period was sparked by investors' interpretation of Fed Chair Powell's remarks after the Federal Open Market Committee (FOMC) announced an anticipated 75-basis point rate hike at the end of July 2022. (A basis point is 1/100 of a percent.) What many seemingly heard were hints that rate hikes would slow in concert with softening economic growth. That takeaway evaporated a month later when Powell spoke at a symposium in Jackson Hole, Wyoming and prioritized fighting inflation no matter how much pain the economy might suffer. His inflation-fighting resolve was confirmed by an additional 75-basis point hike in September, along with a forecast showing no expectations for rate cuts until 2024.

A similar about-face was repeated near year-end as sentiment abruptly turned positive to start the fourth quarter but stalled in mid-December when the Fed raised rates by 50 basis points. Although the hike was widely anticipated and marked a step down from the previous 75-basis point increases, it disappointed investors who had hoped for softening language about future increases. Slowing global growth and China's COVID-19 lockdown policy compounded rate worries, as did an increasing realization that earnings estimates had been implausibly optimistic for much of the year.

Credit-related sectors produced negative absolute returns and negative excess returns relative to U.S Treasuries during the 12-month period that ended December 31, 2022. On an excess returns basis, high-yield corporates performed the worst, followed by emerging market bonds and agency mortgage-backed securities (MBS). Asset-backed securities (ABS), federal agencies, and commercial mortgage-backed securities (CMBS) outperformed other sectors, although those sectors still generated negative excess returns. Shorter duration bonds outperformed longer duration bonds.

Within the short-term investment-grade corporate market, lower rated securities generated positive excess returns and outperformed higher quality securities. The trend was reversed in the longer term investment-grade corporate market, with higher rated securities outperforming lower quality securities and excess returns for all ratings buckets being negative.

The Fund's notable detractors during the period

In the equity portion

• Stock selections within the consumer discretionary and energy sectors detracted most from performance in the equity portfolio relative to the Fund's equity benchmark during the period.

• Overweighted allocations to the communication services and information technology sectors were the top detracting allocations for the equity portion of the Fund versus its benchmark.

• Top individual detractors versus the equity benchmark during the period included Amazon.com, Inc., Snap, Inc., Take-Two Interactive Software, Inc., Lam Research Corp. and Uber
Technologies, Inc. We sold the Fund's position in Snap during the second half of the period.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

In the fixed-income portion

• All credit-related sectors generated negative excess returns during the period. The Fund's overweight exposure to credit sectors, such as non-agency MBS, CMBS, ABS, and high-yield corporates, hurt relative
performance.

• The Fund was long duration, relative to the fixed-income benchmark, as we believed that the Fed's rapid pace of interest rate hikes increased the probability of recession. The
level of interest rates moved up significantly during the year, leading to negative contribution to relative performance from duration positioning.

The Fund's notable contributors during the period

In the equity portion

• Performance in the Fund's equity portion was driven primarily by stock selection, particularly within the health care, consumer staples and communication services sectors.

• Allocations were also positive for the Fund versus the benchmark during the period, with contributions coming from the Fund's cash position and an underweight to the poor-performing consumer discretionary
sector.

• Top individual contributors to performance in the equity portion of the Fund, relative to the equity benchmark, included Raytheon Technologies Corp., Chevron Corp., Eli Lily &
Co., EOG Resources, Inc. and Tesla, Inc.

In the fixed-income portion

• Yield curve positioning was the largest contributor to relative performance in the fixed-income portion of the Fund.

○ As the Fed's hiking campaign progressed, we believed the chances of recession were increasing. We decreased the Fund's exposure to the front end of the yield curve and added to longer maturities.

○ Compared to December 31, 2021, the 2-year Treasury yield increased 370 bps from 0.73% to 4.43% while the 10-year Treasury yield rose 237 bps from 1.51% to 3.88%. The slope of the
yield curve flattened considerably, and inverted between certain tenors, as economic growth concerns increased. The yield difference between the 10-year Treasury and the 2-year Treasury was -55 bps in December 2022
versus 78 bps in the prior year.

• The Fund's agency MBS and investment-grade corporate holdings were additive to relative performance.

○ We were underweight agency MBS, which was additive to relative performance as the sector generated negative excess returns. Going into the year, we believed agency MBS faced headwinds, such as increased interest
rate volatility and lack of Fed purchases, and that other securitized sectors offered more value. The sector's valuation cheapened throughout the year to levels that were close to the pandemic-era levels. We
viewed this as an attractive opportunity to decrease the Fund's underweight allocation by adding exposure to higher coupons.

○ Investment-grade corporates' performance trailed U.S.Treasuries in 2022. The Fund had less exposure to the sector than the fixed-income benchmark, which was beneficial to
relative performance, as we believed opportunities in structured products were more attractive. However, security selection within financials partially offset the positive relative performance from sector allocation.

*Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. There are risks associated with **fixed-income** investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer-term securities. A rise in **interest rates** may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. **Foreign** investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investing in **derivatives** is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. See the Fund's prospectus for more information on these and other risks.*

6 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;988.50 | &nbsp;&nbsp;&nbsp;&nbsp;1021.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;987.10 | &nbsp;&nbsp;&nbsp;&nbsp;1020.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;987.80 | &nbsp;&nbsp;&nbsp;&nbsp;1020.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

8 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 7.2%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 7.2%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 7.2%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 7.2%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;ACM Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;ACM Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;ACM Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;ACM Auto Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2022-1A Class C | &nbsp;&nbsp;Subordinated Series 2022-1A Class C | &nbsp;&nbsp;Subordinated Series 2022-1A Class C | &nbsp;&nbsp;Subordinated Series 2022-1A Class C |
| &nbsp;&nbsp;04/20/2029 | &nbsp;&nbsp;5.480% | 1650000 | &nbsp;&nbsp;1609340 |
| &nbsp;&nbsp;ALM Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;ALM Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;ALM Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;ALM Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2022-20A Class A2 | &nbsp;&nbsp;Series 2022-20A Class A2 | &nbsp;&nbsp;Series 2022-20A Class A2 | &nbsp;&nbsp;Series 2022-20A Class A2 |
| &nbsp;&nbsp;3-month Term SOFR + 2.000%<br> Floor 2.000%<br> 07/15/2037 | &nbsp;&nbsp;5.864% | 1300000 | &nbsp;&nbsp;1276189 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-1 Class D | &nbsp;&nbsp;Series 2020-1 Class D | &nbsp;&nbsp;Series 2020-1 Class D | &nbsp;&nbsp;Series 2020-1 Class D |
| &nbsp;&nbsp;03/13/2026 | &nbsp;&nbsp;2.390% | 2440641 | &nbsp;&nbsp;2413470 |
| &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;0.830% | &nbsp;&nbsp;&nbsp;936337 | &nbsp;&nbsp;&nbsp;&nbsp;922049 |
| &nbsp;&nbsp;Subordinated Series 2021-2 Class E | &nbsp;&nbsp;Subordinated Series 2021-2 Class E | &nbsp;&nbsp;Subordinated Series 2021-2 Class E | &nbsp;&nbsp;Subordinated Series 2021-2 Class E |
| &nbsp;&nbsp;07/13/2027 | &nbsp;&nbsp;2.540% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;553201 |
| &nbsp;&nbsp;Apidos CLO XI<sup>(a),(b)</sup> | &nbsp;&nbsp;Apidos CLO XI<sup>(a),(b)</sup> | &nbsp;&nbsp;Apidos CLO XI<sup>(a),(b)</sup> | &nbsp;&nbsp;Apidos CLO XI<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2012-11A Class BR3 | &nbsp;&nbsp;Series 2012-11A Class BR3 | &nbsp;&nbsp;Series 2012-11A Class BR3 | &nbsp;&nbsp;Series 2012-11A Class BR3 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.650%<br> Floor 1.650%<br> 04/17/2034 | &nbsp;&nbsp;5.729% | 1925000 | &nbsp;&nbsp;1839497 |
| &nbsp;&nbsp;Apidos CLO XXVIII<sup>(a),(b)</sup> | &nbsp;&nbsp;Apidos CLO XXVIII<sup>(a),(b)</sup> | &nbsp;&nbsp;Apidos CLO XXVIII<sup>(a),(b)</sup> | &nbsp;&nbsp;Apidos CLO XXVIII<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2017-28A Class A1B | &nbsp;&nbsp;Series 2017-28A Class A1B | &nbsp;&nbsp;Series 2017-28A Class A1B | &nbsp;&nbsp;Series 2017-28A Class A1B |
| &nbsp;&nbsp;3-month USD LIBOR + 1.150%<br> Floor 1.150%<br> 01/20/2031 | &nbsp;&nbsp;5.393% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;867192 |
| &nbsp;&nbsp;Aqua Finance Trust<sup>(a)</sup> | &nbsp;&nbsp;Aqua Finance Trust<sup>(a)</sup> | &nbsp;&nbsp;Aqua Finance Trust<sup>(a)</sup> | &nbsp;&nbsp;Aqua Finance Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A |
| &nbsp;&nbsp;07/17/2046 | &nbsp;&nbsp;1.540% | &nbsp;&nbsp;&nbsp;576899 | &nbsp;&nbsp;&nbsp;&nbsp;525099 |
| &nbsp;&nbsp;Ares LVIII CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ares LVIII CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ares LVIII CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ares LVIII CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-58A Class DR | &nbsp;&nbsp;Series 2020-58A Class DR | &nbsp;&nbsp;Series 2020-58A Class DR | &nbsp;&nbsp;Series 2020-58A Class DR |
| &nbsp;&nbsp;3-month Term SOFR + 3.200%<br> Floor 3.200%<br> 01/15/2035 | &nbsp;&nbsp;7.064% | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;410233 |
| &nbsp;&nbsp;ARES XLVII CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;ARES XLVII CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;ARES XLVII CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;ARES XLVII CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-47A Class B | &nbsp;&nbsp;Series 2018-47A Class B | &nbsp;&nbsp;Series 2018-47A Class B | &nbsp;&nbsp;Series 2018-47A Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 1.450%<br> Floor 1.450%<br> 04/15/2030 | &nbsp;&nbsp;5.529% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;529514 |
| &nbsp;&nbsp;Avant Loans Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Avant Loans Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Avant Loans Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Avant Loans Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-REV1 Class C | &nbsp;&nbsp;Subordinated Series 2021-REV1 Class C | &nbsp;&nbsp;Subordinated Series 2021-REV1 Class C | &nbsp;&nbsp;Subordinated Series 2021-REV1 Class C |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;2.300% | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;295622 |
| &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-7A Class B | &nbsp;&nbsp;Series 2021-7A Class B | &nbsp;&nbsp;Series 2021-7A Class B | &nbsp;&nbsp;Series 2021-7A Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 1.650%<br> Floor 1.650%<br> 01/22/2035 | &nbsp;&nbsp;5.975% | 2425000 | &nbsp;&nbsp;2292129 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Ballyrock CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ballyrock CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ballyrock CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ballyrock CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-1A Class A1 | &nbsp;&nbsp;Series 2018-1A Class A1 | &nbsp;&nbsp;Series 2018-1A Class A1 | &nbsp;&nbsp;Series 2018-1A Class A1 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.000%<br> 04/20/2031 | &nbsp;&nbsp;5.243% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;540965 |
| &nbsp;&nbsp;Barings CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Barings CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Barings CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Barings CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-4A Class B | &nbsp;&nbsp;Series 2018-4A Class B | &nbsp;&nbsp;Series 2018-4A Class B | &nbsp;&nbsp;Series 2018-4A Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 1.700%<br> Floor 1.700%<br> 10/15/2030 | &nbsp;&nbsp;5.779% | 3450000 | &nbsp;&nbsp;3345900 |
| &nbsp;&nbsp;Basswood Park CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Basswood Park CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Basswood Park CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Basswood Park CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;3-month USD LIBOR + 1.000%<br> Floor 1.000%<br> 04/20/2034 | &nbsp;&nbsp;5.243% | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;998139 |
| &nbsp;&nbsp;Carbone CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carbone CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carbone CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carbone CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2017-1A Class A1 | &nbsp;&nbsp;Series 2017-1A Class A1 | &nbsp;&nbsp;Series 2017-1A Class A1 | &nbsp;&nbsp;Series 2017-1A Class A1 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.140%<br> Floor 1.140%<br> 01/20/2031 | &nbsp;&nbsp;5.383% | 2350000 | &nbsp;&nbsp;2315166 |
| &nbsp;&nbsp;Carlyle CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series C17A Class CR | &nbsp;&nbsp;Series C17A Class CR | &nbsp;&nbsp;Series C17A Class CR | &nbsp;&nbsp;Series C17A Class CR |
| &nbsp;&nbsp;3-month USD LIBOR + 2.800%<br> Floor 2.800%<br> 04/30/2031 | &nbsp;&nbsp;7.215% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;457453 |
| &nbsp;&nbsp;Carlyle US CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle US CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle US CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle US CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2016-4A Class A2R | &nbsp;&nbsp;Series 2016-4A Class A2R | &nbsp;&nbsp;Series 2016-4A Class A2R | &nbsp;&nbsp;Series 2016-4A Class A2R |
| &nbsp;&nbsp;3-month USD LIBOR + 1.450%<br> Floor 1.450%<br> 10/20/2027 | &nbsp;&nbsp;5.693% | 3425000 | &nbsp;&nbsp;3327984 |
| &nbsp;&nbsp;Carmax Auto Owner Trust | &nbsp;&nbsp;Carmax Auto Owner Trust | &nbsp;&nbsp;Carmax Auto Owner Trust | &nbsp;&nbsp;Carmax Auto Owner Trust |
| &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;0.940% | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;249721 |
| &nbsp;&nbsp;Cascade Funding Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Cascade Funding Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Cascade Funding Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Cascade Funding Mortgage Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2021-GRN1 Class A | &nbsp;&nbsp;CMO Series 2021-GRN1 Class A | &nbsp;&nbsp;CMO Series 2021-GRN1 Class A | &nbsp;&nbsp;CMO Series 2021-GRN1 Class A |
| &nbsp;&nbsp;03/20/2041 | &nbsp;&nbsp;1.100% | &nbsp;&nbsp;&nbsp;584414 | &nbsp;&nbsp;&nbsp;&nbsp;537967 |
| &nbsp;&nbsp;Crossroads Asset Trust<sup>(a)</sup> | &nbsp;&nbsp;Crossroads Asset Trust<sup>(a)</sup> | &nbsp;&nbsp;Crossroads Asset Trust<sup>(a)</sup> | &nbsp;&nbsp;Crossroads Asset Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-A Class B | &nbsp;&nbsp;Subordinated Series 2021-A Class B | &nbsp;&nbsp;Subordinated Series 2021-A Class B | &nbsp;&nbsp;Subordinated Series 2021-A Class B |
| &nbsp;&nbsp;06/20/2025 | &nbsp;&nbsp;1.120% | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;171261 |
| &nbsp;&nbsp;Drive Auto Receivables Trust | &nbsp;&nbsp;Drive Auto Receivables Trust | &nbsp;&nbsp;Drive Auto Receivables Trust | &nbsp;&nbsp;Drive Auto Receivables Trust |
| &nbsp;&nbsp;Subordinated Series 2020-2 Class D | &nbsp;&nbsp;Subordinated Series 2020-2 Class D | &nbsp;&nbsp;Subordinated Series 2020-2 Class D | &nbsp;&nbsp;Subordinated Series 2020-2 Class D |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;3.050% | &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;562385 |
| &nbsp;&nbsp;Subordinated Series 2021-2 Class D | &nbsp;&nbsp;Subordinated Series 2021-2 Class D | &nbsp;&nbsp;Subordinated Series 2021-2 Class D | &nbsp;&nbsp;Subordinated Series 2021-2 Class D |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;1.390% | 3410000 | &nbsp;&nbsp;3109097 |
| &nbsp;&nbsp;Dryden CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Dryden CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Dryden CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Dryden CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-55A Class A1 | &nbsp;&nbsp;Series 2018-55A Class A1 | &nbsp;&nbsp;Series 2018-55A Class A1 | &nbsp;&nbsp;Series 2018-55A Class A1 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.020%<br> 04/15/2031 | &nbsp;&nbsp;5.099% | 1300000 | &nbsp;&nbsp;1282822 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Dryden Senior Loan Fund<sup>(a),(b)</sup> | &nbsp;&nbsp;Dryden Senior Loan Fund<sup>(a),(b)</sup> | &nbsp;&nbsp;Dryden Senior Loan Fund<sup>(a),(b)</sup> | &nbsp;&nbsp;Dryden Senior Loan Fund<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2015-41A Class AR | &nbsp;&nbsp;Series 2015-41A Class AR | &nbsp;&nbsp;Series 2015-41A Class AR | &nbsp;&nbsp;Series 2015-41A Class AR |
| &nbsp;&nbsp;3-month USD LIBOR + 0.970%<br> Floor 0.970%<br> 04/15/2031 | &nbsp;&nbsp;5.049% | 2100000 | &nbsp;&nbsp;2063403 |
| &nbsp;&nbsp;Series 2016-42A Class BR | &nbsp;&nbsp;Series 2016-42A Class BR | &nbsp;&nbsp;Series 2016-42A Class BR | &nbsp;&nbsp;Series 2016-42A Class BR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.550%<br> 07/15/2030 | &nbsp;&nbsp;5.629% | &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;916259 |
| &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-3A Class D | &nbsp;&nbsp;Series 2019-3A Class D | &nbsp;&nbsp;Series 2019-3A Class D | &nbsp;&nbsp;Series 2019-3A Class D |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;2.960% | 1230373 | &nbsp;&nbsp;1212756 |
| &nbsp;&nbsp;Series 2020-2A Class D | &nbsp;&nbsp;Series 2020-2A Class D | &nbsp;&nbsp;Series 2020-2A Class D | &nbsp;&nbsp;Series 2020-2A Class D |
| &nbsp;&nbsp;03/16/2026 | &nbsp;&nbsp;4.730% | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;122686 |
| &nbsp;&nbsp;Subordinated Series 2020-1A Class D | &nbsp;&nbsp;Subordinated Series 2020-1A Class D | &nbsp;&nbsp;Subordinated Series 2020-1A Class D | &nbsp;&nbsp;Subordinated Series 2020-1A Class D |
| &nbsp;&nbsp;11/17/2025 | &nbsp;&nbsp;2.550% | 1400000 | &nbsp;&nbsp;1365962 |
| &nbsp;&nbsp;Subordinated Series 2020-3A Class D | &nbsp;&nbsp;Subordinated Series 2020-3A Class D | &nbsp;&nbsp;Subordinated Series 2020-3A Class D | &nbsp;&nbsp;Subordinated Series 2020-3A Class D |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;1.840% | &nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;909384 |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-4A Class D | &nbsp;&nbsp;Series 2019-4A Class D | &nbsp;&nbsp;Series 2019-4A Class D | &nbsp;&nbsp;Series 2019-4A Class D |
| &nbsp;&nbsp;09/15/2025 | &nbsp;&nbsp;2.580% | 1151930 | &nbsp;&nbsp;1128452 |
| &nbsp;&nbsp;Subordinated Series 2020-1A Class D | &nbsp;&nbsp;Subordinated Series 2020-1A Class D | &nbsp;&nbsp;Subordinated Series 2020-1A Class D | &nbsp;&nbsp;Subordinated Series 2020-1A Class D |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;2.730% | 1091056 | &nbsp;&nbsp;1068933 |
| &nbsp;&nbsp;Subordinated Series 2020-2A Class D | &nbsp;&nbsp;Subordinated Series 2020-2A Class D | &nbsp;&nbsp;Subordinated Series 2020-2A Class D | &nbsp;&nbsp;Subordinated Series 2020-2A Class D |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;4.730% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;346424 |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust | &nbsp;&nbsp;Exeter Automobile Receivables Trust | &nbsp;&nbsp;Exeter Automobile Receivables Trust | &nbsp;&nbsp;Exeter Automobile Receivables Trust |
| &nbsp;&nbsp;Subordinated Series 2020-3A Class D | &nbsp;&nbsp;Subordinated Series 2020-3A Class D | &nbsp;&nbsp;Subordinated Series 2020-3A Class D | &nbsp;&nbsp;Subordinated Series 2020-3A Class D |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;1.730% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;577669 |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class D | &nbsp;&nbsp;Subordinated Series 2021-1A Class D | &nbsp;&nbsp;Subordinated Series 2021-1A Class D | &nbsp;&nbsp;Subordinated Series 2021-1A Class D |
| &nbsp;&nbsp;11/16/2026 | &nbsp;&nbsp;1.080% | 1225000 | &nbsp;&nbsp;1135042 |
| &nbsp;&nbsp;Subordinated Series 2021-3A Class D | &nbsp;&nbsp;Subordinated Series 2021-3A Class D | &nbsp;&nbsp;Subordinated Series 2021-3A Class D | &nbsp;&nbsp;Subordinated Series 2021-3A Class D |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;1.550% | 3960000 | &nbsp;&nbsp;3594167 |
| &nbsp;&nbsp;Foundation Finance Trust<sup>(a)</sup> | &nbsp;&nbsp;Foundation Finance Trust<sup>(a)</sup> | &nbsp;&nbsp;Foundation Finance Trust<sup>(a)</sup> | &nbsp;&nbsp;Foundation Finance Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-1A Class A | &nbsp;&nbsp;Series 2019-1A Class A | &nbsp;&nbsp;Series 2019-1A Class A | &nbsp;&nbsp;Series 2019-1A Class A |
| &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;3.860% | &nbsp;&nbsp;&nbsp;179349 | &nbsp;&nbsp;&nbsp;&nbsp;175628 |
| &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1 Class D | &nbsp;&nbsp;Subordinated Series 2021-1 Class D | &nbsp;&nbsp;Subordinated Series 2021-1 Class D | &nbsp;&nbsp;Subordinated Series 2021-1 Class D |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;1.320% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;746231 |
| &nbsp;&nbsp;Freed ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;Freed ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;Freed ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;Freed ABS Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1CP Class C | &nbsp;&nbsp;Subordinated Series 2021-1CP Class C | &nbsp;&nbsp;Subordinated Series 2021-1CP Class C | &nbsp;&nbsp;Subordinated Series 2021-1CP Class C |
| &nbsp;&nbsp;03/20/2028 | &nbsp;&nbsp;2.830% | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98654 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-1A Class C | &nbsp;&nbsp;Subordinated Series 2020-1A Class C | &nbsp;&nbsp;Subordinated Series 2020-1A Class C | &nbsp;&nbsp;Subordinated Series 2020-1A Class C |
| &nbsp;&nbsp;11/17/2025 | &nbsp;&nbsp;2.720% | 1500000 | &nbsp;&nbsp;1472605 |
| &nbsp;&nbsp;GoldentTree Loan Management US CLO 1 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;GoldentTree Loan Management US CLO 1 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;GoldentTree Loan Management US CLO 1 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;GoldentTree Loan Management US CLO 1 Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-10A Class A | &nbsp;&nbsp;Series 2021-10A Class A | &nbsp;&nbsp;Series 2021-10A Class A | &nbsp;&nbsp;Series 2021-10A Class A |
| &nbsp;&nbsp;3-month USD LIBOR + 1.100%<br> Floor 1.100%<br> 07/20/2034 | &nbsp;&nbsp;5.343% | 1425000 | &nbsp;&nbsp;1391303 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Hilton Grand Vacations Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton Grand Vacations Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton Grand Vacations Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton Grand Vacations Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2018-AA Class A | &nbsp;&nbsp;Series 2018-AA Class A | &nbsp;&nbsp;Series 2018-AA Class A | &nbsp;&nbsp;Series 2018-AA Class A |
| &nbsp;&nbsp;02/25/2032 | &nbsp;&nbsp;3.540% | &nbsp;&nbsp;&nbsp;181542 | &nbsp;&nbsp;&nbsp;&nbsp;174115 |
| &nbsp;&nbsp;Series 2019-AA Class A | &nbsp;&nbsp;Series 2019-AA Class A | &nbsp;&nbsp;Series 2019-AA Class A | &nbsp;&nbsp;Series 2019-AA Class A |
| &nbsp;&nbsp;07/25/2033 | &nbsp;&nbsp;2.340% | &nbsp;&nbsp;&nbsp;416893 | &nbsp;&nbsp;&nbsp;&nbsp;389109 |
| &nbsp;&nbsp;Jay Park CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Jay Park CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Jay Park CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Jay Park CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2016-1A Class A2R | &nbsp;&nbsp;Series 2016-1A Class A2R | &nbsp;&nbsp;Series 2016-1A Class A2R | &nbsp;&nbsp;Series 2016-1A Class A2R |
| &nbsp;&nbsp;3-month USD LIBOR + 1.450%<br> 10/20/2027 | &nbsp;&nbsp;5.693% | 2775000 | &nbsp;&nbsp;2722905 |
| &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-REV1 Class B | &nbsp;&nbsp;Subordinated Series 2020-REV1 Class B | &nbsp;&nbsp;Subordinated Series 2020-REV1 Class B | &nbsp;&nbsp;Subordinated Series 2020-REV1 Class B |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;4.494% | 1575000 | &nbsp;&nbsp;1532960 |
| &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;1.070% | &nbsp;&nbsp;&nbsp;319760 | &nbsp;&nbsp;&nbsp;&nbsp;308759 |
| &nbsp;&nbsp;Madison Park Funding XLVIII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XLVIII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XLVIII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XLVIII Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-48A Class A | &nbsp;&nbsp;Series 2021-48A Class A | &nbsp;&nbsp;Series 2021-48A Class A | &nbsp;&nbsp;Series 2021-48A Class A |
| &nbsp;&nbsp;3-month USD LIBOR + 1.150%<br> Floor 1.150%<br> 04/19/2033 | &nbsp;&nbsp;5.377% | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;467077 |
| &nbsp;&nbsp;Madison Park Funding XXXIII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXXIII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXXIII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXXIII Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2019-33A Class BR | &nbsp;&nbsp;Series 2019-33A Class BR | &nbsp;&nbsp;Series 2019-33A Class BR | &nbsp;&nbsp;Series 2019-33A Class BR |
| &nbsp;&nbsp;3-month Term SOFR + 1.800%<br> Floor 1.800%<br> 10/15/2032 | &nbsp;&nbsp;4.128% | 3600000 | &nbsp;&nbsp;3436502 |
| &nbsp;&nbsp;Magnetite XII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Magnetite XII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Magnetite XII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Magnetite XII Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2015-12A Class ARR | &nbsp;&nbsp;Series 2015-12A Class ARR | &nbsp;&nbsp;Series 2015-12A Class ARR | &nbsp;&nbsp;Series 2015-12A Class ARR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.100%<br> Floor 1.100%<br> 10/15/2031 | &nbsp;&nbsp;5.179% | 2150000 | &nbsp;&nbsp;2117032 |
| &nbsp;&nbsp;MVW Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;MVW Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;MVW Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;MVW Owner Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2017-1A Class A | &nbsp;&nbsp;Series 2017-1A Class A | &nbsp;&nbsp;Series 2017-1A Class A | &nbsp;&nbsp;Series 2017-1A Class A |
| &nbsp;&nbsp;12/20/2034 | &nbsp;&nbsp;2.420% | &nbsp;&nbsp;&nbsp;366724 | &nbsp;&nbsp;&nbsp;&nbsp;358371 |
| &nbsp;&nbsp;Octagon Investment Partners 39 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners 39 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners 39 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners 39 Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-3A Class B | &nbsp;&nbsp;Series 2018-3A Class B | &nbsp;&nbsp;Series 2018-3A Class B | &nbsp;&nbsp;Series 2018-3A Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 1.850%<br> Floor 1.650%<br> 10/20/2030 | &nbsp;&nbsp;6.093% | 3525000 | &nbsp;&nbsp;3411692 |
| &nbsp;&nbsp;OHA Credit Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;OHA Credit Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;OHA Credit Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;OHA Credit Funding Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2019-4A Class AR | &nbsp;&nbsp;Series 2019-4A Class AR | &nbsp;&nbsp;Series 2019-4A Class AR | &nbsp;&nbsp;Series 2019-4A Class AR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.150%<br> Floor 1.150%<br> 10/22/2036 | &nbsp;&nbsp;5.475% | 1375000 | &nbsp;&nbsp;1342807 |
| &nbsp;&nbsp;Series 2021-8A Class A | &nbsp;&nbsp;Series 2021-8A Class A | &nbsp;&nbsp;Series 2021-8A Class A | &nbsp;&nbsp;Series 2021-8A Class A |
| &nbsp;&nbsp;3-month USD LIBOR + 1.190%<br> Floor 1.190%<br> 01/18/2034 | &nbsp;&nbsp;3.930% | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;637218 |
| &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-5 Class A | &nbsp;&nbsp;Series 2021-5 Class A | &nbsp;&nbsp;Series 2021-5 Class A | &nbsp;&nbsp;Series 2021-5 Class A |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;1.530% | &nbsp;&nbsp;&nbsp;913065 | &nbsp;&nbsp;&nbsp;&nbsp;880603 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Pagaya AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2022-1 Class B | &nbsp;&nbsp;Subordinated Series 2022-1 Class B | &nbsp;&nbsp;Subordinated Series 2022-1 Class B | &nbsp;&nbsp;Subordinated Series 2022-1 Class B |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;3.344% | &nbsp;&nbsp;&nbsp;674911 | &nbsp;&nbsp;&nbsp;&nbsp;608116 |
| &nbsp;&nbsp;Race Point IX CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Race Point IX CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Race Point IX CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Race Point IX CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2015-9A Class A2R | &nbsp;&nbsp;Series 2015-9A Class A2R | &nbsp;&nbsp;Series 2015-9A Class A2R | &nbsp;&nbsp;Series 2015-9A Class A2R |
| &nbsp;&nbsp;3-month USD LIBOR + 0.450%<br> Floor 1.450%<br> 10/15/2030 | &nbsp;&nbsp;4.529% | 1900000 | &nbsp;&nbsp;1806421 |
| &nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup> | &nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup> | &nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup> | &nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A |
| &nbsp;&nbsp;03/25/2030 | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;&nbsp;807779 | &nbsp;&nbsp;&nbsp;&nbsp;710328 |
| &nbsp;&nbsp;Santander Consumer Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Santander Consumer Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Santander Consumer Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Santander Consumer Auto Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-AA Class C | &nbsp;&nbsp;Subordinated Series 2021-AA Class C | &nbsp;&nbsp;Subordinated Series 2021-AA Class C | &nbsp;&nbsp;Subordinated Series 2021-AA Class C |
| &nbsp;&nbsp;11/16/2026 | &nbsp;&nbsp;1.030% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;182310 |
| &nbsp;&nbsp;Subordinated Series 2021-AA Class D | &nbsp;&nbsp;Subordinated Series 2021-AA Class D | &nbsp;&nbsp;Subordinated Series 2021-AA Class D | &nbsp;&nbsp;Subordinated Series 2021-AA Class D |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;1.570% | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;158468 |
| &nbsp;&nbsp;Santander Drive Auto Receivables Trust | &nbsp;&nbsp;Santander Drive Auto Receivables Trust | &nbsp;&nbsp;Santander Drive Auto Receivables Trust | &nbsp;&nbsp;Santander Drive Auto Receivables Trust |
| &nbsp;&nbsp;Series 2020-2 Class D | &nbsp;&nbsp;Series 2020-2 Class D | &nbsp;&nbsp;Series 2020-2 Class D | &nbsp;&nbsp;Series 2020-2 Class D |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;2.220% | &nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;899309 |
| &nbsp;&nbsp;Subordinated Series 2020-3 Class D | &nbsp;&nbsp;Subordinated Series 2020-3 Class D | &nbsp;&nbsp;Subordinated Series 2020-3 Class D | &nbsp;&nbsp;Subordinated Series 2020-3 Class D |
| &nbsp;&nbsp;11/16/2026 | &nbsp;&nbsp;1.640% | 6578000 | &nbsp;&nbsp;6299772 |
| &nbsp;&nbsp;SCF Equipment Leasing LLC<sup>(a)</sup> | &nbsp;&nbsp;SCF Equipment Leasing LLC<sup>(a)</sup> | &nbsp;&nbsp;SCF Equipment Leasing LLC<sup>(a)</sup> | &nbsp;&nbsp;SCF Equipment Leasing LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-2A Class B | &nbsp;&nbsp;Series 2019-2A Class B | &nbsp;&nbsp;Series 2019-2A Class B | &nbsp;&nbsp;Series 2019-2A Class B |
| &nbsp;&nbsp;08/20/2026 | &nbsp;&nbsp;2.760% | 1275000 | &nbsp;&nbsp;1229717 |
| &nbsp;&nbsp;Series 2020-1A Class C | &nbsp;&nbsp;Series 2020-1A Class C | &nbsp;&nbsp;Series 2020-1A Class C | &nbsp;&nbsp;Series 2020-1A Class C |
| &nbsp;&nbsp;08/21/2028 | &nbsp;&nbsp;2.600% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;726186 |
| &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2018-2A Class A | &nbsp;&nbsp;Series 2018-2A Class A | &nbsp;&nbsp;Series 2018-2A Class A | &nbsp;&nbsp;Series 2018-2A Class A |
| &nbsp;&nbsp;06/20/2035 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;121573 | &nbsp;&nbsp;&nbsp;&nbsp;119990 |
| &nbsp;&nbsp;Series 2018-3A Class A | &nbsp;&nbsp;Series 2018-3A Class A | &nbsp;&nbsp;Series 2018-3A Class A | &nbsp;&nbsp;Series 2018-3A Class A |
| &nbsp;&nbsp;09/20/2035 | &nbsp;&nbsp;3.690% | &nbsp;&nbsp;&nbsp;&nbsp;82594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81665 |
| &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;1.840% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;651831 |
| &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-ST10 Class A | &nbsp;&nbsp;Series 2021-ST10 Class A | &nbsp;&nbsp;Series 2021-ST10 Class A | &nbsp;&nbsp;Series 2021-ST10 Class A |
| &nbsp;&nbsp;01/20/2030 | &nbsp;&nbsp;2.250% | 2016835 | &nbsp;&nbsp;1910608 |
| &nbsp;&nbsp;Series 2021-ST2 Class A | &nbsp;&nbsp;Series 2021-ST2 Class A | &nbsp;&nbsp;Series 2021-ST2 Class A | &nbsp;&nbsp;Series 2021-ST2 Class A |
| &nbsp;&nbsp;04/20/2027 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;137848 | &nbsp;&nbsp;&nbsp;&nbsp;128875 |
| &nbsp;&nbsp;Series 2021-ST7 Class A | &nbsp;&nbsp;Series 2021-ST7 Class A | &nbsp;&nbsp;Series 2021-ST7 Class A | &nbsp;&nbsp;Series 2021-ST7 Class A |
| &nbsp;&nbsp;09/20/2029 | &nbsp;&nbsp;1.850% | &nbsp;&nbsp;&nbsp;423847 | &nbsp;&nbsp;&nbsp;&nbsp;394714 |
| &nbsp;&nbsp;Series 2021-ST9 Class A | &nbsp;&nbsp;Series 2021-ST9 Class A | &nbsp;&nbsp;Series 2021-ST9 Class A | &nbsp;&nbsp;Series 2021-ST9 Class A |
| &nbsp;&nbsp;11/20/2029 | &nbsp;&nbsp;1.700% | &nbsp;&nbsp;&nbsp;248566 | &nbsp;&nbsp;&nbsp;&nbsp;235832 |
| &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-2 Class A | &nbsp;&nbsp;Series 2020-2 Class A | &nbsp;&nbsp;Series 2020-2 Class A | &nbsp;&nbsp;Series 2020-2 Class A |
| &nbsp;&nbsp;11/20/2030 | &nbsp;&nbsp;2.309% | &nbsp;&nbsp;&nbsp;277918 | &nbsp;&nbsp;&nbsp;&nbsp;271824 |
| &nbsp;&nbsp;Subordinated Series 2021-2 Class B | &nbsp;&nbsp;Subordinated Series 2021-2 Class B | &nbsp;&nbsp;Subordinated Series 2021-2 Class B | &nbsp;&nbsp;Subordinated Series 2021-2 Class B |
| &nbsp;&nbsp;06/20/2031 | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;404435 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Subordinated Series 2021-3 Class B | &nbsp;&nbsp;Subordinated Series 2021-3 Class B | &nbsp;&nbsp;Subordinated Series 2021-3 Class B | &nbsp;&nbsp;Subordinated Series 2021-3 Class B |
| &nbsp;&nbsp;07/20/2031 | &nbsp;&nbsp;1.660% | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395780 |
| &nbsp;&nbsp;VSE Voi Mortgage LLC<sup>(a)</sup> | &nbsp;&nbsp;VSE Voi Mortgage LLC<sup>(a)</sup> | &nbsp;&nbsp;VSE Voi Mortgage LLC<sup>(a)</sup> | &nbsp;&nbsp;VSE Voi Mortgage LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2018-A Class A | &nbsp;&nbsp;Series 2018-A Class A | &nbsp;&nbsp;Series 2018-A Class A | &nbsp;&nbsp;Series 2018-A Class A |
| &nbsp;&nbsp;02/20/2036 | &nbsp;&nbsp;3.560% | &nbsp;&nbsp;&nbsp;199692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193188 |
| &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $87,446,649) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $87,446,649) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $87,446,649) | &nbsp;&nbsp;**83946472** |
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 6.9%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 6.9%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 6.9%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 6.9%** |
| &nbsp;&nbsp;1211 Avenue of the Americas Trust<sup>(a)</sup> | &nbsp;&nbsp;1211 Avenue of the Americas Trust<sup>(a)</sup> | &nbsp;&nbsp;1211 Avenue of the Americas Trust<sup>(a)</sup> | &nbsp;&nbsp;1211 Avenue of the Americas Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2015-1211 Class A1A2 | &nbsp;&nbsp;Series 2015-1211 Class A1A2 | &nbsp;&nbsp;Series 2015-1211 Class A1A2 | &nbsp;&nbsp;Series 2015-1211 Class A1A2 |
| &nbsp;&nbsp;08/10/2035 | &nbsp;&nbsp;3.901% | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;1179882 |
| &nbsp;&nbsp;American Homes 4 Rent Trust<sup>(a)</sup> | &nbsp;&nbsp;American Homes 4 Rent Trust<sup>(a)</sup> | &nbsp;&nbsp;American Homes 4 Rent Trust<sup>(a)</sup> | &nbsp;&nbsp;American Homes 4 Rent Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2014-SFR2 Class A | &nbsp;&nbsp;Series 2014-SFR2 Class A | &nbsp;&nbsp;Series 2014-SFR2 Class A | &nbsp;&nbsp;Series 2014-SFR2 Class A |
| &nbsp;&nbsp;10/17/2036 | &nbsp;&nbsp;3.786% | 1112941 | &nbsp;&nbsp;&nbsp;&nbsp;1064371 |
| &nbsp;&nbsp;Series 2014-SFR3 Class A | &nbsp;&nbsp;Series 2014-SFR3 Class A | &nbsp;&nbsp;Series 2014-SFR3 Class A | &nbsp;&nbsp;Series 2014-SFR3 Class A |
| &nbsp;&nbsp;12/17/2036 | &nbsp;&nbsp;3.678% | 1228630 | &nbsp;&nbsp;&nbsp;&nbsp;1177695 |
| &nbsp;&nbsp;Series 2015-SFR1 Class A | &nbsp;&nbsp;Series 2015-SFR1 Class A | &nbsp;&nbsp;Series 2015-SFR1 Class A | &nbsp;&nbsp;Series 2015-SFR1 Class A |
| &nbsp;&nbsp;04/17/2052 | &nbsp;&nbsp;3.467% | 1135917 | &nbsp;&nbsp;&nbsp;&nbsp;1071854 |
| &nbsp;&nbsp;Series 2015-SFR2 Class A | &nbsp;&nbsp;Series 2015-SFR2 Class A | &nbsp;&nbsp;Series 2015-SFR2 Class A | &nbsp;&nbsp;Series 2015-SFR2 Class A |
| &nbsp;&nbsp;10/17/2052 | &nbsp;&nbsp;3.732% | &nbsp;&nbsp;&nbsp;677448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641805 |
| &nbsp;&nbsp;AMSR Trust<sup>(a)</sup> | &nbsp;&nbsp;AMSR Trust<sup>(a)</sup> | &nbsp;&nbsp;AMSR Trust<sup>(a)</sup> | &nbsp;&nbsp;AMSR Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class C | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class C | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class C | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class C |
| &nbsp;&nbsp;07/17/2037 | &nbsp;&nbsp;2.533% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452878 |
| &nbsp;&nbsp;Ashford Hospitality Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Ashford Hospitality Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Ashford Hospitality Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Ashford Hospitality Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-KEYS Class B | &nbsp;&nbsp;Series 2018-KEYS Class B | &nbsp;&nbsp;Series 2018-KEYS Class B | &nbsp;&nbsp;Series 2018-KEYS Class B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.450%<br> Floor 1.450%<br> 05/15/2035 | &nbsp;&nbsp;5.768% | 2625000 | &nbsp;&nbsp;&nbsp;&nbsp;2533473 |
| &nbsp;&nbsp;BBCMS Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BBCMS Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BBCMS Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BBCMS Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2018-BXH Class B | &nbsp;&nbsp;Subordinated Series 2018-BXH Class B | &nbsp;&nbsp;Subordinated Series 2018-BXH Class B | &nbsp;&nbsp;Subordinated Series 2018-BXH Class B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.250%<br> Floor 1.250%<br> 10/15/2037 | &nbsp;&nbsp;5.568% | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;1088003 |
| &nbsp;&nbsp;Subordinated Series 2018-BXH Class C | &nbsp;&nbsp;Subordinated Series 2018-BXH Class C | &nbsp;&nbsp;Subordinated Series 2018-BXH Class C | &nbsp;&nbsp;Subordinated Series 2018-BXH Class C |
| &nbsp;&nbsp;1-month USD LIBOR + 1.500%<br> Floor 1.500%<br> 10/15/2037 | &nbsp;&nbsp;5.818% | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590008 |
| &nbsp;&nbsp;BB-UBS Trust<sup>(a)</sup> | &nbsp;&nbsp;BB-UBS Trust<sup>(a)</sup> | &nbsp;&nbsp;BB-UBS Trust<sup>(a)</sup> | &nbsp;&nbsp;BB-UBS Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2012-SHOW Class A | &nbsp;&nbsp;Series 2012-SHOW Class A | &nbsp;&nbsp;Series 2012-SHOW Class A | &nbsp;&nbsp;Series 2012-SHOW Class A |
| &nbsp;&nbsp;11/05/2036 | &nbsp;&nbsp;3.430% | 1325000 | &nbsp;&nbsp;&nbsp;&nbsp;1232902 |
| &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-ATLS Class A | &nbsp;&nbsp;Series 2018-ATLS Class A | &nbsp;&nbsp;Series 2018-ATLS Class A | &nbsp;&nbsp;Series 2018-ATLS Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.250%<br> Floor 1.250%<br> 07/15/2035 | &nbsp;&nbsp;5.568% | 2375000 | &nbsp;&nbsp;&nbsp;&nbsp;2289239 |
| &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Series 2019-XL Class C | &nbsp;&nbsp;Series 2019-XL Class C | &nbsp;&nbsp;Series 2019-XL Class C | &nbsp;&nbsp;Series 2019-XL Class C |
| &nbsp;&nbsp;10/15/2036 | &nbsp;&nbsp;5.700% | &nbsp;&nbsp;&nbsp;977500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953109 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;BX Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-PAC Class D | &nbsp;&nbsp;Series 2021-PAC Class D | &nbsp;&nbsp;Series 2021-PAC Class D | &nbsp;&nbsp;Series 2021-PAC Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 1.298%<br> Floor 1.298%<br> 10/15/2036 | &nbsp;&nbsp;5.616% | 2175000 | &nbsp;&nbsp;2024459 |
| &nbsp;&nbsp;BX Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2019-ATL Class C | &nbsp;&nbsp;Series 2019-ATL Class C | &nbsp;&nbsp;Series 2019-ATL Class C | &nbsp;&nbsp;Series 2019-ATL Class C |
| &nbsp;&nbsp;1-month USD LIBOR + 1.587%<br> Floor 1.587%, Cap 1.587%<br> 10/15/2036 | &nbsp;&nbsp;5.905% | &nbsp;&nbsp;&nbsp;699000 | &nbsp;&nbsp;&nbsp;&nbsp;671094 |
| &nbsp;&nbsp;Subordinated Series 2019-ATL Class D | &nbsp;&nbsp;Subordinated Series 2019-ATL Class D | &nbsp;&nbsp;Subordinated Series 2019-ATL Class D | &nbsp;&nbsp;Subordinated Series 2019-ATL Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 1.887%<br> Floor 1.887%<br> 10/15/2036 | &nbsp;&nbsp;6.205% | &nbsp;&nbsp;&nbsp;622000 | &nbsp;&nbsp;&nbsp;&nbsp;584751 |
| &nbsp;&nbsp;CIM Retail Portfolio Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CIM Retail Portfolio Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CIM Retail Portfolio Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CIM Retail Portfolio Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-RETL Class D | &nbsp;&nbsp;Series 2021-RETL Class D | &nbsp;&nbsp;Series 2021-RETL Class D | &nbsp;&nbsp;Series 2021-RETL Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 3.050%<br> Floor 3.050%<br> 08/15/2036 | &nbsp;&nbsp;7.368% | 2868750 | &nbsp;&nbsp;2802303 |
| &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-IKPR Class D | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class D | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class D | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 2.025%<br> Floor 2.025%<br> 11/15/2038 | &nbsp;&nbsp;6.343% | 1900000 | &nbsp;&nbsp;1757692 |
| &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-CBM Class D | &nbsp;&nbsp;Subordinated Series 2020-CBM Class D | &nbsp;&nbsp;Subordinated Series 2020-CBM Class D | &nbsp;&nbsp;Subordinated Series 2020-CBM Class D |
| &nbsp;&nbsp;02/10/2037 | &nbsp;&nbsp;3.633% | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;418486 |
| &nbsp;&nbsp;COMM Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-CX Class B | &nbsp;&nbsp;Subordinated Series 2020-CX Class B | &nbsp;&nbsp;Subordinated Series 2020-CX Class B | &nbsp;&nbsp;Subordinated Series 2020-CX Class B |
| &nbsp;&nbsp;11/10/2046 | &nbsp;&nbsp;2.446% | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;394674 |
| &nbsp;&nbsp;CSAIL Commercial Mortgage Trust | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2015-C4 Class A4 | &nbsp;&nbsp;Series 2015-C4 Class A4 | &nbsp;&nbsp;Series 2015-C4 Class A4 | &nbsp;&nbsp;Series 2015-C4 Class A4 |
| &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;3.808% | 2010000 | &nbsp;&nbsp;1913969 |
| &nbsp;&nbsp;Series 2019-C16 Class A3 | &nbsp;&nbsp;Series 2019-C16 Class A3 | &nbsp;&nbsp;Series 2019-C16 Class A3 | &nbsp;&nbsp;Series 2019-C16 Class A3 |
| &nbsp;&nbsp;06/15/2052 | &nbsp;&nbsp;3.329% | 3675000 | &nbsp;&nbsp;3188007 |
| &nbsp;&nbsp;Extended Stay America Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Extended Stay America Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Extended Stay America Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Extended Stay America Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-ESH Class E | &nbsp;&nbsp;Series 2021-ESH Class E | &nbsp;&nbsp;Series 2021-ESH Class E | &nbsp;&nbsp;Series 2021-ESH Class E |
| &nbsp;&nbsp;1-month USD LIBOR + 2.850%<br> Floor 2.850%<br> 07/15/2038 | &nbsp;&nbsp;7.168% | &nbsp;&nbsp;&nbsp;292858 | &nbsp;&nbsp;&nbsp;&nbsp;278965 |
| &nbsp;&nbsp;Series 2021-ESH Class F | &nbsp;&nbsp;Series 2021-ESH Class F | &nbsp;&nbsp;Series 2021-ESH Class F | &nbsp;&nbsp;Series 2021-ESH Class F |
| &nbsp;&nbsp;1-month USD LIBOR + 3.700%<br> Floor 3.700%<br> 07/15/2038 | &nbsp;&nbsp;7.575% | &nbsp;&nbsp;&nbsp;292858 | &nbsp;&nbsp;&nbsp;&nbsp;275185 |
| &nbsp;&nbsp;FirstKey Homes Trust<sup>(a)</sup> | &nbsp;&nbsp;FirstKey Homes Trust<sup>(a)</sup> | &nbsp;&nbsp;FirstKey Homes Trust<sup>(a)</sup> | &nbsp;&nbsp;FirstKey Homes Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-SFR1 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR1 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR1 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR1 Class D |
| &nbsp;&nbsp;08/17/2037 | &nbsp;&nbsp;2.241% | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;602828 |
| &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D |
| &nbsp;&nbsp;10/19/2037 | &nbsp;&nbsp;1.968% | 2975000 | &nbsp;&nbsp;2625548 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;GS Mortgage Securities Corp II<sup>(a),(b)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp II<sup>(a),(b)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp II<sup>(a),(b)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp II<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2022-ECI Class A | &nbsp;&nbsp;Series 2022-ECI Class A | &nbsp;&nbsp;Series 2022-ECI Class A | &nbsp;&nbsp;Series 2022-ECI Class A |
| &nbsp;&nbsp;1-month Term SOFR + 2.195%<br> Floor 2.195%<br> 08/15/2039 | &nbsp;&nbsp;5.040% | 1425000 | &nbsp;&nbsp;1415965 |
| &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2017-485L Class A | &nbsp;&nbsp;Series 2017-485L Class A | &nbsp;&nbsp;Series 2017-485L Class A | &nbsp;&nbsp;Series 2017-485L Class A |
| &nbsp;&nbsp;02/10/2037 | &nbsp;&nbsp;3.721% | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;539629 |
| &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2021-IP Class D | &nbsp;&nbsp;Subordinated CMO Series 2021-IP Class D | &nbsp;&nbsp;Subordinated CMO Series 2021-IP Class D | &nbsp;&nbsp;Subordinated CMO Series 2021-IP Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 2.100%<br> Floor 2.100%<br> 10/15/2036 | &nbsp;&nbsp;6.418% | &nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;753217 |
| &nbsp;&nbsp;Home Partners of America Trust<sup>(a)</sup> | &nbsp;&nbsp;Home Partners of America Trust<sup>(a)</sup> | &nbsp;&nbsp;Home Partners of America Trust<sup>(a)</sup> | &nbsp;&nbsp;Home Partners of America Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-2 Class D | &nbsp;&nbsp;Subordinated Series 2019-2 Class D | &nbsp;&nbsp;Subordinated Series 2019-2 Class D | &nbsp;&nbsp;Subordinated Series 2019-2 Class D |
| &nbsp;&nbsp;10/19/2039 | &nbsp;&nbsp;3.121% | 1039293 | &nbsp;&nbsp;&nbsp;&nbsp;870939 |
| &nbsp;&nbsp;Subordinated Series 2021-2 Class B | &nbsp;&nbsp;Subordinated Series 2021-2 Class B | &nbsp;&nbsp;Subordinated Series 2021-2 Class B | &nbsp;&nbsp;Subordinated Series 2021-2 Class B |
| &nbsp;&nbsp;12/17/2026 | &nbsp;&nbsp;2.302% | 6319491 | &nbsp;&nbsp;5398333 |
| &nbsp;&nbsp;ILPT Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;ILPT Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;ILPT Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;ILPT Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2022-LPF2 Class A | &nbsp;&nbsp;Series 2022-LPF2 Class A | &nbsp;&nbsp;Series 2022-LPF2 Class A | &nbsp;&nbsp;Series 2022-LPF2 Class A |
| &nbsp;&nbsp;1-month Term SOFR + 2.245%<br> Floor 2.245%<br> 10/15/2039 | &nbsp;&nbsp;5.621% | 2200000 | &nbsp;&nbsp;2200528 |
| &nbsp;&nbsp;Invitation Homes Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Invitation Homes Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Invitation Homes Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Invitation Homes Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-SFR4 Class A | &nbsp;&nbsp;Series 2018-SFR4 Class A | &nbsp;&nbsp;Series 2018-SFR4 Class A | &nbsp;&nbsp;Series 2018-SFR4 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.100%<br> Floor 1.000%<br> 01/17/2038 | &nbsp;&nbsp;5.439% | 3014632 | &nbsp;&nbsp;2984991 |
| &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-2NU Class B | &nbsp;&nbsp;Subordinated Series 2021-2NU Class B | &nbsp;&nbsp;Subordinated Series 2021-2NU Class B | &nbsp;&nbsp;Subordinated Series 2021-2NU Class B |
| &nbsp;&nbsp;01/05/2040 | &nbsp;&nbsp;2.077% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;459961 |
| &nbsp;&nbsp;Subordinated Series 2021-2NU Class C | &nbsp;&nbsp;Subordinated Series 2021-2NU Class C | &nbsp;&nbsp;Subordinated Series 2021-2NU Class C | &nbsp;&nbsp;Subordinated Series 2021-2NU Class C |
| &nbsp;&nbsp;01/05/2040 | &nbsp;&nbsp;2.077% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;187350 |
| &nbsp;&nbsp;KKR Industrial Portfolio Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;KKR Industrial Portfolio Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;KKR Industrial Portfolio Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;KKR Industrial Portfolio Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-KDIP Class D | &nbsp;&nbsp;Subordinated Series 2021-KDIP Class D | &nbsp;&nbsp;Subordinated Series 2021-KDIP Class D | &nbsp;&nbsp;Subordinated Series 2021-KDIP Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 1.250%<br> Floor 1.250%<br> 12/15/2037 | &nbsp;&nbsp;5.568% | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;353230 |
| &nbsp;&nbsp;Life Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Life Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Life Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Life Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-BMR Class D | &nbsp;&nbsp;Subordinated Series 2021-BMR Class D | &nbsp;&nbsp;Subordinated Series 2021-BMR Class D | &nbsp;&nbsp;Subordinated Series 2021-BMR Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 1.400%<br> Floor 1.400%<br> 03/15/2038 | &nbsp;&nbsp;5.718% | &nbsp;&nbsp;&nbsp;688079 | &nbsp;&nbsp;&nbsp;&nbsp;651817 |
| &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust |
| &nbsp;&nbsp;Series 2016-C29 Class A3 | &nbsp;&nbsp;Series 2016-C29 Class A3 | &nbsp;&nbsp;Series 2016-C29 Class A3 | &nbsp;&nbsp;Series 2016-C29 Class A3 |
| &nbsp;&nbsp;05/15/2049 | &nbsp;&nbsp;3.058% | &nbsp;&nbsp;&nbsp;945096 | &nbsp;&nbsp;&nbsp;&nbsp;878554 |
| &nbsp;&nbsp;Series 2017-C34 Class A3 | &nbsp;&nbsp;Series 2017-C34 Class A3 | &nbsp;&nbsp;Series 2017-C34 Class A3 | &nbsp;&nbsp;Series 2017-C34 Class A3 |
| &nbsp;&nbsp;11/15/2052 | &nbsp;&nbsp;3.276% | 2250000 | &nbsp;&nbsp;2049922 |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust | &nbsp;&nbsp;Morgan Stanley Capital I Trust | &nbsp;&nbsp;Morgan Stanley Capital I Trust | &nbsp;&nbsp;Morgan Stanley Capital I Trust |
| &nbsp;&nbsp;Series 2015-UBS8 Class A3 | &nbsp;&nbsp;Series 2015-UBS8 Class A3 | &nbsp;&nbsp;Series 2015-UBS8 Class A3 | &nbsp;&nbsp;Series 2015-UBS8 Class A3 |
| &nbsp;&nbsp;12/15/2048 | &nbsp;&nbsp;3.540% | 1721472 | &nbsp;&nbsp;1618177 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2017-HR2 Class A3 | &nbsp;&nbsp;Series 2017-HR2 Class A3 | &nbsp;&nbsp;Series 2017-HR2 Class A3 | &nbsp;&nbsp;Series 2017-HR2 Class A3 |
| &nbsp;&nbsp;12/15/2050 | &nbsp;&nbsp;3.330% | 1040995 | &nbsp;&nbsp;&nbsp;&nbsp;947602 |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Series 2019-MEAD Class D | &nbsp;&nbsp;Series 2019-MEAD Class D | &nbsp;&nbsp;Series 2019-MEAD Class D | &nbsp;&nbsp;Series 2019-MEAD Class D |
| &nbsp;&nbsp;11/10/2036 | &nbsp;&nbsp;3.283% | 1175000 | &nbsp;&nbsp;1016125 |
| &nbsp;&nbsp;One New York Plaza Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;One New York Plaza Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;One New York Plaza Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;One New York Plaza Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-1NYP Class C | &nbsp;&nbsp;Subordinated Series 2020-1NYP Class C | &nbsp;&nbsp;Subordinated Series 2020-1NYP Class C | &nbsp;&nbsp;Subordinated Series 2020-1NYP Class C |
| &nbsp;&nbsp;1-month USD LIBOR + 2.200%<br> Floor 2.200%<br> 01/15/2036 | &nbsp;&nbsp;6.518% | 1100000 | &nbsp;&nbsp;1026607 |
| &nbsp;&nbsp;Subordinated Series 2020-1NYP Class D | &nbsp;&nbsp;Subordinated Series 2020-1NYP Class D | &nbsp;&nbsp;Subordinated Series 2020-1NYP Class D | &nbsp;&nbsp;Subordinated Series 2020-1NYP Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 2.750%<br> 01/15/2036 | &nbsp;&nbsp;7.068% | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;386735 |
| &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-SFR3 Class C | &nbsp;&nbsp;Series 2019-SFR3 Class C | &nbsp;&nbsp;Series 2019-SFR3 Class C | &nbsp;&nbsp;Series 2019-SFR3 Class C |
| &nbsp;&nbsp;09/17/2036 | &nbsp;&nbsp;2.721% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;706071 |
| &nbsp;&nbsp;Series 2019-SFR3 Class D | &nbsp;&nbsp;Series 2019-SFR3 Class D | &nbsp;&nbsp;Series 2019-SFR3 Class D | &nbsp;&nbsp;Series 2019-SFR3 Class D |
| &nbsp;&nbsp;09/17/2036 | &nbsp;&nbsp;2.871% | 1125000 | &nbsp;&nbsp;1058020 |
| &nbsp;&nbsp;Series 2019-SFR4 Class C | &nbsp;&nbsp;Series 2019-SFR4 Class C | &nbsp;&nbsp;Series 2019-SFR4 Class C | &nbsp;&nbsp;Series 2019-SFR4 Class C |
| &nbsp;&nbsp;10/17/2036 | &nbsp;&nbsp;3.036% | 2850000 | &nbsp;&nbsp;2655942 |
| &nbsp;&nbsp;Series 2020-SFR1 Class C | &nbsp;&nbsp;Series 2020-SFR1 Class C | &nbsp;&nbsp;Series 2020-SFR1 Class C | &nbsp;&nbsp;Series 2020-SFR1 Class C |
| &nbsp;&nbsp;04/17/2037 | &nbsp;&nbsp;2.183% | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;297172 |
| &nbsp;&nbsp;Series 2020-SFR1 Class D | &nbsp;&nbsp;Series 2020-SFR1 Class D | &nbsp;&nbsp;Series 2020-SFR1 Class D | &nbsp;&nbsp;Series 2020-SFR1 Class D |
| &nbsp;&nbsp;04/17/2037 | &nbsp;&nbsp;2.383% | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;615712 |
| &nbsp;&nbsp;Series 2020-SFR2 Class A | &nbsp;&nbsp;Series 2020-SFR2 Class A | &nbsp;&nbsp;Series 2020-SFR2 Class A | &nbsp;&nbsp;Series 2020-SFR2 Class A |
| &nbsp;&nbsp;06/17/2037 | &nbsp;&nbsp;2.078% | &nbsp;&nbsp;&nbsp;424476 | &nbsp;&nbsp;&nbsp;&nbsp;388297 |
| &nbsp;&nbsp;Series 2022-SFR5 Class A | &nbsp;&nbsp;Series 2022-SFR5 Class A | &nbsp;&nbsp;Series 2022-SFR5 Class A | &nbsp;&nbsp;Series 2022-SFR5 Class A |
| &nbsp;&nbsp;06/17/2039 | &nbsp;&nbsp;4.451% | 2019642 | &nbsp;&nbsp;1894163 |
| &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class C | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class C | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class C | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class C |
| &nbsp;&nbsp;06/17/2037 | &nbsp;&nbsp;3.077% | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92093 |
| &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D |
| &nbsp;&nbsp;06/17/2037 | &nbsp;&nbsp;3.874% | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;115853 |
| &nbsp;&nbsp;Subordinated Series 2021-SFR8 Class D | &nbsp;&nbsp;Subordinated Series 2021-SFR8 Class D | &nbsp;&nbsp;Subordinated Series 2021-SFR8 Class D | &nbsp;&nbsp;Subordinated Series 2021-SFR8 Class D |
| &nbsp;&nbsp;10/17/2038 | &nbsp;&nbsp;2.082% | 1830000 | &nbsp;&nbsp;1505599 |
| &nbsp;&nbsp;RBS Commercial Funding, Inc., Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;RBS Commercial Funding, Inc., Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;RBS Commercial Funding, Inc., Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;RBS Commercial Funding, Inc., Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Series 2013-GSP Class A | &nbsp;&nbsp;Series 2013-GSP Class A | &nbsp;&nbsp;Series 2013-GSP Class A | &nbsp;&nbsp;Series 2013-GSP Class A |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;3.834% | 1100000 | &nbsp;&nbsp;1058720 |
| &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-555 Class E | &nbsp;&nbsp;Subordinated Series 2021-555 Class E | &nbsp;&nbsp;Subordinated Series 2021-555 Class E | &nbsp;&nbsp;Subordinated Series 2021-555 Class E |
| &nbsp;&nbsp;1-month USD LIBOR + 2.900%<br> Floor 2.900%<br> 05/15/2038 | &nbsp;&nbsp;7.218% | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;371793 |
| &nbsp;&nbsp;SPGN TFLM Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SPGN TFLM Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SPGN TFLM Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SPGN TFLM Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2022 Class A | &nbsp;&nbsp;Series 2022 Class A | &nbsp;&nbsp;Series 2022 Class A | &nbsp;&nbsp;Series 2022 Class A |
| &nbsp;&nbsp;1-month Term SOFR + 1.550%<br> Floor 1.550%<br> 02/15/2039 | &nbsp;&nbsp;5.886% | 4725000 | &nbsp;&nbsp;4463918 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;STAR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;STAR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;STAR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;STAR Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2022-SFR3 Class A | &nbsp;&nbsp;Series 2022-SFR3 Class A | &nbsp;&nbsp;Series 2022-SFR3 Class A | &nbsp;&nbsp;Series 2022-SFR3 Class A |
| &nbsp;&nbsp;1-month Term SOFR + 1.650%<br> Floor 1.650%<br> 05/17/2024 | &nbsp;&nbsp;5.971% | 2641885 | &nbsp;&nbsp;&nbsp;&nbsp;2623898 |
| &nbsp;&nbsp;Subordinated Series 2022-SFR3 Class B | &nbsp;&nbsp;Subordinated Series 2022-SFR3 Class B | &nbsp;&nbsp;Subordinated Series 2022-SFR3 Class B | &nbsp;&nbsp;Subordinated Series 2022-SFR3 Class B |
| &nbsp;&nbsp;1-month Term SOFR + 1.950%<br> Floor 1.950%<br> 05/17/2024 | &nbsp;&nbsp;6.271% | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;1878830 |
| &nbsp;&nbsp;Tricon American Homes<sup>(a)</sup> | &nbsp;&nbsp;Tricon American Homes<sup>(a)</sup> | &nbsp;&nbsp;Tricon American Homes<sup>(a)</sup> | &nbsp;&nbsp;Tricon American Homes<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-SFR1 Class C | &nbsp;&nbsp;Series 2020-SFR1 Class C | &nbsp;&nbsp;Series 2020-SFR1 Class C | &nbsp;&nbsp;Series 2020-SFR1 Class C |
| &nbsp;&nbsp;07/17/2038 | &nbsp;&nbsp;2.249% | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564806 |
| &nbsp;&nbsp;Tricon American Homes Trust<sup>(a)</sup> | &nbsp;&nbsp;Tricon American Homes Trust<sup>(a)</sup> | &nbsp;&nbsp;Tricon American Homes Trust<sup>(a)</sup> | &nbsp;&nbsp;Tricon American Homes Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D |
| &nbsp;&nbsp;11/17/2039 | &nbsp;&nbsp;2.281% | 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885497 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2015-C28 Class A3 | &nbsp;&nbsp;Series 2015-C28 Class A3 | &nbsp;&nbsp;Series 2015-C28 Class A3 | &nbsp;&nbsp;Series 2015-C28 Class A3 |
| &nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;3.290% | 1067263 | &nbsp;&nbsp;&nbsp;&nbsp;1017197 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-SDAL Class D | &nbsp;&nbsp;Series 2020-SDAL Class D | &nbsp;&nbsp;Series 2020-SDAL Class D | &nbsp;&nbsp;Series 2020-SDAL Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 2.090%<br> Floor 2.090%, Cap 4.500%<br> 02/15/2037 | &nbsp;&nbsp;6.408% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472026 |
| &nbsp;&nbsp;Series 2021-FCMT Class A | &nbsp;&nbsp;Series 2021-FCMT Class A | &nbsp;&nbsp;Series 2021-FCMT Class A | &nbsp;&nbsp;Series 2021-FCMT Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.200%<br> Floor 1.200%<br> 05/15/2031 | &nbsp;&nbsp;5.518% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697932 |
| &nbsp;&nbsp;Series 2021-FCMT Class D | &nbsp;&nbsp;Series 2021-FCMT Class D | &nbsp;&nbsp;Series 2021-FCMT Class D | &nbsp;&nbsp;Series 2021-FCMT Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 3.500%<br> 05/15/2031 | &nbsp;&nbsp;7.818% | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559890 |
| &nbsp;&nbsp;WFRBS Commercial Mortgage Trust | &nbsp;&nbsp;WFRBS Commercial Mortgage Trust | &nbsp;&nbsp;WFRBS Commercial Mortgage Trust | &nbsp;&nbsp;WFRBS Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2014-C22 Class A5 | &nbsp;&nbsp;Series 2014-C22 Class A5 | &nbsp;&nbsp;Series 2014-C22 Class A5 | &nbsp;&nbsp;Series 2014-C22 Class A5 |
| &nbsp;&nbsp;09/15/2057 | &nbsp;&nbsp;3.752% | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410121 |
| &nbsp;&nbsp;WF-RBS Commercial Mortgage Trust | &nbsp;&nbsp;WF-RBS Commercial Mortgage Trust | &nbsp;&nbsp;WF-RBS Commercial Mortgage Trust | &nbsp;&nbsp;WF-RBS Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2013-C15 Class A3 | &nbsp;&nbsp;Series 2013-C15 Class A3 | &nbsp;&nbsp;Series 2013-C15 Class A3 | &nbsp;&nbsp;Series 2013-C15 Class A3 |
| &nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;3.881% | &nbsp;&nbsp;&nbsp;491563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488022 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $87,759,271) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $87,759,271) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $87,759,271) | &nbsp;&nbsp;**80374434** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 57.2%** | &nbsp;&nbsp;**Common Stocks 57.2%** | &nbsp;&nbsp;**Common Stocks 57.2%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 6.7%** | &nbsp;&nbsp;**Communication Services 6.7%** | &nbsp;&nbsp;**Communication Services 6.7%** |
| &nbsp;&nbsp;**Entertainment 1.8%** | &nbsp;&nbsp;**Entertainment 1.8%** | &nbsp;&nbsp;**Entertainment 1.8%** |
| &nbsp;&nbsp;Endeavor Group Holdings, Inc., Class A<sup>(d)</sup> | &nbsp;&nbsp;159034 | &nbsp;&nbsp;&nbsp;&nbsp;3584626 |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;99314 | &nbsp;&nbsp;10341567 |
| &nbsp;&nbsp;Walt Disney Co. (The)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;78222 | &nbsp;&nbsp;&nbsp;&nbsp;6795928 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;20722121 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Interactive Media & Services 3.3%** | &nbsp;&nbsp;**Interactive Media & Services 3.3%** | &nbsp;&nbsp;**Interactive Media & Services 3.3%** |
| &nbsp;&nbsp;Alphabet, Inc., Class A<sup>(d)</sup> | &nbsp;&nbsp;122131 | &nbsp;&nbsp;10775618 |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(d)</sup> | &nbsp;&nbsp;123457 | &nbsp;&nbsp;10954339 |
| &nbsp;&nbsp;Match Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;124335 | &nbsp;&nbsp;&nbsp;&nbsp;5158659 |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;63364 | &nbsp;&nbsp;&nbsp;&nbsp;7625224 |
| &nbsp;&nbsp;ZoomInfo Technologies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;126507 | &nbsp;&nbsp;&nbsp;&nbsp;3809126 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;38322966 |
| &nbsp;&nbsp;**Media 0.7%** | &nbsp;&nbsp;**Media 0.7%** | &nbsp;&nbsp;**Media 0.7%** |
| &nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;254265 | &nbsp;&nbsp;&nbsp;&nbsp;8891647 |
| &nbsp;&nbsp;**Wireless Telecommunication Services 0.9%** | &nbsp;&nbsp;**Wireless Telecommunication Services 0.9%** | &nbsp;&nbsp;**Wireless Telecommunication Services 0.9%** |
| &nbsp;&nbsp;T-Mobile US, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72449 | &nbsp;&nbsp;10142860 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**78079594** |
| &nbsp;&nbsp;**Consumer Discretionary 3.9%** | &nbsp;&nbsp;**Consumer Discretionary 3.9%** | &nbsp;&nbsp;**Consumer Discretionary 3.9%** |
| &nbsp;&nbsp;**Automobiles 0.3%** | &nbsp;&nbsp;**Automobiles 0.3%** | &nbsp;&nbsp;**Automobiles 0.3%** |
| &nbsp;&nbsp;Tesla, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29145 | &nbsp;&nbsp;&nbsp;&nbsp;3590081 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.6%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.6%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.6%** |
| &nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25753 | &nbsp;&nbsp;&nbsp;&nbsp;6786688 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.7%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.7%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.7%** |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(d)</sup> | &nbsp;&nbsp;237239 | &nbsp;&nbsp;19928076 |
| &nbsp;&nbsp;**Specialty Retail 0.8%** | &nbsp;&nbsp;**Specialty Retail 0.8%** | &nbsp;&nbsp;**Specialty Retail 0.8%** |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16270 | &nbsp;&nbsp;&nbsp;&nbsp;3241635 |
| &nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;74959 | &nbsp;&nbsp;&nbsp;&nbsp;5966737 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9208372 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.5%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.5%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.5%** |
| &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;148477 | &nbsp;&nbsp;&nbsp;&nbsp;5654004 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**45167221** |
| &nbsp;&nbsp;**Consumer Staples 4.3%** | &nbsp;&nbsp;**Consumer Staples 4.3%** | &nbsp;&nbsp;**Consumer Staples 4.3%** |
| &nbsp;&nbsp;**Beverages 0.2%** | &nbsp;&nbsp;**Beverages 0.2%** | &nbsp;&nbsp;**Beverages 0.2%** |
| &nbsp;&nbsp;Monster Beverage Corp.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23010 | &nbsp;&nbsp;&nbsp;&nbsp;2336205 |
| &nbsp;&nbsp;**Food & Staples Retailing 1.2%** | &nbsp;&nbsp;**Food & Staples Retailing 1.2%** | &nbsp;&nbsp;**Food & Staples Retailing 1.2%** |
| &nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69826 | &nbsp;&nbsp;&nbsp;&nbsp;5338198 |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64429 | &nbsp;&nbsp;&nbsp;&nbsp;9135388 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;14473586 |
| &nbsp;&nbsp;**Food Products 1.0%** | &nbsp;&nbsp;**Food Products 1.0%** | &nbsp;&nbsp;**Food Products 1.0%** |
| &nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;179763 | &nbsp;&nbsp;11981204 |
| &nbsp;&nbsp;**Household Products 1.6%** | &nbsp;&nbsp;**Household Products 1.6%** | &nbsp;&nbsp;**Household Products 1.6%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;121041 | &nbsp;&nbsp;18344974 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Personal Products 0.3%** | &nbsp;&nbsp;**Personal Products 0.3%** | &nbsp;&nbsp;**Personal Products 0.3%** |
| &nbsp;&nbsp;Coty, Inc., Class A<sup>(d)</sup> | &nbsp;&nbsp;343179 | &nbsp;&nbsp;&nbsp;&nbsp;2937612 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**50073581** |
| &nbsp;&nbsp;**Energy 3.1%** | &nbsp;&nbsp;**Energy 3.1%** | &nbsp;&nbsp;**Energy 3.1%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 3.1%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 3.1%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 3.1%** |
| &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;144574 | &nbsp;&nbsp;&nbsp;&nbsp;8028194 |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;102813 | &nbsp;&nbsp;18453905 |
| &nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78365 | &nbsp;&nbsp;10149835 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;36631934 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**36631934** |
| &nbsp;&nbsp;**Financials 6.1%** | &nbsp;&nbsp;**Financials 6.1%** | &nbsp;&nbsp;**Financials 6.1%** |
| &nbsp;&nbsp;**Banks 2.2%** | &nbsp;&nbsp;**Banks 2.2%** | &nbsp;&nbsp;**Banks 2.2%** |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;182171 | &nbsp;&nbsp;&nbsp;&nbsp;6033504 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;45827 | &nbsp;&nbsp;&nbsp;&nbsp;6145401 |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;319236 | &nbsp;&nbsp;13181254 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;25360159 |
| &nbsp;&nbsp;**Capital Markets 1.5%** | &nbsp;&nbsp;**Capital Markets 1.5%** | &nbsp;&nbsp;**Capital Markets 1.5%** |
| &nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6811 | &nbsp;&nbsp;&nbsp;&nbsp;4826479 |
| &nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7261 | &nbsp;&nbsp;&nbsp;&nbsp;3377599 |
| &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;122982 | &nbsp;&nbsp;&nbsp;&nbsp;9539714 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;17743792 |
| &nbsp;&nbsp;**Consumer Finance 0.0%** | &nbsp;&nbsp;**Consumer Finance 0.0%** | &nbsp;&nbsp;**Consumer Finance 0.0%** |
| &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;5066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748501 |
| &nbsp;&nbsp;**Diversified Financial Services 1.9%** | &nbsp;&nbsp;**Diversified Financial Services 1.9%** | &nbsp;&nbsp;**Diversified Financial Services 1.9%** |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;71522 | &nbsp;&nbsp;22093146 |
| &nbsp;&nbsp;**Insurance 0.5%** | &nbsp;&nbsp;**Insurance 0.5%** | &nbsp;&nbsp;**Insurance 0.5%** |
| &nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;19735 | &nbsp;&nbsp;&nbsp;&nbsp;5923263 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**71868861** |
| &nbsp;&nbsp;**Health Care 9.1%** | &nbsp;&nbsp;**Health Care 9.1%** | &nbsp;&nbsp;**Health Care 9.1%** |
| &nbsp;&nbsp;**Biotechnology 1.4%** | &nbsp;&nbsp;**Biotechnology 1.4%** | &nbsp;&nbsp;**Biotechnology 1.4%** |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;63405 | &nbsp;&nbsp;&nbsp;&nbsp;6561784 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35608 | &nbsp;&nbsp;10282878 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;16844662 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 1.6%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.6%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.6%** |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;97192 | &nbsp;&nbsp;10670710 |
| &nbsp;&nbsp;Boston Scientific Corp.<sup>(d)</sup> | &nbsp;&nbsp;162391 | &nbsp;&nbsp;&nbsp;&nbsp;7513831 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;18184541 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Health Care Providers & Services 1.8%** | &nbsp;&nbsp;**Health Care Providers & Services 1.8%** | &nbsp;&nbsp;**Health Care Providers & Services 1.8%** |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;104816 | &nbsp;&nbsp;&nbsp;&nbsp;9767803 |
| &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21613 | &nbsp;&nbsp;&nbsp;&nbsp;11086821 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;20854624 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 0.8%** | &nbsp;&nbsp;**Life Sciences Tools & Services 0.8%** | &nbsp;&nbsp;**Life Sciences Tools & Services 0.8%** |
| &nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16946 | &nbsp;&nbsp;&nbsp;&nbsp;3472066 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11076 | &nbsp;&nbsp;&nbsp;&nbsp;6099442 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9571508 |
| &nbsp;&nbsp;**Pharmaceuticals 3.5%** | &nbsp;&nbsp;**Pharmaceuticals 3.5%** | &nbsp;&nbsp;**Pharmaceuticals 3.5%** |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;43516 | &nbsp;&nbsp;&nbsp;&nbsp;15919894 |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;139537 | &nbsp;&nbsp;&nbsp;&nbsp;24649211 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;40569105 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**106024440** |
| &nbsp;&nbsp;**Industrials 4.7%** | &nbsp;&nbsp;**Industrials 4.7%** | &nbsp;&nbsp;**Industrials 4.7%** |
| &nbsp;&nbsp;**Aerospace & Defense 1.3%** | &nbsp;&nbsp;**Aerospace & Defense 1.3%** | &nbsp;&nbsp;**Aerospace & Defense 1.3%** |
| &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;147016 | &nbsp;&nbsp;&nbsp;&nbsp;14836854 |
| &nbsp;&nbsp;**Airlines 0.2%** | &nbsp;&nbsp;**Airlines 0.2%** | &nbsp;&nbsp;**Airlines 0.2%** |
| &nbsp;&nbsp;Southwest Airlines Co.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;91988 | &nbsp;&nbsp;&nbsp;&nbsp;3097236 |
| &nbsp;&nbsp;**Industrial Conglomerates 1.2%** | &nbsp;&nbsp;**Industrial Conglomerates 1.2%** | &nbsp;&nbsp;**Industrial Conglomerates 1.2%** |
| &nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;97937 | &nbsp;&nbsp;&nbsp;&nbsp;8206141 |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28012 | &nbsp;&nbsp;&nbsp;&nbsp;6002972 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;14209113 |
| &nbsp;&nbsp;**Machinery 0.7%** | &nbsp;&nbsp;**Machinery 0.7%** | &nbsp;&nbsp;**Machinery 0.7%** |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27981 | &nbsp;&nbsp;&nbsp;&nbsp;8142471 |
| &nbsp;&nbsp;**Road & Rail 1.3%** | &nbsp;&nbsp;**Road & Rail 1.3%** | &nbsp;&nbsp;**Road & Rail 1.3%** |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;356881 | &nbsp;&nbsp;&nbsp;&nbsp;8825667 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30483 | &nbsp;&nbsp;&nbsp;&nbsp;6312115 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;15137782 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;&nbsp;&nbsp;**55423456** |
| &nbsp;&nbsp;**Information Technology 15.3%** | &nbsp;&nbsp;**Information Technology 15.3%** | &nbsp;&nbsp;**Information Technology 15.3%** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.8%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.8%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.8%** |
| &nbsp;&nbsp;TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;59162 | &nbsp;&nbsp;&nbsp;&nbsp;6791797 |
| &nbsp;&nbsp;Zebra Technologies Corp., Class A<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7990 | &nbsp;&nbsp;&nbsp;&nbsp;2048716 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;8840513 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**IT Services 2.9%** | &nbsp;&nbsp;**IT Services 2.9%** | &nbsp;&nbsp;**IT Services 2.9%** |
| &nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;19055 | &nbsp;&nbsp;&nbsp;&nbsp;5084636 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46288 | &nbsp;&nbsp;&nbsp;&nbsp;3140641 |
| &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22049 | &nbsp;&nbsp;&nbsp;&nbsp;3106484 |
| &nbsp;&nbsp;MasterCard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;32948 | &nbsp;&nbsp;&nbsp;&nbsp;11457008 |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;55663 | &nbsp;&nbsp;&nbsp;&nbsp;11564545 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;34353314 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.5%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.5%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.5%** |
| &nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67821 | &nbsp;&nbsp;&nbsp;&nbsp;4392766 |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15391 | &nbsp;&nbsp;&nbsp;&nbsp;6468837 |
| &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57990 | &nbsp;&nbsp;&nbsp;&nbsp;2147950 |
| &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50992 | &nbsp;&nbsp;&nbsp;&nbsp;3582188 |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67964 | &nbsp;&nbsp;&nbsp;&nbsp;9932259 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26787 | &nbsp;&nbsp;&nbsp;&nbsp;2944963 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;29468963 |
| &nbsp;&nbsp;**Software 6.0%** | &nbsp;&nbsp;**Software 6.0%** | &nbsp;&nbsp;**Software 6.0%** |
| &nbsp;&nbsp;Adobe, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34475 | &nbsp;&nbsp;&nbsp;&nbsp;11601872 |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29309 | &nbsp;&nbsp;&nbsp;&nbsp;11407649 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;184641 | &nbsp;&nbsp;&nbsp;&nbsp;44280604 |
| &nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22216 | &nbsp;&nbsp;&nbsp;&nbsp;3100021 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;70390146 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 3.1%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 3.1%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 3.1%** |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;276873 | &nbsp;&nbsp;&nbsp;&nbsp;35974109 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**179027045** |
| &nbsp;&nbsp;**Materials 1.5%** | &nbsp;&nbsp;**Materials 1.5%** | &nbsp;&nbsp;**Materials 1.5%** |
| &nbsp;&nbsp;**Chemicals 1.5%** | &nbsp;&nbsp;**Chemicals 1.5%** | &nbsp;&nbsp;**Chemicals 1.5%** |
| &nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56692 | &nbsp;&nbsp;&nbsp;&nbsp;3332356 |
| &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68427 | &nbsp;&nbsp;&nbsp;&nbsp;7173887 |
| &nbsp;&nbsp;Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;27832 | &nbsp;&nbsp;&nbsp;&nbsp;6605368 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;17111611 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;**17111611** |
| &nbsp;&nbsp;**Real Estate 0.9%** | &nbsp;&nbsp;**Real Estate 0.9%** | &nbsp;&nbsp;**Real Estate 0.9%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 0.9%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 0.9%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 0.9%** |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50678 | &nbsp;&nbsp;&nbsp;&nbsp;10736641 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**10736641** |
| &nbsp;&nbsp;**Utilities 1.6%** | &nbsp;&nbsp;**Utilities 1.6%** | &nbsp;&nbsp;**Utilities 1.6%** |
| &nbsp;&nbsp;**Electric Utilities 0.9%** | &nbsp;&nbsp;**Electric Utilities 0.9%** | &nbsp;&nbsp;**Electric Utilities 0.9%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;117205 | &nbsp;&nbsp;&nbsp;&nbsp;11128615 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Multi-Utilities 0.7%** | &nbsp;&nbsp;**Multi-Utilities 0.7%** | &nbsp;&nbsp;**Multi-Utilities 0.7%** |
| &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;132383 | &nbsp;&nbsp;&nbsp;&nbsp;8111106 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**19239721** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $605,259,587) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $605,259,587) | &nbsp;&nbsp;**669384105** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Bonds 0.0%** | &nbsp;&nbsp;**Convertible Bonds 0.0%** | &nbsp;&nbsp;**Convertible Bonds 0.0%** | &nbsp;&nbsp;**Convertible Bonds 0.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Cable and Satellite 0.0%** | &nbsp;&nbsp;**Cable and Satellite 0.0%** | &nbsp;&nbsp;**Cable and Satellite 0.0%** | &nbsp;&nbsp;**Cable and Satellite 0.0%** |
| &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43228 |
| &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $65,851) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $65,851) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $65,851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43228** |
| &nbsp;&nbsp;**Corporate Bonds & Notes 7.2%** | &nbsp;&nbsp;**Corporate Bonds & Notes 7.2%** | &nbsp;&nbsp;**Corporate Bonds & Notes 7.2%** | &nbsp;&nbsp;**Corporate Bonds & Notes 7.2%** |
| &nbsp;&nbsp;**Aerospace & Defense 0.3%** | &nbsp;&nbsp;**Aerospace & Defense 0.3%** | &nbsp;&nbsp;**Aerospace & Defense 0.3%** | &nbsp;&nbsp;**Aerospace & Defense 0.3%** |
| &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;3.400% | 1200000 | &nbsp;&nbsp;1056398 |
| &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) |
| &nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;5.705% | 1650000 | &nbsp;&nbsp;1570823 |
| &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;7.875% | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43811 |
| &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;Northrop Grumman Corp. |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;435142 |
| &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/30/2029 | &nbsp;&nbsp;9.375% | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17915 |
| &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54702 |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;&nbsp;159120 |
| &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53526 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35747 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3427184** |
| &nbsp;&nbsp;**Airlines 0.0%** | &nbsp;&nbsp;**Airlines 0.0%** | &nbsp;&nbsp;**Airlines 0.0%** | &nbsp;&nbsp;**Airlines 0.0%** |
| &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25763 |
| &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/20/2026 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;128934 | &nbsp;&nbsp;&nbsp;&nbsp;123991 |
| &nbsp;&nbsp;04/20/2029 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;36290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33200 |
| &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;45737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41383 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35392 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34909 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**294638** |
| &nbsp;&nbsp;**Automotive 0.1%** | &nbsp;&nbsp;**Automotive 0.1%** | &nbsp;&nbsp;**Automotive 0.1%** | &nbsp;&nbsp;**Automotive 0.1%** |
| &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. |
| &nbsp;&nbsp;02/12/2032 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23326 |
| &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC |
| &nbsp;&nbsp;02/10/2025 | &nbsp;&nbsp;2.300% | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31951 |
| &nbsp;&nbsp;06/16/2025 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9640 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58875 |
| &nbsp;&nbsp;01/09/2027 | &nbsp;&nbsp;4.271% | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49866 |
| &nbsp;&nbsp;05/28/2027 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51371 |
| &nbsp;&nbsp;08/17/2027 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40212 |
| &nbsp;&nbsp;11/04/2027 | &nbsp;&nbsp;7.350% | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30741 |
| &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;2.900% | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20657 |
| &nbsp;&nbsp;11/13/2030 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25461 |
| &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;112500 | &nbsp;&nbsp;&nbsp;&nbsp;109331 |
| &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(a),(e)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(a),(e)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(a),(e)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(a),(e)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;42827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37119 |
| &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87979 |
| &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14678 |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;8.500% | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53808 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**645015** |
| &nbsp;&nbsp;**Banking 1.9%** | &nbsp;&nbsp;**Banking 1.9%** | &nbsp;&nbsp;**Banking 1.9%** | &nbsp;&nbsp;**Banking 1.9%** |
| &nbsp;&nbsp;Bank of America Corp.<sup>(f)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(f)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(f)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(f)</sup> |
| &nbsp;&nbsp;04/23/2040 | &nbsp;&nbsp;4.078% | 4675000 | &nbsp;&nbsp;3887203 |
| &nbsp;&nbsp;Citigroup, Inc.<sup>(f)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(f)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(f)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(f)</sup> |
| &nbsp;&nbsp;01/25/2033 | &nbsp;&nbsp;3.057% | 2800000 | &nbsp;&nbsp;2260868 |
| &nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;Discover Bank |
| &nbsp;&nbsp;09/13/2028 | &nbsp;&nbsp;4.650% | &nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;866783 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(f)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(f)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(f)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(f)</sup> |
| &nbsp;&nbsp;02/24/2033 | &nbsp;&nbsp;3.102% | 3500000 | &nbsp;&nbsp;2854041 |
| &nbsp;&nbsp;HSBC Holdings PLC<sup>(f)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(f)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(f)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(f)</sup> |
| &nbsp;&nbsp;05/24/2032 | &nbsp;&nbsp;2.804% | 2600000 | &nbsp;&nbsp;2007002 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(f)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(f)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(f)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(f)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/13/2031 | &nbsp;&nbsp;2.956% | 4725000 | &nbsp;&nbsp;3890301 |
| &nbsp;&nbsp;Morgan Stanley<sup>(f)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(f)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(f)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(f)</sup> |
| &nbsp;&nbsp;01/22/2031 | &nbsp;&nbsp;2.699% | 2575000 | &nbsp;&nbsp;2131016 |
| &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(f)</sup> | &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(f)</sup> | &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(f)</sup> | &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(f)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;06/06/2033 | &nbsp;&nbsp;4.626% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;648040 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;State Street Corp. |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;03/03/2031 | &nbsp;&nbsp;2.200% | &nbsp;&nbsp;&nbsp;716000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572379 |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(f)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(f)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(f)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(f)</sup> |
| &nbsp;&nbsp;04/30/2041 | &nbsp;&nbsp;3.068% | 3625000 | &nbsp;&nbsp;&nbsp;&nbsp;2591466 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**21709099** |
| &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.0%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.0%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.0%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.0%** |
| &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2027 | &nbsp;&nbsp;8.625% | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35327 |
| &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37669 |
| &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38540 |
| &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39164 |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111779 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**262479** |
| &nbsp;&nbsp;**Building Materials 0.0%** | &nbsp;&nbsp;**Building Materials 0.0%** | &nbsp;&nbsp;**Building Materials 0.0%** | &nbsp;&nbsp;**Building Materials 0.0%** |
| &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47803 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24207 |
| &nbsp;&nbsp;Interface, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Interface, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Interface, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Interface, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18943 |
| &nbsp;&nbsp;James Hardie International Finance DAC<sup>(a)</sup> | &nbsp;&nbsp;James Hardie International Finance DAC<sup>(a)</sup> | &nbsp;&nbsp;James Hardie International Finance DAC<sup>(a)</sup> | &nbsp;&nbsp;James Hardie International Finance DAC<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34385 |
| &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20545 |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34901 |
| &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42388 |
| &nbsp;&nbsp;Standard Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9249 |
| &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53153 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**285574** |
| &nbsp;&nbsp;**Cable and Satellite 0.2%** | &nbsp;&nbsp;**Cable and Satellite 0.2%** | &nbsp;&nbsp;**Cable and Satellite 0.2%** | &nbsp;&nbsp;**Cable and Satellite 0.2%** |
| &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63452 |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21810 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88960 |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86942 |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34860 |
| &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32243 |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46767 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30533 |
| &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33174 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23485 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28697 |
| &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. |
| &nbsp;&nbsp;03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32256 |
| &nbsp;&nbsp;DISH DBS Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH DBS Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH DBS Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH DBS Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48725 |
| &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;11.750% | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41133 |
| &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36012 |
| &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27661 |
| &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28412 |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32890 |
| &nbsp;&nbsp;Time Warner Cable LLC | &nbsp;&nbsp;Time Warner Cable LLC | &nbsp;&nbsp;Time Warner Cable LLC | &nbsp;&nbsp;Time Warner Cable LLC |
| &nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;6.550% | 1300000 | &nbsp;&nbsp;1232787 |
| &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26210 |
| &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37761 |
| &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45832 |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25906 |
| &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61965 |
| &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> |
| &nbsp;&nbsp;02/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30828 |
| &nbsp;&nbsp;Ziggo Bond Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49337 |
| &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41808 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2294428** |
| &nbsp;&nbsp;**Chemicals 0.1%** | &nbsp;&nbsp;**Chemicals 0.1%** | &nbsp;&nbsp;**Chemicals 0.1%** | &nbsp;&nbsp;**Chemicals 0.1%** |
| &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33443 |
| &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15767 |
| &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82243 |
| &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31469 |
| &nbsp;&nbsp;Dow Chemical Co. (The) | &nbsp;&nbsp;Dow Chemical Co. (The) | &nbsp;&nbsp;Dow Chemical Co. (The) | &nbsp;&nbsp;Dow Chemical Co. (The) |
| &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;494295 |
| &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51215 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;4.250% | 79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69546 |
| &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.750% | 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31990 |
| &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(a)</sup> | &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(a)</sup> | &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(a)</sup> | &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;3.375% | 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22613 |
| &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;3.875% | 31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26742 |
| &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;9.375% | 44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43139 |
| &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(e)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(e)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(e)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(e)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;8.750% | 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19156 |
| &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;4.250% | 73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59813 |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;6.250% | 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21277 |
| &nbsp;&nbsp;SPCM SA<sup>(a)</sup> | &nbsp;&nbsp;SPCM SA<sup>(a)</sup> | &nbsp;&nbsp;SPCM SA<sup>(a)</sup> | &nbsp;&nbsp;SPCM SA<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;3.125% | 21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18172 |
| &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2024 | &nbsp;&nbsp;5.625% | 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21740 |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;4.875% | 67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59355 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;5.625% | 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76856 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1178831** |
| &nbsp;&nbsp;**Construction Machinery 0.0%** | &nbsp;&nbsp;**Construction Machinery 0.0%** | &nbsp;&nbsp;**Construction Machinery 0.0%** | &nbsp;&nbsp;**Construction Machinery 0.0%** |
| &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;3.875% | 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14473 |
| &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.500% | 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16781 |
| &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2025 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916 |
| &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;5.250% | 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30054 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67224** |
| &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** |
| &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.250% | 67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52549 |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;6.125% | 59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47345 |
| &nbsp;&nbsp;Match Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Match Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Match Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Match Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;5.625% | 31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28580 |
| &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;7.500% | 19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16356 |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;7.500% | 56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56080 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;6.250% | 39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37574 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;4.500% | 88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76720 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**315204** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Consumer Products 0.0%** | &nbsp;&nbsp;**Consumer Products 0.0%** | &nbsp;&nbsp;**Consumer Products 0.0%** | &nbsp;&nbsp;**Consumer Products 0.0%** |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64686 |
| &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16585 |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30763 |
| &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11914 |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16779 |
| &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60453 |
| &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) |
| &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15358 |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16056 |
| &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17495 |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 |
| &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25834 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**277698** |
| &nbsp;&nbsp;**Diversified Manufacturing 0.1%** | &nbsp;&nbsp;**Diversified Manufacturing 0.1%** | &nbsp;&nbsp;**Diversified Manufacturing 0.1%** | &nbsp;&nbsp;**Diversified Manufacturing 0.1%** |
| &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. |
| &nbsp;&nbsp;04/05/2040 | &nbsp;&nbsp;3.377% | 850000 | &nbsp;&nbsp;&nbsp;&nbsp;643986 |
| &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21087 |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;9.500% | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7179 |
| &nbsp;&nbsp;Gates Global LLC/Co.<sup>(a)</sup> | &nbsp;&nbsp;Gates Global LLC/Co.<sup>(a)</sup> | &nbsp;&nbsp;Gates Global LLC/Co.<sup>(a)</sup> | &nbsp;&nbsp;Gates Global LLC/Co.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79079 |
| &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26649 |
| &nbsp;&nbsp;06/30/2029 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22699 |
| &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69385 |
| &nbsp;&nbsp;Stevens Holding Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Stevens Holding Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Stevens Holding Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Stevens Holding Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12090 |
| &nbsp;&nbsp;Vertical Holdco GmbH<sup>(a)</sup> | &nbsp;&nbsp;Vertical Holdco GmbH<sup>(a)</sup> | &nbsp;&nbsp;Vertical Holdco GmbH<sup>(a)</sup> | &nbsp;&nbsp;Vertical Holdco GmbH<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;7.625% | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22945 |
| &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30244 |
| &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43588 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46637 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1025568** |
| &nbsp;&nbsp;**Electric 0.6%** | &nbsp;&nbsp;**Electric 0.6%** | &nbsp;&nbsp;**Electric 0.6%** | &nbsp;&nbsp;**Electric 0.6%** |
| &nbsp;&nbsp;Calpine Corp.<sup>(a)</sup> | &nbsp;&nbsp;Calpine Corp.<sup>(a)</sup> | &nbsp;&nbsp;Calpine Corp.<sup>(a)</sup> | &nbsp;&nbsp;Calpine Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25918 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53778 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62602 |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12929 |
| &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;CMS Energy Corp. |
| &nbsp;&nbsp;03/01/2044 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;&nbsp;238404 |
| &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;4.750% | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;894700 |
| &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;456535 |
| &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;703735 |
| &nbsp;&nbsp;Indiana Michigan Power Co. | &nbsp;&nbsp;Indiana Michigan Power Co. | &nbsp;&nbsp;Indiana Michigan Power Co. | &nbsp;&nbsp;Indiana Michigan Power Co. |
| &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;6.050% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;624075 |
| &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11259 |
| &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15549 |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44186 |
| &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22607 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21204 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32135 |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56546 |
| &nbsp;&nbsp;Ohio Edison Co.<sup>(a)</sup> | &nbsp;&nbsp;Ohio Edison Co.<sup>(a)</sup> | &nbsp;&nbsp;Ohio Edison Co.<sup>(a)</sup> | &nbsp;&nbsp;Ohio Edison Co.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;896294 |
| &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30029 |
| &nbsp;&nbsp;Progress Energy, Inc. | &nbsp;&nbsp;Progress Energy, Inc. | &nbsp;&nbsp;Progress Energy, Inc. | &nbsp;&nbsp;Progress Energy, Inc. |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;906532 |
| &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;Southern Co. (The) |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;4.400% | 1200000 | &nbsp;&nbsp;1003641 |
| &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9646 |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52527 |
| &nbsp;&nbsp;07/31/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56767 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15531 |
| &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;802752 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**7049881** |
| &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** |
| &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49018 |
| &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;Waste Connections, Inc. |
| &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;4.200% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;929001 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71778 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1049797** |
| &nbsp;&nbsp;**Finance Companies 0.0%** | &nbsp;&nbsp;**Finance Companies 0.0%** | &nbsp;&nbsp;**Finance Companies 0.0%** | &nbsp;&nbsp;**Finance Companies 0.0%** |
| &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. |
| &nbsp;&nbsp;01/25/2023 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59911 |
| &nbsp;&nbsp;06/25/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29800 |
| &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. |
| &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 |
| &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39753 |
| &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42476 |
| &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68816 |
| &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. |
| &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32887 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**275138** |
| &nbsp;&nbsp;**Food and Beverage 0.3%** | &nbsp;&nbsp;**Food and Beverage 0.3%** | &nbsp;&nbsp;**Food and Beverage 0.3%** | &nbsp;&nbsp;**Food and Beverage 0.3%** |
| &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. |
| &nbsp;&nbsp;01/15/2042 | &nbsp;&nbsp;4.950% | 1200000 | &nbsp;&nbsp;1124807 |
| &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;5.150% | 1300000 | &nbsp;&nbsp;1178783 |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42144 |
| &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76008 |
| &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24473 |
| &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. |
| &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;4.375% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;898525 |
| &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66392 |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68004 |
| &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27114 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22684 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44862 |
| &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15204 |
| &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/30/2029 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83773 |
| &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18819 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7935 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39960 |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23858 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3763345** |
| &nbsp;&nbsp;**Gaming 0.0%** | &nbsp;&nbsp;**Gaming 0.0%** | &nbsp;&nbsp;**Gaming 0.0%** | &nbsp;&nbsp;**Gaming 0.0%** |
| &nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;Boyd Gaming Corp. |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36315 |
| &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22630 |
| &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75628 |
| &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57402 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;8.125% | &nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41305 |
| &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16122 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17779 |
| &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35033 |
| &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57420 |
| &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25887 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**434521** |
| &nbsp;&nbsp;**Health Care 0.4%** | &nbsp;&nbsp;**Health Care 0.4%** | &nbsp;&nbsp;**Health Care 0.4%** | &nbsp;&nbsp;**Health Care 0.4%** |
| &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56960 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23058 |
| &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82558 |
| &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40861 |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44535 |
| &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. |
| &nbsp;&nbsp;12/15/2044 | &nbsp;&nbsp;4.685% | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;622901 |
| &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16564 |
| &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23004 |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16799 |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10296 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19703 |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70997 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. |
| &nbsp;&nbsp;03/25/2048 | &nbsp;&nbsp;5.050% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;902669 |
| &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/22/2052 | &nbsp;&nbsp;6.377% | &nbsp;&nbsp;&nbsp;684000 | &nbsp;&nbsp;&nbsp;&nbsp;733393 |
| &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;4.625% | 1625000 | &nbsp;&nbsp;1272607 |
| &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7254 |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52455 |
| &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99116 |
| &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14660 |
| &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53788 |
| &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34526 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9859 |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45766 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19061 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25715 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4299105** |
| &nbsp;&nbsp;**Healthcare Insurance 0.1%** | &nbsp;&nbsp;**Healthcare Insurance 0.1%** | &nbsp;&nbsp;**Healthcare Insurance 0.1%** | &nbsp;&nbsp;**Healthcare Insurance 0.1%** |
| &nbsp;&nbsp;Anthem, Inc. | &nbsp;&nbsp;Anthem, Inc. | &nbsp;&nbsp;Anthem, Inc. | &nbsp;&nbsp;Anthem, Inc. |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;4.101% | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;225244 |
| &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. |
| &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68771 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. |
| &nbsp;&nbsp;05/15/2062 | &nbsp;&nbsp;4.950% | 1323000 | &nbsp;&nbsp;1244986 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1539001** |
| &nbsp;&nbsp;**Home Construction 0.0%** | &nbsp;&nbsp;**Home Construction 0.0%** | &nbsp;&nbsp;**Home Construction 0.0%** | &nbsp;&nbsp;**Home Construction 0.0%** |
| &nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;Meritage Homes Corp. |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45674 |
| &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36492 |
| &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23594 |
| &nbsp;&nbsp;Taylor Morrison Communities, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Taylor Morrison Communities, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Taylor Morrison Communities, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Taylor Morrison Communities, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9623 |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27844 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**143227** |
| &nbsp;&nbsp;**Independent Energy 0.1%** | &nbsp;&nbsp;**Independent Energy 0.1%** | &nbsp;&nbsp;**Independent Energy 0.1%** | &nbsp;&nbsp;**Independent Energy 0.1%** |
| &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. |
| &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;5.100% | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23253 |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9020 |
| &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86536 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4985 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;25844 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;7.375% | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9595 |
| &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;53383 |
| &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;49215 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;37649 |
| &nbsp;&nbsp;Endeavor Energy Resources LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Endeavor Energy Resources LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Endeavor Energy Resources LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Endeavor Energy Resources LP/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;52664 |
| &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | &nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;58970 |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;9829 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;18793 |
| &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;16323 |
| &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;64662 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;6.625% | 225000 | &nbsp;&nbsp;232489 |
| &nbsp;&nbsp;09/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;6.450% | 102000 | &nbsp;&nbsp;104060 |
| &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;38990 |
| &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;75137 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**971397** |
| &nbsp;&nbsp;**Integrated Energy 0.0%** | &nbsp;&nbsp;**Integrated Energy 0.0%** | &nbsp;&nbsp;**Integrated Energy 0.0%** | &nbsp;&nbsp;**Integrated Energy 0.0%** |
| &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% | 710000 | &nbsp;&nbsp;500729 |
| &nbsp;&nbsp;**Leisure 0.1%** | &nbsp;&nbsp;**Leisure 0.1%** | &nbsp;&nbsp;**Leisure 0.1%** | &nbsp;&nbsp;**Leisure 0.1%** |
| &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.625% | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;13578 |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | 108000 | &nbsp;&nbsp;&nbsp;&nbsp;77057 |
| &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;43993 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;28814 |
| &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;10.375% | &nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;27715 |
| &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;22727 |
| &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;43774 |
| &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.750% | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;15225 |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;46588 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;4457 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41779 |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32294 |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15155 |
| &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18889 |
| &nbsp;&nbsp;NCL Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Finance Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8908 |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50200 |
| &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15985 |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14643 |
| &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31154 |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24489 |
| &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/31/2024 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50114 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**627538** |
| &nbsp;&nbsp;**Life Insurance 0.3%** | &nbsp;&nbsp;**Life Insurance 0.3%** | &nbsp;&nbsp;**Life Insurance 0.3%** | &nbsp;&nbsp;**Life Insurance 0.3%** |
| &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/05/2052 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;717512 |
| &nbsp;&nbsp;Five Corners Funding Trust II<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust II<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust II<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust II<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;2.850% | 1650000 | &nbsp;&nbsp;1384592 |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;MetLife, Inc. |
| &nbsp;&nbsp;07/15/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;&nbsp;189034 |
| &nbsp;&nbsp;Pacific LifeCorp<sup>(a)</sup> | &nbsp;&nbsp;Pacific LifeCorp<sup>(a)</sup> | &nbsp;&nbsp;Pacific LifeCorp<sup>(a)</sup> | &nbsp;&nbsp;Pacific LifeCorp<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2052 | &nbsp;&nbsp;5.400% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;862904 |
| &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;Voya Financial, Inc. |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;4.800% | &nbsp;&nbsp;&nbsp;818000 | &nbsp;&nbsp;&nbsp;&nbsp;667077 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3821119** |
| &nbsp;&nbsp;**Lodging 0.0%** | &nbsp;&nbsp;**Lodging 0.0%** | &nbsp;&nbsp;**Lodging 0.0%** | &nbsp;&nbsp;**Lodging 0.0%** |
| &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32107 |
| &nbsp;&nbsp;**Media and Entertainment 0.2%** | &nbsp;&nbsp;**Media and Entertainment 0.2%** | &nbsp;&nbsp;**Media and Entertainment 0.2%** | &nbsp;&nbsp;**Media and Entertainment 0.2%** |
| &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2024 | &nbsp;&nbsp;9.500% | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25716 |
| &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35963 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31277 |
| &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76252 |
| &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5924 |
| &nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;8.375% | &nbsp;&nbsp;&nbsp;&nbsp;86366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73558 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22855 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39853 |
| &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2062 | &nbsp;&nbsp;5.391% | 2091000 | &nbsp;&nbsp;1531774 |
| &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40666 |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25708 |
| &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46475 |
| &nbsp;&nbsp;Scripps Escrow II, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow II, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow II, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow II, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5695 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12072 |
| &nbsp;&nbsp;Scripps Escrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9852 |
| &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20895 |
| &nbsp;&nbsp;06/30/2030 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28707 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2033242** |
| &nbsp;&nbsp;**Metals and Mining 0.1%** | &nbsp;&nbsp;**Metals and Mining 0.1%** | &nbsp;&nbsp;**Metals and Mining 0.1%** | &nbsp;&nbsp;**Metals and Mining 0.1%** |
| &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28267 |
| &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40361 |
| &nbsp;&nbsp;Constellium NV<sup>(a)</sup> | &nbsp;&nbsp;Constellium NV<sup>(a)</sup> | &nbsp;&nbsp;Constellium NV<sup>(a)</sup> | &nbsp;&nbsp;Constellium NV<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33749 |
| &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79523 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;118066 |
| &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;114127 |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38279 |
| &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23670 |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60256 |
| &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25095 |
| &nbsp;&nbsp;01/30/2030 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45974 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21275 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**628642** |
| &nbsp;&nbsp;**Midstream 0.6%** | &nbsp;&nbsp;**Midstream 0.6%** | &nbsp;&nbsp;**Midstream 0.6%** | &nbsp;&nbsp;**Midstream 0.6%** |
| &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100 |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31692 |
| &nbsp;&nbsp;01/31/2032 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50977 |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;Cheniere Energy, Inc. |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22671 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28891 |
| &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29992 |
| &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27453 |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30109 |
| &nbsp;&nbsp;Energy Transfer Partners LP | &nbsp;&nbsp;Energy Transfer Partners LP | &nbsp;&nbsp;Energy Transfer Partners LP | &nbsp;&nbsp;Energy Transfer Partners LP |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;494007 |
| &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP |
| &nbsp;&nbsp;08/01/2024 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22132 |
| &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54400 |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13716 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31550 |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16388 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;126000 | &nbsp;&nbsp;&nbsp;&nbsp;103828 |
| &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35527 |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37572 |
| &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP |
| &nbsp;&nbsp;03/01/2044 | &nbsp;&nbsp;5.500% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;998153 |
| &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP |
| &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;5.500% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;973020 |
| &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33804 |
| &nbsp;&nbsp;04/28/2027 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37602 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27831 |
| &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. |
| &nbsp;&nbsp;01/15/2037 | &nbsp;&nbsp;6.650% | 1575000 | &nbsp;&nbsp;1553408 |
| &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. | &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. | &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. | &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37695 |
| &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33051 |
| &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42901 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68201 |
| &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33473 |
| &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP |
| &nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23255 |
| &nbsp;&nbsp;Western Midstream Operating LP | &nbsp;&nbsp;Western Midstream Operating LP | &nbsp;&nbsp;Western Midstream Operating LP | &nbsp;&nbsp;Western Midstream Operating LP |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46735 |
| &nbsp;&nbsp;Western Midstream Operating LP<sup>(f)</sup> | &nbsp;&nbsp;Western Midstream Operating LP<sup>(f)</sup> | &nbsp;&nbsp;Western Midstream Operating LP<sup>(f)</sup> | &nbsp;&nbsp;Western Midstream Operating LP<sup>(f)</sup> |
| &nbsp;&nbsp;02/01/2050 | &nbsp;&nbsp;5.500% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;826856 |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) |
| &nbsp;&nbsp;09/15/2045 | &nbsp;&nbsp;5.100% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;874683 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6658673** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Natural Gas 0.1%** | &nbsp;&nbsp;**Natural Gas 0.1%** | &nbsp;&nbsp;**Natural Gas 0.1%** | &nbsp;&nbsp;**Natural Gas 0.1%** |
| &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. |
| &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;4.800% | 1300000 | &nbsp;&nbsp;1147805 |
| &nbsp;&nbsp;**Oil Field Services 0.0%** | &nbsp;&nbsp;**Oil Field Services 0.0%** | &nbsp;&nbsp;**Oil Field Services 0.0%** | &nbsp;&nbsp;**Oil Field Services 0.0%** |
| &nbsp;&nbsp;Archrock Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Archrock Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Archrock Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Archrock Partners LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23897 |
| &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960 |
| &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2023 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;55569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55127 |
| &nbsp;&nbsp;USA Compression Partners LP/Finance Corp. | &nbsp;&nbsp;USA Compression Partners LP/Finance Corp. | &nbsp;&nbsp;USA Compression Partners LP/Finance Corp. | &nbsp;&nbsp;USA Compression Partners LP/Finance Corp. |
| &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24384 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**105368** |
| &nbsp;&nbsp;**Other Industry 0.0%** | &nbsp;&nbsp;**Other Industry 0.0%** | &nbsp;&nbsp;**Other Industry 0.0%** | &nbsp;&nbsp;**Other Industry 0.0%** |
| &nbsp;&nbsp;Picasso Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picasso Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picasso Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picasso Finance Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33896 |
| &nbsp;&nbsp;**Other REIT 0.0%** | &nbsp;&nbsp;**Other REIT 0.0%** | &nbsp;&nbsp;**Other REIT 0.0%** | &nbsp;&nbsp;**Other REIT 0.0%** |
| &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23023 |
| &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76297 |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21893 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64593 |
| &nbsp;&nbsp;Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40985 |
| &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19469 |
| &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19581 |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16327 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**282168** |
| &nbsp;&nbsp;**Packaging 0.0%** | &nbsp;&nbsp;**Packaging 0.0%** | &nbsp;&nbsp;**Packaging 0.0%** | &nbsp;&nbsp;**Packaging 0.0%** |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53887 |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74563 |
| &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30341 |
| &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51466 |
| &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57954 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**268211** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Pharmaceuticals 0.3%** | &nbsp;&nbsp;**Pharmaceuticals 0.3%** | &nbsp;&nbsp;**Pharmaceuticals 0.3%** | &nbsp;&nbsp;**Pharmaceuticals 0.3%** |
| &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5845 |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. |
| &nbsp;&nbsp;11/06/2042 | &nbsp;&nbsp;&nbsp;&nbsp;4.400% | 1270000 | &nbsp;&nbsp;1102819 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. |
| &nbsp;&nbsp;09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;2.770% | 1917000 | &nbsp;&nbsp;1158019 |
| &nbsp;&nbsp;AstraZeneca Finance LLC | &nbsp;&nbsp;AstraZeneca Finance LLC | &nbsp;&nbsp;AstraZeneca Finance LLC | &nbsp;&nbsp;AstraZeneca Finance LLC |
| &nbsp;&nbsp;05/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;436909 |
| &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13759 |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19058 |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9597 |
| &nbsp;&nbsp;09/30/2028 | &nbsp;&nbsp;11.000% | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8626 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;14.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 |
| &nbsp;&nbsp;Bristol Myers Squibb Co. | &nbsp;&nbsp;Bristol Myers Squibb Co. | &nbsp;&nbsp;Bristol Myers Squibb Co. | &nbsp;&nbsp;Bristol Myers Squibb Co. |
| &nbsp;&nbsp;02/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;4.550% | &nbsp;&nbsp;&nbsp;562000 | &nbsp;&nbsp;&nbsp;&nbsp;510537 |
| &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24226 |
| &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19479 |
| &nbsp;&nbsp;04/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55438 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3364906** |
| &nbsp;&nbsp;**Property & Casualty 0.2%** | &nbsp;&nbsp;**Property & Casualty 0.2%** | &nbsp;&nbsp;**Property & Casualty 0.2%** | &nbsp;&nbsp;**Property & Casualty 0.2%** |
| &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64855 |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99114 |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25525 |
| &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19444 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48185 |
| &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;3.850% | 1450000 | &nbsp;&nbsp;1170281 |
| &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56735 |
| &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44173 |
| &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51741 |
| &nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;Loews Corp. |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3.200% | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;586485 |
| &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;Radian Group, Inc. |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22910 |
| &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6118 |
| &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36475 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2232041** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Railroads 0.1%** | &nbsp;&nbsp;**Railroads 0.1%** | &nbsp;&nbsp;**Railroads 0.1%** | &nbsp;&nbsp;**Railroads 0.1%** |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. |
| &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;669644 |
| &nbsp;&nbsp;**Restaurants 0.0%** | &nbsp;&nbsp;**Restaurants 0.0%** | &nbsp;&nbsp;**Restaurants 0.0%** | &nbsp;&nbsp;**Restaurants 0.0%** |
| &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51339 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14617 |
| &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57842 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**123798** |
| &nbsp;&nbsp;**Retailers 0.1%** | &nbsp;&nbsp;**Retailers 0.1%** | &nbsp;&nbsp;**Retailers 0.1%** | &nbsp;&nbsp;**Retailers 0.1%** |
| &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32905 |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33823 |
| &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39109 |
| &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;9.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56276 |
| &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22685 |
| &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16413 |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. |
| &nbsp;&nbsp;04/01/2052 | &nbsp;&nbsp;4.250% | 1600000 | &nbsp;&nbsp;1281392 |
| &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37153 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31718 |
| &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16658 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1574562** |
| &nbsp;&nbsp;**Supermarkets 0.0%** | &nbsp;&nbsp;**Supermarkets 0.0%** | &nbsp;&nbsp;**Supermarkets 0.0%** | &nbsp;&nbsp;**Supermarkets 0.0%** |
| &nbsp;&nbsp;Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15355 |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23784 |
| &nbsp;&nbsp;Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27385 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66524** |
| &nbsp;&nbsp;**Technology 0.4%** | &nbsp;&nbsp;**Technology 0.4%** | &nbsp;&nbsp;**Technology 0.4%** | &nbsp;&nbsp;**Technology 0.4%** |
| &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34008 |
| &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13730 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2051 | &nbsp;&nbsp;3.750% | 1559000 | &nbsp;&nbsp;1087593 |
| &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17863 |
| &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21688 |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62071 |
| &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24572 |
| &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53300 |
| &nbsp;&nbsp;Dun & Bradstreet Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp;Dun & Bradstreet Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp;Dun & Bradstreet Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp;Dun & Bradstreet Corp. (The)<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31021 |
| &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;5.950% | &nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47050 |
| &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36417 |
| &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23099 |
| &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22073 |
| &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26711 |
| &nbsp;&nbsp;Iron Mountain, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12892 |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22997 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48537 |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22580 |
| &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44799 |
| &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47413 |
| &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23962 |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68644 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50178 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297 |
| &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;9.290% | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49939 |
| &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;3.400% | 1500000 | &nbsp;&nbsp;1294436 |
| &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. |
| &nbsp;&nbsp;04/15/2038 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;727183 |
| &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/31/2029 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49111 |
| &nbsp;&nbsp;RELX Capital, Inc. | &nbsp;&nbsp;RELX Capital, Inc. | &nbsp;&nbsp;RELX Capital, Inc. | &nbsp;&nbsp;RELX Capital, Inc. |
| &nbsp;&nbsp;05/20/2032 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;439000 | &nbsp;&nbsp;&nbsp;&nbsp;421016 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30311 |
| &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51882 |
| &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45145 |
| &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;9.750% | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62692 |
| &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75841 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4654051** |
| &nbsp;&nbsp;**Transportation Services 0.1%** | &nbsp;&nbsp;**Transportation Services 0.1%** | &nbsp;&nbsp;**Transportation Services 0.1%** | &nbsp;&nbsp;**Transportation Services 0.1%** |
| &nbsp;&nbsp;ERAC USA Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;ERAC USA Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;ERAC USA Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;ERAC USA Finance LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;789921 |
| &nbsp;&nbsp;**Wireless 0.2%** | &nbsp;&nbsp;**Wireless 0.2%** | &nbsp;&nbsp;**Wireless 0.2%** | &nbsp;&nbsp;**Wireless 0.2%** |
| &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50187 |
| &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;8.125% | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30125 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73017 |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23934 |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;672935 |
| &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45204 |
| &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;7.625% | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46302 |
| &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. |
| &nbsp;&nbsp;01/15/2053 | &nbsp;&nbsp;5.650% | 1125000 | &nbsp;&nbsp;1094252 |
| &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/31/2031 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21871 |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42344 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2100171** |
| &nbsp;&nbsp;**Wirelines 0.1%** | &nbsp;&nbsp;**Wirelines 0.1%** | &nbsp;&nbsp;**Wirelines 0.1%** | &nbsp;&nbsp;**Wirelines 0.1%** |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. |
| &nbsp;&nbsp;09/15/2053 | &nbsp;&nbsp;3.500% | 1900000 | &nbsp;&nbsp;1292702 |
| &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28904 |
| &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24504 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;6.500% | 53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49225 |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;7.000% | 79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71651 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1466986** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $99,810,029) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $99,810,029) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $99,810,029) | &nbsp;&nbsp;**84490456** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Exchange-Traded Equity Funds 0.9%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 0.9%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 0.9%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**International Mid Large Cap 0.9%** | &nbsp;&nbsp;**International Mid Large Cap 0.9%** | &nbsp;&nbsp;**International Mid Large Cap 0.9%** |
| &nbsp;&nbsp;iShares Core MSCI EAFE ETF | &nbsp;&nbsp;168620 | &nbsp;&nbsp;10393737 |
| &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $11,306,141) | &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $11,306,141) | &nbsp;&nbsp;**10393737** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(g)</sup> 0.0%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(g)</sup> 0.0%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(g)</sup> 0.0%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(g)</sup> 0.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Canada 0.0%** | &nbsp;&nbsp;**Canada 0.0%** | &nbsp;&nbsp;**Canada 0.0%** | &nbsp;&nbsp;**Canada 0.0%** |
| &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2024 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24219 |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30544 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36755 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91518** |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $101,238) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $101,238) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $101,238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91518** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 13.1%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 13.1%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 13.1%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 13.1%** |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;28172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28642 |
| &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;&nbsp;18233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18751 |
| &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;10718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10998 |
| &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;546814 | &nbsp;&nbsp;&nbsp;&nbsp;519514 |
| &nbsp;&nbsp;01/01/2034-<br> 05/01/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;267324 | &nbsp;&nbsp;&nbsp;&nbsp;272395 |
| &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;47496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47138 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(h)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(h)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(h)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(h)</sup> |
| &nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;96598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99065 |
| &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;24590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25337 |
| &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;162861 | &nbsp;&nbsp;&nbsp;&nbsp;169074 |
| &nbsp;&nbsp;03/01/2038-<br> 03/01/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;64785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65971 |
| &nbsp;&nbsp;05/01/2039-<br> 08/01/2041 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;494751 | &nbsp;&nbsp;&nbsp;&nbsp;490943 |
| &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;130302 | &nbsp;&nbsp;&nbsp;&nbsp;118696 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(i)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(i)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(i)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(i)</sup> |
| &nbsp;&nbsp;12/01/2051 | &nbsp;&nbsp;2.500% | 4876179 | &nbsp;&nbsp;4133444 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association |
| &nbsp;&nbsp;05/01/2024-<br> 12/01/2028 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8691 |
| &nbsp;&nbsp;03/01/2026-<br> 12/01/2032 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;&nbsp;254350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255515 |
| &nbsp;&nbsp;10/01/2026-<br> 12/01/2045 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;199908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192152 |
| &nbsp;&nbsp;11/01/2026-<br> 01/01/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;166383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163336 |
| &nbsp;&nbsp;08/01/2028-<br> 09/01/2032 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50833 |
| &nbsp;&nbsp;02/01/2038-<br> 03/01/2038 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82849 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(h)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(h)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(h)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(h)</sup> |
| &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;115466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112444 |
| &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;115292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114293 |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(j)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(j)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(j)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(j)</sup> |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.000% | 26075000 | &nbsp;&nbsp;&nbsp;&nbsp;22985397 |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.500% | 24425000 | &nbsp;&nbsp;&nbsp;&nbsp;22407397 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;8950000 | &nbsp;&nbsp;&nbsp;&nbsp;7280469 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;2.500% | 22825000 | &nbsp;&nbsp;&nbsp;&nbsp;19321689 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.000% | 33825000 | &nbsp;&nbsp;&nbsp;&nbsp;31716347 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | 26825000 | &nbsp;&nbsp;&nbsp;&nbsp;25812525 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;5.000% | 16600000 | &nbsp;&nbsp;&nbsp;&nbsp;16354675 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $155,369,082) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $155,369,082) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $155,369,082) | &nbsp;&nbsp;**152858580** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 11.4%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 11.4%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 11.4%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 11.4%** |
| &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 |
| &nbsp;&nbsp;06/25/2061 | &nbsp;&nbsp;2.116% | &nbsp;&nbsp;1380476 | &nbsp;&nbsp;&nbsp;&nbsp;1278831 |
| &nbsp;&nbsp;Ajax Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Ajax Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Ajax Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Ajax Mortgage Loan Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-A Class A1 | &nbsp;&nbsp;CMO Series 2021-A Class A1 | &nbsp;&nbsp;CMO Series 2021-A Class A1 | &nbsp;&nbsp;CMO Series 2021-A Class A1 |
| &nbsp;&nbsp;09/25/2065 | &nbsp;&nbsp;1.065% | &nbsp;&nbsp;2369602 | &nbsp;&nbsp;&nbsp;&nbsp;2055698 |
| &nbsp;&nbsp;CMO Series 2021-B Class A | &nbsp;&nbsp;CMO Series 2021-B Class A | &nbsp;&nbsp;CMO Series 2021-B Class A | &nbsp;&nbsp;CMO Series 2021-B Class A |
| &nbsp;&nbsp;06/25/2066 | &nbsp;&nbsp;2.239% | &nbsp;&nbsp;1108647 | &nbsp;&nbsp;&nbsp;&nbsp;1022733 |
| &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-6 Class A3 | &nbsp;&nbsp;CMO Series 2020-6 Class A3 | &nbsp;&nbsp;CMO Series 2020-6 Class A3 | &nbsp;&nbsp;CMO Series 2020-6 Class A3 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;1.775% | &nbsp;&nbsp;&nbsp;&nbsp;134980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113403 |
| &nbsp;&nbsp;CMO Series 2020-6 Class M1 | &nbsp;&nbsp;CMO Series 2020-6 Class M1 | &nbsp;&nbsp;CMO Series 2020-6 Class M1 | &nbsp;&nbsp;CMO Series 2020-6 Class M1 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;2.805% | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288979 |
| &nbsp;&nbsp;CMO Series 2020-R1 Class A1 | &nbsp;&nbsp;CMO Series 2020-R1 Class A1 | &nbsp;&nbsp;CMO Series 2020-R1 Class A1 | &nbsp;&nbsp;CMO Series 2020-R1 Class A1 |
| &nbsp;&nbsp;04/25/2053 | &nbsp;&nbsp;0.990% | &nbsp;&nbsp;&nbsp;&nbsp;615518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544326 |
| &nbsp;&nbsp;CMO Series 2022-6 Class A1 | &nbsp;&nbsp;CMO Series 2022-6 Class A1 | &nbsp;&nbsp;CMO Series 2022-6 Class A1 | &nbsp;&nbsp;CMO Series 2022-6 Class A1 |
| &nbsp;&nbsp;07/25/2067 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;4448291 | &nbsp;&nbsp;&nbsp;&nbsp;4257438 |
| &nbsp;&nbsp;Angel Oak Mortgage Trust I LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust I LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust I LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust I LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2018-3 Class A3 | &nbsp;&nbsp;CMO Series 2018-3 Class A3 | &nbsp;&nbsp;CMO Series 2018-3 Class A3 | &nbsp;&nbsp;CMO Series 2018-3 Class A3 |
| &nbsp;&nbsp;09/25/2048 | &nbsp;&nbsp;3.853% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9610 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1A Class M1C | &nbsp;&nbsp;CMO Series 2021-1A Class M1C | &nbsp;&nbsp;CMO Series 2021-1A Class M1C | &nbsp;&nbsp;CMO Series 2021-1A Class M1C |
| &nbsp;&nbsp;30-day Average SOFR + 2.950%<br> Floor 2.950%<br> 03/25/2031 | &nbsp;&nbsp;6.497% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;765007 |
| &nbsp;&nbsp;CMO Series 2021-3A Class M1A | &nbsp;&nbsp;CMO Series 2021-3A Class M1A | &nbsp;&nbsp;CMO Series 2021-3A Class M1A | &nbsp;&nbsp;CMO Series 2021-3A Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 1.000%<br> Floor 1.000%<br> 09/25/2031 | &nbsp;&nbsp;4.928% | 1544055 | &nbsp;&nbsp;1512648 |
| &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2020-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2020-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2020-NQM1 Class A1 |
| &nbsp;&nbsp;05/25/2060 | &nbsp;&nbsp;1.449% | &nbsp;&nbsp;&nbsp;195416 | &nbsp;&nbsp;&nbsp;&nbsp;180060 |
| &nbsp;&nbsp;CMO Series 2020-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2020-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2020-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2020-RPL1 Class A1 |
| &nbsp;&nbsp;05/26/2059 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;633596 | &nbsp;&nbsp;&nbsp;&nbsp;583196 |
| &nbsp;&nbsp;CMO Series 2021-A Class A1 | &nbsp;&nbsp;CMO Series 2021-A Class A1 | &nbsp;&nbsp;CMO Series 2021-A Class A1 | &nbsp;&nbsp;CMO Series 2021-A Class A1 |
| &nbsp;&nbsp;10/25/2059 | &nbsp;&nbsp;1.991% | 1263754 | &nbsp;&nbsp;1199434 |
| &nbsp;&nbsp;CMO Series 2021-B Class A1 | &nbsp;&nbsp;CMO Series 2021-B Class A1 | &nbsp;&nbsp;CMO Series 2021-B Class A1 | &nbsp;&nbsp;CMO Series 2021-B Class A1 |
| &nbsp;&nbsp;04/01/2069 | &nbsp;&nbsp;2.115% | &nbsp;&nbsp;&nbsp;888286 | &nbsp;&nbsp;&nbsp;&nbsp;829327 |
| &nbsp;&nbsp;CMO Series 2021-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A1 |
| &nbsp;&nbsp;02/25/2049 | &nbsp;&nbsp;0.941% | 1215266 | &nbsp;&nbsp;1044940 |
| &nbsp;&nbsp;CMO Series 2021-NQM1 Class A3 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A3 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A3 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A3 |
| &nbsp;&nbsp;02/25/2049 | &nbsp;&nbsp;1.332% | &nbsp;&nbsp;&nbsp;495112 | &nbsp;&nbsp;&nbsp;&nbsp;420240 |
| &nbsp;&nbsp;CMO Series 2021-NQM2 Class A3 | &nbsp;&nbsp;CMO Series 2021-NQM2 Class A3 | &nbsp;&nbsp;CMO Series 2021-NQM2 Class A3 | &nbsp;&nbsp;CMO Series 2021-NQM2 Class A3 |
| &nbsp;&nbsp;03/25/2060 | &nbsp;&nbsp;1.435% | &nbsp;&nbsp;&nbsp;321264 | &nbsp;&nbsp;&nbsp;&nbsp;301045 |
| &nbsp;&nbsp;CMO Series 2022-NQM3 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM3 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM3 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM3 Class A1 |
| &nbsp;&nbsp;07/25/2062 | &nbsp;&nbsp;5.108% | 1080871 | &nbsp;&nbsp;1077924 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-NQM2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-NQM2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-NQM2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-NQM2 Class B1 |
| &nbsp;&nbsp;03/25/2060 | &nbsp;&nbsp;3.044% | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;334381 |
| &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 |
| &nbsp;&nbsp;01/25/2067 | &nbsp;&nbsp;3.007% | 2253711 | &nbsp;&nbsp;2056140 |
| &nbsp;&nbsp;CMO Series 2022-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM1 Class A1 |
| &nbsp;&nbsp;06/25/2067 | &nbsp;&nbsp;5.189% | &nbsp;&nbsp;&nbsp;927330 | &nbsp;&nbsp;&nbsp;&nbsp;897400 |
| &nbsp;&nbsp;CIM Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2018-R6 Class A1 | &nbsp;&nbsp;CMO Series 2018-R6 Class A1 | &nbsp;&nbsp;CMO Series 2018-R6 Class A1 | &nbsp;&nbsp;CMO Series 2018-R6 Class A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 1.076%<br> Floor 1.076%<br> 09/25/2058 | &nbsp;&nbsp;5.445% | 1057537 | &nbsp;&nbsp;1032792 |
| &nbsp;&nbsp;CIM Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NR1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR1 Class A1 |
| &nbsp;&nbsp;07/25/2055 | &nbsp;&nbsp;2.569% | &nbsp;&nbsp;&nbsp;878440 | &nbsp;&nbsp;&nbsp;&nbsp;827127 |
| &nbsp;&nbsp;CMO Series 2021-NR2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR2 Class A1 |
| &nbsp;&nbsp;07/25/2059 | &nbsp;&nbsp;2.568% | &nbsp;&nbsp;&nbsp;646690 | &nbsp;&nbsp;&nbsp;&nbsp;595023 |
| &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-2 Class A1 | &nbsp;&nbsp;CMO Series 2020-2 Class A1 | &nbsp;&nbsp;CMO Series 2020-2 Class A1 | &nbsp;&nbsp;CMO Series 2020-2 Class A1 |
| &nbsp;&nbsp;03/25/2065 | &nbsp;&nbsp;1.853% | &nbsp;&nbsp;&nbsp;&nbsp;31880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31179 |
| &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 |
| &nbsp;&nbsp;12/27/2066 | &nbsp;&nbsp;2.284% | 2263215 | &nbsp;&nbsp;1968895 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2022-4 Class A1 | &nbsp;&nbsp;CMO Series 2022-4 Class A1 | &nbsp;&nbsp;CMO Series 2022-4 Class A1 | &nbsp;&nbsp;CMO Series 2022-4 Class A1 |
| &nbsp;&nbsp;03/25/2067 | &nbsp;&nbsp;4.301% | 1989338 | &nbsp;&nbsp;1917184 |
| &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2021-2R Class A1 | &nbsp;&nbsp;CMO Series 2021-2R Class A1 | &nbsp;&nbsp;CMO Series 2021-2R Class A1 | &nbsp;&nbsp;CMO Series 2021-2R Class A1 |
| &nbsp;&nbsp;07/27/2054 | &nbsp;&nbsp;0.798% | &nbsp;&nbsp;&nbsp;384998 | &nbsp;&nbsp;&nbsp;&nbsp;320860 |
| &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2020-R01 Class 1M2 | &nbsp;&nbsp;CMO Series 2020-R01 Class 1M2 | &nbsp;&nbsp;CMO Series 2020-R01 Class 1M2 | &nbsp;&nbsp;CMO Series 2020-R01 Class 1M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 2.050%<br> 01/25/2040 | &nbsp;&nbsp;6.439% | &nbsp;&nbsp;&nbsp;508040 | &nbsp;&nbsp;&nbsp;&nbsp;504536 |
| &nbsp;&nbsp;CMO Series 2022-R04 Class 1M2 | &nbsp;&nbsp;CMO Series 2022-R04 Class 1M2 | &nbsp;&nbsp;CMO Series 2022-R04 Class 1M2 | &nbsp;&nbsp;CMO Series 2022-R04 Class 1M2 |
| &nbsp;&nbsp;30-day Average SOFR + 3.100%<br> 03/25/2042 | &nbsp;&nbsp;7.028% | &nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;971360 |
| &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-AFC1 Class A1 | &nbsp;&nbsp;CMO Series 2021-AFC1 Class A1 | &nbsp;&nbsp;CMO Series 2021-AFC1 Class A1 | &nbsp;&nbsp;CMO Series 2021-AFC1 Class A1 |
| &nbsp;&nbsp;03/25/2056 | &nbsp;&nbsp;0.830% | &nbsp;&nbsp;&nbsp;695054 | &nbsp;&nbsp;&nbsp;&nbsp;520100 |
| &nbsp;&nbsp;CMO Series 2021-NQM1 Class A3 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A3 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A3 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A3 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;1.199% | &nbsp;&nbsp;&nbsp;253645 | &nbsp;&nbsp;&nbsp;&nbsp;213430 |
| &nbsp;&nbsp;CMO Series 2021-NQM1 Class M1 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class M1 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class M1 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class M1 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;2.130% | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;121639 |
| &nbsp;&nbsp;CMO Series 2021-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RPL1 Class A1 |
| &nbsp;&nbsp;09/27/2060 | &nbsp;&nbsp;1.668% | 1703544 | &nbsp;&nbsp;1607158 |
| &nbsp;&nbsp;CMO Series 2021-RPL2 Class M1 | &nbsp;&nbsp;CMO Series 2021-RPL2 Class M1 | &nbsp;&nbsp;CMO Series 2021-RPL2 Class M1 | &nbsp;&nbsp;CMO Series 2021-RPL2 Class M1 |
| &nbsp;&nbsp;01/25/2060 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;751019 | &nbsp;&nbsp;&nbsp;&nbsp;532741 |
| &nbsp;&nbsp;CMO Series 2021-RPL2 Class M2 | &nbsp;&nbsp;CMO Series 2021-RPL2 Class M2 | &nbsp;&nbsp;CMO Series 2021-RPL2 Class M2 | &nbsp;&nbsp;CMO Series 2021-RPL2 Class M2 |
| &nbsp;&nbsp;01/25/2060 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;260639 |
| &nbsp;&nbsp;CMO Series 2022-ATH3 Class A1 | &nbsp;&nbsp;CMO Series 2022-ATH3 Class A1 | &nbsp;&nbsp;CMO Series 2022-ATH3 Class A1 | &nbsp;&nbsp;CMO Series 2022-ATH3 Class A1 |
| &nbsp;&nbsp;08/25/2067 | &nbsp;&nbsp;4.991% | 1126966 | &nbsp;&nbsp;1093772 |
| &nbsp;&nbsp;CSMC Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2018-RPL9 Class A | &nbsp;&nbsp;CMO Series 2018-RPL9 Class A | &nbsp;&nbsp;CMO Series 2018-RPL9 Class A | &nbsp;&nbsp;CMO Series 2018-RPL9 Class A |
| &nbsp;&nbsp;09/25/2057 | &nbsp;&nbsp;3.850% | 1542080 | &nbsp;&nbsp;1440620 |
| &nbsp;&nbsp;CMO Series 2021-RPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-RPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-RPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-RPL4 Class A1 |
| &nbsp;&nbsp;12/27/2060 | &nbsp;&nbsp;1.796% | 1111137 | &nbsp;&nbsp;&nbsp;&nbsp;981074 |
| &nbsp;&nbsp;CMO Series 2022-NQM5 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM5 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM5 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM5 Class A1 |
| &nbsp;&nbsp;05/25/2067 | &nbsp;&nbsp;5.169% | 1585038 | &nbsp;&nbsp;1584851 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-RPL3 Class A1 | &nbsp;&nbsp;Subordinated CMO Series 2020-RPL3 Class A1 | &nbsp;&nbsp;Subordinated CMO Series 2020-RPL3 Class A1 | &nbsp;&nbsp;Subordinated CMO Series 2020-RPL3 Class A1 |
| &nbsp;&nbsp;03/25/2060 | &nbsp;&nbsp;2.691% | &nbsp;&nbsp;&nbsp;821235 | &nbsp;&nbsp;&nbsp;&nbsp;766785 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-RPL4 Class A1 | &nbsp;&nbsp;Subordinated CMO Series 2020-RPL4 Class A1 | &nbsp;&nbsp;Subordinated CMO Series 2020-RPL4 Class A1 | &nbsp;&nbsp;Subordinated CMO Series 2020-RPL4 Class A1 |
| &nbsp;&nbsp;01/25/2060 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;671827 | &nbsp;&nbsp;&nbsp;&nbsp;595688 |
| &nbsp;&nbsp;CSMC Trust<sup>(a)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2019-AFC1 Class A1 | &nbsp;&nbsp;CMO Series 2019-AFC1 Class A1 | &nbsp;&nbsp;CMO Series 2019-AFC1 Class A1 | &nbsp;&nbsp;CMO Series 2019-AFC1 Class A1 |
| &nbsp;&nbsp;07/25/2049 | &nbsp;&nbsp;2.573% | &nbsp;&nbsp;&nbsp;438456 | &nbsp;&nbsp;&nbsp;&nbsp;407387 |
| &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C |
| &nbsp;&nbsp;30-day Average SOFR + 2.700%<br> Floor 2.700%<br> 10/25/2033 | &nbsp;&nbsp;6.247% | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;415037 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2021-2 Class M1B | &nbsp;&nbsp;CMO Series 2021-2 Class M1B | &nbsp;&nbsp;CMO Series 2021-2 Class M1B | &nbsp;&nbsp;CMO Series 2021-2 Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 2.050%<br> Floor 2.050%<br> 04/25/2034 | &nbsp;&nbsp;5.994% | 1900000 | &nbsp;&nbsp;1829308 |
| &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2019-2 Class A3 | &nbsp;&nbsp;CMO Series 2019-2 Class A3 | &nbsp;&nbsp;CMO Series 2019-2 Class A3 | &nbsp;&nbsp;CMO Series 2019-2 Class A3 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;3.046% | &nbsp;&nbsp;&nbsp;115847 | &nbsp;&nbsp;&nbsp;&nbsp;105938 |
| &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;2.006% | &nbsp;&nbsp;&nbsp;&nbsp;36762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34842 |
| &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 |
| &nbsp;&nbsp;04/25/2067 | &nbsp;&nbsp;4.299% | 5382322 | &nbsp;&nbsp;5157889 |
| &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2020-DNA1 Class M2 | &nbsp;&nbsp;CMO Series 2020-DNA1 Class M2 | &nbsp;&nbsp;CMO Series 2020-DNA1 Class M2 | &nbsp;&nbsp;CMO Series 2020-DNA1 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 1.700%<br> 01/25/2050 | &nbsp;&nbsp;6.089% | &nbsp;&nbsp;&nbsp;548540 | &nbsp;&nbsp;&nbsp;&nbsp;546842 |
| &nbsp;&nbsp;CMO Series 2021-DNA1 Class M2 | &nbsp;&nbsp;CMO Series 2021-DNA1 Class M2 | &nbsp;&nbsp;CMO Series 2021-DNA1 Class M2 | &nbsp;&nbsp;CMO Series 2021-DNA1 Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 1.800%<br> 01/25/2051 | &nbsp;&nbsp;5.728% | &nbsp;&nbsp;&nbsp;563198 | &nbsp;&nbsp;&nbsp;&nbsp;549851 |
| &nbsp;&nbsp;CMO Series 2021-DNA5 Class M2 | &nbsp;&nbsp;CMO Series 2021-DNA5 Class M2 | &nbsp;&nbsp;CMO Series 2021-DNA5 Class M2 | &nbsp;&nbsp;CMO Series 2021-DNA5 Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 1.650%<br> 01/25/2034 | &nbsp;&nbsp;5.578% | &nbsp;&nbsp;&nbsp;466379 | &nbsp;&nbsp;&nbsp;&nbsp;459166 |
| &nbsp;&nbsp;CMO Series 2021-HQA1 Class M1 | &nbsp;&nbsp;CMO Series 2021-HQA1 Class M1 | &nbsp;&nbsp;CMO Series 2021-HQA1 Class M1 | &nbsp;&nbsp;CMO Series 2021-HQA1 Class M1 |
| &nbsp;&nbsp;30-day Average SOFR + 0.700%<br> 08/25/2033 | &nbsp;&nbsp;4.628% | &nbsp;&nbsp;&nbsp;&nbsp;75816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75504 |
| &nbsp;&nbsp;CMO Series 2022-DNA3 Class M1B | &nbsp;&nbsp;CMO Series 2022-DNA3 Class M1B | &nbsp;&nbsp;CMO Series 2022-DNA3 Class M1B | &nbsp;&nbsp;CMO Series 2022-DNA3 Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 2.900%<br> 04/25/2042 | &nbsp;&nbsp;6.828% | 1100000 | &nbsp;&nbsp;1087338 |
| &nbsp;&nbsp;CMO Series 2022-DNA4 Class M1A | &nbsp;&nbsp;CMO Series 2022-DNA4 Class M1A | &nbsp;&nbsp;CMO Series 2022-DNA4 Class M1A | &nbsp;&nbsp;CMO Series 2022-DNA4 Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 2.200%<br> 05/25/2042 | &nbsp;&nbsp;6.128% | 5171261 | &nbsp;&nbsp;5170003 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-DNA6 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA6 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA6 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA6 Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 2.150%<br> 09/25/2042 | &nbsp;&nbsp;6.078% | &nbsp;&nbsp;&nbsp;558632 | &nbsp;&nbsp;&nbsp;&nbsp;558629 |
| &nbsp;&nbsp;Freddie Mac STACR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2019-DNA4 Class M2 | &nbsp;&nbsp;CMO Series 2019-DNA4 Class M2 | &nbsp;&nbsp;CMO Series 2019-DNA4 Class M2 | &nbsp;&nbsp;CMO Series 2019-DNA4 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 1.950%<br> 10/25/2049 | &nbsp;&nbsp;6.339% | &nbsp;&nbsp;&nbsp;128346 | &nbsp;&nbsp;&nbsp;&nbsp;128346 |
| &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2022-DNA2 Class M1B | &nbsp;&nbsp;CMO Series 2022-DNA2 Class M1B | &nbsp;&nbsp;CMO Series 2022-DNA2 Class M1B | &nbsp;&nbsp;CMO Series 2022-DNA2 Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 2.400%<br> 02/25/2042 | &nbsp;&nbsp;6.328% | 2500000 | &nbsp;&nbsp;2430414 |
| &nbsp;&nbsp;CMO Series 2022-DNA5 Class M1A | &nbsp;&nbsp;CMO Series 2022-DNA5 Class M1A | &nbsp;&nbsp;CMO Series 2022-DNA5 Class M1A | &nbsp;&nbsp;CMO Series 2022-DNA5 Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 2.950%<br> 06/25/2042 | &nbsp;&nbsp;6.878% | 1928645 | &nbsp;&nbsp;1949853 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-DNA7 Class M1 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA7 Class M1 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA7 Class M1 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA7 Class M1 |
| &nbsp;&nbsp;30-day Average SOFR + 0.850%<br> 11/25/2041 | &nbsp;&nbsp;4.371% | 4051712 | &nbsp;&nbsp;3978232 |
| &nbsp;&nbsp;GCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;GCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;GCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;GCAT LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-3 Class A1 | &nbsp;&nbsp;CMO Series 2020-3 Class A1 | &nbsp;&nbsp;CMO Series 2020-3 Class A1 | &nbsp;&nbsp;CMO Series 2020-3 Class A1 |
| &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;2.981% | 1008285 | &nbsp;&nbsp;&nbsp;&nbsp;973528 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;GCAT Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;GCAT Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;GCAT Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;GCAT Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2019-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2019-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2019-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2019-RPL1 Class A1 |
| &nbsp;&nbsp;10/25/2068 | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;&nbsp;847066 | &nbsp;&nbsp;&nbsp;&nbsp;794422 |
| &nbsp;&nbsp;CMO Series 2021-CM2 Class A1 | &nbsp;&nbsp;CMO Series 2021-CM2 Class A1 | &nbsp;&nbsp;CMO Series 2021-CM2 Class A1 | &nbsp;&nbsp;CMO Series 2021-CM2 Class A1 |
| &nbsp;&nbsp;08/25/2066 | &nbsp;&nbsp;2.352% | 2988490 | &nbsp;&nbsp;2692363 |
| &nbsp;&nbsp;CMO Series 2022-NQM3 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM3 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM3 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM3 Class A1 |
| &nbsp;&nbsp;04/25/2067 | &nbsp;&nbsp;4.349% | 5342903 | &nbsp;&nbsp;5158847 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2019-SL1 Class A1 | &nbsp;&nbsp;CMO Series 2019-SL1 Class A1 | &nbsp;&nbsp;CMO Series 2019-SL1 Class A1 | &nbsp;&nbsp;CMO Series 2019-SL1 Class A1 |
| &nbsp;&nbsp;01/25/2059 | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;&nbsp;125846 | &nbsp;&nbsp;&nbsp;&nbsp;125199 |
| &nbsp;&nbsp;CMO Series 2020-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2020-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2020-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2020-NQM1 Class A1 |
| &nbsp;&nbsp;09/27/2060 | &nbsp;&nbsp;1.382% | &nbsp;&nbsp;&nbsp;386529 | &nbsp;&nbsp;&nbsp;&nbsp;347041 |
| &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class M1B | &nbsp;&nbsp;CMO Series 2021-1 Class M1B | &nbsp;&nbsp;CMO Series 2021-1 Class M1B | &nbsp;&nbsp;CMO Series 2021-1 Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.550%<br> 07/25/2033 | &nbsp;&nbsp;5.939% | &nbsp;&nbsp;&nbsp;984110 | &nbsp;&nbsp;&nbsp;&nbsp;977433 |
| &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-2 Class A3 | &nbsp;&nbsp;CMO Series 2020-2 Class A3 | &nbsp;&nbsp;CMO Series 2020-2 Class A3 | &nbsp;&nbsp;CMO Series 2020-2 Class A3 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;3.196% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;495930 |
| &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-GS1 Class A1 | &nbsp;&nbsp;CMO Series 2021-GS1 Class A1 | &nbsp;&nbsp;CMO Series 2021-GS1 Class A1 | &nbsp;&nbsp;CMO Series 2021-GS1 Class A1 |
| &nbsp;&nbsp;10/25/2066 | &nbsp;&nbsp;1.892% | 1200323 | &nbsp;&nbsp;1094618 |
| &nbsp;&nbsp;CMO Series 2021-GS2 Class A1 | &nbsp;&nbsp;CMO Series 2021-GS2 Class A1 | &nbsp;&nbsp;CMO Series 2021-GS2 Class A1 | &nbsp;&nbsp;CMO Series 2021-GS2 Class A1 |
| &nbsp;&nbsp;04/25/2061 | &nbsp;&nbsp;1.750% | 2327652 | &nbsp;&nbsp;2103944 |
| &nbsp;&nbsp;MetLife Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MetLife Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MetLife Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MetLife Securitization Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2018-1A Class A | &nbsp;&nbsp;CMO Series 2018-1A Class A | &nbsp;&nbsp;CMO Series 2018-1A Class A | &nbsp;&nbsp;CMO Series 2018-1A Class A |
| &nbsp;&nbsp;03/25/2057 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;380376 | &nbsp;&nbsp;&nbsp;&nbsp;357164 |
| &nbsp;&nbsp;MFA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MFA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MFA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MFA Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-NQM3 Class M1 | &nbsp;&nbsp;CMO Series 2020-NQM3 Class M1 | &nbsp;&nbsp;CMO Series 2020-NQM3 Class M1 | &nbsp;&nbsp;CMO Series 2020-NQM3 Class M1 |
| &nbsp;&nbsp;01/26/2065 | &nbsp;&nbsp;2.654% | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;372677 |
| &nbsp;&nbsp;CMO Series 2021-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NQM1 Class A1 |
| &nbsp;&nbsp;04/25/2065 | &nbsp;&nbsp;1.153% | &nbsp;&nbsp;&nbsp;726577 | &nbsp;&nbsp;&nbsp;&nbsp;622962 |
| &nbsp;&nbsp;CMO Series 2022-NQM2 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM2 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM2 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM2 Class A1 |
| &nbsp;&nbsp;05/25/2067 | &nbsp;&nbsp;4.000% | 5137529 | &nbsp;&nbsp;4834412 |
| &nbsp;&nbsp;MFRA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MFRA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MFRA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MFRA Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-INV1 Class A1 | &nbsp;&nbsp;CMO Series 2021-INV1 Class A1 | &nbsp;&nbsp;CMO Series 2021-INV1 Class A1 | &nbsp;&nbsp;CMO Series 2021-INV1 Class A1 |
| &nbsp;&nbsp;01/25/2056 | &nbsp;&nbsp;0.852% | &nbsp;&nbsp;&nbsp;251255 | &nbsp;&nbsp;&nbsp;&nbsp;222501 |
| &nbsp;&nbsp;CMO Series 2021-INV1 Class A2 | &nbsp;&nbsp;CMO Series 2021-INV1 Class A2 | &nbsp;&nbsp;CMO Series 2021-INV1 Class A2 | &nbsp;&nbsp;CMO Series 2021-INV1 Class A2 |
| &nbsp;&nbsp;01/25/2056 | &nbsp;&nbsp;1.057% | &nbsp;&nbsp;&nbsp;&nbsp;46547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40955 |
| &nbsp;&nbsp;CMO Series 2021-INV1 Class A3 | &nbsp;&nbsp;CMO Series 2021-INV1 Class A3 | &nbsp;&nbsp;CMO Series 2021-INV1 Class A3 | &nbsp;&nbsp;CMO Series 2021-INV1 Class A3 |
| &nbsp;&nbsp;01/25/2056 | &nbsp;&nbsp;1.262% | &nbsp;&nbsp;&nbsp;&nbsp;77828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67808 |
| &nbsp;&nbsp;Mill City Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Mill City Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Mill City Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Mill City Mortgage Loan Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2018-3 Class A1 | &nbsp;&nbsp;CMO Series 2018-3 Class A1 | &nbsp;&nbsp;CMO Series 2018-3 Class A1 | &nbsp;&nbsp;CMO Series 2018-3 Class A1 |
| &nbsp;&nbsp;08/25/2058 | &nbsp;&nbsp;3.472% | &nbsp;&nbsp;&nbsp;791190 | &nbsp;&nbsp;&nbsp;&nbsp;750271 |
| &nbsp;&nbsp;CMO Series 2021-NMR1 Class M1 | &nbsp;&nbsp;CMO Series 2021-NMR1 Class M1 | &nbsp;&nbsp;CMO Series 2021-NMR1 Class M1 | &nbsp;&nbsp;CMO Series 2021-NMR1 Class M1 |
| &nbsp;&nbsp;11/25/2060 | &nbsp;&nbsp;1.850% | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;962895 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2016-3A Class A1 | &nbsp;&nbsp;CMO Series 2016-3A Class A1 | &nbsp;&nbsp;CMO Series 2016-3A Class A1 | &nbsp;&nbsp;CMO Series 2016-3A Class A1 |
| &nbsp;&nbsp;09/25/2056 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;150234 | &nbsp;&nbsp;&nbsp;&nbsp;137724 |
| &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A |
| &nbsp;&nbsp;12/25/2025 | &nbsp;&nbsp;3.844% | &nbsp;&nbsp;&nbsp;443563 | &nbsp;&nbsp;&nbsp;&nbsp;404235 |
| &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1A Class M1B | &nbsp;&nbsp;CMO Series 2021-1A Class M1B | &nbsp;&nbsp;CMO Series 2021-1A Class M1B | &nbsp;&nbsp;CMO Series 2021-1A Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 2.050%<br> Floor 2.050%<br> 10/25/2033 | &nbsp;&nbsp;5.978% | &nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;807771 |
| &nbsp;&nbsp;OBX Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;OBX Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;OBX Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;OBX Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2020-EXP3 Class 2A1A | &nbsp;&nbsp;CMO Series 2020-EXP3 Class 2A1A | &nbsp;&nbsp;CMO Series 2020-EXP3 Class 2A1A | &nbsp;&nbsp;CMO Series 2020-EXP3 Class 2A1A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.950%<br> 01/25/2060 | &nbsp;&nbsp;4.944% | &nbsp;&nbsp;&nbsp;185507 | &nbsp;&nbsp;&nbsp;&nbsp;182989 |
| &nbsp;&nbsp;Oceanview Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Oceanview Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Oceanview Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Oceanview Mortgage Loan Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class A1A | &nbsp;&nbsp;CMO Series 2020-1 Class A1A | &nbsp;&nbsp;CMO Series 2020-1 Class A1A | &nbsp;&nbsp;CMO Series 2020-1 Class A1A |
| &nbsp;&nbsp;05/28/2050 | &nbsp;&nbsp;1.733% | &nbsp;&nbsp;&nbsp;319932 | &nbsp;&nbsp;&nbsp;&nbsp;283893 |
| &nbsp;&nbsp;Preston Ridge Partners Mortgage<sup>(a),(c)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage<sup>(a),(c)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage<sup>(a),(c)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 |
| &nbsp;&nbsp;04/25/2026 | &nbsp;&nbsp;1.867% | 2368500 | &nbsp;&nbsp;2120838 |
| &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-6 Class A1 | &nbsp;&nbsp;CMO Series 2020-6 Class A1 | &nbsp;&nbsp;CMO Series 2020-6 Class A1 | &nbsp;&nbsp;CMO Series 2020-6 Class A1 |
| &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;2.363% | &nbsp;&nbsp;&nbsp;599032 | &nbsp;&nbsp;&nbsp;&nbsp;552310 |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;01/25/2026 | &nbsp;&nbsp;2.115% | &nbsp;&nbsp;&nbsp;998427 | &nbsp;&nbsp;&nbsp;&nbsp;906952 |
| &nbsp;&nbsp;CMO Series 2021-10 Class A1 | &nbsp;&nbsp;CMO Series 2021-10 Class A1 | &nbsp;&nbsp;CMO Series 2021-10 Class A1 | &nbsp;&nbsp;CMO Series 2021-10 Class A1 |
| &nbsp;&nbsp;10/25/2026 | &nbsp;&nbsp;2.487% | 1333974 | &nbsp;&nbsp;1199493 |
| &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 |
| &nbsp;&nbsp;04/25/2026 | &nbsp;&nbsp;1.867% | 1395309 | &nbsp;&nbsp;1260401 |
| &nbsp;&nbsp;CMO Series 2021-9 Class A1 | &nbsp;&nbsp;CMO Series 2021-9 Class A1 | &nbsp;&nbsp;CMO Series 2021-9 Class A1 | &nbsp;&nbsp;CMO Series 2021-9 Class A1 |
| &nbsp;&nbsp;10/25/2026 | &nbsp;&nbsp;2.363% | 2133778 | &nbsp;&nbsp;1920851 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 |
| &nbsp;&nbsp;07/25/2051 | &nbsp;&nbsp;2.487% | 3395833 | &nbsp;&nbsp;3137283 |
| &nbsp;&nbsp;PRKCM Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;PRKCM Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;PRKCM Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;PRKCM Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-AFC2 Class A3 | &nbsp;&nbsp;CMO Series 2021-AFC2 Class A3 | &nbsp;&nbsp;CMO Series 2021-AFC2 Class A3 | &nbsp;&nbsp;CMO Series 2021-AFC2 Class A3 |
| &nbsp;&nbsp;11/25/2056 | &nbsp;&nbsp;2.893% | 2000000 | &nbsp;&nbsp;1150952 |
| &nbsp;&nbsp;CMO Series 2021-AFC2 Class M1 | &nbsp;&nbsp;CMO Series 2021-AFC2 Class M1 | &nbsp;&nbsp;CMO Series 2021-AFC2 Class M1 | &nbsp;&nbsp;CMO Series 2021-AFC2 Class M1 |
| &nbsp;&nbsp;11/25/2056 | &nbsp;&nbsp;3.443% | 1475000 | &nbsp;&nbsp;&nbsp;&nbsp;887457 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-AFC2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-AFC2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-AFC2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-AFC2 Class B1 |
| &nbsp;&nbsp;11/25/2056 | &nbsp;&nbsp;3.701% | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;761559 |
| &nbsp;&nbsp;PRPM LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;PRPM LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;PRPM LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;PRPM LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RPL1 Class A1 |
| &nbsp;&nbsp;07/25/2051 | &nbsp;&nbsp;1.319% | &nbsp;&nbsp;&nbsp;607298 | &nbsp;&nbsp;&nbsp;&nbsp;534582 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

28 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class M1A | &nbsp;&nbsp;CMO Series 2020-1 Class M1A | &nbsp;&nbsp;CMO Series 2020-1 Class M1A | &nbsp;&nbsp;CMO Series 2020-1 Class M1A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.950%<br> Floor 0.950%<br> 01/25/2030 | &nbsp;&nbsp;5.339% | &nbsp;&nbsp;&nbsp;125315 | &nbsp;&nbsp;&nbsp;&nbsp;123654 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 1.850%<br> Floor 1.850%<br> 11/25/2031 | &nbsp;&nbsp;5.371% | &nbsp;&nbsp;&nbsp;397412 | &nbsp;&nbsp;&nbsp;&nbsp;393312 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1B | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1B | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1B | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 3.700%<br> Floor 3.700%<br> 11/25/2031 | &nbsp;&nbsp;7.221% | &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;684750 |
| &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class A3 | &nbsp;&nbsp;CMO Series 2020-1 Class A3 | &nbsp;&nbsp;CMO Series 2020-1 Class A3 | &nbsp;&nbsp;CMO Series 2020-1 Class A3 |
| &nbsp;&nbsp;01/26/2060 | &nbsp;&nbsp;2.684% | &nbsp;&nbsp;&nbsp;156790 | &nbsp;&nbsp;&nbsp;&nbsp;145497 |
| &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2019-INV1 Class A3 | &nbsp;&nbsp;CMO Series 2019-INV1 Class A3 | &nbsp;&nbsp;CMO Series 2019-INV1 Class A3 | &nbsp;&nbsp;CMO Series 2019-INV1 Class A3 |
| &nbsp;&nbsp;09/27/2049 | &nbsp;&nbsp;2.916% | &nbsp;&nbsp;&nbsp;557774 | &nbsp;&nbsp;&nbsp;&nbsp;523910 |
| &nbsp;&nbsp;CMO Series 2020-2 Class A3 | &nbsp;&nbsp;CMO Series 2020-2 Class A3 | &nbsp;&nbsp;CMO Series 2020-2 Class A3 | &nbsp;&nbsp;CMO Series 2020-2 Class A3 |
| &nbsp;&nbsp;04/25/2060 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;923382 |
| &nbsp;&nbsp;CMO Series 2020-INV1 Class A3 | &nbsp;&nbsp;CMO Series 2020-INV1 Class A3 | &nbsp;&nbsp;CMO Series 2020-INV1 Class A3 | &nbsp;&nbsp;CMO Series 2020-INV1 Class A3 |
| &nbsp;&nbsp;11/25/2055 | &nbsp;&nbsp;1.593% | &nbsp;&nbsp;&nbsp;150506 | &nbsp;&nbsp;&nbsp;&nbsp;132815 |
| &nbsp;&nbsp;CMO Series 2021-4 Class M1 | &nbsp;&nbsp;CMO Series 2021-4 Class M1 | &nbsp;&nbsp;CMO Series 2021-4 Class M1 | &nbsp;&nbsp;CMO Series 2021-4 Class M1 |
| &nbsp;&nbsp;08/25/2056 | &nbsp;&nbsp;2.400% | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;302296 |
| &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(c)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(c)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(c)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 |
| &nbsp;&nbsp;03/25/2023 | &nbsp;&nbsp;2.734% | 1715147 | &nbsp;&nbsp;1656584 |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;06/25/2024 | &nbsp;&nbsp;2.240% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;861667 |
| &nbsp;&nbsp;Towd Point HE Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Towd Point HE Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Towd Point HE Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Towd Point HE Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-HE1 Class M2 | &nbsp;&nbsp;CMO Series 2021-HE1 Class M2 | &nbsp;&nbsp;CMO Series 2021-HE1 Class M2 | &nbsp;&nbsp;CMO Series 2021-HE1 Class M2 |
| &nbsp;&nbsp;02/25/2063 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;375155 |
| &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2018-1 Class A1 | &nbsp;&nbsp;CMO Series 2018-1 Class A1 | &nbsp;&nbsp;CMO Series 2018-1 Class A1 | &nbsp;&nbsp;CMO Series 2018-1 Class A1 |
| &nbsp;&nbsp;01/25/2058 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;153030 | &nbsp;&nbsp;&nbsp;&nbsp;147554 |
| &nbsp;&nbsp;CMO Series 2018-6 Class A1A | &nbsp;&nbsp;CMO Series 2018-6 Class A1A | &nbsp;&nbsp;CMO Series 2018-6 Class A1A | &nbsp;&nbsp;CMO Series 2018-6 Class A1A |
| &nbsp;&nbsp;03/25/2058 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;588567 | &nbsp;&nbsp;&nbsp;&nbsp;565261 |
| &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2019-HY1 Class A1 | &nbsp;&nbsp;CMO Series 2019-HY1 Class A1 | &nbsp;&nbsp;CMO Series 2019-HY1 Class A1 | &nbsp;&nbsp;CMO Series 2019-HY1 Class A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 1.000%<br> 10/25/2048 | &nbsp;&nbsp;5.016% | &nbsp;&nbsp;&nbsp;472929 | &nbsp;&nbsp;&nbsp;&nbsp;469121 |
| &nbsp;&nbsp;CMO Series 2019-HY2 Class A1 | &nbsp;&nbsp;CMO Series 2019-HY2 Class A1 | &nbsp;&nbsp;CMO Series 2019-HY2 Class A1 | &nbsp;&nbsp;CMO Series 2019-HY2 Class A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 1.000%<br> Floor 1.000%<br> 05/25/2058 | &nbsp;&nbsp;5.389% | &nbsp;&nbsp;&nbsp;580642 | &nbsp;&nbsp;&nbsp;&nbsp;573518 |
| &nbsp;&nbsp;TVC Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;TVC Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;TVC Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;TVC Mortgage Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2020-RTL1 Class A1 | &nbsp;&nbsp;CMO Series 2020-RTL1 Class A1 | &nbsp;&nbsp;CMO Series 2020-RTL1 Class A1 | &nbsp;&nbsp;CMO Series 2020-RTL1 Class A1 |
| &nbsp;&nbsp;09/25/2024 | &nbsp;&nbsp;3.474% | &nbsp;&nbsp;&nbsp;&nbsp;87835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87631 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 |
| &nbsp;&nbsp;09/25/2051 | &nbsp;&nbsp;1.917% | 4024908 | &nbsp;&nbsp;3503949 |
| &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 |
| &nbsp;&nbsp;12/26/2050 | &nbsp;&nbsp;2.289% | &nbsp;&nbsp;&nbsp;159440 | &nbsp;&nbsp;&nbsp;&nbsp;150308 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NP11 Class A1 | &nbsp;&nbsp;CMO Series 2021-NP11 Class A1 | &nbsp;&nbsp;CMO Series 2021-NP11 Class A1 | &nbsp;&nbsp;CMO Series 2021-NP11 Class A1 |
| &nbsp;&nbsp;08/25/2051 | &nbsp;&nbsp;1.868% | 2084359 | &nbsp;&nbsp;1827093 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCII LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 |
| &nbsp;&nbsp;02/27/2051 | &nbsp;&nbsp;1.893% | 1536255 | &nbsp;&nbsp;1315127 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 |
| &nbsp;&nbsp;02/27/2051 | &nbsp;&nbsp;1.893% | 1281152 | &nbsp;&nbsp;1144456 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIV LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIV LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIV LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIV LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL3 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL3 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL3 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL3 Class A1 |
| &nbsp;&nbsp;02/27/2051 | &nbsp;&nbsp;2.240% | 1505945 | &nbsp;&nbsp;1350353 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIX LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIX LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIX LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIX LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL8 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL8 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL8 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL8 Class A1 |
| &nbsp;&nbsp;04/25/2051 | &nbsp;&nbsp;2.116% | &nbsp;&nbsp;&nbsp;982529 | &nbsp;&nbsp;&nbsp;&nbsp;867884 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVI LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVI LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVI LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVI LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 |
| &nbsp;&nbsp;03/27/2051 | &nbsp;&nbsp;2.116% | &nbsp;&nbsp;&nbsp;916679 | &nbsp;&nbsp;&nbsp;&nbsp;831018 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVII LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 |
| &nbsp;&nbsp;04/25/2051 | &nbsp;&nbsp;2.240% | 3757105 | &nbsp;&nbsp;3304817 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Trust CI LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Trust CI LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Trust CI LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Trust CI LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NP10 Class A1 | &nbsp;&nbsp;CMO Series 2021-NP10 Class A1 | &nbsp;&nbsp;CMO Series 2021-NP10 Class A1 | &nbsp;&nbsp;CMO Series 2021-NP10 Class A1 |
| &nbsp;&nbsp;05/25/2051 | &nbsp;&nbsp;1.992% | 2687446 | &nbsp;&nbsp;2400617 |
| &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2019-4 Class A3 | &nbsp;&nbsp;CMO Series 2019-4 Class A3 | &nbsp;&nbsp;CMO Series 2019-4 Class A3 | &nbsp;&nbsp;CMO Series 2019-4 Class A3 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;583361 | &nbsp;&nbsp;&nbsp;&nbsp;549335 |
| &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 |
| &nbsp;&nbsp;01/25/2060 | &nbsp;&nbsp;3.021% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;737885 |
| &nbsp;&nbsp;CMO Series 2020-2 Class A1 | &nbsp;&nbsp;CMO Series 2020-2 Class A1 | &nbsp;&nbsp;CMO Series 2020-2 Class A1 | &nbsp;&nbsp;CMO Series 2020-2 Class A1 |
| &nbsp;&nbsp;05/25/2060 | &nbsp;&nbsp;2.226% | &nbsp;&nbsp;&nbsp;113433 | &nbsp;&nbsp;&nbsp;&nbsp;109151 |
| &nbsp;&nbsp;CMO Series 2020-INV1 Class A1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class A1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class A1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class A1 |
| &nbsp;&nbsp;03/25/2060 | &nbsp;&nbsp;1.977% | &nbsp;&nbsp;&nbsp;&nbsp;44957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43615 |
| &nbsp;&nbsp;CMO Series 2021-R1 Class A2 | &nbsp;&nbsp;CMO Series 2021-R1 Class A2 | &nbsp;&nbsp;CMO Series 2021-R1 Class A2 | &nbsp;&nbsp;CMO Series 2021-R1 Class A2 |
| &nbsp;&nbsp;10/25/2063 | &nbsp;&nbsp;1.057% | &nbsp;&nbsp;&nbsp;201391 | &nbsp;&nbsp;&nbsp;&nbsp;176391 |
| &nbsp;&nbsp;CMO Series 2021-R1 Class A3 | &nbsp;&nbsp;CMO Series 2021-R1 Class A3 | &nbsp;&nbsp;CMO Series 2021-R1 Class A3 | &nbsp;&nbsp;CMO Series 2021-R1 Class A3 |
| &nbsp;&nbsp;10/25/2063 | &nbsp;&nbsp;1.262% | &nbsp;&nbsp;&nbsp;255096 | &nbsp;&nbsp;&nbsp;&nbsp;220924 |
| &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 |
| &nbsp;&nbsp;01/25/2067 | &nbsp;&nbsp;2.724% | 3591885 | &nbsp;&nbsp;3188927 |
| &nbsp;&nbsp;CMO Series 2022-4 Class A1 | &nbsp;&nbsp;CMO Series 2022-4 Class A1 | &nbsp;&nbsp;CMO Series 2022-4 Class A1 | &nbsp;&nbsp;CMO Series 2022-4 Class A1 |
| &nbsp;&nbsp;04/25/2067 | &nbsp;&nbsp;4.474% | &nbsp;&nbsp;&nbsp;461218 | &nbsp;&nbsp;&nbsp;&nbsp;448515 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Visio Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2019-2 Class A3 | &nbsp;&nbsp;CMO Series 2019-2 Class A3 | &nbsp;&nbsp;CMO Series 2019-2 Class A3 | &nbsp;&nbsp;CMO Series 2019-2 Class A3 |
| &nbsp;&nbsp;11/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;3.076% | 327730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302254 |
| &nbsp;&nbsp;Visio Trust<sup>(a)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1R Class A2 | &nbsp;&nbsp;CMO Series 2020-1R Class A2 | &nbsp;&nbsp;CMO Series 2020-1R Class A2 | &nbsp;&nbsp;CMO Series 2020-1R Class A2 |
| &nbsp;&nbsp;11/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1.567% | 177767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160279 |
| &nbsp;&nbsp;CMO Series 2020-1R Class A3 | &nbsp;&nbsp;CMO Series 2020-1R Class A3 | &nbsp;&nbsp;CMO Series 2020-1R Class A3 | &nbsp;&nbsp;CMO Series 2020-1R Class A3 |
| &nbsp;&nbsp;11/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1.873% | 207395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186017 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $145,876,387) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $145,876,387) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $145,876,387) | &nbsp;&nbsp;**133574074** |
| &nbsp;&nbsp;**Senior Loans 0.0%** | &nbsp;&nbsp;**Senior Loans 0.0%** | &nbsp;&nbsp;**Senior Loans 0.0%** | &nbsp;&nbsp;**Senior Loans 0.0%** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Chemicals 0.0%** | &nbsp;&nbsp;**Chemicals 0.0%** | &nbsp;&nbsp;**Chemicals 0.0%** | &nbsp;&nbsp;**Chemicals 0.0%** |
| &nbsp;&nbsp;WR Grace Holdings LLC<sup>(b),(k)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(b),(k)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(b),(k)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(b),(k)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.500%<br> 09/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.500% | &nbsp;&nbsp;33660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32966 |
| &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** |
| &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(b),(k)</sup> |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 7.750%<br> 10/01/2026 | &nbsp;&nbsp;12.134% | &nbsp;&nbsp;&nbsp;&nbsp;4859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633 |
| &nbsp;&nbsp;**Media and Entertainment 0.0%** | &nbsp;&nbsp;**Media and Entertainment 0.0%** | &nbsp;&nbsp;**Media and Entertainment 0.0%** | &nbsp;&nbsp;**Media and Entertainment 0.0%** |
| &nbsp;&nbsp;Cengage Learning, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(b),(k)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.750%<br> Floor 1.000%<br> 07/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.814% | &nbsp;&nbsp;55304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49618 |
| &nbsp;&nbsp;**Technology 0.0%** | &nbsp;&nbsp;**Technology 0.0%** | &nbsp;&nbsp;**Technology 0.0%** | &nbsp;&nbsp;**Technology 0.0%** |
| &nbsp;&nbsp;Ascend Learning LLC<sup>(b),(k)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(b),(k)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(b),(k)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(b),(k)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 12/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.884% | &nbsp;&nbsp;38610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36438 |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.750%<br> Floor 0.500%<br> 12/10/2029 | &nbsp;&nbsp;10.134% | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19636 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;DCert Buyer, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;DCert Buyer, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;DCert Buyer, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;DCert Buyer, Inc.<sup>(b),(k)</sup> |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 7.000%<br> 02/19/2029 | &nbsp;&nbsp;11.696% | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32724 |
| &nbsp;&nbsp;Epicore Software Corp.<sup>(b),(k)</sup> | &nbsp;&nbsp;Epicore Software Corp.<sup>(b),(k)</sup> | &nbsp;&nbsp;Epicore Software Corp.<sup>(b),(k)</sup> | &nbsp;&nbsp;Epicore Software Corp.<sup>(b),(k)</sup> |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 7.750%<br> Floor 1.000%<br> 07/31/2028 | &nbsp;&nbsp;12.134% | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16720 |
| &nbsp;&nbsp;UKG, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(b),(k)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 05/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.998% | &nbsp;&nbsp;&nbsp;&nbsp;22953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21806 |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.250%<br> Floor 0.500%<br> 05/03/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.998% | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41197 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**168521** |
| &nbsp;&nbsp;Total Senior Loans<br> (Cost $275,749) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $275,749) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $275,749) | &nbsp;&nbsp;&nbsp;&nbsp;**253738** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 0.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations 0.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations 0.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations 0.4%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;U.S. Treasury<sup>(h)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(h)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(h)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(h)</sup> |
| &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;2.500% | 5750000 | &nbsp;&nbsp;4343047 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $6,229,056) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $6,229,056) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $6,229,056) | &nbsp;&nbsp;**4343047** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 8.7%** | &nbsp;&nbsp;**Money Market Funds 8.7%** | &nbsp;&nbsp;**Money Market Funds 8.7%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(l),(m)</sup> | &nbsp;&nbsp;101792055 | &nbsp;&nbsp;&nbsp;&nbsp;101761518 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $101,755,593) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $101,755,593) | &nbsp;&nbsp;&nbsp;&nbsp;**101761518** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,301,254,633)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,301,254,633)** | &nbsp;&nbsp;**1321514907** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;**(151763632)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**1169751275** |

---

At December 31, 2022, securities and/or cash totaling $4,769,091 were pledged as collateral.

The accompanying Notes to Financial Statements are an integral part of this statement.

30 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 783 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;87928453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(691573) |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 337 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;36372305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(231307) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 32 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4298000 | &nbsp;&nbsp;&nbsp;&nbsp;19659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19659 | &nbsp;&nbsp;&nbsp;&nbsp;(922880) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | (184) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(37734375) | &nbsp;&nbsp;&nbsp;&nbsp;107055 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $293,536,939, which represents 25.09% of total net assets.

(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The
interest rate shown was the current rate as of December 31, 2022.

(d) Non-income producing investment.

(e) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

(f) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(g) Principal and interest may not be guaranteed by a governmental entity.

(h) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(i) Represents a security purchased on a forward commitment basis.

(j) Represents a security purchased on a when-issued basis.

(k) The stated interest rate represents the weighted average interest rate at December 31, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily
determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending
rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed.
Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining
maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(l) The rate shown is the seven-day current annualized yield at December 31, 2022.

(m) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 89970020 | &nbsp;&nbsp;427555192 | &nbsp;&nbsp;(415775626) | &nbsp;&nbsp;11932 | &nbsp;&nbsp;101761518 | &nbsp;&nbsp;(22988) | &nbsp;&nbsp;1418081 | &nbsp;&nbsp;101792055 |

---

#### Abbreviation Legend

---

| | |
|:---|:---|
| CMO | &nbsp;&nbsp;Collateralized Mortgage Obligation |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate |
| TBA | &nbsp;&nbsp;To Be Announced |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Currency Legend
USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83946472 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83946472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80374434 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80374434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;78079594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78079594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;45167221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45167221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;50073581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50073581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;36631934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36631934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;71868861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71868861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 106024440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106024440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;55423456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55423456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 179027045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179027045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;17111611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17111611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;10736641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10736641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;19239721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19239721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 669384105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669384105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43228 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84490456 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84490456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Equity Funds | &nbsp;&nbsp;&nbsp;10393737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10393737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91518 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91518 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

32 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;152858580 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152858580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;133574074 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133574074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253738 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253738 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343047 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 101761518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101761518 |
| &nbsp;&nbsp;Total Investments in Securities | 781539360 | &nbsp;&nbsp;&nbsp;&nbsp;539975547 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1321514907 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(922880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(922880) |
| &nbsp;&nbsp;Total | 780743194 | &nbsp;&nbsp;&nbsp;&nbsp;539975547 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1320718741 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance<br> as of<br> 12/31/2021<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Increase<br> (decrease)<br> in accrued<br> discounts/<br> premiums<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized<br> gain (loss)<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Change<br> in unrealized<br> appreciation<br> (depreciation)<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> into<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> out of<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Balance<br> as of<br> 12/31/2022<br> ($)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;5177435 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5177435) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;9425000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4450000) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4975000) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4616 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4616) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total** | **14607051** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**(4450000)** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**(10157051)** | &nbsp;&nbsp;&nbsp;&nbsp;**—** |

---

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,199,499,040) | $1219753389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $101,755,593) | &nbsp;&nbsp;&nbsp;&nbsp;101761518 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474881 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734000 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13424 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1326928132 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;152579968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41743 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;157176857 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1169751275** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $1169751275 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1169751275** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$15285430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35.15 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$81460742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34.41 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1073005103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30827135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34.81 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

34 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$10744525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13526475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79971) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25614920 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8633179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22944 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11267740 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(695) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11267045 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14347875 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38561850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22988) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2848) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(22521617) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16014397 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(271689559) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1056692) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(272734028) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(256719631) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(242371756)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$14347875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9510880 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16014397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172269163 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(272734028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675098 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(242371756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188455141 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39542359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27044181) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(281914115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161410960 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;1451665390 | &nbsp;&nbsp;&nbsp;&nbsp;1290254430 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1169751275** | &nbsp;&nbsp;**$1451665390** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;177490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6692596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7621888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(796656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401576) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;156595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7220312 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;1740344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64385668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33120788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(175076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6308994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(833012) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;1565268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58076674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32287776 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;135064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5137208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22773586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2950006) | &nbsp;&nbsp;&nbsp;&nbsp;(108652181) | &nbsp;&nbsp;&nbsp;&nbsp;(2251153) | &nbsp;&nbsp;&nbsp;&nbsp;(89325855) |
| &nbsp;&nbsp;Net decrease | (2814942) | &nbsp;&nbsp;&nbsp;&nbsp;(103514973) | &nbsp;&nbsp;&nbsp;&nbsp;(1663403) | &nbsp;&nbsp;&nbsp;&nbsp;(66552269) |
| &nbsp;&nbsp;**Total net decrease** | **(1093079)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(39542359)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(681190)** | &nbsp;&nbsp;&nbsp;&nbsp;**(27044181)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

36 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $42.17 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;(7.51) | &nbsp;&nbsp;(7.02) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $36.71 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.46 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $31.17 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $25.35 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;5.34 | &nbsp;&nbsp;&nbsp;&nbsp;5.82 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $26.90 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;(1.97) | &nbsp;&nbsp;(1.55) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $41.39 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;(7.38) | &nbsp;&nbsp;(6.98) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $36.11 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.28 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $30.74 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $25.06 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $26.66 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(1.94) | &nbsp;&nbsp;(1.60) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $41.81 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;(7.42) | &nbsp;&nbsp;(7.00) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $36.44 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $30.99 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $25.24 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.75 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $26.82 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;(1.96) | &nbsp;&nbsp;(1.58) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

38 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $35.15 | (16.65%) | 0.76%<sup>(c)</sup> | 0.76%<sup>(c)</sup> | 1.31% | 134% | &nbsp;&nbsp;&nbsp;&nbsp;$15285 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $42.17 | 14.88% | 0.75%<sup>(c)</sup> | 0.75%<sup>(c)</sup> | 0.82% | 118% | &nbsp;&nbsp;&nbsp;&nbsp;$11736 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $36.71 | 17.77% | 0.78% | 0.77% | 1.21% | 145% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3591 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $31.17 | 22.96% | 0.79% | 0.76% | 1.63% | 126% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$741 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $25.35 | &nbsp;&nbsp;(5.76%) | 0.78% | 0.75% | 1.53% | &nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $34.41 | (16.87%) | 1.01%<sup>(c)</sup> | 1.01%<sup>(c)</sup> | 1.12% | 134% | &nbsp;&nbsp;&nbsp;&nbsp;$81461 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $41.39 | 14.62% | 1.00%<sup>(c)</sup> | 1.00%<sup>(c)</sup> | 0.60% | 118% | &nbsp;&nbsp;&nbsp;&nbsp;$33191 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $36.11 | 17.47% | 1.00% | 1.00% | 1.04% | 145% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $30.74 | 22.66% | 1.03% | 1.01% | 1.43% | 126% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $25.06 | &nbsp;&nbsp;(6.00%) | 1.03% | 1.00% | 1.27% | &nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $34.81 | (16.74%) | 0.88%<sup>(c)</sup> | 0.88%<sup>(c)</sup> | 1.13% | 134% | $1073005 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $41.81 | 14.74% | 0.88%<sup>(c)</sup> | 0.88%<sup>(c)</sup> | 0.69% | 118% | $1406738 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $36.44 | 17.58% | 0.90% | 0.89% | 1.13% | 145% | $1286659 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $30.99 | 22.78% | 0.91% | 0.88% | 1.57% | 126% | $1137620 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $25.24 | &nbsp;&nbsp;(5.89%) | 0.91% | 0.87% | 1.40% | &nbsp;&nbsp;81% | $1004017 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Balanced Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

40 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Notes to Financial Statements (continued)

December 31, 2022

also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

42 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Notes to Financial Statements (continued)

December 31, 2022

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;126,714\* |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;922,880\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 43

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;(22521617) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;(1056692) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 137582793 |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;28534278 |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

#### Investments in senior loans
The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

#### Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

44 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 45

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Notes to Financial Statements (continued)

December 31, 2022

recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

The value of additional securities received as an income payment through a payment in kind, if any, is recorded as interest income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

46 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. Effective July 1, 2022, the management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.72% to 0.5075% as the Fund's net assets increase. Prior to July 1, 2022, the management services fee was equal to a percentage of the Fund's daily net assets that declined from 0.72% to 0.52% as the Fund's net assets increased. The effective management services fee rate for the year ended December 31, 2022 was 0.6788% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 47

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.06% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | **Contractual<br> expense cap<br> July 1, 2022<br> through<br> April 30, 2023** | **Voluntary<br> expense cap<br> May 1, 2022<br> through<br> June 30, 2022** | **Contractual<br> expense cap<br> prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.76% | &nbsp;&nbsp;0.76% | &nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;1.01 |
| &nbsp;&nbsp;Class 3 | 0.885 | 0.885 | 0.885 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,739,670,590 and $1,722,268,454, respectively, for the year ended December 31, 2022, of which $1,224,066,481 and $1,129,327,166, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

48 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 14525000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;4 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 49

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 8. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

50 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 99.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 51

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Notes to Financial Statements (continued)

December 31, 2022

affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

52 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Balanced Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Balanced Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 53

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

54 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 55

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

56 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 57

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

58 Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Balanced Fund \| Annual Report 2022 59

------

[**Table of Contents**](#JOB_24700_51c5123b-11b8-40e8-b991-a73f9a14ee03_TOC)

#### Columbia Variable Portfolio – Balanced Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgf6b36c692.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7000_12_B01_(02/23)

------

![](img017effa21.jpg)

Annual Report

December 31, 2022

![](img09439c6f2.jpg)

Columbia Variable Portfolio – Select Small Cap Value Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_d9f6a572-eaca-4bf1-86e2-880df5faa29a_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_d9f6a572-eaca-4bf1-86e2-880df5faa29a_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_74d75d07-4f01-4fe0-8675-710de0059bb4_1)<br>| 7 |
| [Portfolio of Investments](#xx_b4ac1a74-a456-4a21-8206-7f059f04c755_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_d10439df-f653-4abe-a813-4d658c60f735_1)<br>| 12 |
| [Statement of Operations](#xx_d10439df-f653-4abe-a813-4d658c60f735_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_d10439df-f653-4abe-a813-4d658c60f735_3)<br>| 14 |
| [Financial Highlights](#xx_5a1e2ea3-c944-4253-95cf-4cf5e58affee_2)<br>| 16 |
| [Notes to Financial Statements](#xx_ef23fa70-f8c6-4539-b45f-7c56383473d8_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_3895190d-4b5f-40eb-89db-44c8f89face0_1)<br>| 25 |
| [Trustees and Officers](#xx_53452d2b-0afd-4b52-96cc-819e83669ffd_1)<br>| 26 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Select Small Cap Value Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### Kari Montanus
Lead Portfolio Manager

Managed Fund since 2014

#### Jonas Patrikson, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-14.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;9.39 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-14.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;09/15/99 | &nbsp;&nbsp;&nbsp;&nbsp;-14.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;9.26 |
| &nbsp;&nbsp;Russell 2000 Value Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.48 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;8.48 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Russell 2000 Value Index, an unmanaged index, tracks the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img72ee6da13.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Select Small Cap Value Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;96.1 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;10.2 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;25.8 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;17.9 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;11.2 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;9.3 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Select Small Cap Value Fund returned -14.93%. The Fund underperformed its benchmark, the Russell 2000 Value Index, which returned -14.48% for the same time period.

Market overview

U.S. equities declined in 2022, posting the worst annual performance, as measured by the S&P 500 Index, since the Global Financial Crisis in 2008 and the dot-com meltdown in 2002. In stark contrast to the previous calendar year 2021, in which U.S. equities accelerated to 70 record highs throughout the period and all 11 economic sectors delivered double-digit gains, 2022 saw a choppy but steady downward trajectory as investor sentiment wavered between worry and hope. Six of the 11 sectors within the S&P 500 Index fell by double-digits. Energy stocks performed best, continuing the post-pandemic momentum driven by rising oil prices. Utilities stocks were the only other broad category to produce positive results, but just barely, as investors sought stability and at least some certainty about future earnings.

Results were driven largely by expectations around the course of inflation and corresponding action by the U.S. Federal Reserve (Fed), which hiked rates seven times by a combined 4.25 percentage points over the course of 2022. Some upside during the period was sparked by investors' interpretation of Fed Chair Powell's remarks after the Federal Open Market Committee (FOMC) announced an anticipated 75-basis point rate hike at the end of July 2022. (A basis point is 1/100 of a percent.) What many seemingly heard were hints that rate hikes would slow in concert with softening economic growth. That takeaway evaporated a month later when Powell spoke at Jackson Hole and prioritized fighting inflation no matter how much pain the economy might suffer. His inflation-fighting resolve was confirmed by an additional 75-basis point hike in September 2022, along with a forecast showing no expectations for rate cuts until 2024.

A similar about-face was repeated near year-end as sentiment abruptly turned positive to start the fourth quarter of 2022 but stalled in mid-December when the Fed raised rates by 50 basis points. Although the hike was widely anticipated and marked a step down from the previous 75-basis point increases, it disappointed investors who had hoped for softening language about future increases. Slowing global growth and China's COVID-19 lockdown policy compounded rate worries, as did an increasing realization that earnings estimates had been implausibly optimistic for much of the year 2022.

The Fund's notable detractors during the period

• As noted above, adverse stock selection within the financials and health care sectors was the key driver of underperformance during the year.

• A
notable individual detractor was insurer Lincoln National Corp., which disappointed investors with a loss owing to a significant charge associated with its annual actuarial assumption review.

• Mass media company iHeartMedia, Inc. also detracted, falling after reporting earnings and margins below expectations which overshadowed strong growth in its podcast business.

• Within health care, Syneos Health, Inc. was a notable detractor. The company, which provides outsourced clinical and commercial services for biopharmaceutical companies, declined as
the challenging macro environment and higher interest rates weighed on results.

The Fund's notable contributors during the period

• Adverse stock selection within the financials and health care sectors was the key driver of underperformance during the year, narrowly offsetting stronger results in the materials, consumer discretionary,
information technology and real estate sectors.

• An underweight to the energy sector and an overweight to the information technology sector also hurt relative results and offset benefits realized from underweights in the health care and real estate sectors. Sector
exposures are a byproduct of the portfolio's longstanding bottom-up investment process.

• Top individual contributors included two energy holdings. Equipment and services provider Patterson-UTI Energy, Inc. and exploration and production company Devon Energy Corp. each
pleased investors with solid results and a focus on returning cash to shareholders.

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• In addition, specialty materials maker Allegheny Technologies, Inc. rose after reporting results well above consensus expectations and raising forward guidance against the backdrop of recovery in aerospace, a key
market for the company. We sold the Fund's position in Allegheny Technologies.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investments in small-cap companies involve risks and volatility greater than investments in larger, more established companies. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. Investments in a limited number of companies subject the Fund to greater risk of loss. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1059.40 | &nbsp;&nbsp;&nbsp;&nbsp;1020.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1057.90 | &nbsp;&nbsp;&nbsp;&nbsp;1019.55 | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1058.80 | &nbsp;&nbsp;&nbsp;&nbsp;1020.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 96.0%** | &nbsp;&nbsp;**Common Stocks 96.0%** | &nbsp;&nbsp;**Common Stocks 96.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 1.6%** | &nbsp;&nbsp;**Communication Services 1.6%** | &nbsp;&nbsp;**Communication Services 1.6%** |
| &nbsp;&nbsp;**Media 0.6%** | &nbsp;&nbsp;**Media 0.6%** | &nbsp;&nbsp;**Media 0.6%** |
| &nbsp;&nbsp;iHeartMedia, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;96778 | &nbsp;&nbsp;&nbsp;&nbsp;593249 |
| &nbsp;&nbsp;**Wireless Telecommunication Services 1.0%** | &nbsp;&nbsp;**Wireless Telecommunication Services 1.0%** | &nbsp;&nbsp;**Wireless Telecommunication Services 1.0%** |
| &nbsp;&nbsp;Telephone and Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88747 | &nbsp;&nbsp;&nbsp;&nbsp;930956 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**1524205** |
| &nbsp;&nbsp;**Consumer Discretionary 9.8%** | &nbsp;&nbsp;**Consumer Discretionary 9.8%** | &nbsp;&nbsp;**Consumer Discretionary 9.8%** |
| &nbsp;&nbsp;**Auto Components 2.7%** | &nbsp;&nbsp;**Auto Components 2.7%** | &nbsp;&nbsp;**Auto Components 2.7%** |
| &nbsp;&nbsp;Visteon Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;2616600 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 4.4%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 4.4%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 4.4%** |
| &nbsp;&nbsp;Penn Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17536 | &nbsp;&nbsp;&nbsp;&nbsp;520819 |
| &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62759 | &nbsp;&nbsp;1459147 |
| &nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25239 | &nbsp;&nbsp;2295487 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;4275453 |
| &nbsp;&nbsp;**Household Durables 1.2%** | &nbsp;&nbsp;**Household Durables 1.2%** | &nbsp;&nbsp;**Household Durables 1.2%** |
| &nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;35494 | &nbsp;&nbsp;1130484 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.5%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.5%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.5%** |
| &nbsp;&nbsp;Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37022 | &nbsp;&nbsp;1480510 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**9503047** |
| &nbsp;&nbsp;**Consumer Staples 1.4%** | &nbsp;&nbsp;**Consumer Staples 1.4%** | &nbsp;&nbsp;**Consumer Staples 1.4%** |
| &nbsp;&nbsp;**Food Products 1.4%** | &nbsp;&nbsp;**Food Products 1.4%** | &nbsp;&nbsp;**Food Products 1.4%** |
| &nbsp;&nbsp;Nomad Foods Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79968 | &nbsp;&nbsp;1378648 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**1378648** |
| &nbsp;&nbsp;**Energy 4.8%** | &nbsp;&nbsp;**Energy 4.8%** | &nbsp;&nbsp;**Energy 4.8%** |
| &nbsp;&nbsp;**Energy Equipment & Services 2.6%** | &nbsp;&nbsp;**Energy Equipment & Services 2.6%** | &nbsp;&nbsp;**Energy Equipment & Services 2.6%** |
| &nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;149387 | &nbsp;&nbsp;2515677 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 2.2%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 2.2%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 2.2%** |
| &nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35054 | &nbsp;&nbsp;2156172 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**4671849** |
| &nbsp;&nbsp;**Financials 24.8%** | &nbsp;&nbsp;**Financials 24.8%** | &nbsp;&nbsp;**Financials 24.8%** |
| &nbsp;&nbsp;**Banks 12.9%** | &nbsp;&nbsp;**Banks 12.9%** | &nbsp;&nbsp;**Banks 12.9%** |
| &nbsp;&nbsp;First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71929 | &nbsp;&nbsp;1873031 |
| &nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;136580 | &nbsp;&nbsp;1925778 |
| &nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;89044 | &nbsp;&nbsp;1892185 |
| &nbsp;&nbsp;Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84030 | &nbsp;&nbsp;2651987 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31922 | &nbsp;&nbsp;&nbsp;&nbsp;2117067 |
| &nbsp;&nbsp;Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31733 | &nbsp;&nbsp;&nbsp;&nbsp;2062010 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;12522058 |
| &nbsp;&nbsp;**Consumer Finance 0.5%** | &nbsp;&nbsp;**Consumer Finance 0.5%** | &nbsp;&nbsp;**Consumer Finance 0.5%** |
| &nbsp;&nbsp;PROG Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500248 |
| &nbsp;&nbsp;**Insurance 5.1%** | &nbsp;&nbsp;**Insurance 5.1%** | &nbsp;&nbsp;**Insurance 5.1%** |
| &nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72987 | &nbsp;&nbsp;&nbsp;&nbsp;1667753 |
| &nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;16876 | &nbsp;&nbsp;&nbsp;&nbsp;2280454 |
| &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33108 | &nbsp;&nbsp;&nbsp;&nbsp;1017077 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4965284 |
| &nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) 0.7%** | &nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) 0.7%** | &nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) 0.7%** |
| &nbsp;&nbsp;Ladder Capital Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;70273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705541 |
| &nbsp;&nbsp;**Thrifts & Mortgage Finance 5.6%** | &nbsp;&nbsp;**Thrifts & Mortgage Finance 5.6%** | &nbsp;&nbsp;**Thrifts & Mortgage Finance 5.6%** |
| &nbsp;&nbsp;Axos Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;73369 | &nbsp;&nbsp;&nbsp;&nbsp;2804163 |
| &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;134721 | &nbsp;&nbsp;&nbsp;&nbsp;2569130 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5373293 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**24066424** |
| &nbsp;&nbsp;**Health Care 6.3%** | &nbsp;&nbsp;**Health Care 6.3%** | &nbsp;&nbsp;**Health Care 6.3%** |
| &nbsp;&nbsp;**Biotechnology —%** | &nbsp;&nbsp;**Biotechnology —%** | &nbsp;&nbsp;**Biotechnology —%** |
| &nbsp;&nbsp;OmniAb, Inc.<sup>(a),(b),(c),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;OmniAb, Inc.<sup>(a),(b),(c),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 3.4%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 3.4%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 3.4%** |
| &nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21691 | &nbsp;&nbsp;&nbsp;&nbsp;1922690 |
| &nbsp;&nbsp;LivaNova PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24656 | &nbsp;&nbsp;&nbsp;&nbsp;1369394 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3292084 |
| &nbsp;&nbsp;**Health Care Providers & Services 1.5%** | &nbsp;&nbsp;**Health Care Providers & Services 1.5%** | &nbsp;&nbsp;**Health Care Providers & Services 1.5%** |
| &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;1414910 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 1.2%** | &nbsp;&nbsp;**Life Sciences Tools & Services 1.2%** | &nbsp;&nbsp;**Life Sciences Tools & Services 1.2%** |
| &nbsp;&nbsp;Syneos Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32791 | &nbsp;&nbsp;&nbsp;&nbsp;1202774 |
| &nbsp;&nbsp;**Pharmaceuticals 0.2%** | &nbsp;&nbsp;**Pharmaceuticals 0.2%** | &nbsp;&nbsp;**Pharmaceuticals 0.2%** |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247294 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;&nbsp;&nbsp;**6157062** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Industrials 17.2%** | &nbsp;&nbsp;**Industrials 17.2%** | &nbsp;&nbsp;**Industrials 17.2%** |
| &nbsp;&nbsp;**Aerospace & Defense 2.9%** | &nbsp;&nbsp;**Aerospace & Defense 2.9%** | &nbsp;&nbsp;**Aerospace & Defense 2.9%** |
| &nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16898 | &nbsp;&nbsp;&nbsp;&nbsp;2821797 |
| &nbsp;&nbsp;**Airlines 1.0%** | &nbsp;&nbsp;**Airlines 1.0%** | &nbsp;&nbsp;**Airlines 1.0%** |
| &nbsp;&nbsp;Spirit Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;48658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947858 |
| &nbsp;&nbsp;**Building Products 1.3%** | &nbsp;&nbsp;**Building Products 1.3%** | &nbsp;&nbsp;**Building Products 1.3%** |
| &nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56768 | &nbsp;&nbsp;&nbsp;&nbsp;1200643 |
| &nbsp;&nbsp;**Commercial Services & Supplies 1.9%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.9%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.9%** |
| &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14068 | &nbsp;&nbsp;&nbsp;&nbsp;1864854 |
| &nbsp;&nbsp;**Construction & Engineering 1.6%** | &nbsp;&nbsp;**Construction & Engineering 1.6%** | &nbsp;&nbsp;**Construction & Engineering 1.6%** |
| &nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70573 | &nbsp;&nbsp;&nbsp;&nbsp;1548372 |
| &nbsp;&nbsp;**Electrical Equipment 2.4%** | &nbsp;&nbsp;**Electrical Equipment 2.4%** | &nbsp;&nbsp;**Electrical Equipment 2.4%** |
| &nbsp;&nbsp;Bloom Energy Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816424 |
| &nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12657 | &nbsp;&nbsp;&nbsp;&nbsp;1518587 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2335011 |
| &nbsp;&nbsp;**Machinery 1.9%** | &nbsp;&nbsp;**Machinery 1.9%** | &nbsp;&nbsp;**Machinery 1.9%** |
| &nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23098 | &nbsp;&nbsp;&nbsp;&nbsp;1873248 |
| &nbsp;&nbsp;**Professional Services 1.7%** | &nbsp;&nbsp;**Professional Services 1.7%** | &nbsp;&nbsp;**Professional Services 1.7%** |
| &nbsp;&nbsp;CACI International, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5487 | &nbsp;&nbsp;&nbsp;&nbsp;1649337 |
| &nbsp;&nbsp;**Road & Rail 2.5%** | &nbsp;&nbsp;**Road & Rail 2.5%** | &nbsp;&nbsp;**Road & Rail 2.5%** |
| &nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46902 | &nbsp;&nbsp;&nbsp;&nbsp;2458134 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**16699254** |
| &nbsp;&nbsp;**Information Technology 10.8%** | &nbsp;&nbsp;**Information Technology 10.8%** | &nbsp;&nbsp;**Information Technology 10.8%** |
| &nbsp;&nbsp;**Communications Equipment 5.5%** | &nbsp;&nbsp;**Communications Equipment 5.5%** | &nbsp;&nbsp;**Communications Equipment 5.5%** |
| &nbsp;&nbsp;Extreme Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;218400 | &nbsp;&nbsp;&nbsp;&nbsp;3998904 |
| &nbsp;&nbsp;Viavi Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;132200 | &nbsp;&nbsp;&nbsp;&nbsp;1389422 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5388326 |
| &nbsp;&nbsp;**IT Services 1.1%** | &nbsp;&nbsp;**IT Services 1.1%** | &nbsp;&nbsp;**IT Services 1.1%** |
| &nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp;1040575 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.2%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.2%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.2%** |
| &nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34577 | &nbsp;&nbsp;&nbsp;&nbsp;1530378 |
| &nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;2519200 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4049578 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**10478479** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Materials 8.4%** | &nbsp;&nbsp;**Materials 8.4%** | &nbsp;&nbsp;**Materials 8.4%** |
| &nbsp;&nbsp;**Chemicals 1.5%** | &nbsp;&nbsp;**Chemicals 1.5%** | &nbsp;&nbsp;**Chemicals 1.5%** |
| &nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23531 | &nbsp;&nbsp;&nbsp;&nbsp;1428802 |
| &nbsp;&nbsp;**Construction Materials 2.0%** | &nbsp;&nbsp;**Construction Materials 2.0%** | &nbsp;&nbsp;**Construction Materials 2.0%** |
| &nbsp;&nbsp;Summit Materials, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70747 | &nbsp;&nbsp;&nbsp;&nbsp;2008524 |
| &nbsp;&nbsp;**Containers & Packaging 2.4%** | &nbsp;&nbsp;**Containers & Packaging 2.4%** | &nbsp;&nbsp;**Containers & Packaging 2.4%** |
| &nbsp;&nbsp;O-I Glass, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;142884 | &nbsp;&nbsp;&nbsp;&nbsp;2367588 |
| &nbsp;&nbsp;**Metals & Mining 2.5%** | &nbsp;&nbsp;**Metals & Mining 2.5%** | &nbsp;&nbsp;**Metals & Mining 2.5%** |
| &nbsp;&nbsp;ATI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80752 | &nbsp;&nbsp;&nbsp;&nbsp;2411255 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;**8216169** |
| &nbsp;&nbsp;**Real Estate 8.9%** | &nbsp;&nbsp;**Real Estate 8.9%** | &nbsp;&nbsp;**Real Estate 8.9%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 8.9%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 8.9%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 8.9%** |
| &nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;2051400 |
| &nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31733 | &nbsp;&nbsp;&nbsp;&nbsp;1531435 |
| &nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37990 | &nbsp;&nbsp;&nbsp;&nbsp;1978899 |
| &nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;1492200 |
| &nbsp;&nbsp;Physicians Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;113467 | &nbsp;&nbsp;&nbsp;&nbsp;1641867 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;8695801 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**8695801** |
| &nbsp;&nbsp;**Utilities 2.0%** | &nbsp;&nbsp;**Utilities 2.0%** | &nbsp;&nbsp;**Utilities 2.0%** |
| &nbsp;&nbsp;**Electric Utilities 2.0%** | &nbsp;&nbsp;**Electric Utilities 2.0%** | &nbsp;&nbsp;**Electric Utilities 2.0%** |
| &nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39897 | &nbsp;&nbsp;&nbsp;&nbsp;1954953 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**1954953** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $76,048,091) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $76,048,091) | &nbsp;&nbsp;**93345891** |
| &nbsp;&nbsp;**Money Market Funds 3.9%** | &nbsp;&nbsp;**Money Market Funds 3.9%** | &nbsp;&nbsp;**Money Market Funds 3.9%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(e),(f)</sup> | &nbsp;&nbsp;3776823 | &nbsp;&nbsp;&nbsp;&nbsp;3775690 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $3,775,130) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $3,775,130) | &nbsp;&nbsp;&nbsp;&nbsp;**3775690** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $79,823,221)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $79,823,221)** | &nbsp;&nbsp;**97121581** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74485** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**97196066** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2022, the total value of these securities amounted to $0, which
represents less than 0.01% of total net assets.

(c) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve
time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those
securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued
at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees. At December 31, 2022, the total market value of these securities amounted to $0, which
represents less than 0.01% of total net assets. Additional information on these securities is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security** | **Acquisition<br> Dates** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;OmniAb, Inc. | 03/05/2015-06/10/2021 | &nbsp;&nbsp;1403 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;OmniAb, Inc. | 03/05/2015-06/10/2021 | &nbsp;&nbsp;1403 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

---

(d) Valuation based on significant unobservable inputs.

(e) The rate shown is the seven-day current annualized yield at December 31, 2022.

(f) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 2079185 | &nbsp;&nbsp;13248427 | &nbsp;&nbsp;(11552552) | &nbsp;&nbsp;630 | &nbsp;&nbsp;3775690 | &nbsp;&nbsp;(734) | &nbsp;&nbsp;66442 | &nbsp;&nbsp;3776823 |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;1524205 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;9503047 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9503047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;1378648 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;4671849 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4671849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 24066424 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24066424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;6157062 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6157062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 16699254 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16699254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 10478479 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10478479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;8216169 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8216169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;8695801 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8695801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;1954953 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 93345891 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;93345891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;3775690 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775690 |
| &nbsp;&nbsp;Total Investments in Securities | 97121581 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;97121581 |

---

\* Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $76,048,091) | $93345891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $3,775,130) | &nbsp;&nbsp;&nbsp;&nbsp;3775690 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6301 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;97333758 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3943 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137692 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$97196066** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $97196066 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$97196066** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$7735287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.51 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $37260865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1259537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.58 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $52199914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1736605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.06 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$1882585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8763) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940264 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7203 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195563 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177961) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017602 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922662 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(734) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716005 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(18256611) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(18255981) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(17539976) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(16617314)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$922662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$435053 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6705393 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(18255981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18264894 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;(16617314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25405340 |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;3994370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637478 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;(12622944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27042818 |
| &nbsp;&nbsp;Net assets at beginning of year | 109819010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82776192 |
| &nbsp;&nbsp;**Net assets at end of year** | **$97196066** | &nbsp;&nbsp;**$109819010** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;135862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4408779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7733265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(60230) | &nbsp;&nbsp;&nbsp;&nbsp;(1992164) | &nbsp;&nbsp;&nbsp;&nbsp;(208193) | &nbsp;&nbsp;&nbsp;&nbsp;(7074331) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;75632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658934 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;194379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6051296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8281484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (117589) | &nbsp;&nbsp;&nbsp;&nbsp;(3612649) | &nbsp;&nbsp;&nbsp;&nbsp;(175559) | &nbsp;&nbsp;&nbsp;&nbsp;(5714130) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;76790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567354 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;98522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3719235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (128382) | &nbsp;&nbsp;&nbsp;&nbsp;(4035337) | &nbsp;&nbsp;&nbsp;&nbsp;(162272) | &nbsp;&nbsp;&nbsp;&nbsp;(5308045) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;(29860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(860892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49432) | &nbsp;&nbsp;&nbsp;&nbsp;(1588810) |
| &nbsp;&nbsp;**Total net increase** | &nbsp;&nbsp;**122562** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3994370** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46654** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1637478** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $35.77 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(5.62) | &nbsp;&nbsp;(5.26) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $27.32 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp;&nbsp;&nbsp;8.45 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $25.02 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $21.25 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $24.31 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(3.17) | &nbsp;&nbsp;(3.06) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $34.77 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(5.45) | &nbsp;&nbsp;(5.19) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $26.62 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;8.04 | &nbsp;&nbsp;&nbsp;&nbsp;8.15 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $24.44 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $20.81 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $23.87 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;(3.11) | &nbsp;&nbsp;(3.06) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $35.29 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(5.53) | &nbsp;&nbsp;(5.23) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $26.98 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;8.31 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $24.74 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $21.04 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $24.10 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(3.14) | &nbsp;&nbsp;(3.06) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $30.51 | (14.71%) | 1.03% | 0.85% | 1.14% | &nbsp;&nbsp;7% | &nbsp;&nbsp;$7735 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $35.77 | 30.93% | 1.04% | 0.85% | 0.59% | 16% | &nbsp;&nbsp;$6364 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $27.32 | &nbsp;&nbsp;&nbsp;9.19% | 1.09% | 0.86% | 0.49% | 28% | &nbsp;&nbsp;$4360 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $25.02 | 17.74% | 1.05% | 0.88% | 0.68% | 21% | &nbsp;&nbsp;$4280 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $21.25 | (12.59%) | 1.04% | 0.88% | 0.43% | 13% | &nbsp;&nbsp;$3163 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $29.58 | (14.93%) | 1.28% | 1.10% | 0.84% | &nbsp;&nbsp;7% | $37261 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $34.77 | 30.62% | 1.29% | 1.10% | 0.34% | 16% | $41125 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $26.62 | &nbsp;&nbsp;&nbsp;8.92% | 1.34% | 1.11% | 0.25% | 28% | $29417 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $24.44 | 17.44% | 1.30% | 1.13% | 0.44% | 21% | $26851 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.81 | (12.82%) | 1.29% | 1.13% | 0.20% | 13% | $24086 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $30.06 | (14.82%) | 1.15% | 0.97% | 0.95% | &nbsp;&nbsp;7% | $52200 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $35.29 | 30.80% | 1.16% | 0.98% | 0.45% | 16% | $62331 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $26.98 | &nbsp;&nbsp;&nbsp;9.05% | 1.21% | 0.99% | 0.37% | 28% | $48999 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $24.74 | 17.59% | 1.18% | 1.00% | 0.57% | 21% | $52643 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $21.04 | (12.70%) | 1.17% | 1.01% | 0.33% | 13% | $51927 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Select Small Cap Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.87% to 0.75% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.87% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan

20 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.08% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;1.10 |
| &nbsp;&nbsp;Class 3 | 0.975 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $9,823,435 and $6,647,082, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

22 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 8. Significant risks

#### Financial sector risk
The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Notes to Financial Statements (continued)

December 31, 2022

political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 83.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

#### Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

24 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Select Small Cap Value Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Select Small Cap Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

26 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

28 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

30 Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Select Small Cap Value Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_26200_b5d541df-cdff-42aa-b6df-c4d5527b8b6d_TOC)

#### Columbia Variable Portfolio – Select Small Cap Value Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img09439c6f2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7022_12_B01_(02/23

------

![](img6efb36631.jpg)

Annual Report

December 31, 2022

![](img35df31bc2.jpg)

Variable Portfolio – Managed Volatility Moderate Growth Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_01eca3b2-c0c4-4c5c-887e-9b83bfc9165a_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_01eca3b2-c0c4-4c5c-887e-9b83bfc9165a_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_3be7c492-ddc1-464c-b62d-2df8ef6a58de_1)<br>| 7 |
| [Portfolio of Investments](#xx_e9f6d546-8e78-4d26-a30c-f3a0f718d8c3_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_20a4518f-00e9-45f3-87b7-f55a306bf1cd_1)<br>| 18 |
| [Statement of Operations](#xx_20a4518f-00e9-45f3-87b7-f55a306bf1cd_2)<br>| 19 |
| [Statement of Changes in Net Assets](#xx_20a4518f-00e9-45f3-87b7-f55a306bf1cd_3)<br>| 20 |
| [Financial Highlights](#xx_568d74b1-bec5-4aca-9c18-dec 67be8743c_2)<br>| 22 |
| [Notes to Financial Statements](#xx_7f6bf447-7251-4a45-9f14-bc3f3e2daa8a_1)<br>| 24 |
| [Report of Independent Registered Public Accounting Firm](#xx_2ebd66ba-7532-4c97-b621-f6f4b684c2c7_1)<br>| 39 |
| [Trustees and Officers](#xx_df43e29a-1337-42c9-8f50-f5c546cf7837_1)<br>| 40 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Managed Volatility Moderate Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund pursues total return while seeking to manage the Fund's exposure to equity market volatility.

Portfolio management

#### Brian Virginia
Lead Portfolio Manager

Managed Fund since 2014

#### Anwiti Bahuguna, Ph.D.
Portfolio Manager

Managed Fund since 2015

#### David Weiss, CFA
Portfolio Manager

Managed Fund since 2016

#### Joshua Kutin, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;-17.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;04/19/12 | &nbsp;&nbsp;&nbsp;&nbsp;-18.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 |
| &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-15.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information.

The Blended Benchmark consists of 50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000 Index and 15% MSCI EAFE Index (Net).

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img4f1945a83.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Managed Volatility Moderate Growth Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio Allocation (%) (at December 31, 2022)** |
| &nbsp;&nbsp;**Allocations to Underlying Funds** | &nbsp;&nbsp;**Allocations to Underlying Funds** |
| &nbsp;&nbsp;**Equity Funds** | &nbsp;&nbsp;&nbsp;**43.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;International | &nbsp;&nbsp;&nbsp;12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap | &nbsp;&nbsp;&nbsp;25.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Mid Cap | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Small Cap | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;**Exchange-Traded Equity Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**4.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;International Mid Large Cap | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**5.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;**Fixed Income Funds** | &nbsp;&nbsp;&nbsp;**23.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;23.4 |
| &nbsp;&nbsp;**Allocations to Tactical Assets** | &nbsp;&nbsp;**Allocations to Tactical Assets** |
| &nbsp;&nbsp;**Corporate Bonds & Notes** | &nbsp;&nbsp;&nbsp;&nbsp;**0.3** |
| &nbsp;&nbsp;**Money Market Funds<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**13.6** |
| &nbsp;&nbsp;**Options Purchased Puts** | &nbsp;&nbsp;&nbsp;&nbsp;**0.7** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency** | &nbsp;&nbsp;&nbsp;&nbsp;**9.5** |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund's investment in derivatives as part of its principal investment strategies. For a
description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial
Statements.

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – Managed Volatility Moderate Growth Fund returned -18.15%. For the same time period, the Fund's Blended Benchmark returned -15.11% and the broad U.S. fixed-income market, as measured by Bloomberg U.S. Aggregate Bond Index, returned -13.01%.

Market overview

Global equities gave back some of the gains from 2020 and 2021 in calendar year 2022. The S&P 500 Index was down 18.11%, its worst calendar year return since 2008 when it fell 37.00%. The Russell 3000 Index, a broad-based domestic equity benchmark that includes exposure to small and large capitalization companies, ended the full 12-month period down 19.21%.

The "everything bubble" that corresponded with inflated markets and asset prices hit a crescendo in 2021, and it was built on 0% interest rates and quantitative easing by the U.S. Federal Reserve (Fed). With investors confronted in 2022 with near 5% short-term interest rates and quantitative tightening by the Fed, the pressure on large parts of the market was palpable. Markets slowed in 2022, and multi-asset investors experienced the formidable challenge of stocks and bonds falling in unison. During most cyclical bear markets, risk-off assets, such as U.S. Treasury bonds, usually offer some safety, or at least relative strength. However, that was largely not the case during the 12 months that ended December 31, 2022. The Bloomberg U.S. Long Treasury Index shed 29.26% during the annual period and the Bloomberg U.S. Aggregate Bond Index was down 13.01% for the 12-month period.

Commodity markets served as one of the only positive areas within global capital markets during the year. A broad-based index covering the commodity markets, the S&P GSCI, rose by 25.99% over the 12-month period.

The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the 12-month period with a slight overweight directed at equity exposures within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm began to shift to recommend an underweight allocation to equity exposure versus static benchmark equity weights. This underweight positioning was applied to the Fund during a significant majority of the annual period, as levels of equity volatility remained elevated throughout the 12-month period.

The Fund's notable detractors during the period

• The managers tactically adjusted actual equity exposure to maintain levels of equity exposure, on average, slightly greater than what the dynamic algorithm called for throughout the 12-month period. This tactical
discretion detracted from relative performance during the period.

• Overall, underlying fixed-income fund manager performance results detracted from relative performance during the period as rising interest rates challenged bond managers'
positioning. Core-oriented fixed-income managers struggled the most during the 12-month period.

The Fund's notable contributors during the period

• Underlying U.S. equity fund managers that utilized a valuation-sensitive investment approach, or value discipline, contributed favorably to relative performance during the period.

Derivatives usage

Derivative securities were used to execute asset allocation changes based on the Fund's dynamic algorithm. Protective put options and hedging strategies, which are used to help shield investors from outsized losses during periods of steep equity market declines, detracted from relative returns as time-value decay (the reduction in value of an options contract as it reaches its expiration date) and hedging instruments experienced headwinds over the course of the 12-month period.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund's investment in underlying funds subject them to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer-term securities. Growth securities, at times, may not perform as well as value securities or the stock market in general***

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

*and may be out of favor with investors. **Foreign** investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. **Quantitative** models used by the Fund may not be effective in selecting the most favorable securities for inclusion and may cause the Fund to underperform other investment strategies. Investing in **derivatives** is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. **Asset allocation** does not assure a profit or protect against loss. See the Fund's prospectus for more information on these and other risks.*

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Fund bears directly, the Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the "Effective expenses paid during the period" column.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Effective expenses<br> paid during the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's effective<br> annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;989.10 | &nbsp;&nbsp;&nbsp;&nbsp;1023.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;987.70 | &nbsp;&nbsp;&nbsp;&nbsp;1022.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes 0.3%** | &nbsp;&nbsp;**Corporate Bonds & Notes 0.3%** | &nbsp;&nbsp;**Corporate Bonds & Notes 0.3%** | &nbsp;&nbsp;**Corporate Bonds & Notes 0.3%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Aerospace & Defense 0.0%** | &nbsp;&nbsp;**Aerospace & Defense 0.0%** | &nbsp;&nbsp;**Aerospace & Defense 0.0%** | &nbsp;&nbsp;**Aerospace & Defense 0.0%** |
| &nbsp;&nbsp;Arconic, Inc. | &nbsp;&nbsp;Arconic, Inc. | &nbsp;&nbsp;Arconic, Inc. | &nbsp;&nbsp;Arconic, Inc. |
| &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;5.950% | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;223364 |
| &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;1.900% | &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;518774 |
| &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) |
| &nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;221042 |
| &nbsp;&nbsp;08/01/2059 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;516865 |
| &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;Northrop Grumman Corp. |
| &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60086 |
| &nbsp;&nbsp;10/15/2047 | &nbsp;&nbsp;4.030% | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;244505 |
| &nbsp;&nbsp;United Technologies Corp. | &nbsp;&nbsp;United Technologies Corp. | &nbsp;&nbsp;United Technologies Corp. | &nbsp;&nbsp;United Technologies Corp. |
| &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;245365 |
| &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;428273 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2458274** |
| &nbsp;&nbsp;**Automotive 0.0%** | &nbsp;&nbsp;**Automotive 0.0%** | &nbsp;&nbsp;**Automotive 0.0%** | &nbsp;&nbsp;**Automotive 0.0%** |
| &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. |
| &nbsp;&nbsp;04/01/2048 | &nbsp;&nbsp;5.400% | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;119276 |
| &nbsp;&nbsp;**Banking 0.1%** | &nbsp;&nbsp;**Banking 0.1%** | &nbsp;&nbsp;**Banking 0.1%** | &nbsp;&nbsp;**Banking 0.1%** |
| &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;07/23/2031 | &nbsp;&nbsp;1.898% | &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;399800 |
| &nbsp;&nbsp;10/24/2031 | &nbsp;&nbsp;1.922% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;228992 |
| &nbsp;&nbsp;02/04/2033 | &nbsp;&nbsp;2.972% | 1616000 | &nbsp;&nbsp;1303005 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/21/2036 | &nbsp;&nbsp;2.482% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;147443 |
| &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;06/03/2031 | &nbsp;&nbsp;2.572% | &nbsp;&nbsp;&nbsp;724000 | &nbsp;&nbsp;&nbsp;&nbsp;585616 |
| &nbsp;&nbsp;01/25/2033 | &nbsp;&nbsp;3.057% | &nbsp;&nbsp;&nbsp;521000 | &nbsp;&nbsp;&nbsp;&nbsp;420683 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |
| &nbsp;&nbsp;07/21/2032 | &nbsp;&nbsp;2.383% | 1561000 | &nbsp;&nbsp;1210079 |
| &nbsp;&nbsp;HSBC Holdings PLC<sup>(b)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(b)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(b)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(b)</sup> |
| &nbsp;&nbsp;05/24/2032 | &nbsp;&nbsp;2.804% | &nbsp;&nbsp;&nbsp;537000 | &nbsp;&nbsp;&nbsp;&nbsp;414523 |
| &nbsp;&nbsp;11/22/2032 | &nbsp;&nbsp;2.871% | &nbsp;&nbsp;&nbsp;538000 | &nbsp;&nbsp;&nbsp;&nbsp;411987 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(b)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(b)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(b)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(b)</sup> |
| &nbsp;&nbsp;04/22/2032 | &nbsp;&nbsp;2.580% | &nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;436022 |
| &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;3.964% | &nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp;448582 |
| &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> |
| &nbsp;&nbsp;07/21/2032 | &nbsp;&nbsp;2.239% | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;406071 |
| &nbsp;&nbsp;10/20/2032 | &nbsp;&nbsp;2.511% | &nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67216 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/16/2036 | &nbsp;&nbsp;2.484% | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51060 |
| &nbsp;&nbsp;04/20/2037 | &nbsp;&nbsp;5.297% | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;283651 |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(b)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(b)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(b)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(b)</sup> |
| &nbsp;&nbsp;04/25/2053 | &nbsp;&nbsp;4.611% | 1021000 | &nbsp;&nbsp;&nbsp;&nbsp;868201 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**7682931** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Cable and Satellite 0.0%** | &nbsp;&nbsp;**Cable and Satellite 0.0%** | &nbsp;&nbsp;**Cable and Satellite 0.0%** | &nbsp;&nbsp;**Cable and Satellite 0.0%** |
| &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital |
| &nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;740672 |
| &nbsp;&nbsp;12/01/2061 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35338 |
| &nbsp;&nbsp;06/30/2062 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;&nbsp;386000 | &nbsp;&nbsp;&nbsp;&nbsp;228046 |
| &nbsp;&nbsp;Comcast Corp. | &nbsp;&nbsp;Comcast Corp. | &nbsp;&nbsp;Comcast Corp. | &nbsp;&nbsp;Comcast Corp. |
| &nbsp;&nbsp;11/01/2056 | &nbsp;&nbsp;2.937% | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;398288 |
| &nbsp;&nbsp;NBCUniversal Media LLC | &nbsp;&nbsp;NBCUniversal Media LLC | &nbsp;&nbsp;NBCUniversal Media LLC | &nbsp;&nbsp;NBCUniversal Media LLC |
| &nbsp;&nbsp;01/15/2043 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;&nbsp;436000 | &nbsp;&nbsp;&nbsp;&nbsp;382444 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1784788** |
| &nbsp;&nbsp;**Construction Machinery 0.0%** | &nbsp;&nbsp;**Construction Machinery 0.0%** | &nbsp;&nbsp;**Construction Machinery 0.0%** | &nbsp;&nbsp;**Construction Machinery 0.0%** |
| &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;Caterpillar, Inc. |
| &nbsp;&nbsp;09/19/2049 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;102426 |
| &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;159904 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**262330** |
| &nbsp;&nbsp;**Diversified Manufacturing 0.0%** | &nbsp;&nbsp;**Diversified Manufacturing 0.0%** | &nbsp;&nbsp;**Diversified Manufacturing 0.0%** | &nbsp;&nbsp;**Diversified Manufacturing 0.0%** |
| &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. |
| &nbsp;&nbsp;04/05/2050 | &nbsp;&nbsp;3.577% | &nbsp;&nbsp;&nbsp;467000 | &nbsp;&nbsp;&nbsp;&nbsp;334492 |
| &nbsp;&nbsp;General Electric Co.<sup>(c)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(c)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(c)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(c)</sup> |
| &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated |
| &nbsp;&nbsp;3-month USD LIBOR + 3.330%<br> 12/31/2049 | &nbsp;&nbsp;8.099% | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54464 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**388956** |
| &nbsp;&nbsp;**Electric 0.1%** | &nbsp;&nbsp;**Electric 0.1%** | &nbsp;&nbsp;**Electric 0.1%** | &nbsp;&nbsp;**Electric 0.1%** |
| &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. |
| &nbsp;&nbsp;01/15/2050 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;&nbsp;652000 | &nbsp;&nbsp;&nbsp;&nbsp;461685 |
| &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;174380 |
| &nbsp;&nbsp;Berkshire Hathaway Energy Co.<sup>(a)</sup> | &nbsp;&nbsp;Berkshire Hathaway Energy Co.<sup>(a)</sup> | &nbsp;&nbsp;Berkshire Hathaway Energy Co.<sup>(a)</sup> | &nbsp;&nbsp;Berkshire Hathaway Energy Co.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;228619 |
| &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. |
| &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp;152075 |
| &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;Dominion Energy, Inc. |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;4.850% | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34740 |
| &nbsp;&nbsp;Dominion Resources, Inc. | &nbsp;&nbsp;Dominion Resources, Inc. | &nbsp;&nbsp;Dominion Resources, Inc. | &nbsp;&nbsp;Dominion Resources, Inc. |
| &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;212888 |
| &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;209011 |
| &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;5.000% | 1005000 | &nbsp;&nbsp;&nbsp;&nbsp;901630 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;4.750% | 354000 | &nbsp;&nbsp;&nbsp;&nbsp;275412 |
| &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;1.650% | 342000 | &nbsp;&nbsp;&nbsp;&nbsp;266018 |
| &nbsp;&nbsp;01/15/2050 | &nbsp;&nbsp;3.450% | 229000 | &nbsp;&nbsp;&nbsp;&nbsp;167483 |
| &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;4.100% | 418000 | &nbsp;&nbsp;&nbsp;&nbsp;336184 |
| &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;4.300% | 660000 | &nbsp;&nbsp;&nbsp;&nbsp;565740 |
| &nbsp;&nbsp;Jersey Central Power & Light Co.<sup>(a)</sup> | &nbsp;&nbsp;Jersey Central Power & Light Co.<sup>(a)</sup> | &nbsp;&nbsp;Jersey Central Power & Light Co.<sup>(a)</sup> | &nbsp;&nbsp;Jersey Central Power & Light Co.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48988 |
| &nbsp;&nbsp;Northern States Power Co. | &nbsp;&nbsp;Northern States Power Co. | &nbsp;&nbsp;Northern States Power Co. | &nbsp;&nbsp;Northern States Power Co. |
| &nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;4.125% | 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97600 |
| &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. |
| &nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;4.950% | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;352555 |
| &nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;Southern California Edison Co. |
| &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;4.650% | &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25941 |
| &nbsp;&nbsp;04/01/2047 | &nbsp;&nbsp;4.000% | 320000 | &nbsp;&nbsp;&nbsp;&nbsp;251255 |
| &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;4.125% | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87878 |
| &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;Southern Co. (The) |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75273 |
| &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. |
| &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;3.500% | 460000 | &nbsp;&nbsp;&nbsp;&nbsp;336292 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5261647** |
| &nbsp;&nbsp;**Environmental 0.0%** | &nbsp;&nbsp;**Environmental 0.0%** | &nbsp;&nbsp;**Environmental 0.0%** | &nbsp;&nbsp;**Environmental 0.0%** |
| &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;3.500% | 280000 | &nbsp;&nbsp;&nbsp;&nbsp;246351 |
| &nbsp;&nbsp;**Food and Beverage 0.0%** | &nbsp;&nbsp;**Food and Beverage 0.0%** | &nbsp;&nbsp;**Food and Beverage 0.0%** | &nbsp;&nbsp;**Food and Beverage 0.0%** |
| &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. |
| &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;4.900% | 946000 | &nbsp;&nbsp;&nbsp;&nbsp;865684 |
| &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;5.150% | 536000 | &nbsp;&nbsp;&nbsp;&nbsp;486021 |
| &nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;5.300% | 130000 | &nbsp;&nbsp;&nbsp;&nbsp;116592 |
| &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. |
| &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;4.375% | 421000 | &nbsp;&nbsp;&nbsp;&nbsp;343890 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1812187** |
| &nbsp;&nbsp;**Health Care 0.0%** | &nbsp;&nbsp;**Health Care 0.0%** | &nbsp;&nbsp;**Health Care 0.0%** | &nbsp;&nbsp;**Health Care 0.0%** |
| &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. |
| &nbsp;&nbsp;05/20/2050 | &nbsp;&nbsp;3.794% | &nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55363 |
| &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. |
| &nbsp;&nbsp;03/15/2050 | &nbsp;&nbsp;3.400% | 420000 | &nbsp;&nbsp;&nbsp;&nbsp;298012 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. |
| &nbsp;&nbsp;07/20/2045 | &nbsp;&nbsp;5.125% | 535000 | &nbsp;&nbsp;&nbsp;&nbsp;487480 |
| &nbsp;&nbsp;03/25/2048 | &nbsp;&nbsp;5.050% | &nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72214 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/22/2052 | &nbsp;&nbsp;6.377% | 181000 | &nbsp;&nbsp;&nbsp;&nbsp;194070 |
| &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;4.625% | 626000 | &nbsp;&nbsp;&nbsp;&nbsp;490247 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1597386** |
| &nbsp;&nbsp;**Healthcare Insurance 0.0%** | &nbsp;&nbsp;**Healthcare Insurance 0.0%** | &nbsp;&nbsp;**Healthcare Insurance 0.0%** | &nbsp;&nbsp;**Healthcare Insurance 0.0%** |
| &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. |
| &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;4.125% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;164195 |
| &nbsp;&nbsp;Anthem, Inc. | &nbsp;&nbsp;Anthem, Inc. | &nbsp;&nbsp;Anthem, Inc. | &nbsp;&nbsp;Anthem, Inc. |
| &nbsp;&nbsp;08/15/2044 | &nbsp;&nbsp;4.650% | 135000 | &nbsp;&nbsp;&nbsp;&nbsp;120440 |
| &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;3.375% | 185000 | &nbsp;&nbsp;&nbsp;&nbsp;156574 |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;2.500% | 580000 | &nbsp;&nbsp;&nbsp;&nbsp;453776 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. |
| &nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;3.500% | 208000 | &nbsp;&nbsp;&nbsp;&nbsp;170575 |
| &nbsp;&nbsp;02/15/2063 | &nbsp;&nbsp;6.050% | 760000 | &nbsp;&nbsp;&nbsp;&nbsp;836873 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1902433** |
| &nbsp;&nbsp;**Independent Energy 0.0%** | &nbsp;&nbsp;**Independent Energy 0.0%** | &nbsp;&nbsp;**Independent Energy 0.0%** | &nbsp;&nbsp;**Independent Energy 0.0%** |
| &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;Canadian Natural Resources Ltd. |
| &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;6.500% | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;104601 |
| &nbsp;&nbsp;**Integrated Energy 0.0%** | &nbsp;&nbsp;**Integrated Energy 0.0%** | &nbsp;&nbsp;**Integrated Energy 0.0%** | &nbsp;&nbsp;**Integrated Energy 0.0%** |
| &nbsp;&nbsp;BP Capital Markets America, Inc. | &nbsp;&nbsp;BP Capital Markets America, Inc. | &nbsp;&nbsp;BP Capital Markets America, Inc. | &nbsp;&nbsp;BP Capital Markets America, Inc. |
| &nbsp;&nbsp;03/17/2052 | &nbsp;&nbsp;3.001% | &nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56601 |
| &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;3.750% | 321000 | &nbsp;&nbsp;&nbsp;&nbsp;226386 |
| &nbsp;&nbsp;Total Capital International SA | &nbsp;&nbsp;Total Capital International SA | &nbsp;&nbsp;Total Capital International SA | &nbsp;&nbsp;Total Capital International SA |
| &nbsp;&nbsp;06/29/2060 | &nbsp;&nbsp;3.386% | &nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56206 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**339193** |
| &nbsp;&nbsp;**Life Insurance 0.0%** | &nbsp;&nbsp;**Life Insurance 0.0%** | &nbsp;&nbsp;**Life Insurance 0.0%** | &nbsp;&nbsp;**Life Insurance 0.0%** |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;MetLife, Inc. |
| &nbsp;&nbsp;07/15/2052 | &nbsp;&nbsp;5.000% | 284000 | &nbsp;&nbsp;&nbsp;&nbsp;272516 |
| &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;3.750% | 270000 | &nbsp;&nbsp;&nbsp;&nbsp;206618 |
| &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/30/2059 | &nbsp;&nbsp;3.625% | 459000 | &nbsp;&nbsp;&nbsp;&nbsp;317963 |
| &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/15/2044 | &nbsp;&nbsp;4.900% | 190000 | &nbsp;&nbsp;&nbsp;&nbsp;173822 |
| &nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;3.300% | 220000 | &nbsp;&nbsp;&nbsp;&nbsp;154377 |
| &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;Voya Financial, Inc. |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;4.800% | &nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65240 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1190536** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Media and Entertainment 0.0%** | &nbsp;&nbsp;**Media and Entertainment 0.0%** | &nbsp;&nbsp;**Media and Entertainment 0.0%** | &nbsp;&nbsp;**Media and Entertainment 0.0%** |
| &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;5.050% | 533000 | &nbsp;&nbsp;&nbsp;&nbsp;409878 |
| &nbsp;&nbsp;03/15/2062 | &nbsp;&nbsp;5.391% | 712000 | &nbsp;&nbsp;&nbsp;&nbsp;521580 |
| &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;5.375% | 460000 | &nbsp;&nbsp;&nbsp;&nbsp;450363 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1381821** |
| &nbsp;&nbsp;**Midstream 0.0%** | &nbsp;&nbsp;**Midstream 0.0%** | &nbsp;&nbsp;**Midstream 0.0%** | &nbsp;&nbsp;**Midstream 0.0%** |
| &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC |
| &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;4.850% | 121000 | &nbsp;&nbsp;&nbsp;&nbsp;106266 |
| &nbsp;&nbsp;01/31/2060 | &nbsp;&nbsp;3.950% | 290000 | &nbsp;&nbsp;&nbsp;&nbsp;210882 |
| &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP |
| &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;4.700% | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82839 |
| &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;5.000% | 320000 | &nbsp;&nbsp;&nbsp;&nbsp;273949 |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. |
| &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;5.050% | 231000 | &nbsp;&nbsp;&nbsp;&nbsp;196900 |
| &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP |
| &nbsp;&nbsp;04/15/2048 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55845 |
| &nbsp;&nbsp;03/14/2052 | &nbsp;&nbsp;4.950% | 311000 | &nbsp;&nbsp;&nbsp;&nbsp;255383 |
| &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;4.700% | 439000 | &nbsp;&nbsp;&nbsp;&nbsp;332244 |
| &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP |
| &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16560 |
| &nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;5.500% | 190000 | &nbsp;&nbsp;&nbsp;&nbsp;157802 |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) |
| &nbsp;&nbsp;06/24/2044 | &nbsp;&nbsp;5.750% | 330000 | &nbsp;&nbsp;&nbsp;&nbsp;314463 |
| &nbsp;&nbsp;Williams Cos, Inc. (The) | &nbsp;&nbsp;Williams Cos, Inc. (The) | &nbsp;&nbsp;Williams Cos, Inc. (The) | &nbsp;&nbsp;Williams Cos, Inc. (The) |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;5.300% | 121000 | &nbsp;&nbsp;&nbsp;&nbsp;109000 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2112133** |
| &nbsp;&nbsp;**Natural Gas 0.0%** | &nbsp;&nbsp;**Natural Gas 0.0%** | &nbsp;&nbsp;**Natural Gas 0.0%** | &nbsp;&nbsp;**Natural Gas 0.0%** |
| &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. |
| &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;5.250% | 133000 | &nbsp;&nbsp;&nbsp;&nbsp;125902 |
| &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;4.800% | 249000 | &nbsp;&nbsp;&nbsp;&nbsp;219849 |
| &nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;4.375% | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;189270 |
| &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;Sempra Energy |
| &nbsp;&nbsp;02/01/2048 | &nbsp;&nbsp;4.000% | 180000 | &nbsp;&nbsp;&nbsp;&nbsp;141519 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**676540** |
| &nbsp;&nbsp;**Pharmaceuticals 0.0%** | &nbsp;&nbsp;**Pharmaceuticals 0.0%** | &nbsp;&nbsp;**Pharmaceuticals 0.0%** | &nbsp;&nbsp;**Pharmaceuticals 0.0%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;4.850% | 337000 | &nbsp;&nbsp;&nbsp;&nbsp;308648 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. |
| &nbsp;&nbsp;03/01/2053 | &nbsp;&nbsp;4.875% | 439000 | &nbsp;&nbsp;&nbsp;&nbsp;390924 |
| &nbsp;&nbsp;02/22/2062 | &nbsp;&nbsp;4.400% | 307000 | &nbsp;&nbsp;&nbsp;&nbsp;246281 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;Bristol-Myers Squibb Co. |
| &nbsp;&nbsp;03/15/2062 | &nbsp;&nbsp;3.900% | 290000 | &nbsp;&nbsp;&nbsp;&nbsp;226472 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1172325** |
| &nbsp;&nbsp;**Property & Casualty 0.0%** | &nbsp;&nbsp;**Property & Casualty 0.0%** | &nbsp;&nbsp;**Property & Casualty 0.0%** | &nbsp;&nbsp;**Property & Casualty 0.0%** |
| &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;3.850% | 735000 | &nbsp;&nbsp;&nbsp;&nbsp;593211 |
| &nbsp;&nbsp;Liberty Mutual Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Liberty Mutual Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Liberty Mutual Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Liberty Mutual Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2050 | &nbsp;&nbsp;3.951% | 180000 | &nbsp;&nbsp;&nbsp;&nbsp;126777 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**719988** |
| &nbsp;&nbsp;**Railroads 0.0%** | &nbsp;&nbsp;**Railroads 0.0%** | &nbsp;&nbsp;**Railroads 0.0%** | &nbsp;&nbsp;**Railroads 0.0%** |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. |
| &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;3.800% | 477000 | &nbsp;&nbsp;&nbsp;&nbsp;375784 |
| &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;Norfolk Southern Corp. |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;4.050% | 190000 | &nbsp;&nbsp;&nbsp;&nbsp;152993 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. |
| &nbsp;&nbsp;01/20/2063 | &nbsp;&nbsp;5.150% | 355000 | &nbsp;&nbsp;&nbsp;&nbsp;344477 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**873254** |
| &nbsp;&nbsp;**Retailers 0.0%** | &nbsp;&nbsp;**Retailers 0.0%** | &nbsp;&nbsp;**Retailers 0.0%** | &nbsp;&nbsp;**Retailers 0.0%** |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;Amazon.com, Inc. |
| &nbsp;&nbsp;04/13/2062 | &nbsp;&nbsp;4.100% | 545000 | &nbsp;&nbsp;&nbsp;&nbsp;450469 |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. |
| &nbsp;&nbsp;04/01/2062 | &nbsp;&nbsp;4.450% | 594000 | &nbsp;&nbsp;&nbsp;&nbsp;465100 |
| &nbsp;&nbsp;09/15/2062 | &nbsp;&nbsp;5.800% | 241000 | &nbsp;&nbsp;&nbsp;&nbsp;232385 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1147954** |
| &nbsp;&nbsp;**Technology 0.1%** | &nbsp;&nbsp;**Technology 0.1%** | &nbsp;&nbsp;**Technology 0.1%** | &nbsp;&nbsp;**Technology 0.1%** |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. |
| &nbsp;&nbsp;08/08/2062 | &nbsp;&nbsp;4.100% | 459000 | &nbsp;&nbsp;&nbsp;&nbsp;387513 |
| &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;3.187% | 743000 | &nbsp;&nbsp;&nbsp;&nbsp;536252 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. |
| &nbsp;&nbsp;03/01/2041 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55403 |
| &nbsp;&nbsp;07/15/2052 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82408 |
| &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;Intel Corp. |
| &nbsp;&nbsp;08/12/2051 | &nbsp;&nbsp;3.050% | 405000 | &nbsp;&nbsp;&nbsp;&nbsp;263232 |
| &nbsp;&nbsp;08/05/2062 | &nbsp;&nbsp;5.050% | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13236 |
| &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;International Business Machines Corp. |
| &nbsp;&nbsp;07/27/2052 | &nbsp;&nbsp;4.900% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;182874 |
| &nbsp;&nbsp;MSCI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;MSCI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;MSCI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;MSCI, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;3.625% | 260000 | &nbsp;&nbsp;&nbsp;&nbsp;216341 |
| &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56092 |
| &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;5.000% | 264000 | &nbsp;&nbsp;&nbsp;&nbsp;249102 |
| &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;3.125% | 169000 | &nbsp;&nbsp;&nbsp;&nbsp;113899 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. |
| &nbsp;&nbsp;07/15/2046 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282742 |
| &nbsp;&nbsp;04/01/2050 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217626 |
| &nbsp;&nbsp;03/25/2061 | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43293 |
| &nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;VeriSign, Inc. |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;&nbsp;166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135805 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2835818** |
| &nbsp;&nbsp;**Tobacco 0.0%** | &nbsp;&nbsp;**Tobacco 0.0%** | &nbsp;&nbsp;**Tobacco 0.0%** | &nbsp;&nbsp;**Tobacco 0.0%** |
| &nbsp;&nbsp;Reynolds American, Inc. | &nbsp;&nbsp;Reynolds American, Inc. | &nbsp;&nbsp;Reynolds American, Inc. | &nbsp;&nbsp;Reynolds American, Inc. |
| &nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;5.700% | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189989 |
| &nbsp;&nbsp;**Wireless 0.0%** | &nbsp;&nbsp;**Wireless 0.0%** | &nbsp;&nbsp;**Wireless 0.0%** | &nbsp;&nbsp;**Wireless 0.0%** |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293322 |
| &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;Crown Castle International Corp. |
| &nbsp;&nbsp;01/15/2051 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48993 |
| &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. |
| &nbsp;&nbsp;04/15/2050 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57799 |
| &nbsp;&nbsp;11/15/2060 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249997 |
| &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;Vodafone Group PLC |
| &nbsp;&nbsp;02/19/2043 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131652 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**781763** |
| &nbsp;&nbsp;**Wirelines 0.0%** | &nbsp;&nbsp;**Wirelines 0.0%** | &nbsp;&nbsp;**Wirelines 0.0%** | &nbsp;&nbsp;**Wirelines 0.0%** |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. |
| &nbsp;&nbsp;12/01/2057 | &nbsp;&nbsp;3.800% | 1451000 | &nbsp;&nbsp;&nbsp;&nbsp;1005671 |
| &nbsp;&nbsp;Telefonica Emisiones SAU | &nbsp;&nbsp;Telefonica Emisiones SAU | &nbsp;&nbsp;Telefonica Emisiones SAU | &nbsp;&nbsp;Telefonica Emisiones SAU |
| &nbsp;&nbsp;03/06/2048 | &nbsp;&nbsp;4.895% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231438 |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. |
| &nbsp;&nbsp;03/22/2041 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485721 |
| &nbsp;&nbsp;03/22/2051 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236231 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1959061** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $47,002,586) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $47,002,586) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $47,002,586) | &nbsp;&nbsp;**39001535** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds 47.5%** | &nbsp;&nbsp;**Equity Funds 47.5%** | &nbsp;&nbsp;**Equity Funds 47.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**International 13.7%** | &nbsp;&nbsp;**International 13.7%** | &nbsp;&nbsp;**International 13.7%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares<sup>(d)</sup> | &nbsp;&nbsp;64586384 | &nbsp;&nbsp;&nbsp;&nbsp;760181744 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares<sup>(d)</sup> | &nbsp;&nbsp;45232104 | &nbsp;&nbsp;&nbsp;&nbsp;398042512 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;25361489 | &nbsp;&nbsp;&nbsp;&nbsp;255136579 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares<sup>(d)</sup> | &nbsp;&nbsp;30142837 | &nbsp;&nbsp;&nbsp;&nbsp;264051256 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1677412091** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** | &nbsp;&nbsp;**Equity Funds (continued)** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**U.S. Large Cap 27.6%** | &nbsp;&nbsp;**U.S. Large Cap 27.6%** | &nbsp;&nbsp;**U.S. Large Cap 27.6%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5937901 | &nbsp;&nbsp;&nbsp;&nbsp;196544525 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8503686 | &nbsp;&nbsp;&nbsp;&nbsp;612605565 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;11656826 | &nbsp;&nbsp;&nbsp;&nbsp;303543743 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;41461246 | &nbsp;&nbsp;&nbsp;&nbsp;614041050 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8866331 | &nbsp;&nbsp;&nbsp;&nbsp;325660340 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7956542 | &nbsp;&nbsp;&nbsp;&nbsp;283014178 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5327140 | &nbsp;&nbsp;&nbsp;&nbsp;188367668 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6375438 | &nbsp;&nbsp;&nbsp;&nbsp;269617274 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8773607 | &nbsp;&nbsp;&nbsp;&nbsp;280930908 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;10264678 | &nbsp;&nbsp;&nbsp;&nbsp;306605925 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3380931176** |
| &nbsp;&nbsp;**U.S. Mid Cap 2.2%** | &nbsp;&nbsp;**U.S. Mid Cap 2.2%** | &nbsp;&nbsp;**U.S. Mid Cap 2.2%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1836468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66571948 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2061922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68868202 |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1651892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69412523 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1887786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67261811 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**272114484** |
| &nbsp;&nbsp;**U.S. Small Cap 4.0%** | &nbsp;&nbsp;**U.S. Small Cap 4.0%** | &nbsp;&nbsp;**U.S. Small Cap 4.0%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5998628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68984214 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6041437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55581221 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6558366 | &nbsp;&nbsp;&nbsp;&nbsp;177666143 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares<sup>(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5551615 | &nbsp;&nbsp;&nbsp;&nbsp;181482290 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**483713868** |
| &nbsp;&nbsp;Total Equity Funds<br> (Cost $4,808,002,623) | &nbsp;&nbsp;Total Equity Funds<br> (Cost $4,808,002,623) | &nbsp;&nbsp;**5814171619** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Exchange-Traded Equity Funds 4.4%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 4.4%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 4.4%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**International Mid Large Cap 1.6%** | &nbsp;&nbsp;**International Mid Large Cap 1.6%** | &nbsp;&nbsp;**International Mid Large Cap 1.6%** |
| &nbsp;&nbsp;iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;3018292 | &nbsp;&nbsp;&nbsp;&nbsp;198120687 |
| &nbsp;&nbsp;**U.S. Large Cap 2.8%** | &nbsp;&nbsp;**U.S. Large Cap 2.8%** | &nbsp;&nbsp;**U.S. Large Cap 2.8%** |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890200 | &nbsp;&nbsp;&nbsp;&nbsp;340439186 |
| &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $411,266,133) | &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $411,266,133) | &nbsp;&nbsp;&nbsp;&nbsp;**538559873** |
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 5.4%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 5.4%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 5.4%** |
| &nbsp;&nbsp;**Investment Grade 5.4%** | &nbsp;&nbsp;**Investment Grade 5.4%** | &nbsp;&nbsp;**Investment Grade 5.4%** |
| &nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;3432790 | &nbsp;&nbsp;&nbsp;&nbsp;361919049 |
| &nbsp;&nbsp;Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;3906000 | &nbsp;&nbsp;&nbsp;&nbsp;302754060 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**664673109** |
| &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $780,915,507) | &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $780,915,507) | &nbsp;&nbsp;&nbsp;&nbsp;**664673109** |
| &nbsp;&nbsp;**Fixed Income Funds 25.5%** | &nbsp;&nbsp;**Fixed Income Funds 25.5%** | &nbsp;&nbsp;**Fixed Income Funds 25.5%** |
| &nbsp;&nbsp;**Investment Grade 25.5%** | &nbsp;&nbsp;**Investment Grade 25.5%** | &nbsp;&nbsp;**Investment Grade 25.5%** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares<sup>(d)</sup> | &nbsp;&nbsp;73374733 | &nbsp;&nbsp;&nbsp;&nbsp;606809046 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares<sup>(d)</sup> | &nbsp;&nbsp;20915538 | &nbsp;&nbsp;&nbsp;&nbsp;191795483 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares<sup>(d)</sup> | &nbsp;&nbsp;47067661 | &nbsp;&nbsp;&nbsp;&nbsp;359596930 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares<sup>(d)</sup> | &nbsp;&nbsp;21604505 | &nbsp;&nbsp;&nbsp;&nbsp;187743146 |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares<sup>(d)</sup> | &nbsp;&nbsp;51826623 | &nbsp;&nbsp;&nbsp;&nbsp;465921345 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares<sup>(d)</sup> | &nbsp;&nbsp;67146232 | &nbsp;&nbsp;&nbsp;&nbsp;611702171 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares<sup>(d)</sup> | &nbsp;&nbsp;74774184 | &nbsp;&nbsp;&nbsp;&nbsp;703625071 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3127193192** |
| &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $3,772,100,753) | &nbsp;&nbsp;Total Fixed Income Funds<br> (Cost $3,772,100,753) | &nbsp;&nbsp;**3127193192** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 10.4%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 10.4%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 10.4%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 10.4%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(f)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(f)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(f)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(f)</sup> |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.000% | 748302000 | &nbsp;&nbsp;&nbsp;&nbsp;667070203 |
| &nbsp;&nbsp;01/17/2038-<br> 01/12/2053 | &nbsp;&nbsp;3.500% | 340500000 | &nbsp;&nbsp;&nbsp;&nbsp;314129556 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.000% | 186830000 | &nbsp;&nbsp;&nbsp;&nbsp;175183006 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | 120000000 | &nbsp;&nbsp;&nbsp;&nbsp;115470755 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,291,245,437) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,291,245,437) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,291,245,437) | &nbsp;&nbsp;**1271853520** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Puts 0.8%** | &nbsp;&nbsp;**Options Purchased Puts 0.8%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $97,562,871) | &nbsp;&nbsp;**94341500** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 14.8%** | &nbsp;&nbsp;**Money Market Funds 14.8%** | &nbsp;&nbsp;**Money Market Funds 14.8%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(d),(g)</sup> | &nbsp;&nbsp;1817132361 | &nbsp;&nbsp;&nbsp;&nbsp;1816587221 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $1,816,333,555) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $1,816,333,555) | &nbsp;&nbsp;&nbsp;&nbsp;**1816587221** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $13,024,429,465)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $13,024,429,465)** | &nbsp;&nbsp;**13366381569** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;**(1115331038)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**12251050531** |

---

At December 31, 2022, securities and/or cash totaling $170,126,269 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,432,497 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110,000,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116,223,250 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1783650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,366,419 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,702,454 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98,125,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105,198,551 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1298155) |
| &nbsp;&nbsp;19,700,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145,421,260 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5313899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,266,382 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90,781,330 USD | &nbsp;&nbsp;&nbsp;&nbsp;12,000,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1037041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,448,500 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,023,841 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,675,250 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(412250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,000,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,934,325 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,203,750 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160000) |
| &nbsp;&nbsp;Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1898704 | &nbsp;&nbsp;&nbsp;&nbsp;(9755451) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 2051 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;395945550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8941311) |
| &nbsp;&nbsp;U.S. Long Bond | 60 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7520625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Long Bond | 1056 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;132363000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1060729) |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 2993 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;336104547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2042900) |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 2801 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;574423831 | &nbsp;&nbsp;&nbsp;&nbsp;804660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 3 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 5391 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;581848948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138424) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 835 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;112150937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(778536) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;805718 | &nbsp;&nbsp;&nbsp;&nbsp;(12961900) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro STOXX 50 Index | (4242) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160559700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6970866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE 100 Index | (430) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32103800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;MSCI Singapore Index | (175) | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5084625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(27074) |
| &nbsp;&nbsp;OMXS30 Index | (3150) | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(643230000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Russell 2000 Index E-mini | (1710) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151411950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5375080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;S&P 500 Index E-mini | (4342) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(838223100) | &nbsp;&nbsp;&nbsp;&nbsp;29652891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SPI 200 Index | (239) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41777200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;TOPIX Index | (499) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;(9438585000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | (57) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6400922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (13) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1537656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;48138312 | &nbsp;&nbsp;&nbsp;&nbsp;(27074) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;863887500 | &nbsp;&nbsp;2250 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;06/21/2024 | &nbsp;&nbsp;40713860 | &nbsp;&nbsp;35055000 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;691110000 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;3300.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;35294469 | &nbsp;&nbsp;38403000 |
| &nbsp;&nbsp;S&P 500 Index | JPMorgan | &nbsp;&nbsp;USD | &nbsp;&nbsp;422345000 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;3200.00 | &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;21554542 | &nbsp;&nbsp;20883500 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;97562871 | &nbsp;&nbsp;94341500 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Receive<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Implied<br> credit<br> spread<br> (%)\*** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.820 | USD | 200000000 | 1432451 |  |  | 1432451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.820 | USD | 100000000 | &nbsp;&nbsp;&nbsp;(168300) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (168300) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  |  | 1264151 |  |  | 1432451 | (168300) |

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $5,779,817, which represents 0.05% of total net assets.

(b) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(c) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | &nbsp;&nbsp;&nbsp;2693409348 | &nbsp;&nbsp;3158648714 | &nbsp;&nbsp;(4035979366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508525 | &nbsp;&nbsp;&nbsp;&nbsp;1816587221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(885747) | &nbsp;&nbsp;&nbsp;&nbsp;33212105 | &nbsp;&nbsp;1817132361 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;268192699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9703684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61944490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196544525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14025711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5937901 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;847899756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37763578) | &nbsp;&nbsp;&nbsp;&nbsp;(197530613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612605565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44970353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8503686 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;764704221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21728469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32748612) | &nbsp;&nbsp;&nbsp;&nbsp;(146875032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606809046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439167 | &nbsp;&nbsp;&nbsp;&nbsp;(3511054) | &nbsp;&nbsp;&nbsp;&nbsp;21272952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73374733 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;421739430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21424524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2979204) | &nbsp;&nbsp;&nbsp;&nbsp;(136641007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303543743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3778455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11656826 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;233965697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31856795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11933186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191795483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3923200) | &nbsp;&nbsp;&nbsp;&nbsp;1615106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20915538 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;473921343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41177309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900005) | &nbsp;&nbsp;&nbsp;&nbsp;(154601717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359596930 | &nbsp;&nbsp;&nbsp;&nbsp;12144567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8776) | &nbsp;&nbsp;&nbsp;&nbsp;11084756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47067661 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;949199562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68101098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47965325) | &nbsp;&nbsp;&nbsp;&nbsp;(209153591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760181744 | &nbsp;&nbsp;&nbsp;&nbsp;59535217 | &nbsp;&nbsp;&nbsp;&nbsp;4588521 | &nbsp;&nbsp;&nbsp;&nbsp;6637881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64586384 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;841891835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42518163) | &nbsp;&nbsp;&nbsp;&nbsp;(185332622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614041050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26084805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41461246 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;427523128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45377232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56485556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325660340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;48089434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8866331 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Portfolio of Investments (continued)

December 31, 2022

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87490110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9679830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2307660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28290332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66571948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2070550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836468 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93893786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8699391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16326193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68868202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7768293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061922 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89260091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29731202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13254739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36752340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68984214 | &nbsp;&nbsp;&nbsp;&nbsp;29160554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5998628 |
| &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86528918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24513227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55460924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55581221 | &nbsp;&nbsp;&nbsp;&nbsp;24513227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6041437 |
| &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | &nbsp;&nbsp;Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;230939247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4389022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12555150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35029973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187743146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1435165) | &nbsp;&nbsp;&nbsp;&nbsp;4378471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21604505 |
| &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;174346658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278369 | &nbsp;&nbsp;&nbsp;&nbsp;(181348532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888458 | &nbsp;&nbsp;&nbsp;(12789225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – American Century Diversified Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;590657072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29255516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40234434) | &nbsp;&nbsp;&nbsp;&nbsp;(113756809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465921345 | &nbsp;&nbsp;&nbsp;&nbsp;13337527 | &nbsp;&nbsp;&nbsp;&nbsp;(4082906) | &nbsp;&nbsp;&nbsp;&nbsp;15909754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51826623 |
| &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – MFS® Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;373510429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33663371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56832880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283014178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32680466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7956542 |
| &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;319514125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(131252863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188367668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5327140 |
| &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;363066503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17468000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4296928) | &nbsp;&nbsp;&nbsp;&nbsp;(106620301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269617274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5376944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6375438 |
| &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;371736211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41576053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49229250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280930908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31538234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8773607 |
| &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;764707694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7726135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50782791) | &nbsp;&nbsp;&nbsp;&nbsp;(109948867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611702171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4327777) | &nbsp;&nbsp;&nbsp;&nbsp;7709224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67146232 |
| &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92024794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9847830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12764441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69412523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9947803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651892 |
| &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90240155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4326524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2184689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25120179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67261811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2233537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887786 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Bond Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;883709552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18492437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71202241) | &nbsp;&nbsp;&nbsp;&nbsp;(127374677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703625071 | &nbsp;&nbsp;&nbsp;&nbsp;5620606 | &nbsp;&nbsp;&nbsp;&nbsp;(6412427) | &nbsp;&nbsp;&nbsp;&nbsp;12856710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74774184 |
| &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;416501598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16869468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93026205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306605925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22880378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10264678 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;512808164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86820586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23960351) | &nbsp;&nbsp;&nbsp;&nbsp;(177625887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398042512 | &nbsp;&nbsp;&nbsp;&nbsp;72163236 | &nbsp;&nbsp;&nbsp;&nbsp;(2614845) | &nbsp;&nbsp;&nbsp;&nbsp;8722349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45232104 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;329760663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37428971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9964868) | &nbsp;&nbsp;&nbsp;&nbsp;(102088187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255136579 | &nbsp;&nbsp;&nbsp;&nbsp;16004082 | &nbsp;&nbsp;&nbsp;&nbsp;(1422713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25361489 |
| &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners International Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;331970001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6979962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31054793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43843914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264051256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150128) | &nbsp;&nbsp;&nbsp;&nbsp;6979962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30142837 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;225841833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23974550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4607702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67542538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177666143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2824737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6558366 |
| &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | &nbsp;&nbsp;Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares |
|  | &nbsp;&nbsp;&nbsp;&nbsp;242339116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20165747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40691079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181482290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10513624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5551615 |
| &nbsp;&nbsp;Total | 14593293739 |  |  | &nbsp;&nbsp;(2583843623) | &nbsp;&nbsp;10757952032 | &nbsp;&nbsp;233806641 | &nbsp;&nbsp;227211149 | &nbsp;&nbsp;131335614 |  |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Portfolio of Investments (continued)

December 31, 2022

**(e)** **Non-income producing investment.** 

**(f)** **Represents a security purchased on a when-issued basis.** 

**(g)** **The rate shown is the seven-day current annualized yield at December 31, 2022.** 

#### Abbreviation Legend
LIBOR London Interbank Offered Rate <br> TBA To Be Announced

#### Currency Legend

---

| | |
|:---|:---|
| AUD | &nbsp;&nbsp;Australian Dollar |
| CAD | &nbsp;&nbsp;Canada Dollar |
| CHF | &nbsp;&nbsp;Swiss Franc |
| EUR | &nbsp;&nbsp;Euro |
| GBP | &nbsp;&nbsp;British Pound |
| JPY | &nbsp;&nbsp;Japanese Yen |
| NZD | &nbsp;&nbsp;New Zealand Dollar |
| SEK | &nbsp;&nbsp;Swedish Krona |
| SGD | &nbsp;&nbsp;Singapore Dollar |
| USD | &nbsp;&nbsp;US Dollar |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies;

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39001535 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39001535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5814171619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5814171619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;538559873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538559873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;664673109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664673109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3127193192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127193192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1271853520 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271853520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Puts | &nbsp;&nbsp;&nbsp;&nbsp;94341500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94341500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1816587221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816587221 |
| &nbsp;&nbsp;Total Investments in Securities | 3114161703 | &nbsp;&nbsp;&nbsp;&nbsp;1310855055 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8941364811 | &nbsp;&nbsp;&nbsp;&nbsp;13366381569 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898704 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;48944030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48944030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432451 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9755451) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9755451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(12988974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12988974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168300) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168300) |
| &nbsp;&nbsp;Total | 3150116759 | &nbsp;&nbsp;&nbsp;&nbsp;1304262459 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8941364811 | &nbsp;&nbsp;&nbsp;&nbsp;13395744029 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $2,530,429,663) | &nbsp;&nbsp;&nbsp;$2514088037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $10,396,436,931) | &nbsp;&nbsp;&nbsp;10757952032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $97,562,871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94341500 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3182000 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15730000 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145591264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8805005 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898704 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12573147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203769819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7822187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7299791 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95913 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;13775236878 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9755451 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;1497211129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12361863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89951 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1524186347 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$12251050531** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $12251050531 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$12251050531** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13441780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.37 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $12237608751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802851690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.24 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30615289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131335614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295399 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165246302 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34039749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8160140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166741 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67799038 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97447264 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164648064) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227211149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233806641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8513795) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3980467) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430079200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32538309) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1258413) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180000458) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327487956) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;(2583843623) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7856747) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11719836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72929443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809232 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(2833729815) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(3013730273) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(2916283009)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97447264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76606444 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180000458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348344067 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(2833729815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70623358) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(2916283009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354327153 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(1208759648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(824111038) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(4125042657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530216115 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;16376093188 | &nbsp;&nbsp;&nbsp;&nbsp;15845877073 |
| &nbsp;&nbsp;**Net assets at end of year** | **$12251050531** | &nbsp;&nbsp;**$16376093188** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4823818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6635428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287069) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4552142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348359 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5351316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47602993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (76205282) | &nbsp;&nbsp;&nbsp;&nbsp;(1218663106) | &nbsp;&nbsp;&nbsp;&nbsp;(48622556) | &nbsp;&nbsp;&nbsp;&nbsp;(878062390) |
| &nbsp;&nbsp;Net decrease | (75896673) | &nbsp;&nbsp;&nbsp;&nbsp;(1213311790) | &nbsp;&nbsp;&nbsp;&nbsp;(45951080) | &nbsp;&nbsp;&nbsp;&nbsp;(830459397) |
| &nbsp;&nbsp;**Total net decrease** | **(75617556)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1208759648)** | &nbsp;&nbsp;&nbsp;&nbsp;**(45603810)** | &nbsp;&nbsp;&nbsp;&nbsp;**(824111038)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $18.73 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(3.52) | &nbsp;&nbsp;(3.36) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $17.18 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $15.53 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $14.19 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $18.62 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(3.50) | &nbsp;&nbsp;(3.38) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $17.13 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $15.52 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $13.36 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $14.19 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.96) | &nbsp;&nbsp;(0.83) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
| (e) | Annualized. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $15.37 | (17.94%) | 0.25%<sup>(c)</sup> | 0.25%<sup>(c)</sup> | 1.00% | 149% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13442 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $18.73 | &nbsp;&nbsp;&nbsp;9.02% | 0.25%<sup>(c)</sup> | 0.25%<sup>(c)</sup> | 0.69% | 184% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11155 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $17.18 | 10.63% | 0.25% | 0.25% | 0.82% | 163% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4268 |
| &nbsp;&nbsp;Year Ended 12/31/2019<sup>(d)</sup> | $15.53 | &nbsp;&nbsp;&nbsp;9.44% | 0.24%<sup>(e)</sup> | 0.24%<sup>(e)</sup> | 1.01%<sup>(e)</sup> | 138% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1093 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $15.24 | (18.15%) | 0.50%<sup>(c)</sup> | 0.50%<sup>(c)</sup> | 0.71% | 149% | $12237609 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $18.62 | &nbsp;&nbsp;&nbsp;8.70% | 0.49%<sup>(c)</sup> | 0.49%<sup>(c)</sup> | 0.47% | 184% | $16364939 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $17.13 | 10.37% | 0.50% | 0.50% | 0.51% | 163% | $15841609 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $15.52 | 16.17% | 0.49% | 0.49% | 1.25% | 138% | $15229993 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $13.36 | &nbsp;&nbsp;(5.85%) | 0.49% | 0.49% | 0.90% | &nbsp;&nbsp;92% | $13743943 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – Managed Volatility Moderate Growth Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The Fund is a "fund-of-funds", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at www.columbiathreadneedleus.com/resources/literature.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated life insurance companies (Participating Insurance Companies) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by buying a Contract.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may

24 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

26 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to produce incremental earnings, to decrease the Fund's exposure to equity market risk and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.

#### Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

28 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,432,451\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,107,658\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Investments, at value — Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94341500 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898704 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836,372\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;146616685 |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168,300\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,968,385\* |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9755451 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,020,589\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;22912725 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward foreign<br> currency exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1258413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1258413) |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(193250079) | &nbsp;&nbsp;&nbsp;&nbsp;(32538309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(225788388) |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;(3980467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3309641) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(237499947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(237499947) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(3980467) | &nbsp;&nbsp;&nbsp;&nbsp;(430079200) | &nbsp;&nbsp;&nbsp;&nbsp;(32538309) | &nbsp;&nbsp;&nbsp;&nbsp;(1258413) | &nbsp;&nbsp;&nbsp;&nbsp;(467856389) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward foreign<br> currency exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809232 |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23953982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72929443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96883425 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;(7856747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1806915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9663662) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10427231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10427231) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(7856747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11719836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72929443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77601764 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 2466234226 |
| &nbsp;&nbsp;Futures contracts — short | 1021971777 |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | &nbsp;&nbsp;&nbsp;&nbsp;225000000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | 141460300 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;9597444 | &nbsp;&nbsp;&nbsp;&nbsp;(7317191) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

30 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays ($)** | &nbsp;&nbsp;**Citi ($)** | &nbsp;&nbsp;**Goldman<br> Sachs<br> International ($)** | &nbsp;&nbsp;**JPMorgan ($)** | &nbsp;&nbsp;**Morgan<br> Stanley ($)** | &nbsp;&nbsp;**UBS ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;205488 | &nbsp;&nbsp;&nbsp;&nbsp;1037041 | &nbsp;&nbsp;&nbsp;&nbsp;71500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;584675 | &nbsp;&nbsp;&nbsp;&nbsp;1898704 |
| &nbsp;&nbsp;Options purchased puts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;94341500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;94341500 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;205488 | &nbsp;&nbsp;&nbsp;&nbsp;1037041 | &nbsp;&nbsp;&nbsp;&nbsp;71500 | &nbsp;&nbsp;94341500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;584675 | &nbsp;&nbsp;96240204 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;43813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43813 |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;1897614 | &nbsp;&nbsp;&nbsp;&nbsp;6745517 | &nbsp;&nbsp;&nbsp;&nbsp;540070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;572250 | &nbsp;&nbsp;&nbsp;&nbsp;9755451 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;1897614 | &nbsp;&nbsp;&nbsp;&nbsp;6745517 | &nbsp;&nbsp;&nbsp;&nbsp;540070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;43813 | &nbsp;&nbsp;572250 | &nbsp;&nbsp;&nbsp;&nbsp;9799264 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **(1692126)** | &nbsp;&nbsp;**(5708476)** | &nbsp;&nbsp;**(468570)** | &nbsp;&nbsp;**94341500** | &nbsp;&nbsp;**(43813)** | &nbsp;&nbsp;&nbsp;&nbsp;**12425** | &nbsp;&nbsp;**86440940** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;(43813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43813) |
| &nbsp;&nbsp;**Net amount <sup>(c)</sup>** | **(1692126)** | &nbsp;&nbsp;**(5708476)** | &nbsp;&nbsp;**(468570)** | &nbsp;&nbsp;**94341500** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;**12425** | &nbsp;&nbsp;**86484753** |

---

(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Corporate actions and dividend income are recorded on the ex-dividend date.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

32 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees and underlying fund fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities (other than affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager) including other funds advised by the Investment Manager that do not pay a management services fee to the Investment Manager, third party funds, derivatives and individual securities. The effective management services fee rate for the year ended December 31, 2022 was 0.18% of the Fund's average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.06% of the Fund's average daily net assets.

34 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, including indirect expenses of the Underlying Funds, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.79% | 0.80% |
| &nbsp;&nbsp;Class 2 | 1.04 | 1.05 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $18,777,684,168 and $19,361,237,578, respectively, for the year ended December 31, 2022, of which $17,842,680,777 and $17,807,616,923, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events

36 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Notes to Financial Statements (continued)

December 31, 2022

(10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

38 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Managed Volatility Moderate Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Managed Volatility Moderate Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

40 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

42 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 43

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

44 Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Annual Report 2022 45

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_49100_48036598-dcf0-469c-9642-fd015fe97629_TOC)

#### Variable Portfolio – Managed Volatility Moderate Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img35df31bc2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7048_12_B01_(02/23)

------

![](imgdd62aff41.jpg)

Annual Report

December 31, 2022

![](imgbd2d86052.jpg)

Columbia Variable Portfolio – Emerging Markets Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_e61a7cac-59ba-44de-98d9-79f985c65343_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_e61a7cac-59ba-44de-98d9-79f985c65343_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_8fcd9f0f-1af0-4063-bc81-705a1515ec51_1)<br>| 7 |
| [Portfolio of Investments](#xx_b56acf7e-9359-42ad-a01f-8c4e6279ef1f_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_2bed0504-2c99-4b3d-a90a-bb58a3f8a70d_1)<br>| 13 |
| [Statement of Operations](#xx_2bed0504-2c99-4b3d-a90a-bb58a3f8a70d_2)<br>| 14 |
| [Statement of Changes in Net Assets](#xx_2bed0504-2c99-4b3d-a90a-bb58a3f8a70d_3)<br>| 15 |
| [Financial Highlights](#xx_34529a28-7660-465f-89f4-02f099b71b20_1)<br>| 16 |
| [Notes to Financial Statements](#xx_52ee0dc3-f840-4273-b3cd-7952b67d414d_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_60d54e3b-abeb-4161-8d44-bee247c43397_1)<br>| 29 |
| [Federal Income Tax Information](#xx_412ece57-f294-4b75-b56f-26738fffa701_1)<br>| 30 |
| [Trustees and Officers](#xx_412ece57-f294-4b75-b56f-26738fffa701_1)<br>| 30 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Emerging Markets Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### Dara White, CFA
Lead Portfolio Manager

Managed Fund since 2012

#### Robert Cameron
Portfolio Manager

Managed Fund since 2012

#### Perry Vickery, CFA
Portfolio Manager

Managed Fund since 2017

#### Derek Lin, CFA
Portfolio Manager

Managed Fund since 2020

#### Darren Powell, CFA
Portfolio Manager

Managed Fund since 2021

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-32.90 | &nbsp;&nbsp;&nbsp;&nbsp;-3.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-33.07 | &nbsp;&nbsp;&nbsp;&nbsp;-3.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;05/01/00 | &nbsp;&nbsp;&nbsp;&nbsp;-32.98 | &nbsp;&nbsp;&nbsp;&nbsp;-3.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| &nbsp;&nbsp;MSCI Emerging Markets Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;-20.09 | &nbsp;&nbsp;&nbsp;&nbsp;-1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI Emerging Markets Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgfaec44ee3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Emerging Markets Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;20.9 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;27.5 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;22.0 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;29.1 |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;14.8 |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| &nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;Philippines | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Russian Federation | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;11.4 |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;10.0 |
| &nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;United States<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

(b) Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer's place of organization/incorporation. Percentages indicated are based upon total investments, excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Emerging Markets Fund returned -33.07%. The Fund's benchmark, the MSCI Emerging Markets Index (Net), returned -20.09% during the same time period.

Market overview

Global markets faced many headwinds over the 12-month period, with the U.S. Federal Reserve's (Fed's) tightening cycle in the face of rising inflation, escalating geopolitical risks and China's COVID-19 containment efforts all contributing to a slowing global economy.

Historically high inflation, and efforts on the part of the Fed, to contain prices were among the principal drivers of the market downturn. Inflation had begun to drift upward in late 2021, but spiked in the wake of Russia's late February 2022 invasion of Ukraine, which particularly impacted food and energy costs. U.S. consumer price inflation rose above 8% in March and peaked at 9.1% in June. The Fed responded by raising its benchmark overnight lending rate seven times, leaving the federal funds target range at 4.25%-4.50% at year-end, up from 0.0%-0.25% entering 2022. However, leading emerging market central banks raised their reference rates earlier, in anticipation of Fed action, in the effort to defend their domestic currencies.

Developments with respect to China raised a range of concerns, including the government's continued heightened regulatory scrutiny of certain sectors, the over-leveraged property market and saber-rattling around Taiwan. Renewed lockdowns as part of China's zero-COVID policy compounded supply-side shortages for the manufacturing sector and dented domestic demand. Late in the period, China abruptly relaxed its COVID containment measures which, along with a policy pivot towards growth, we believe should boost emerging markets, most notably North Asian economies.

Elsewhere, Southeast Asian economies demonstrated resilience and are positioned, in our view, to benefit from the reconfiguration of Asia's supply chains. Indonesia saw economic momentum, given strong consumer demand and commodity prices. India continued to expand its manufacturing sector and investment in infrastructure to encourage foreign direct investment. The economies of Korea and Taiwan were negatively impacted by a slowdown in global demand for semiconductors.

In Brazil, inflation began to ease, and the central bank signaled its tightening cycle may soon be concluded. In addition, a source of uncertainty was removed following Luiz Inácio Lula da Silva's victory in the presidential election, although there are now market concerns around fiscal policy and future inflation. Mexico continued to benefit from the "nearshoring" theme as a result of deglobalization and supply chain management challenges.

The Fund's notable detractors during the period

• The Fund's country allocation detracted from performance, relative to the benchmark, for the 12-month period ended December 31, 2022, most notably the Fund's out-of-benchmark exposure to Argentina.

• In country terms, security selection was most detrimental within China, Taiwan and Brazil. Viewed on a sector basis, selection within information technology, communication services and consumer discretionary weighed
most heavily on return.

• Individual names that detracted most significantly for the Fund included Singapore-based internet technology company Sea Ltd. The company was impacted by the rotation away from growth stocks, as the market focused
on profitability and cash flow, given the rise in interest rates as central banks sought to counter inflation. In addition, slowing growth in Sea Ltd.'s gaming business, and loss of access to India as a result
of minority owner Chinese internet giant Tencent being banned in that country, were stock-specific headwinds.

• Similarly, sentiment with respect to Wuxi Biologics, a China-based global contract research organization, was negatively impacted by the market's rotation away from growth and
toward current cash flow given a higher interest-rate regime. Wuxi was also impacted by President Biden's executive order designed to reduce U.S. dependence on drugs manufactured overseas to, in turn, boost the
U.S. biotech sector.

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Finally, exposure to Russian energy company Lukoil, Russian search engine provider Yandex, and Russian online financial services company TCS Group, weighed on performance during the period. The Fund sold the
position in Lukoil early in the period.

The Fund's notable contributors during the period

• While the Fund's country allocation detracted overall from performance relative to the benchmark, an overweight to Indonesia proved additive.

• Individual names held that contributed most positively to relative performance included Bank Rakyat, Indonesia's second largest bank, which reported higher demand for loans and announced that margins had
benefited from lower wholesale credit costs. In addition, Indonesia's central bank unexpectedly raised interest rates by 50 basis points in September, providing a tailwind for the country's banking sector.
(A basis point is 1/100 of a percent.)

• Brazilian oil and gas exploration and production company Petro Rio contributed as oil price strength during the year supported the company's margins.

• Growth for the Chinese e-commerce platform Pinduoduo was driven by the company's ability to provide economies of scale by enabling group purchases. The company also benefited from its emergence as a social
platform through the "gamification" of the buying process. Pinduoduo has strong appeal for lower middle- and working-class consumers on the hunt for bargains.

• Finally, a lack of exposure to a pair of Russian state-controlled enterprises, oil company Gazprom and bank Sberbank, proved beneficial in the wake of Russia's invasion of
Ukraine and the resulting sanctions.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are enhanced for emerging market issuers. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Certain issuer events, including initial public offerings, business consolidation or restructuring, may present heightened risks to securities from the high degree of uncertainty associated with such events.The Fund has investment exposure to Chinese companies through legal structures known as variable interest entities (VIEs) in which the Fund holds only contractual rights (rather than equity ownership) in the company. VIEs are subject to breach of such contract and uncertainty over the legitimacy and regulation of VIEs which could adversely affect the value of VIE investments. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;957.40 | &nbsp;&nbsp;&nbsp;&nbsp;1019.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.50 | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;955.50 | &nbsp;&nbsp;&nbsp;&nbsp;1018.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.72 | &nbsp;&nbsp;&nbsp;&nbsp;6.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;957.10 | &nbsp;&nbsp;&nbsp;&nbsp;1018.85 | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 95.0%** | &nbsp;&nbsp;**Common Stocks 95.0%** | &nbsp;&nbsp;**Common Stocks 95.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Argentina 1.6%** | &nbsp;&nbsp;**Argentina 1.6%** | &nbsp;&nbsp;**Argentina 1.6%** |
| &nbsp;&nbsp;Globant SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7575 | &nbsp;&nbsp;&nbsp;&nbsp;1273812 |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115 | &nbsp;&nbsp;&nbsp;&nbsp;2636037 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3909849** |
| &nbsp;&nbsp;**Brazil 8.1%** | &nbsp;&nbsp;**Brazil 8.1%** | &nbsp;&nbsp;**Brazil 8.1%** |
| &nbsp;&nbsp;Afya Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74563 | &nbsp;&nbsp;&nbsp;&nbsp;1164674 |
| &nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;1254200 | &nbsp;&nbsp;&nbsp;&nbsp;3138024 |
| &nbsp;&nbsp;Banco BTG Pactual SA | &nbsp;&nbsp;&nbsp;&nbsp;357121 | &nbsp;&nbsp;&nbsp;&nbsp;1619296 |
| &nbsp;&nbsp;Banco do Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;104503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687417 |
| &nbsp;&nbsp;Itaú Unibanco Holding SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;626378 | &nbsp;&nbsp;&nbsp;&nbsp;2950240 |
| &nbsp;&nbsp;Localiza Rent a Car SA | &nbsp;&nbsp;&nbsp;&nbsp;253767 | &nbsp;&nbsp;&nbsp;&nbsp;2557016 |
| &nbsp;&nbsp;NU Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;239270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973829 |
| &nbsp;&nbsp;Petro Rio SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;403532 | &nbsp;&nbsp;&nbsp;&nbsp;2843965 |
| &nbsp;&nbsp;Sendas Distribuidora SA | &nbsp;&nbsp;&nbsp;&nbsp;533549 | &nbsp;&nbsp;&nbsp;&nbsp;1967555 |
| &nbsp;&nbsp;WEG SA | &nbsp;&nbsp;&nbsp;&nbsp;102458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747319 |
| &nbsp;&nbsp;XP, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757244 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**19406579** |
| &nbsp;&nbsp;**Canada 0.7%** | &nbsp;&nbsp;**Canada 0.7%** | &nbsp;&nbsp;**Canada 0.7%** |
| &nbsp;&nbsp;Parex Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118123 | &nbsp;&nbsp;&nbsp;&nbsp;1757887 |
| &nbsp;&nbsp;**China 29.2%** | &nbsp;&nbsp;**China 29.2%** | &nbsp;&nbsp;**China 29.2%** |
| &nbsp;&nbsp;Bafang Electric Suzhou Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694604 |
| &nbsp;&nbsp;Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27178 | &nbsp;&nbsp;&nbsp;&nbsp;1030632 |
| &nbsp;&nbsp;Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;211900 | &nbsp;&nbsp;&nbsp;&nbsp;1018077 |
| &nbsp;&nbsp;China Animal Healthcare Ltd.<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;4603000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88700 | &nbsp;&nbsp;&nbsp;&nbsp;2745590 |
| &nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;1104418 |
| &nbsp;&nbsp;Full Truck Alliance Co., Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;182755 | &nbsp;&nbsp;&nbsp;&nbsp;1462040 |
| &nbsp;&nbsp;Inner Mongolia Yili Industrial Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;625500 | &nbsp;&nbsp;&nbsp;&nbsp;2781372 |
| &nbsp;&nbsp;JD.com, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;112335 | &nbsp;&nbsp;&nbsp;&nbsp;6305364 |
| &nbsp;&nbsp;JD.com, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43714 | &nbsp;&nbsp;&nbsp;&nbsp;1220348 |
| &nbsp;&nbsp;Kingdee International Software Group Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;627150 | &nbsp;&nbsp;&nbsp;&nbsp;1330873 |
| &nbsp;&nbsp;Kuaishou Technology<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993314 |
| &nbsp;&nbsp;Li Ning Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;473000 | &nbsp;&nbsp;&nbsp;&nbsp;4067330 |
| &nbsp;&nbsp;Medlive Technology Co., Ltd.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;216754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235122 |
| &nbsp;&nbsp;Meituan, Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;451200 | &nbsp;&nbsp;&nbsp;&nbsp;9996713 |
| &nbsp;&nbsp;Midea Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;377500 | &nbsp;&nbsp;&nbsp;&nbsp;2801539 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;315640 | &nbsp;&nbsp;&nbsp;&nbsp;4578047 |
| &nbsp;&nbsp;Pinduoduo, Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42328 | &nbsp;&nbsp;&nbsp;&nbsp;3451848 |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;61800 | &nbsp;&nbsp;&nbsp;&nbsp;2802492 |
| &nbsp;&nbsp;Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;118400 | &nbsp;&nbsp;&nbsp;&nbsp;1320380 |
| &nbsp;&nbsp;Silergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847495 |
| &nbsp;&nbsp;Songcheng Performance Development Co., Ltd., Class A | &nbsp;&nbsp;969000 | &nbsp;&nbsp;&nbsp;&nbsp;2033171 |
| &nbsp;&nbsp;Sungrow Power Supply Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;68400 | &nbsp;&nbsp;&nbsp;&nbsp;1097558 |
| &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;329201 | &nbsp;&nbsp;13958242 |
| &nbsp;&nbsp;WuXi Biologics Cayman, Inc.<sup>(a)</sup> | &nbsp;&nbsp;155500 | &nbsp;&nbsp;&nbsp;&nbsp;1177743 |
| &nbsp;&nbsp;Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | &nbsp;&nbsp;186100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566871 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**69621184** |
| &nbsp;&nbsp;**Hong Kong 1.9%** | &nbsp;&nbsp;**Hong Kong 1.9%** | &nbsp;&nbsp;**Hong Kong 1.9%** |
| &nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;2926499 |
| &nbsp;&nbsp;Hong Kong Exchanges and Clearing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588692 |
| &nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;101003 | &nbsp;&nbsp;&nbsp;&nbsp;1121825 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4637016** |
| &nbsp;&nbsp;**India 14.9%** | &nbsp;&nbsp;**India 14.9%** | &nbsp;&nbsp;**India 14.9%** |
| &nbsp;&nbsp;Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68037 | &nbsp;&nbsp;&nbsp;&nbsp;3676592 |
| &nbsp;&nbsp;Astral Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565726 |
| &nbsp;&nbsp;AU Small Finance Bank Ltd. | &nbsp;&nbsp;220006 | &nbsp;&nbsp;&nbsp;&nbsp;1737810 |
| &nbsp;&nbsp;Balkrishna Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68938 | &nbsp;&nbsp;&nbsp;&nbsp;1772438 |
| &nbsp;&nbsp;Cholamandalam Investment and Finance Co., Ltd. | &nbsp;&nbsp;286411 | &nbsp;&nbsp;&nbsp;&nbsp;2497857 |
| &nbsp;&nbsp;Dixon Technologies India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657190 |
| &nbsp;&nbsp;Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;39021 | &nbsp;&nbsp;&nbsp;&nbsp;1517495 |
| &nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;76497 | &nbsp;&nbsp;&nbsp;&nbsp;5233160 |
| &nbsp;&nbsp;ICICI Bank Ltd., ADR | &nbsp;&nbsp;309611 | &nbsp;&nbsp;&nbsp;&nbsp;6777385 |
| &nbsp;&nbsp;Infosys Ltd., ADR | &nbsp;&nbsp;110324 | &nbsp;&nbsp;&nbsp;&nbsp;1986935 |
| &nbsp;&nbsp;Larsen & Toubro Ltd. | &nbsp;&nbsp;129964 | &nbsp;&nbsp;&nbsp;&nbsp;3266558 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;113559 | &nbsp;&nbsp;&nbsp;&nbsp;1709601 |
| &nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;132461 | &nbsp;&nbsp;&nbsp;&nbsp;4066634 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**35465381** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Indonesia 7.9%** | &nbsp;&nbsp;**Indonesia 7.9%** | &nbsp;&nbsp;**Indonesia 7.9%** |
| &nbsp;&nbsp;Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;3372000 | &nbsp;&nbsp;&nbsp;&nbsp;1997801 |
| &nbsp;&nbsp;PT Astra International Tbk | &nbsp;&nbsp;&nbsp;&nbsp;6455500 | &nbsp;&nbsp;&nbsp;&nbsp;2362389 |
| &nbsp;&nbsp;PT Bank BTPN Syariah Tbk | &nbsp;&nbsp;&nbsp;&nbsp;7985800 | &nbsp;&nbsp;&nbsp;&nbsp;1429935 |
| &nbsp;&nbsp;PT Bank Central Asia Tbk | &nbsp;&nbsp;10691000 | &nbsp;&nbsp;&nbsp;&nbsp;5862284 |
| &nbsp;&nbsp;PT Bank Rakyat Indonesia Persero Tbk | &nbsp;&nbsp;22361939 | &nbsp;&nbsp;&nbsp;&nbsp;7089859 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**18742268** |
| &nbsp;&nbsp;**Kazakhstan 0.6%** | &nbsp;&nbsp;**Kazakhstan 0.6%** | &nbsp;&nbsp;**Kazakhstan 0.6%** |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(b),(c),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19550 | &nbsp;&nbsp;&nbsp;&nbsp;1404160 |
| &nbsp;&nbsp;**Malaysia 0.7%** | &nbsp;&nbsp;**Malaysia 0.7%** | &nbsp;&nbsp;**Malaysia 0.7%** |
| &nbsp;&nbsp;CIMB Group Holdings Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785502 |
| &nbsp;&nbsp;Public Bank Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851022 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1636524** |
| &nbsp;&nbsp;**Mexico 3.0%** | &nbsp;&nbsp;**Mexico 3.0%** | &nbsp;&nbsp;**Mexico 3.0%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544769 |
| &nbsp;&nbsp;Grupo Aeroportuario del Pacifico SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718527 |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451559 | &nbsp;&nbsp;&nbsp;&nbsp;3249769 |
| &nbsp;&nbsp;Wal-Mart de Mexico SAB de CV, Class V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764245 | &nbsp;&nbsp;&nbsp;&nbsp;2701419 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**7214484** |
| &nbsp;&nbsp;**Philippines 0.7%** | &nbsp;&nbsp;**Philippines 0.7%** | &nbsp;&nbsp;**Philippines 0.7%** |
| &nbsp;&nbsp;Ayala Land, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2859200 | &nbsp;&nbsp;&nbsp;&nbsp;1587167 |
| &nbsp;&nbsp;**Poland 1.0%** | &nbsp;&nbsp;**Poland 1.0%** | &nbsp;&nbsp;**Poland 1.0%** |
| &nbsp;&nbsp;Dino Polska SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26266 | &nbsp;&nbsp;&nbsp;&nbsp;2255837 |
| &nbsp;&nbsp;**Russian Federation 0.0%** | &nbsp;&nbsp;**Russian Federation 0.0%** | &nbsp;&nbsp;**Russian Federation 0.0%** |
| &nbsp;&nbsp;Detsky Mir PJSC<sup>(a),(b),(c),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Fix Price Group PLC, GDR<sup>(a),(b),(c),(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Ozon Holdings PLC, ADR<sup>(a),(b),(c),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;TCS Group Holding PLC, GDR<sup>(a),(b),(c),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Yandex NV, Class A<sup>(a),(b),(c),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;**South Africa 2.6%** | &nbsp;&nbsp;**South Africa 2.6%** | &nbsp;&nbsp;**South Africa 2.6%** |
| &nbsp;&nbsp;Absa Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170466 | &nbsp;&nbsp;&nbsp;&nbsp;1935747 |
| &nbsp;&nbsp;Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16405 | &nbsp;&nbsp;&nbsp;&nbsp;1785795 |
| &nbsp;&nbsp;Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691268 |
| &nbsp;&nbsp;Shoprite Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131541 | &nbsp;&nbsp;&nbsp;&nbsp;1743774 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6156584** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**South Korea 10.0%** | &nbsp;&nbsp;**South Korea 10.0%** | &nbsp;&nbsp;**South Korea 10.0%** |
| &nbsp;&nbsp;Coupang, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115269 | &nbsp;&nbsp;&nbsp;&nbsp;1695607 |
| &nbsp;&nbsp;Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77783 | &nbsp;&nbsp;&nbsp;&nbsp;2590105 |
| &nbsp;&nbsp;Samsung Biologics Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 | &nbsp;&nbsp;&nbsp;&nbsp;1362851 |
| &nbsp;&nbsp;Samsung Electro-Mechanics Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17173 | &nbsp;&nbsp;&nbsp;&nbsp;1783464 |
| &nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;230508 | &nbsp;&nbsp;&nbsp;&nbsp;10117744 |
| &nbsp;&nbsp;Samsung SDI Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6506 | &nbsp;&nbsp;&nbsp;&nbsp;3054844 |
| &nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55969 | &nbsp;&nbsp;&nbsp;&nbsp;3339337 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**23943952** |
| &nbsp;&nbsp;**Taiwan 10.0%** | &nbsp;&nbsp;**Taiwan 10.0%** | &nbsp;&nbsp;**Taiwan 10.0%** |
| &nbsp;&nbsp;Chailease Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;113400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798924 |
| &nbsp;&nbsp;Delta Electronics | &nbsp;&nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;1965238 |
| &nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;1779267 |
| &nbsp;&nbsp;Sea Ltd. ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519988 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;1184838 | &nbsp;&nbsp;&nbsp;&nbsp;17207951 |
| &nbsp;&nbsp;Unimicron Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;394356 | &nbsp;&nbsp;&nbsp;&nbsp;1530963 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**23802331** |
| &nbsp;&nbsp;**Thailand 2.1%** | &nbsp;&nbsp;**Thailand 2.1%** | &nbsp;&nbsp;**Thailand 2.1%** |
| &nbsp;&nbsp;Kasikornbank PCL, Foreign Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;592500 | &nbsp;&nbsp;&nbsp;&nbsp;2518865 |
| &nbsp;&nbsp;Muangthai Capital PCL, Foreign Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;923800 | &nbsp;&nbsp;&nbsp;&nbsp;1012052 |
| &nbsp;&nbsp;PTT Exploration & Production PCL | &nbsp;&nbsp;&nbsp;&nbsp;307100 | &nbsp;&nbsp;&nbsp;&nbsp;1563943 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5094860** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $230,416,181) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $230,416,181) | &nbsp;&nbsp;**226636064** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Stocks 1.4%** | &nbsp;&nbsp;**Preferred Stocks 1.4%** | &nbsp;&nbsp;**Preferred Stocks 1.4%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**South Korea 1.4%** | &nbsp;&nbsp;**South Korea 1.4%** | &nbsp;&nbsp;**South Korea 1.4%** |
| &nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;80792 | &nbsp;&nbsp;3237607 |
| &nbsp;&nbsp;Total Preferred Stocks<br> (Cost $2,092,325) | &nbsp;&nbsp;Total Preferred Stocks<br> (Cost $2,092,325) | &nbsp;&nbsp;**3237607** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Rights 0.0%** | &nbsp;&nbsp;**Rights 0.0%** | &nbsp;&nbsp;**Rights 0.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Brazil 0.0%** | &nbsp;&nbsp;**Brazil 0.0%** | &nbsp;&nbsp;**Brazil 0.0%** |
| &nbsp;&nbsp;Localiza Rent a Car SA<sup>(a)</sup> | &nbsp;&nbsp;1109 | &nbsp;&nbsp;2260 |
| &nbsp;&nbsp;Total Rights<br> (Cost $—) | &nbsp;&nbsp;Total Rights<br> (Cost $—) | &nbsp;&nbsp;**2260** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 3.9%** | &nbsp;&nbsp;**Money Market Funds 3.9%** | &nbsp;&nbsp;**Money Market Funds 3.9%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(f),(g)</sup> | &nbsp;&nbsp;9347151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9344347 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $9,343,608) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $9,343,608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9344347** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $241,852,114)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $241,852,114)** | &nbsp;&nbsp;&nbsp;&nbsp;**239220278** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(621737)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$238598541** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2022, the total value of these securities amounted to $1,404,162,
which represents 0.59% of total net assets.

(c) Valuation based on significant unobservable inputs.

(d) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section
4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $1,639,283, which represents 0.69% of total
net assets.

(e) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve
time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those
securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued
at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees. At December 31, 2022, the total market value of these securities amounted to $1, which
represents less than 0.01% of total net assets. Additional information on these securities is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security** | **Acquisition<br> Dates** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Detsky Mir PJSC | 02/08/2017-09/21/2020 | &nbsp;&nbsp;911435 | &nbsp;&nbsp;&nbsp;&nbsp;1345538 | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Fix Price Group PLC, GDR | 03/05/2021-03/08/2021 | &nbsp;&nbsp;502952 | &nbsp;&nbsp;&nbsp;&nbsp;4907336 | &nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Ozon Holdings PLC, ADR | 12/17/2020-09/21/2021 | &nbsp;&nbsp;&nbsp;&nbsp;58548 | &nbsp;&nbsp;&nbsp;&nbsp;2951530 | &nbsp;&nbsp;— |
| &nbsp;&nbsp;TCS Group Holding PLC, GDR | 01/10/2018-01/25/2022 | &nbsp;&nbsp;&nbsp;&nbsp;26653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726918 | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Yandex NV, Class A | 09/01/2017-04/02/2020 | &nbsp;&nbsp;&nbsp;&nbsp;73098 | &nbsp;&nbsp;&nbsp;&nbsp;2575554 | &nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;12506876 | &nbsp;&nbsp;&nbsp;1 |

---

(f) The rate shown is the seven-day current annualized yield at December 31, 2022.

(g) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 11904161 | &nbsp;&nbsp;76224985 | &nbsp;&nbsp;(78786124) | &nbsp;&nbsp;1325 | &nbsp;&nbsp;9344347 | &nbsp;&nbsp;(2778) | &nbsp;&nbsp;128805 | &nbsp;&nbsp;9347151 |

---

#### Abbreviation Legend
ADR American Depositary Receipt <br> GDR Global Depositary Receipt

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.**

#### Fair value inputs are summarized in the three broad levels listed below:
**■** **Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.** 

**■** **Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).** 

**■** **Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).** 

**Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;3909849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 19406579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19406579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;1757887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 11219252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58401931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69621184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4637016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4637016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 13997480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21467901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35465381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18742268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18742268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1404160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;7214484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7214484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6156584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6156584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;1695607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22248345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23943952 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;519988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23282343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23802331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 59721126 | &nbsp;&nbsp;&nbsp;&nbsp;165510776 | &nbsp;&nbsp;&nbsp;&nbsp;1404162 | &nbsp;&nbsp;&nbsp;&nbsp;226636064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;9344347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9344347 |
| &nbsp;&nbsp;Total Investments in Securities | 69067733 | &nbsp;&nbsp;&nbsp;&nbsp;168748383 | &nbsp;&nbsp;&nbsp;&nbsp;1404162 | &nbsp;&nbsp;&nbsp;&nbsp;239220278 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $232,508,506) | $229875931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $9,343,608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9344347 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8271 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;239708156 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Foreign currency (cost $1,279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains taxes deferred | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41554 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109615 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$238598541** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;256274688 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(17676147) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$238598541** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$60002988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6668426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.00 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$56612289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6423685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.81 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $121983264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;13679340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.92 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4093069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(683365) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538732 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54892 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704145 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356155) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347990 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190742 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(12604024) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2778) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136475) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(12743277) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(108181138) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(643) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286807 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(106893649) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(119636926) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(119446184)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$190742 | &nbsp;&nbsp;&nbsp;&nbsp;$(1132869) |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(12743277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80156583 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(106893649) | &nbsp;&nbsp;&nbsp;(104820839) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;(119446184) | &nbsp;&nbsp;&nbsp;&nbsp;(25797125) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(19236412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6131794) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;(18957219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3847632) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;(41600090) | &nbsp;&nbsp;&nbsp;&nbsp;(10278225) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(79793721) | &nbsp;&nbsp;&nbsp;&nbsp;(20257651) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;76822229 | &nbsp;&nbsp;&nbsp;&nbsp;(61812019) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;(122417676) | &nbsp;&nbsp;&nbsp;(107866795) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;361016217 | &nbsp;&nbsp;&nbsp;&nbsp;468883012 |
| &nbsp;&nbsp;**Net assets at end of year** | **$238598541** | &nbsp;&nbsp;**$361016217** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;291546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3531729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;2022756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19236412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6131794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(56091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(716777) | &nbsp;&nbsp;&nbsp;&nbsp;(3867668) | &nbsp;&nbsp;&nbsp;&nbsp;(86223548) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;2258211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22051364 | &nbsp;&nbsp;&nbsp;&nbsp;(3409637) | &nbsp;&nbsp;&nbsp;&nbsp;(76086478) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;629221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8331063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17403719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;2034037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18957219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(444092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4855266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5172823) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;2219166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22433016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16078528 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;360342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;4411462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41600090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10278225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1173119) | &nbsp;&nbsp;&nbsp;&nbsp;(13637715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(840148) | &nbsp;&nbsp;&nbsp;&nbsp;(18073681) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;3598685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32337849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1804069) |
| &nbsp;&nbsp;**Total net increase (decrease)** | &nbsp;&nbsp;**8076062** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**76822229** | &nbsp;&nbsp;&nbsp;&nbsp;**(2801302)** | &nbsp;&nbsp;&nbsp;&nbsp;**(61812019)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $19.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(6.18) | &nbsp;&nbsp;(6.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(4.26) | &nbsp;&nbsp;(4.26) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $21.90 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(1.41) | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;(1.04) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $18.98 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(2.31) | &nbsp;&nbsp;(2.43) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $16.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(2.25) | &nbsp;&nbsp;(2.29) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $21.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;(4.67) | &nbsp;&nbsp;(4.53) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $19.18 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(6.10) | &nbsp;&nbsp;(6.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(4.26) | &nbsp;&nbsp;(4.26) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $21.66 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(1.40) | &nbsp;&nbsp;(1.48) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;(1.00) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $18.78 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(2.31) | &nbsp;&nbsp;(2.39) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $16.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(2.25) | &nbsp;&nbsp;(2.27) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(4.59) | &nbsp;&nbsp;(4.53) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $19.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(6.15) | &nbsp;&nbsp;(6.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(4.26) | &nbsp;&nbsp;(4.26) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $21.80 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(1.40) | &nbsp;&nbsp;(1.46) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;(1.02) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $18.89 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(2.31) | &nbsp;&nbsp;(2.41) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $16.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(2.25) | &nbsp;&nbsp;(2.28) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;(4.63) | &nbsp;&nbsp;(4.54) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.09) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |
| (d) | Ratios include line of credit interest expense which is less than 0.01%. |
| (e) | The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.04%. |
| (f) | Rounds to zero. |
| (g) | The Fund received a payment from an affiliate which had an impact of less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Financial Highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Reimbursement<br> from affiliate** | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$9.00 | (32.90%) | 1.26% | 1.12% | 0.20% | 51% | &nbsp;&nbsp;$60003 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;— | $19.42 | &nbsp;&nbsp;(7.20%) | 1.22%<sup>(c)</sup> | 1.14%<sup>(c)</sup> | (0.16%) | 28% | &nbsp;&nbsp;$85630 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;&nbsp;&nbsp;— | $21.90 | 33.61% | 1.23%<sup>(c),(d)</sup> | 1.14%<sup>(c),(d)</sup> | (0.05%) | 26% | $171261 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | 0.01 | $18.98 | 31.50%<sup>(e)</sup> | 1.22%<sup>(c)</sup> | 1.17%<sup>(c)</sup> | 0.53% | 26% | $133990 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;&nbsp;&nbsp;— | $16.38 | (21.62%) | 1.20%<sup>(c)</sup> | 1.20%<sup>(c)</sup> | 0.70% | 41% | $196720 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$8.81 | (33.07%) | 1.51% | 1.37% | (0.05%) | 51% | &nbsp;&nbsp;$56612 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;— | $19.18 | &nbsp;&nbsp;(7.47%) | 1.48%<sup>(c)</sup> | 1.39%<sup>(c)</sup> | (0.39%) | 28% | &nbsp;&nbsp;$80663 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;&nbsp;&nbsp;— | $21.66 | 33.31% | 1.48%<sup>(c),(d)</sup> | 1.39%<sup>(c),(d)</sup> | (0.30%) | 26% | &nbsp;&nbsp;$75522 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | 0.00<sup>(f)</sup> | $18.78 | 31.13%<sup>(g)</sup> | 1.47%<sup>(c)</sup> | 1.42%<sup>(c)</sup> | 0.33% | 26% | &nbsp;&nbsp;$55859 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;&nbsp;&nbsp;— | $16.26 | (21.78%) | 1.47%<sup>(c)</sup> | 1.46%<sup>(c)</sup> | 0.33% | 41% | &nbsp;&nbsp;$42531 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$8.92 | (32.98%) | 1.38% | 1.25% | 0.06% | 51% | $121983 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;— | $19.32 | &nbsp;&nbsp;(7.33%) | 1.35%<sup>(c)</sup> | 1.26%<sup>(c)</sup> | (0.27%) | 28% | $194723 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;&nbsp;&nbsp;— | $21.80 | 33.51% | 1.35%<sup>(c),(d)</sup> | 1.27%<sup>(c),(d)</sup> | (0.18%) | 26% | $222100 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | 0.00<sup>(f)</sup> | $18.89 | 31.29%<sup>(g)</sup> | 1.34%<sup>(c)</sup> | 1.29%<sup>(c)</sup> | 0.45% | 26% | $196505 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;&nbsp;&nbsp;— | $16.33 | (21.73%) | 1.34%<sup>(c)</sup> | 1.33%<sup>(c)</sup> | 0.44% | 41% | $173529 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Emerging Markets Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed quarterly. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

20 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 1.10% to 0.70% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 1.10% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.05% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;1.38 |
| &nbsp;&nbsp;Class 3 | 1.245 | 1.255 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (pfic) holdings, capital loss carryforwards, trustees' deferred compensation, foreign currency transactions, distribution reclassifications, foreign capital gains tax and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Excess of distributions<br> over net investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;740267 | (756117) | 15850 |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;65915 | 79727806 | 79793721 | 4405469 | 15852182 | 20257651 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

22 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;3901 – (13707916) | (2999538) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;242219817 | 36085645 | (39085183) | (2999538) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(13707916) – (13707916) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $135,080,889 and $136,258,876, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;3 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Consumer discretionary sector risk
The Fund is more susceptible to the particular risks that may affect companies in the consumer discretionary sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the consumer discretionary sector are subject to certain risks, including fluctuations in the performance of the overall domestic and international economy, interest rate changes, increased competition and consumer confidence. Performance of such companies may be affected by factors including reduced disposable household income, reduced consumer spending, changing demographics and consumer tastes.

#### Financial sector risk
The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are

24 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.

#### Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer's country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

#### Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund.

*Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund's investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.*

*Greater China. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers in the Greater China region. The region consists of Hong Kong, The People's Republic of China and Taiwan, among other countries, and the Fund's investments in the region are particularly susceptible to risks in that region. The Hong Kong, Taiwanese, and Chinese economies are dependent on the economies of other countries and can be significantly affected by currency fluctuations and increasing competition from other emerging economies in Asia with lower costs. Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. As a result, adverse events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified, which could result in greater volatility in the Fund's net asset value and losses. Markets in the Greater China region can experience significant volatility due to social, economic, regulatory and political uncertainties. Changes in Chinese government policy and economic growth rates could significantly affect local markets and the entire Greater China region. China has yet to develop comprehensive securities, corporate, or commercial laws, its market is relatively new and less developed, and its economy is experiencing a relative slowdown. Export growth continues to be a major driver of China's economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy.*

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing

26 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 99.5% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

#### Variable interest entity risk
Many Chinese companies to which the Fund seeks investment exposure use a structure known as a variable interest entity (a VIE) to address Chinese restrictions on direct foreign investment in Chinese companies operating in certain sectors. The Fund's investment exposure to VIEs may pose additional risks because the Fund's investment is in a holding company domiciled outside of China (a Holding Company) whose interests in the business of the underlying Chinese operating company (the VIE) are established through contracts rather than equity ownership. The VIE structure is a longstanding practice in China that, until recently, was not acknowledged by the Chinese government, creating uncertainty over the possibility that the Chinese government might cease to tolerate VIE structures at any time or impose new restrictions on the structure. In such a scenario, the Chinese operating company could be subject to penalties, including revocation of its business and operating license, or the Holding Company could forfeit its interest in the business of the Chinese operating company. Further, in case of a dispute, the remedies and rights of the Fund may be limited, and such legal uncertainty may be exploited against the interests of the Fund. Control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the contractual arrangements, is subject to legal proceedings, or if any physical instruments or property of the VIE, such as seals, business registration certificates, financial data and licensing arrangements (sometimes referred to as "chops"), are used without authorization. In the event of such an occurrence, the Fund, as a foreign investor, may have little or no legal recourse. In addition to the risk of government intervention, investments through a VIE structure are subject to the risks that the China-based company (or its officers, directors, or Chinese equity owners) may breach the contractual arrangements, that Chinese law changes in a way that adversely affects the enforceability of the arrangements and that the contracts are otherwise not enforceable under Chinese law, in which case a Fund may suffer significant losses on its investments through a VIE structure with little or no recourse available. Further, the Fund is not a VIE owner/shareholder and cannot exert influence through proxy voting or other means. Foreign companies listed on stock exchanges in the United States, including companies using the VIE structure, could also face delisting or other ramifications for failure to meet the expectations and/or requirements of U.S. regulators. Recently, however, China has proposed the adoption of rules which would affirm that VIEs are legally permissible, though there remains significant uncertainty over how these rules will operate. Any of these risks could reduce the liquidity and value of the Fund's investments in Holding Companies or render them valueless.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

(10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

28 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Emerging Markets Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Emerging Markets Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

## Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Qualified<br> dividend<br> income** | **Foreign<br> taxes paid<br> to foreign<br> countries** | **Foreign<br> taxes paid<br> per share<br> to foreign<br> countries** | **Foreign<br> source<br> income** | **Foreign<br> source<br> income per<br> share** |
| &nbsp;&nbsp;100.00% | $1695422 | $0.06 | $4092160 | $0.15 |

---

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

Foreign taxes are deemed to be passed through to shareholders with dividends paid after the close of the taxable year, on the next regularly scheduled distribution date of March 30, 2023.

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |

---

30 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |

---

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |

---

32 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited)
\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

34 Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Emerging Markets Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_266_71e55820-b080-40c4-84d5-8ef3270a422e_TOC)

#### Columbia Variable Portfolio – Emerging Markets Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgbd2d86052.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7007_12_B01_(02/23)

------

![](img6144998a1.jpg)

Annual Report

December 31, 2022

![](imge79617122.jpg)

Columbia Variable Portfolio – Disciplined Core Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_7f9ef9b9-561b-4c0f-9b65-cbe7a314a512_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_7f9ef9b9-561b-4c0f-9b65-cbe7a314a512_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_716ae54c-b3a5-4c3e-be07-da98824942f8_1)<br>| 7 |
| [Portfolio of Investments](#xx_d56a6a3b-c4dc-48a5-9415-2eb0e2d8c89a_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_827fd28d-b2c5-40f7-aaeb-25778faa49f7_1)<br>| 13 |
| [Statement of Operations](#xx_827fd28d-b2c5-40f7-aaeb-25778faa49f7_2)<br>| 14 |
| [Statement of Changes in Net Assets](#xx_827fd28d-b2c5-40f7-aaeb-25778faa49f7_3)<br>| 15 |
| [Financial Highlights](#xx_9bcb66fd-6eec-4913-8a7a-a21fc6862536_1)<br>| 16 |
| [Notes to Financial Statements](#xx_f697da00-96c6-437f-ba2e-c655a8b5bb85_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_fa9c8f32-d216-484b-8bc5-a6f4662e1812_1)<br>| 28 |
| [Trustees and Officers](#xx_28c864b5-df77-4905-9588-59052d7d08be_1)<br>| 29 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Disciplined Core Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with capital appreciation.

Portfolio management

#### Raghavendran Sivaraman, Ph.D., CFA
Co-Portfolio Manager

Managed Fund since 2019

#### Oleg Nusinzon, CFA
Co-Portfolio Manager

Managed Fund since 2021

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-18.72 | &nbsp;&nbsp;&nbsp;&nbsp;8.17 | &nbsp;&nbsp;&nbsp;&nbsp;11.98 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-18.94 | &nbsp;&nbsp;&nbsp;&nbsp;7.90 | &nbsp;&nbsp;&nbsp;&nbsp;11.70 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;10/13/81 | &nbsp;&nbsp;&nbsp;&nbsp;-18.82 | &nbsp;&nbsp;&nbsp;&nbsp;8.04 | &nbsp;&nbsp;&nbsp;&nbsp;11.84 |
| &nbsp;&nbsp;S&P 500 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-18.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;12.56 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img14e2c4533.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Disciplined Core Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;98.4 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;10.5 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;11.2 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;15.6 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;26.2 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 66.15% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio - Disciplined Core Fund returned -18.94%. The Fund modestly underperformed its benchmark, the S&P 500 Index, which returned -18.11%.

Market overview

Driven by aggressive U.S. Federal Reserve (Fed) interest rate hikes in response to decades-high inflation and supply-chain disruptions from Russia's invasion of Ukraine and China's zero-COVID policy, the U.S. equity market, as measured by the benchmark, posted its worst calendar year performance since 2008 in 2022. On slowing yet relatively resilient corporate earnings reports and hopes that the pace of Fed interest rate hikes would ease, there were brief equity market rallies, such as those in July into early August and in October and November. However, as the realization that interest rates could remain higher for longer set in with investors, even as inflation decreased, albeit from high levels, in the last four months of the year, stocks ticked lower in December. Overall, the benchmark fell in each of the first three quarters of 2022 before rebounding into positive territory in the fourth quarter.

For the annual period overall, all capitalization segments within the U.S. equity market posted double-digit negative returns, with small-cap stocks the weakest, followed by large-cap stocks and then mid-cap stocks. From a style perspective, value-oriented stocks materially outperformed growth-oriented stocks across the capitalization spectrum.

The Fund's stock selection model

At the style level, stocks characterized by high earnings before interest, taxes, depreciation and amortization (EBITDA)-to-enterprise value, high dividend yield and high operating cash flow-to-price were in favor during the annual period. Conversely, high volatility and high growth characteristics were out of favor during the annual period.

We divide the metrics for our stock selection model into three broad categories — quality, value and catalyst. We then rank the securities within a sector/industry from "1" (most attractive) to "5" (least attractive) based upon the metrics within these categories. During the annual period, top-rated names in the quality theme did not add value, and the catalyst theme generated rather neutral results. The value theme of our stock selection model produced strong positive guidance during the annual period.

In the third calendar quarter, we had introduced an integrated energy sector model that recombined and consolidated energy names across industries in a single model that is still industry specific but now in a broader setting. As such, the portfolio now has 20 industry-specific models, 10 of which provided positive stock selection guidance during the annual period. Industrials (services), consumer discretionary (retail and apparel) and health care (products) contributed most positively to relative results. Consumer discretionary (consumer services), communication services and information technology (semiconductors) detracted most during the annual period.

The Fund's notable detractors during the period

• As usual, the Fund maintained a relatively neutral stance on sector allocation as compared to the benchmark, though sector allocation did detract, albeit modestly, from relative performance during the period.

• Stock selection in the information technology, communication services and financials sectors detracted most from the Fund's relative performance during the period.

• Among the individual stocks detracting most from relative performance was Meta Platforms, Inc., the social media giant and parent company of Facebook, whose share price plummeted amid
several headwinds. First, the company reported a sharp decline in profits and said it lost about a million daily users globally. Second, in October 2022, the company forecast higher capital expenditures and no
headcount reductions, which contributed to a significantly growing

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

---

| | |
|:---|:---|
|  | year-over-year operating loss. Further, the company faced increased competition during the annual period from TikTok, less advertising due to a slowing macroeconomic environment and pressures driven by Apple's privacy changes restricting the sharing of information. The portfolio's overweight in Meta Platforms was based on its attractive value theme score and in-line quality score, but the models delivered negative stock selection guidance. |
| • | Advanced Micro Devices, Inc., a semiconductor company, saw its shares decline in price as the highly cyclical semiconductor industry faced negative earnings revisions and signs of higher inventory. While the company reported earnings in line with consensus expectations, it lowered its forward guidance on weakness in the personal computer industry. The decision to overweight the portfolio's position in Advanced Micro Devices was based on strong scores across all three of our investment themes — quality, value and catalyst, but the models provided negative guidance. |
| • | Under Armour Inc. (Class A) is an American sports clothing, footwear and accessories company. Under Armour announced a significant earnings shortfall for its March 2022 quarter and lowered its full-year forward guidance. The earnings shortfall was driven by supply-chain issues, increased freight costs and COVID-19-related lockdowns in China, which resulted in restricted store hours, low inventory and store closures in China. Shortly after this earnings miss, Under Armour's Chief Executive Officer unexpectedly announced he was stepping down from management of the company, further pressuring its shares. The portfolio's overweight in Under Armour (Class A) was established based on an attractive quality investment theme score, but the model provided negative guidance. |

---

The Fund's notable contributors during the period

• Stock selection overall contributed positively to the Fund's performance relative to the benchmark during the period.

• Stock selection in the consumer discretionary, health care and industrials sectors contributed most positively to the Fund's relative performance.

• Among the Fund's greatest individual positive contributors was EOG Resources, Inc., an oil and natural gas exploration and production company, whose shares rose on strong earnings given the elevated price of
oil. For investors, a key focus within the exploration and production industry of the energy sector was on companies, like EOG Resources, which have been accelerating the return of cash to equity holders. This focus,
in turn, resulted in these companies outperforming exploration and production companies which emphasized debt reduction instead. The portfolio's overweight in EOG Resources was driven by our quality and
catalyst themes, and the models delivered effective stock selection guidance.

• McKesson Corp., a drug distributor and medical services provider, performed well after reporting strong results wherein the company's profits jumped due to falling expenses and smaller charges for litigation,
claims, restructuring and impairment than incurred in prior periods. The portfolio's overweight in McKesson was based on attractive scores in our catalyst theme, and the model provided positive guidance.

• Exxon Mobil Corp., the integrated energy producer, generated strong returns during the year, as energy stocks broadly were among the few bright spots in the market turmoil of 2022.
Ongoing demand, along with elevated energy prices, boosted returns for Exxon Mobil. The portfolio's overweight in Exxon Mobil was driven by an attractive catalyst score and an in-line value score, and the models
delivered effective stock selection guidance.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. Investments selected using quantitative methods may perform differently from the market as a whole and may not enable the Fund to achieve its objective. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1010.50 | &nbsp;&nbsp;&nbsp;&nbsp;1021.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1009.10 | &nbsp;&nbsp;&nbsp;&nbsp;1020.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1010.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.4%** | &nbsp;&nbsp;**Common Stocks 98.4%** | &nbsp;&nbsp;**Common Stocks 98.4%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 6.9%** | &nbsp;&nbsp;**Communication Services 6.9%** | &nbsp;&nbsp;**Communication Services 6.9%** |
| &nbsp;&nbsp;**Entertainment 1.0%** | &nbsp;&nbsp;**Entertainment 1.0%** | &nbsp;&nbsp;**Entertainment 1.0%** |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277475 | &nbsp;&nbsp;&nbsp;&nbsp;33901896 |
| &nbsp;&nbsp;**Interactive Media & Services 5.6%** | &nbsp;&nbsp;**Interactive Media & Services 5.6%** | &nbsp;&nbsp;**Interactive Media & Services 5.6%** |
| &nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;1698230 | &nbsp;&nbsp;149834833 |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;427068 | &nbsp;&nbsp;&nbsp;&nbsp;51393363 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;201228196 |
| &nbsp;&nbsp;**Media 0.3%** | &nbsp;&nbsp;**Media 0.3%** | &nbsp;&nbsp;**Media 0.3%** |
| &nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;383000 | &nbsp;&nbsp;&nbsp;&nbsp;11631710 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**246761802** |
| &nbsp;&nbsp;**Consumer Discretionary 10.4%** | &nbsp;&nbsp;**Consumer Discretionary 10.4%** | &nbsp;&nbsp;**Consumer Discretionary 10.4%** |
| &nbsp;&nbsp;**Automobiles 0.5%** | &nbsp;&nbsp;**Automobiles 0.5%** | &nbsp;&nbsp;**Automobiles 0.5%** |
| &nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;145297 | &nbsp;&nbsp;&nbsp;&nbsp;17897684 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.3%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.3%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.3%** |
| &nbsp;&nbsp;Expedia Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;510281 | &nbsp;&nbsp;&nbsp;&nbsp;44700616 |
| &nbsp;&nbsp;**Household Durables 2.0%** | &nbsp;&nbsp;**Household Durables 2.0%** | &nbsp;&nbsp;**Household Durables 2.0%** |
| &nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;436335 | &nbsp;&nbsp;&nbsp;&nbsp;39488318 |
| &nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;723148 | &nbsp;&nbsp;&nbsp;&nbsp;32924928 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;72413246 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.1%** |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;476985 | &nbsp;&nbsp;&nbsp;&nbsp;40066740 |
| &nbsp;&nbsp;**Specialty Retail 4.5%** | &nbsp;&nbsp;**Specialty Retail 4.5%** | &nbsp;&nbsp;**Specialty Retail 4.5%** |
| &nbsp;&nbsp;AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21244 | &nbsp;&nbsp;&nbsp;&nbsp;52391528 |
| &nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;662100 | &nbsp;&nbsp;&nbsp;&nbsp;27900894 |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70018 | &nbsp;&nbsp;&nbsp;&nbsp;59097293 |
| &nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42446 | &nbsp;&nbsp;&nbsp;&nbsp;19910145 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;159299860 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.0%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.0%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 1.0%** |
| &nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88277 | &nbsp;&nbsp;&nbsp;&nbsp;6231473 |
| &nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;274461 | &nbsp;&nbsp;&nbsp;&nbsp;29002294 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;35233767 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**369611913** |
| &nbsp;&nbsp;**Consumer Staples 6.8%** | &nbsp;&nbsp;**Consumer Staples 6.8%** | &nbsp;&nbsp;**Consumer Staples 6.8%** |
| &nbsp;&nbsp;**Food & Staples Retailing 1.6%** | &nbsp;&nbsp;**Food & Staples Retailing 1.6%** | &nbsp;&nbsp;**Food & Staples Retailing 1.6%** |
| &nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;1263268 | &nbsp;&nbsp;&nbsp;&nbsp;56316487 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Food Products 1.1%** | &nbsp;&nbsp;**Food Products 1.1%** | &nbsp;&nbsp;**Food Products 1.1%** |
| &nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;478841 | &nbsp;&nbsp;&nbsp;&nbsp;40150818 |
| &nbsp;&nbsp;**Household Products 1.7%** | &nbsp;&nbsp;**Household Products 1.7%** | &nbsp;&nbsp;**Household Products 1.7%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;398075 | &nbsp;&nbsp;&nbsp;&nbsp;60332247 |
| &nbsp;&nbsp;**Tobacco 2.4%** | &nbsp;&nbsp;**Tobacco 2.4%** | &nbsp;&nbsp;**Tobacco 2.4%** |
| &nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;1172755 | &nbsp;&nbsp;&nbsp;&nbsp;53606631 |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308379 | &nbsp;&nbsp;&nbsp;&nbsp;31211039 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;84817670 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**241617222** |
| &nbsp;&nbsp;**Energy 5.4%** | &nbsp;&nbsp;**Energy 5.4%** | &nbsp;&nbsp;**Energy 5.4%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.4%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.4%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.4%** |
| &nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;122359 | &nbsp;&nbsp;&nbsp;&nbsp;4139405 |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;799537 | &nbsp;&nbsp;&nbsp;&nbsp;88188931 |
| &nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;404243 | &nbsp;&nbsp;&nbsp;&nbsp;47049843 |
| &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;433146 | &nbsp;&nbsp;&nbsp;&nbsp;54948901 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;194327080 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**194327080** |
| &nbsp;&nbsp;**Financials 11.0%** | &nbsp;&nbsp;**Financials 11.0%** | &nbsp;&nbsp;**Financials 11.0%** |
| &nbsp;&nbsp;**Banks 2.8%** | &nbsp;&nbsp;**Banks 2.8%** | &nbsp;&nbsp;**Banks 2.8%** |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;583671 | &nbsp;&nbsp;&nbsp;&nbsp;26399439 |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;1772365 | &nbsp;&nbsp;&nbsp;&nbsp;73180951 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;99580390 |
| &nbsp;&nbsp;**Capital Markets 2.8%** | &nbsp;&nbsp;**Capital Markets 2.8%** | &nbsp;&nbsp;**Capital Markets 2.8%** |
| &nbsp;&nbsp;Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;165161 | &nbsp;&nbsp;&nbsp;&nbsp;7518129 |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163781 | &nbsp;&nbsp;&nbsp;&nbsp;27541413 |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;665270 | &nbsp;&nbsp;&nbsp;&nbsp;56561255 |
| &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99400 | &nbsp;&nbsp;&nbsp;&nbsp;7710458 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;99331255 |
| &nbsp;&nbsp;**Consumer Finance 1.2%** | &nbsp;&nbsp;**Consumer Finance 1.2%** | &nbsp;&nbsp;**Consumer Finance 1.2%** |
| &nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;474757 | &nbsp;&nbsp;&nbsp;&nbsp;44133411 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Insurance 4.2%** | &nbsp;&nbsp;**Insurance 4.2%** | &nbsp;&nbsp;**Insurance 4.2%** |
| &nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31249 | &nbsp;&nbsp;&nbsp;&nbsp;9379075 |
| &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;485779 | &nbsp;&nbsp;&nbsp;&nbsp;14923131 |
| &nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;411668 | &nbsp;&nbsp;&nbsp;&nbsp;68122821 |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;774896 | &nbsp;&nbsp;&nbsp;&nbsp;56079223 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;148504250 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**391549306** |
| &nbsp;&nbsp;**Health Care 15.4%** | &nbsp;&nbsp;**Health Care 15.4%** | &nbsp;&nbsp;**Health Care 15.4%** |
| &nbsp;&nbsp;**Biotechnology 2.7%** | &nbsp;&nbsp;**Biotechnology 2.7%** | &nbsp;&nbsp;**Biotechnology 2.7%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;248926 | &nbsp;&nbsp;&nbsp;&nbsp;40228931 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14423 | &nbsp;&nbsp;&nbsp;&nbsp;3788057 |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;124954 | &nbsp;&nbsp;&nbsp;&nbsp;12931489 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22636 | &nbsp;&nbsp;&nbsp;&nbsp;16331647 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81101 | &nbsp;&nbsp;&nbsp;&nbsp;23420347 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;96700471 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 1.9%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.9%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.9%** |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;439741 | &nbsp;&nbsp;&nbsp;&nbsp;48279165 |
| &nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;244751 | &nbsp;&nbsp;&nbsp;&nbsp;18309822 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;66588987 |
| &nbsp;&nbsp;**Health Care Providers & Services 3.8%** | &nbsp;&nbsp;**Health Care Providers & Services 3.8%** | &nbsp;&nbsp;**Health Care Providers & Services 3.8%** |
| &nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;392148 | &nbsp;&nbsp;&nbsp;&nbsp;30144417 |
| &nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;154100 | &nbsp;&nbsp;&nbsp;&nbsp;12637741 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;479521 | &nbsp;&nbsp;&nbsp;&nbsp;44686562 |
| &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34100 | &nbsp;&nbsp;&nbsp;&nbsp;17465679 |
| &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84620 | &nbsp;&nbsp;&nbsp;&nbsp;31742654 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;136677053 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 2.0%** | &nbsp;&nbsp;**Life Sciences Tools & Services 2.0%** | &nbsp;&nbsp;**Life Sciences Tools & Services 2.0%** |
| &nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39076 | &nbsp;&nbsp;&nbsp;&nbsp;5847724 |
| &nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;311744 | &nbsp;&nbsp;&nbsp;&nbsp;63873228 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;69720952 |
| &nbsp;&nbsp;**Pharmaceuticals 5.0%** | &nbsp;&nbsp;**Pharmaceuticals 5.0%** | &nbsp;&nbsp;**Pharmaceuticals 5.0%** |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;1061658 | &nbsp;&nbsp;&nbsp;&nbsp;76386293 |
| &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;1877302 | &nbsp;&nbsp;&nbsp;&nbsp;96192954 |
| &nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;569506 | &nbsp;&nbsp;&nbsp;&nbsp;6338602 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;178917849 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**548605312** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Industrials 8.6%** | &nbsp;&nbsp;**Industrials 8.6%** | &nbsp;&nbsp;**Industrials 8.6%** |
| &nbsp;&nbsp;**Aerospace & Defense 3.8%** | &nbsp;&nbsp;**Aerospace & Defense 3.8%** | &nbsp;&nbsp;**Aerospace & Defense 3.8%** |
| &nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;288036 | &nbsp;&nbsp;&nbsp;&nbsp;71464612 |
| &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108282 | &nbsp;&nbsp;&nbsp;&nbsp;52678110 |
| &nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155885 | &nbsp;&nbsp;&nbsp;&nbsp;11036658 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;135179380 |
| &nbsp;&nbsp;**Air Freight & Logistics 0.7%** | &nbsp;&nbsp;**Air Freight & Logistics 0.7%** | &nbsp;&nbsp;**Air Freight & Logistics 0.7%** |
| &nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;153698 | &nbsp;&nbsp;&nbsp;&nbsp;26718860 |
| &nbsp;&nbsp;**Airlines 0.2%** | &nbsp;&nbsp;**Airlines 0.2%** | &nbsp;&nbsp;**Airlines 0.2%** |
| &nbsp;&nbsp;Delta Air Lines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100212 | &nbsp;&nbsp;&nbsp;&nbsp;3292967 |
| &nbsp;&nbsp;Southwest Airlines Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92593 | &nbsp;&nbsp;&nbsp;&nbsp;3117606 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6410573 |
| &nbsp;&nbsp;**Building Products 0.3%** | &nbsp;&nbsp;**Building Products 0.3%** | &nbsp;&nbsp;**Building Products 0.3%** |
| &nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;246300 | &nbsp;&nbsp;&nbsp;&nbsp;11494821 |
| &nbsp;&nbsp;**Commercial Services & Supplies 1.3%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.3%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.3%** |
| &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;103013 | &nbsp;&nbsp;&nbsp;&nbsp;46522731 |
| &nbsp;&nbsp;**Electrical Equipment 0.3%** | &nbsp;&nbsp;**Electrical Equipment 0.3%** | &nbsp;&nbsp;**Electrical Equipment 0.3%** |
| &nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;129685 | &nbsp;&nbsp;&nbsp;&nbsp;12457541 |
| &nbsp;&nbsp;**Machinery 1.5%** | &nbsp;&nbsp;**Machinery 1.5%** | &nbsp;&nbsp;**Machinery 1.5%** |
| &nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84100 | &nbsp;&nbsp;&nbsp;&nbsp;5403425 |
| &nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67393 | &nbsp;&nbsp;&nbsp;&nbsp;5277546 |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95411 | &nbsp;&nbsp;&nbsp;&nbsp;27764601 |
| &nbsp;&nbsp;Snap-On, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58194 | &nbsp;&nbsp;&nbsp;&nbsp;13296747 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;51742319 |
| &nbsp;&nbsp;**Professional Services 0.2%** | &nbsp;&nbsp;**Professional Services 0.2%** | &nbsp;&nbsp;**Professional Services 0.2%** |
| &nbsp;&nbsp;Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72293 | &nbsp;&nbsp;&nbsp;&nbsp;5337392 |
| &nbsp;&nbsp;**Road & Rail 0.3%** | &nbsp;&nbsp;**Road & Rail 0.3%** | &nbsp;&nbsp;**Road & Rail 0.3%** |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;348282 | &nbsp;&nbsp;&nbsp;&nbsp;10789777 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**306653394** |
| &nbsp;&nbsp;**Information Technology 25.7%** | &nbsp;&nbsp;**Information Technology 25.7%** | &nbsp;&nbsp;**Information Technology 25.7%** |
| &nbsp;&nbsp;**Communications Equipment 2.2%** | &nbsp;&nbsp;**Communications Equipment 2.2%** | &nbsp;&nbsp;**Communications Equipment 2.2%** |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;1645511 | &nbsp;&nbsp;&nbsp;&nbsp;78392144 |
| &nbsp;&nbsp;**IT Services 2.5%** | &nbsp;&nbsp;**IT Services 2.5%** | &nbsp;&nbsp;**IT Services 2.5%** |
| &nbsp;&nbsp;MasterCard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;256862 | &nbsp;&nbsp;&nbsp;&nbsp;89318623 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.4%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.4%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.4%** |
| &nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;813278 | &nbsp;&nbsp;&nbsp;&nbsp;52676016 |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92076 | &nbsp;&nbsp;&nbsp;&nbsp;38699543 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;613637 | &nbsp;&nbsp;&nbsp;&nbsp;67463252 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;158838811 |
| &nbsp;&nbsp;**Software 10.2%** | &nbsp;&nbsp;**Software 10.2%** | &nbsp;&nbsp;**Software 10.2%** |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;106573 | &nbsp;&nbsp;&nbsp;&nbsp;35865012 |
| &nbsp;&nbsp;Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94219 | &nbsp;&nbsp;&nbsp;&nbsp;17606704 |
| &nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1226129 | &nbsp;&nbsp;&nbsp;&nbsp;59945447 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;1041128 | &nbsp;&nbsp;249683317 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;363100480 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 6.4%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 6.4%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 6.4%** |
| &nbsp;&nbsp;Apple, Inc.<sup>(b)</sup> | &nbsp;&nbsp;1755863 | &nbsp;&nbsp;228139279 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**917789337** |
| &nbsp;&nbsp;**Materials 2.5%** | &nbsp;&nbsp;**Materials 2.5%** | &nbsp;&nbsp;**Materials 2.5%** |
| &nbsp;&nbsp;**Chemicals 1.1%** | &nbsp;&nbsp;**Chemicals 1.1%** | &nbsp;&nbsp;**Chemicals 1.1%** |
| &nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;177634 | &nbsp;&nbsp;&nbsp;&nbsp;15134417 |
| &nbsp;&nbsp;Mosaic Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;581001 | &nbsp;&nbsp;&nbsp;&nbsp;25488514 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;40622931 |
| &nbsp;&nbsp;**Metals & Mining 1.4%** | &nbsp;&nbsp;**Metals & Mining 1.4%** | &nbsp;&nbsp;**Metals & Mining 1.4%** |
| &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;371263 | &nbsp;&nbsp;&nbsp;&nbsp;48936176 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;**89559107** |
| &nbsp;&nbsp;**Real Estate 3.0%** | &nbsp;&nbsp;**Real Estate 3.0%** | &nbsp;&nbsp;**Real Estate 3.0%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 3.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 3.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 3.0%** |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;1927794 | &nbsp;&nbsp;&nbsp;&nbsp;30941094 |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50334 | &nbsp;&nbsp;&nbsp;&nbsp;14109123 |
| &nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;1996400 | &nbsp;&nbsp;&nbsp;&nbsp;61888400 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;106938617 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**106938617** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Utilities 2.7%** | &nbsp;&nbsp;**Utilities 2.7%** | &nbsp;&nbsp;**Utilities 2.7%** |
| &nbsp;&nbsp;**Electric Utilities 2.7%** | &nbsp;&nbsp;**Electric Utilities 2.7%** | &nbsp;&nbsp;**Electric Utilities 2.7%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64024880 |
| &nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32575652 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96600532 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96600532** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $3,261,620,117) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $3,261,620,117) | &nbsp;&nbsp;**3510013622** |
| &nbsp;&nbsp;**Money Market Funds 1.5%** | &nbsp;&nbsp;**Money Market Funds 1.5%** | &nbsp;&nbsp;**Money Market Funds 1.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(c),(d)</sup> | &nbsp;&nbsp;55481451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55464807 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $55,459,961) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $55,459,961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55464807** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $3,317,080,078)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $3,317,080,078)** | &nbsp;&nbsp;**3565478429** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2131627** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**3567610056** |

---

At December 31, 2022, securities and/or cash totaling $5,716,920 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 320 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;61776000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2188680) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(c) The rate shown is the seven-day current annualized yield at December 31, 2022.

(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 65296168 | &nbsp;&nbsp;339780988 | &nbsp;&nbsp;(349617195) | &nbsp;&nbsp;4846 | &nbsp;&nbsp;55464807 | &nbsp;&nbsp;(18340) | &nbsp;&nbsp;675351 | &nbsp;&nbsp;55481451 |

---

#### Currency Legend
USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued) The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;246761802 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246761802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;369611913 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369611913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;241617222 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241617222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;194327080 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194327080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;391549306 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391549306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;548605312 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548605312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;306653394 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306653394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;917789337 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917789337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;89559107 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89559107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;106938617 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106938617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;96600532 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96600532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 3510013622 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3510013622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;55464807 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55464807 |
| &nbsp;&nbsp;Total Investments in Securities | 3565478429 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3565478429 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2188680) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2188680) |
| &nbsp;&nbsp;Total | 3563289749 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3563289749 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $3,261,620,117) | $3510013622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $55,459,961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55464807 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063630 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32623 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;3569578703 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42809 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968647 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$3567610056** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $3567610056 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$3567610056** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2376866266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32995980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72.04 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$46623368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69.81 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1144120422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16142788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70.88 |

---

(a) Net asset value per share rounds to this amount due to fractional shares outstanding.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$67262275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675351 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67937626 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25331160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61305 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28147326 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39790300 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;219601099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18340) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5198967) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;214383641 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | (1109906405) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4107967) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1114009526) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp;(899625885) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | &nbsp;&nbsp;**$(859835585)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$39790300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42506234 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;214383641 | &nbsp;&nbsp;&nbsp;&nbsp;1047675021 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(1114009526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204271682 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(859835585) | &nbsp;&nbsp;&nbsp;&nbsp;1294452937 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(281067397) | &nbsp;&nbsp;&nbsp;(1627511802) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;(1140902982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333058865) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;4708513038 | &nbsp;&nbsp;&nbsp;&nbsp;5041571903 |
| &nbsp;&nbsp;**Net assets at end of year** | **$3567610056** | &nbsp;&nbsp;**$4708513038** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;288893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21301846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12007746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2396312) | &nbsp;&nbsp;&nbsp;&nbsp;(189159514) | &nbsp;&nbsp;&nbsp;&nbsp;(20676360) | &nbsp;&nbsp;&nbsp;&nbsp;(1495894104) |
| &nbsp;&nbsp;Net decrease | (2107419) | &nbsp;&nbsp;&nbsp;&nbsp;(167857668) | &nbsp;&nbsp;&nbsp;&nbsp;(20518405) | &nbsp;&nbsp;&nbsp;&nbsp;(1483886358) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7076086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4677754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5692992) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144674 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1524044) | &nbsp;&nbsp;&nbsp;&nbsp;(115828180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1884721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144995729) |
| &nbsp;&nbsp;Net decrease | (1521090) | &nbsp;&nbsp;&nbsp;&nbsp;(115608061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1868677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143770118) |
| &nbsp;&nbsp;**Total net decrease** | **(3598284)** | &nbsp;&nbsp;&nbsp;&nbsp;**(281067397)** | &nbsp;&nbsp;&nbsp;&nbsp;**(22386065)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1627511802)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $88.63 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;(17.40) | &nbsp;&nbsp;(16.59) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $66.77 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;21.11 | &nbsp;&nbsp;&nbsp;&nbsp;21.86 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $58.51 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;7.47 | &nbsp;&nbsp;&nbsp;&nbsp;8.26 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $46.89 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;11.62 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $48.64 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;(2.47) | &nbsp;&nbsp;&nbsp;&nbsp;(1.75) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $86.12 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;(16.91) | &nbsp;&nbsp;(16.31) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $65.04 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;20.53 | &nbsp;&nbsp;&nbsp;&nbsp;21.08 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $57.13 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $45.90 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.62 | &nbsp;&nbsp;&nbsp;&nbsp;11.23 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $47.74 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;(1.84) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $87.31 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;(17.13) | &nbsp;&nbsp;(16.43) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $65.86 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;20.80 | &nbsp;&nbsp;&nbsp;&nbsp;21.45 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $57.78 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp;&nbsp;8.08 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $46.36 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;10.74 | &nbsp;&nbsp;&nbsp;&nbsp;11.42 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $48.16 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;(1.80) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $72.04 | (18.72%) | 0.67%<sup>(c)</sup> | 0.67%<sup>(c)</sup> | 1.05% | 50% | $2376866 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $88.63 | 32.74% | 0.67%<sup>(c)</sup> | 0.67%<sup>(c)</sup> | 0.96% | 58% | $3111300 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $66.77 | 14.12% | 0.66% | 0.66% | 1.36% | 74% | $3713795 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $58.51 | 24.78% | 0.66% | 0.66% | 1.41% | 69% | $4290429 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $46.89 | &nbsp;&nbsp;(3.60%) | 0.66% | 0.66% | 1.42% | 74% | $3650498 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $69.81 | (18.94%) | 0.92%<sup>(c)</sup> | 0.92%<sup>(c)</sup> | 0.80% | 50% | &nbsp;&nbsp;&nbsp;&nbsp;$46623 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $86.12 | 32.41% | 0.92%<sup>(c)</sup> | 0.92%<sup>(c)</sup> | 0.73% | 58% | &nbsp;&nbsp;&nbsp;&nbsp;$54906 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $65.04 | 13.85% | 0.91% | 0.91% | 1.12% | 74% | &nbsp;&nbsp;&nbsp;&nbsp;$41400 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $57.13 | 24.46% | 0.91% | 0.91% | 1.17% | 69% | &nbsp;&nbsp;&nbsp;&nbsp;$39356 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $45.90 | &nbsp;&nbsp;(3.85%) | 0.91% | 0.91% | 1.21% | 74% | &nbsp;&nbsp;&nbsp;&nbsp;$28322 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $70.88 | (18.82%) | 0.80%<sup>(c)</sup> | 0.80%<sup>(c)</sup> | 0.93% | 50% | $1144120 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $87.31 | 32.57% | 0.79%<sup>(c)</sup> | 0.79%<sup>(c)</sup> | 0.85% | 58% | $1542306 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $65.86 | 13.98% | 0.79% | 0.79% | 1.24% | 74% | $1286377 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $57.78 | 24.63% | 0.78% | 0.78% | 1.29% | 69% | $1260116 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $46.36 | &nbsp;&nbsp;(3.74%) | 0.78% | 0.78% | 1.29% | 74% | $1139339 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Disciplined Core Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Notes to Financial Statements (continued)

December 31, 2022

the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in

20 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Notes to Financial Statements (continued)

December 31, 2022

unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;2,188,680\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(5198967) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(4107967) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 47301381 |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that

22 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Notes to Financial Statements (continued)

December 31, 2022

certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.77% to 0.57% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.64% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.02% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | **Contractual<br> expense cap<br> July 1, 2022<br> through<br> April 30, 2023** | **Voluntary<br> expense cap<br> May 1, 2022<br> through<br> June 30, 2022** | **Contractual<br> expense cap<br> prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.94 |
| &nbsp;&nbsp;Class 3 | 0.815 | 0.815 | 0.815 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,945,621,548 and $2,190,030,862, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

24 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

26 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Notes to Financial Statements (continued)

December 31, 2022

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Disciplined Core Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Disciplined Core Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

28 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

30 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

32 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

34 Columbia Variable Portfolio – Disciplined Core Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_24300_48d2f785-3706-4dd5-acb5-3950f2a9e9ca_TOC)

#### Columbia Variable Portfolio – Disciplined Core Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imge79617122.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7004_12_B01_(02/23)

------

![](imgf5a826991.jpg)

Annual Report

December 31, 2022

![](img049773532.jpg)

Columbia Variable Portfolio – Select Large Cap Equity Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_8e5eb406-e8c1-48ee-99e2-ce8dcaa81f54_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_8e5eb406-e8c1-48ee-99e2-ce8dcaa81f54_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_775db0ae-6ee0-42ff-9ebc-c39f21e8d481_1)<br>| 7 |
| [Portfolio of Investments](#xx_ca3eaa56-2e1a-4465-8c3f-afe5451ac581_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_8cc23533-1997-4d93-a105-81523236ea78_1)<br>| 12 |
| [Statement of Operations](#xx_8cc23533-1997-4d93-a105-81523236ea78_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_8cc23533-1997-4d93-a105-81523236ea78_3)<br>| 14 |
| [Financial Highlights](#xx_2d43065f-70e7-4671-b307-aa24da1509f4_2)<br>| 16 |
| [Notes to Financial Statements](#xx_0d55fa84-384c-4d75-be49-ec9639af0a3c_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_43f0801f-a3e8-44bc-bd65-c75813c1e68d_1)<br>| 25 |
| [Trustees and Officers](#xx_1b06b0c1-0a75-4ebd-afff-c797e84bea7f_1)<br>| 26 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Select Large Cap Equity Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Portfolio management

#### Melda Mergen, CFA, CAIA
Co-Portfolio Manager

Managed Fund since 2018

#### Tiffany Wade
Co-Portfolio Manager

Managed Fund since 2019

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**Life** |
| &nbsp;&nbsp;Class 1 | 01/04/18 | &nbsp;&nbsp;&nbsp;&nbsp;-19.56 | &nbsp;&nbsp;&nbsp;&nbsp;8.19 |
| &nbsp;&nbsp;Class 2 | 01/04/18 | &nbsp;&nbsp;&nbsp;&nbsp;-19.80 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 |
| &nbsp;&nbsp;S&P 500 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-18.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.03 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative. Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (January 04, 2018 — December 31, 2022)
![](imga8e72d593.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Select Large Cap Equity Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;99.4 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;8.2 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;10.4 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;17.1 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;10.9 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;26.2 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 99.98% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Select Large Cap Equity Fund returned -19.80% for the 12-month period that ended December 31, 2022. The Fund underperformed its benchmark, the S&P 500 Index, which returned -18.11% during the period.

Market Overview

U.S. equities, including large-capitalization stocks, finished in negative territory for the calendar year 2022. Historically high inflation and efforts on the part of the U.S. Federal Reserve (Fed) to contain prices were the principal drivers of the market downturn. Inflation had begun to drift upward in late 2021 but spiked in the wake of Russia's late-February 2022 invasion of Ukraine. U.S. consumer price inflation rose above 8% in March and peaked at 9.1% in June. The Fed responded by raising its benchmark overnight lending rate seven times, leaving the federal funds target range at 4.25%-4.50% at year-end, up from 0.0%-0.25% entering 2022. The dramatic rise in rates initially put downward pressure on equity valuation multiples and ultimately fueled heightened recession fears and concerns about the potential for weaker corporate earnings in 2023. A higher interest rate regime also made bonds a more compelling investment relative to equities. The increase in interest rates generally had the largest negative impact on the most growth-oriented segments of the market, most notably the information technology sector.

The Fund's notable detractors during the period

• Stock selection within consumer discretionary, information technology and financials weighed most heavily on return.

• Within consumer discretionary, Target Corp. was a leading laggard on disappointing quarterly results and a weaker outlook as consumer preferences shifted from pandemic-driven categories toward less discretionary
items. Target was forced to pursue markdowns against an excess of inventory in those categories customers began to rotate away from as the effects of the pandemic waned. These markdowns created significant pressure on
margins that is likely to continue in 2023. We exited our position in Target during the year.

• Shares of General Motors Co. underperformed on concerns that higher prices for gasoline and other goods will hurt auto demand. We exited our position in General Motors during the year.

• Shares of Amazon.com, Inc. lagged, along with other growth-oriented stocks, against the backdrop of rising interest rates. The company has also faced tough post-pandemic shutdown comparisons. In addition, Amazon has
been investing heavily to meet demand, which has weighed on margins. As with prior investment cycles, while creating near term pressure on margins, we expect Amazon's elevated investment will leave the company
even better positioned to continue to grow and take market share.

• Within information technology, shares of Adobe, Inc. dropped after the company announced its acquisition of Figma, a software application that enables online collaborative design. The market reacted negatively to
the price paid for Figma given the uncertain macro backdrop, and questions arose about Adobe's underlying growth trajectory. We continue to believe Adobe has a strong product "moat" with a good
growth opportunity going forward, reinforced by the company's positive growth update at its following Analyst Day. We also think it is likely that over time the integration of Figma will prove to be
significantly accretive to Adobe's earnings and expand the company's growth avenues.

• ServiceNow, Inc. underperformed significantly after the CEO was the first within the software sector to reference longer deal cycles. This has been a common theme among software companies and ServiceNow's
earnings do not suggest that the company is being impacted any more than its peers.

• A number of semiconductor holdings posted weak returns, including NVIDIA Corp. and Applied Materials, Inc. The group is highly cyclical and softening demand in certain consumer-end
markets beginning in the middle of the year, such as cell phones and PCs, along with rising inventory levels weighed on performance.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Within financials, State Street Corp. and Bank of America Corp. were negative contributors. Banks underperformed during the year as the focus of investors shifted away from the benefit to net interest margins from
rising interest rates and towards the negative impact on earnings of a potential recession. State Street also was challenged by regulatory issues around its proposed and ultimately abandoned acquisition of Brown
Brothers Harriman.

• Finally, debt rating service S&P Global, Inc. was negatively impacted by weak capital markets and lower debt issuance levels.

The Fund's notable contributors during the period

• Positive contributions to the Fund's performance were led by selections within the healthcare, communication services and industrials sectors.

• Within healthcare, AbbVie, Inc. received FDA approval for use of its arthritis drug Rinvoq in a new indication for atopic dermatitis. The ability for Rinvoq to be approved for new indications was uncertain after the
FDA required "black box" label warnings for all drugs in its classification. The approval sent a positive message for the growth potential of the Rinvoq franchise.

• Shares of Eli Lily & Co. were boosted as competitor Biogen reported trial results for its Alzheimer's drug that showed significant slowing in disease progression. Eli Lily has a similar drug in development
and the results from Biogen bode well for its efficacy. In addition, Eli Lily's diabetes drug Tirzepatide has shown positive indications as a weight loss drug.

• Overweights to Elevance Health, Inc. and UnitedHealth Group, Inc. also proved beneficial as we believe managed care companies are viewed by the market as relatively defensive.

• Within communication services, Comcast Corp. outperformed on results which were better than – admittedly low – expectations. The company has managed to grow broadband revenues, despite slowing or
negative growth in subscriptions, driven in part by reduced housing market turnover which has recently constrained opportunities to acquire customers. The stock is viewed as a relatively defensive holding which also
helped support the share price.

• An overweight to video game company Electronic Arts, Inc. also contributed. The company is in a relatively stable business that we view as attractive in a weaker economic environment, and also raised guidance early
in the year based on strong engagement in live services.

• Within industrials, sentiment with respect to aerospace and defense company Raytheon Technologies Corp. benefited as international air travel resumed and the outlook for defense
spending globally strengthened in the wake of Russia's invasion of Ukraine.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investments in a limited number of companies or sectors subject the Fund to greater risk of loss. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.90 | &nbsp;&nbsp;&nbsp;&nbsp;1021.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1007.60 | &nbsp;&nbsp;&nbsp;&nbsp;1020.36 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 99.4%** | &nbsp;&nbsp;**Common Stocks 99.4%** | &nbsp;&nbsp;**Common Stocks 99.4%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 8.7%** | &nbsp;&nbsp;**Communication Services 8.7%** | &nbsp;&nbsp;**Communication Services 8.7%** |
| &nbsp;&nbsp;**Diversified Telecommunication Services 1.6%** | &nbsp;&nbsp;**Diversified Telecommunication Services 1.6%** | &nbsp;&nbsp;**Diversified Telecommunication Services 1.6%** |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;2497401 | &nbsp;&nbsp;&nbsp;&nbsp;45977152 |
| &nbsp;&nbsp;**Entertainment 1.2%** | &nbsp;&nbsp;**Entertainment 1.2%** | &nbsp;&nbsp;**Entertainment 1.2%** |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300666 | &nbsp;&nbsp;&nbsp;&nbsp;36735372 |
| &nbsp;&nbsp;**Interactive Media & Services 4.2%** | &nbsp;&nbsp;**Interactive Media & Services 4.2%** | &nbsp;&nbsp;**Interactive Media & Services 4.2%** |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;1411515 | &nbsp;&nbsp;125243726 |
| &nbsp;&nbsp;**Media 1.7%** | &nbsp;&nbsp;**Media 1.7%** | &nbsp;&nbsp;**Media 1.7%** |
| &nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;1427879 | &nbsp;&nbsp;&nbsp;&nbsp;49932929 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**257889179** |
| &nbsp;&nbsp;**Consumer Discretionary 7.6%** | &nbsp;&nbsp;**Consumer Discretionary 7.6%** | &nbsp;&nbsp;**Consumer Discretionary 7.6%** |
| &nbsp;&nbsp;**Automobiles 0.6%** | &nbsp;&nbsp;**Automobiles 0.6%** | &nbsp;&nbsp;**Automobiles 0.6%** |
| &nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;137644 | &nbsp;&nbsp;&nbsp;&nbsp;16954988 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.4%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.4%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.4%** |
| &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;314115 | &nbsp;&nbsp;&nbsp;&nbsp;39691571 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 3.4%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 3.4%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 3.4%** |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1210055 | &nbsp;&nbsp;101644620 |
| &nbsp;&nbsp;**Specialty Retail 2.2%** | &nbsp;&nbsp;**Specialty Retail 2.2%** | &nbsp;&nbsp;**Specialty Retail 2.2%** |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;208663 | &nbsp;&nbsp;&nbsp;&nbsp;65908295 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**224199474** |
| &nbsp;&nbsp;**Consumer Staples 8.1%** | &nbsp;&nbsp;**Consumer Staples 8.1%** | &nbsp;&nbsp;**Consumer Staples 8.1%** |
| &nbsp;&nbsp;**Beverages 1.7%** | &nbsp;&nbsp;**Beverages 1.7%** | &nbsp;&nbsp;**Beverages 1.7%** |
| &nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;215511 | &nbsp;&nbsp;&nbsp;&nbsp;49944674 |
| &nbsp;&nbsp;**Food & Staples Retailing 2.0%** | &nbsp;&nbsp;**Food & Staples Retailing 2.0%** | &nbsp;&nbsp;**Food & Staples Retailing 2.0%** |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;430850 | &nbsp;&nbsp;&nbsp;&nbsp;61090222 |
| &nbsp;&nbsp;**Food Products 1.6%** | &nbsp;&nbsp;**Food Products 1.6%** | &nbsp;&nbsp;**Food Products 1.6%** |
| &nbsp;&nbsp;Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;205486 | &nbsp;&nbsp;&nbsp;&nbsp;47584393 |
| &nbsp;&nbsp;**Household Products 2.8%** | &nbsp;&nbsp;**Household Products 2.8%** | &nbsp;&nbsp;**Household Products 2.8%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;541618 | &nbsp;&nbsp;&nbsp;&nbsp;82087624 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**240706913** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Energy 4.7%** | &nbsp;&nbsp;**Energy 4.7%** | &nbsp;&nbsp;**Energy 4.7%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 4.7%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 4.7%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 4.7%** |
| &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;&nbsp;&nbsp;483011 | &nbsp;&nbsp;&nbsp;&nbsp;56995298 |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;747579 | &nbsp;&nbsp;&nbsp;&nbsp;82457964 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;139453262 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**139453262** |
| &nbsp;&nbsp;**Financials 10.4%** | &nbsp;&nbsp;**Financials 10.4%** | &nbsp;&nbsp;**Financials 10.4%** |
| &nbsp;&nbsp;**Banks 2.6%** | &nbsp;&nbsp;**Banks 2.6%** | &nbsp;&nbsp;**Banks 2.6%** |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;1760359 | &nbsp;&nbsp;&nbsp;&nbsp;58303090 |
| &nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;270771 | &nbsp;&nbsp;&nbsp;&nbsp;17957533 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;76260623 |
| &nbsp;&nbsp;**Capital Markets 4.7%** | &nbsp;&nbsp;**Capital Markets 4.7%** | &nbsp;&nbsp;**Capital Markets 4.7%** |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;589740 | &nbsp;&nbsp;&nbsp;&nbsp;50139695 |
| &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134191 | &nbsp;&nbsp;&nbsp;&nbsp;44945933 |
| &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;578654 | &nbsp;&nbsp;&nbsp;&nbsp;44886191 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;139971819 |
| &nbsp;&nbsp;**Consumer Finance 1.3%** | &nbsp;&nbsp;**Consumer Finance 1.3%** | &nbsp;&nbsp;**Consumer Finance 1.3%** |
| &nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;402028 | &nbsp;&nbsp;&nbsp;&nbsp;39330399 |
| &nbsp;&nbsp;**Insurance 1.8%** | &nbsp;&nbsp;**Insurance 1.8%** | &nbsp;&nbsp;**Insurance 1.8%** |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;707697 | &nbsp;&nbsp;&nbsp;&nbsp;51216032 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**306778873** |
| &nbsp;&nbsp;**Health Care 17.0%** | &nbsp;&nbsp;**Health Care 17.0%** | &nbsp;&nbsp;**Health Care 17.0%** |
| &nbsp;&nbsp;**Biotechnology 3.9%** | &nbsp;&nbsp;**Biotechnology 3.9%** | &nbsp;&nbsp;**Biotechnology 3.9%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;406460 | &nbsp;&nbsp;&nbsp;&nbsp;65688001 |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;220392 | &nbsp;&nbsp;&nbsp;&nbsp;22808368 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90582 | &nbsp;&nbsp;&nbsp;&nbsp;26158270 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;114654639 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 3.1%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 3.1%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 3.1%** |
| &nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;954484 | &nbsp;&nbsp;&nbsp;&nbsp;44163975 |
| &nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;175478 | &nbsp;&nbsp;&nbsp;&nbsp;46563087 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;90727062 |
| &nbsp;&nbsp;**Health Care Providers & Services 4.3%** | &nbsp;&nbsp;**Health Care Providers & Services 4.3%** | &nbsp;&nbsp;**Health Care Providers & Services 4.3%** |
| &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95980 | &nbsp;&nbsp;&nbsp;&nbsp;49234860 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148971 | &nbsp;&nbsp;&nbsp;&nbsp;78981445 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;128216305 |

---

The accompanying Notes to Portfolio of Investments are an integral part of this statement.

8 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Pharmaceuticals 5.7%** | &nbsp;&nbsp;**Pharmaceuticals 5.7%** | &nbsp;&nbsp;**Pharmaceuticals 5.7%** |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;176121 | &nbsp;&nbsp;&nbsp;&nbsp;64432107 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;567519 | &nbsp;&nbsp;&nbsp;&nbsp;62966233 |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;289199 | &nbsp;&nbsp;&nbsp;&nbsp;42382113 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;169780453 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**503378459** |
| &nbsp;&nbsp;**Industrials 10.9%** | &nbsp;&nbsp;**Industrials 10.9%** | &nbsp;&nbsp;**Industrials 10.9%** |
| &nbsp;&nbsp;**Aerospace & Defense 1.7%** | &nbsp;&nbsp;**Aerospace & Defense 1.7%** | &nbsp;&nbsp;**Aerospace & Defense 1.7%** |
| &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;478498 | &nbsp;&nbsp;&nbsp;&nbsp;48290018 |
| &nbsp;&nbsp;**Air Freight & Logistics 1.4%** | &nbsp;&nbsp;**Air Freight & Logistics 1.4%** | &nbsp;&nbsp;**Air Freight & Logistics 1.4%** |
| &nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;241053 | &nbsp;&nbsp;&nbsp;&nbsp;41904654 |
| &nbsp;&nbsp;**Building Products 1.3%** | &nbsp;&nbsp;**Building Products 1.3%** | &nbsp;&nbsp;**Building Products 1.3%** |
| &nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;232159 | &nbsp;&nbsp;&nbsp;&nbsp;39023606 |
| &nbsp;&nbsp;**Commercial Services & Supplies 2.5%** | &nbsp;&nbsp;**Commercial Services & Supplies 2.5%** | &nbsp;&nbsp;**Commercial Services & Supplies 2.5%** |
| &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83104 | &nbsp;&nbsp;&nbsp;&nbsp;37531428 |
| &nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278428 | &nbsp;&nbsp;&nbsp;&nbsp;35914428 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;73445856 |
| &nbsp;&nbsp;**Construction & Engineering 1.2%** | &nbsp;&nbsp;**Construction & Engineering 1.2%** | &nbsp;&nbsp;**Construction & Engineering 1.2%** |
| &nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;405129 | &nbsp;&nbsp;&nbsp;&nbsp;34569658 |
| &nbsp;&nbsp;**Machinery 1.3%** | &nbsp;&nbsp;**Machinery 1.3%** | &nbsp;&nbsp;**Machinery 1.3%** |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;132094 | &nbsp;&nbsp;&nbsp;&nbsp;38439354 |
| &nbsp;&nbsp;**Road & Rail 1.5%** | &nbsp;&nbsp;**Road & Rail 1.5%** | &nbsp;&nbsp;**Road & Rail 1.5%** |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;218561 | &nbsp;&nbsp;&nbsp;&nbsp;45257426 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**320930572** |
| &nbsp;&nbsp;**Information Technology 26.0%** | &nbsp;&nbsp;**Information Technology 26.0%** | &nbsp;&nbsp;**Information Technology 26.0%** |
| &nbsp;&nbsp;**Communications Equipment 1.9%** | &nbsp;&nbsp;**Communications Equipment 1.9%** | &nbsp;&nbsp;**Communications Equipment 1.9%** |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;1147336 | &nbsp;&nbsp;&nbsp;&nbsp;54659087 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 1.2%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 1.2%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 1.2%** |
| &nbsp;&nbsp;TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;317711 | &nbsp;&nbsp;&nbsp;&nbsp;36473223 |
| &nbsp;&nbsp;**IT Services 2.1%** | &nbsp;&nbsp;**IT Services 2.1%** | &nbsp;&nbsp;**IT Services 2.1%** |
| &nbsp;&nbsp;MasterCard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;181881 | &nbsp;&nbsp;&nbsp;&nbsp;63245480 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.0%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.0%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.0%** |
| &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;418122 | &nbsp;&nbsp;&nbsp;&nbsp;40716720 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104066 | &nbsp;&nbsp;&nbsp;&nbsp;58186423 |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;335466 | &nbsp;&nbsp;&nbsp;&nbsp;49025001 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;147928144 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Software 10.8%** | &nbsp;&nbsp;**Software 10.8%** | &nbsp;&nbsp;**Software 10.8%** |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50081048 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835730 | &nbsp;&nbsp;&nbsp;&nbsp;200424769 |
| &nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30025659 |
| &nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39412511 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;319943987 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 5.0%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 5.0%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 5.0%** |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1128932 | &nbsp;&nbsp;&nbsp;&nbsp;146682135 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp;**768932056** |
| &nbsp;&nbsp;**Real Estate 2.3%** | &nbsp;&nbsp;**Real Estate 2.3%** | &nbsp;&nbsp;**Real Estate 2.3%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 2.3%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 2.3%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 2.3%** |
| &nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29512311 |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39678142 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69190453 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69190453** |
| &nbsp;&nbsp;**Utilities 3.7%** | &nbsp;&nbsp;**Utilities 3.7%** | &nbsp;&nbsp;**Utilities 3.7%** |
| &nbsp;&nbsp;**Electric Utilities 1.9%** | &nbsp;&nbsp;**Electric Utilities 1.9%** | &nbsp;&nbsp;**Electric Utilities 1.9%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55650385 |
| &nbsp;&nbsp;**Multi-Utilities 1.8%** | &nbsp;&nbsp;**Multi-Utilities 1.8%** | &nbsp;&nbsp;**Multi-Utilities 1.8%** |
| &nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53080883 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**108731268** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $2,679,521,368) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $2,679,521,368) | &nbsp;&nbsp;**2940190509** |
| &nbsp;&nbsp;**Money Market Funds 0.6%** | &nbsp;&nbsp;**Money Market Funds 0.6%** | &nbsp;&nbsp;**Money Market Funds 0.6%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;18101861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18096430 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $18,092,799) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $18,092,799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18096430** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $2,697,614,167)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $2,697,614,167)** | &nbsp;&nbsp;**2958286939** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1037517** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**2959324456** |

---

The accompanying Notes to Portfolio of Investments are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 5247185 | &nbsp;&nbsp;472342595 | &nbsp;&nbsp;(459496962) | &nbsp;&nbsp;3612 | &nbsp;&nbsp;18096430 | &nbsp;&nbsp;5341 | &nbsp;&nbsp;480439 | &nbsp;&nbsp;18101861 |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;257889179 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257889179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;224199474 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224199474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;240706913 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240706913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;139453262 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139453262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;306778873 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306778873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;503378459 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503378459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;320930572 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320930572 |

---

The accompanying Notes to Portfolio of Investments are an integral part of this statement.

10 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;768932056 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768932056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;69190453 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69190453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;108731268 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108731268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 2940190509 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2940190509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;18096430 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18096430 |
| &nbsp;&nbsp;Total Investments in Securities | 2958286939 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2958286939 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Portfolio of Investments are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $2,679,521,368) | $2940190509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $18,092,799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18096430 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693222 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21555 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;2960016763 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33241 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692307 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$2959324456** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $2959324456 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$2959324456** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2958819558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;199826418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.81 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$504898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.62 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$49793777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64862) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50211743 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21705514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46568 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21918882 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21918878 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28292865 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77858999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5341 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77864340 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(855802834) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(855799222) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(777934882) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(749642017)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$28292865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25211560 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77864340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152248817 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(855799222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721257304 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(749642017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898717681 |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(251251689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991765438 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;(1000893706) | &nbsp;&nbsp;&nbsp;&nbsp;1890483119 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;3960218162 | &nbsp;&nbsp;&nbsp;&nbsp;2069735043 |
| &nbsp;&nbsp;**Net assets at end of year** | **$2959324456** | &nbsp;&nbsp;**$3960218162** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;1554957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23506671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95447317 | &nbsp;&nbsp;&nbsp;&nbsp;1434389211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (16827315) | &nbsp;&nbsp;&nbsp;&nbsp;(275260145) | &nbsp;&nbsp;&nbsp;&nbsp;(25798421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442623773) |
| &nbsp;&nbsp;Net increase (decrease) | (15272358) | &nbsp;&nbsp;&nbsp;&nbsp;(251753474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69648896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991765438 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(15238080)** | &nbsp;&nbsp;&nbsp;&nbsp;**(251251689)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69648896** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**991765438** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $18.41 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(3.74) | &nbsp;&nbsp;(3.60) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.23 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.89 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.29 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 |
| &nbsp;&nbsp;Year Ended 12/31/2018<sup>(d)</sup> | $10.00 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;(0.71) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $18.23 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(3.75) | &nbsp;&nbsp;(3.61) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.12 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.83 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.27 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| &nbsp;&nbsp;Year Ended 12/31/2018<sup>(d)</sup> | $10.00 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.82) | &nbsp;&nbsp;(0.73) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |
| (d) | The Fund commenced operations on January 4, 2018. Per share data and total return reflect activity from that date. |
| (e) | Annualized. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.81 | (19.56%) | 0.67%<sup>(c)</sup> | 0.67%<sup>(c)</sup> | 0.87% | 44% | $2958820 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $18.41 | 29.37% | 0.66%<sup>(c)</sup> | 0.66%<sup>(c)</sup> | 0.71% | 60% | $3960214 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.23 | 19.68% | 0.73% | 0.69% | 1.59% | 65% | $2069732 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.89 | 27.99% | 0.74% | 0.69% | 1.25% | 59% | $1347827 |
| &nbsp;&nbsp;Year Ended 12/31/2018<sup>(d)</sup> | &nbsp;&nbsp;$9.29 | &nbsp;&nbsp;(7.10%) | 0.75%<sup>(e)</sup> | 0.69%<sup>(e)</sup> | 1.27%<sup>(e)</sup> | 58% | $1070480 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.62 | (19.80%) | 0.95%<sup>(c)</sup> | 0.94%<sup>(c)</sup> | 0.98% | 44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$505 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $18.23 | 29.11% | 0.91%<sup>(c)</sup> | 0.91%<sup>(c)</sup> | 0.45% | 60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $14.12 | 19.36% | 0.97% | 0.94% | 1.32% | 65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.83 | 27.62% | 0.97% | 0.94% | 0.97% | 59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;Year Ended 12/31/2018<sup>(d)</sup> | &nbsp;&nbsp;$9.27 | &nbsp;&nbsp;(7.30%) | 0.97%<sup>(e)</sup> | 0.94%<sup>(e)</sup> | 0.84%<sup>(e)</sup> | 58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Select Large Cap Equity Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.77% to 0.57% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.66% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan

20 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Notes to Financial Statements (continued)

December 31, 2022

constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. For the year ended December 31, 2022, there were no assets subject to the service fee.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | **Contractual<br> expense cap<br> July 1, 2022<br> through<br> April 30, 2023** | **Voluntary<br> expense cap<br> May 1, 2022<br> through<br> June 30, 2022** | **Contractual<br> expense cap<br> prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.69% | 0.69% | 0.69% |
| &nbsp;&nbsp;Class 2 | 0.94 | 0.94 | 0.94 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Notes to Financial Statements (continued)

December 31, 2022

specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,453,720,560 and $1,674,182,769, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 3700000 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Lender | 8200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;5 |

---

Interest income earned and interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate

22 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Notes to Financial Statements (continued)

December 31, 2022

of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Notes to Financial Statements (continued)

December 31, 2022

pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

24 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Select Large Cap Equity Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Select Large Cap Equity Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 and for the period January 4, 2018 (commencement of operations) through December 31, 2018, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 and for the period January 4, 2018 (commencement of operations) through December 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

26 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

28 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

30 Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_30600_09dd87af-bdf2-47a7-9b2f-50ecc06e13d2_TOC)

#### Columbia Variable Portfolio – Select Large Cap Equity Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img049773532.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7071_12_B01_(02/23)

------

![](img3e71c0551.jpg)

Annual Report

December 31, 2022

![](img3f6caabb2.jpg)

Columbia Variable Portfolio – Global Strategic Income Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_8ea9286b-95d0-4368-b08d-bc47d317a15d_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_8ea9286b-95d0-4368-b08d-bc47d317a15d_4)<br>| 6 |
| [Understanding Your Fund's Expenses](#xx_12dfbed7-13b7-49f0-b0cc-4030e653c8c1_1)<br>| 8 |
| [Portfolio of Investments](#xx_32e08efc-2ac4-431f-9e1b-ec5872207962_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_83faea3b-39f9-4168-b969-5211418809f2_1)<br>| 28 |
| [Statement of Operations](#xx_83faea3b-39f9-4168-b969-5211418809f2_2)<br>| 29 |
| [Statement of Changes in Net Assets](#xx_83faea3b-39f9-4168-b969-5211418809f2_3)<br>| 30 |
| [Financial Highlights](#xx_8b7930ba-73b1-418e-a9f7-9e5b0f142002_2)<br>| 32 |
| [Notes to Financial Statements](#xx_9f0103ea-c3a2-4611-882c-dd77c00b25a5_1)<br>| 34 |
| [Report of Independent Registered Public Accounting Firm](#xx_6bffb891-19b4-4753-8a33-6cf39e699c4c_1)<br>| 51 |
| [Trustees and Officers](#xx_6e1a2f5c-597f-43c2-b66b-35408eb30ba9_1)<br>| 52 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Global Strategic Income Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with high total return through income and growth of capital.

Portfolio management

#### Adrian Hilton
Co-Portfolio Manager

Managed Fund since 2020

#### Ryan Staszewski, CFA
Co-Portfolio Manager

Managed Fund since 2018

#### David Janssen, CFA
Co-Portfolio Manager

Managed Fund since 2021

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-13.49 | &nbsp;&nbsp;&nbsp;&nbsp;-0.67 | &nbsp;&nbsp;&nbsp;&nbsp;-1.19 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-13.63 | &nbsp;&nbsp;&nbsp;&nbsp;-0.91 | &nbsp;&nbsp;&nbsp;&nbsp;-1.43 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;05/01/96 | &nbsp;&nbsp;&nbsp;&nbsp;-13.60 | &nbsp;&nbsp;&nbsp;&nbsp;-0.81 | &nbsp;&nbsp;&nbsp;&nbsp;-1.32 |
| &nbsp;&nbsp;Bloomberg Global Aggregate Hedged USD Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-11.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| &nbsp;&nbsp;Bloomberg Global Credit Hedged USD Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Bloomberg Global Aggregate Hedged USD Index provides a broad-based measure of global investment-grade fixed-income debt markets, including government-related debt, corporate debt, securitized debt, and global Treasury, and it is hedged back to the US dollar.

The Bloomberg Global Credit Hedged USD Index measures the global investment grade local currency corporate and government-related bond markets.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img2e697df73.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Global Strategic Income Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;11.7 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;37.8 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;20.3 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;10.8 |
| &nbsp;&nbsp;CCC rating | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other country-specific factors as the direction and stance of fiscal policy, balance of payment trends and commodity prices, the level and structure of public debt as well as political stability and commitment to strong macroeconomic policies.

4 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Angola | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Azerbaijan | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Belarus | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Colombia | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Dominican Republic | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Egypt | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;Guatemala | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Hungary | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Isle of Man | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Ivory Coast | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Jersey | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Liberia | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Mauritius | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;Oman | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Panama | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Paraguay | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Qatar | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Romania | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Turkey | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Ukraine | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;United States<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;56.3 |
| &nbsp;&nbsp;Virgin Islands | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer's place of organization/incorporation. Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At December 31, 2022, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Global Strategic Income Fund returned -13.63%. The Fund underperformed its benchmark, the Bloomberg Global Aggregate Hedged USD Index, which returned -11.22% for the same period. However, the Fund outperformed its secondary benchmark, the Bloomberg Global Credit Hedged USD Index, which returned -14.22% for the same period.

Market overview

For a second consecutive year, fixed-income markets experienced weakness in 2022, with all major sectors within the U.S. and global bond markets posting negative returns. Such broad underperformance, explained by rising U.S. Treasury and other government bond yields across the maturity spectrum, was driven by high global inflation, a series of seven interest rate hikes by the U.S. Federal Reserve (Fed), and similarly tightening monetary policies by other leading central banks around the world that left bond investors with few places to hide.

Entering 2022, the market was anticipating a gradual normalization in monetary policy as the economy rebounded from COVID-19-related challenges. Reaccelerating inflation, which was exacerbated by Russia's late-February invasion of Ukraine, forced the Fed to pull forward this process. Indeed, in March 2022, the Fed implemented its first interest rate hike since December 2018 and also ended the bond purchase program it had used to keep longer term borrowing costs low. As the year progressed, other geopolitical concerns further roiled risk sentiment, including the European energy crisis caused by the ongoing Russia/Ukraine war, the shuttering of China's economy under its government's zero-COVID policy, and spiking U.S./China tensions over Taiwan. Heightened concerns around a U.S. recession also weighed on credit sectors.

For its part, the European Central Bank surprised observers by raising interest rates by 50 basis points in July, followed by another 75 basis points in September. (A basis point is 1/100 of a percent.) Toward the end of the third quarter, the new U.K. Prime Minister announced a large, unfunded stimulus plan that caused a near implosion in the U.K. government bond market and sent shockwaves across other markets. The monetary tightening delivered by the Fed in 2022 proved to be the most aggressive since the Paul Volcker\* era in the 1980s and eventually led to a downshift in inflation momentum. This allowed the Fed to slow the pace of interest rate hikes with a 50 basis point rate increase at its December meeting, igniting hopes of smaller interest rate hikes on the horizon. This promoted positive performance for the U.S. and global fixed-income markets and tightened credit spreads for the fourth quarter.

For the annual period as a whole, investment-grade corporate bonds were among the weakest sectors of the fixed-income market, given their longer durations. Performance for developed market overseas government bonds was poor, as leading international central banks implemented aggressive policy tightening, and emerging markets debt returns softened in view of the outlook for higher interest rates and U.S. dollar strength. As short- to intermediate-term maturity yields rose more than longer-term maturity yields, the U.S. Treasury yield curve flattened substantially during the annual period, meaning the differential in yields between shorter-term and longer-term maturities narrowed. Indeed, in the last months of 2022, the U.S. Treasury yield curve actually inverted, with shorter- term maturity yields higher than longer-term maturity yields.

The Fund's notable detractors during the period

• Positioning in U.S. high-yield corporate bonds and U.S. investment-grade corporate bonds detracted from the Fund's performance during the annual period. The Fund began the annual period with a diversified
exposure to credit sectors, as most valuations, in our view, were fair to attractive at the start of the year.

• Among structured securities, positioning in agency securities, asset-backed securities, commercial mortgage-backed securities and non-agency residential mortgage-backed securities all
detracted from the Fund's relative results.

The Fund's notable contributors during the period

• The Fund's duration positioning overall contributed significantly to relative performance. The Fund held a shorter duration than the benchmark throughout the annual period, which helped as interest rates rose.
A shorter duration means that a fund is less sensitive to changes in interest rates.

• During a challenging annual period for fixed income, wherein nearly every sector posted a negative return, having a modest allocation to cash instruments added value, as risk-free
rates increased.

6 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

Derivatives usage

The Fund utilized U.S. Treasury futures, German bund futures and European government bond, or gilt, futures to manage and adjust its duration positioning. The Fund used CMBX, CDX (a U.S. high-yield credit default swap index) and European credit default swap indices to hedge its credit exposure and, at times, create a synthetic long exposure. The Fund also used currency forwards and swaptions to maintain and modify target duration, yield curve, credit and currency positioning. On a stand-alone basis, the use of these derivatives had a positive impact on Fund performance during the period.

\* Paul Volcker was the Chair of the U.S. Federal Reserve from 1979 to 1987.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Mortgage- and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Fixed-income securities present issuer default risk. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. Floating rate loans typically present greater risk than other fixed-income investments as they are generally subject to legal or contractual resale restrictions, may trade less frequently and experience value impairments during liquidation. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market and sovereign debt issuers. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. Liquidity risk is associated with the difficulty of selling underlying investments at a desirable time or price. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;994.60 | &nbsp;&nbsp;&nbsp;&nbsp;1021.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;994.50 | &nbsp;&nbsp;&nbsp;&nbsp;1020.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;993.20 | &nbsp;&nbsp;&nbsp;&nbsp;1021.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

8 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 2.8%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 2.8%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 2.8%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 2.8%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 2.8%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Cayman Islands 0.6%** | &nbsp;&nbsp;**Cayman Islands 0.6%** | &nbsp;&nbsp;**Cayman Islands 0.6%** | &nbsp;&nbsp;**Cayman Islands 0.6%** | &nbsp;&nbsp;**Cayman Islands 0.6%** |
| &nbsp;&nbsp;Octagon Investment Partners Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-18A Class A2 | &nbsp;&nbsp;Series 2018-18A Class A2 | &nbsp;&nbsp;Series 2018-18A Class A2 | &nbsp;&nbsp;Series 2018-18A Class A2 | &nbsp;&nbsp;Series 2018-18A Class A2 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.470%<br> 04/16/2031 | &nbsp;&nbsp;5.549% |  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;480673 |
| &nbsp;&nbsp;**United States 2.2%** | &nbsp;&nbsp;**United States 2.2%** | &nbsp;&nbsp;**United States 2.2%** | &nbsp;&nbsp;**United States 2.2%** | &nbsp;&nbsp;**United States 2.2%** |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-2A Class E | &nbsp;&nbsp;Subordinated Series 2021-2A Class E | &nbsp;&nbsp;Subordinated Series 2021-2A Class E | &nbsp;&nbsp;Subordinated Series 2021-2A Class E | &nbsp;&nbsp;Subordinated Series 2021-2A Class E |
| &nbsp;&nbsp;07/17/2028 | &nbsp;&nbsp;2.900% |  | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;523013 |
| &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1CP Class B | &nbsp;&nbsp;Subordinated Series 2021-1CP Class B | &nbsp;&nbsp;Subordinated Series 2021-1CP Class B | &nbsp;&nbsp;Subordinated Series 2021-1CP Class B | &nbsp;&nbsp;Subordinated Series 2021-1CP Class B |
| &nbsp;&nbsp;03/20/2028 | &nbsp;&nbsp;1.410% |  | 200226 | &nbsp;&nbsp;&nbsp;&nbsp;199128 |
| &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;1.070% |  | &nbsp;&nbsp;88822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85766 |
| &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class D | &nbsp;&nbsp;Series 2021-1A Class D | &nbsp;&nbsp;Series 2021-1A Class D | &nbsp;&nbsp;Series 2021-1A Class D | &nbsp;&nbsp;Series 2021-1A Class D |
| &nbsp;&nbsp;06/16/2031 | &nbsp;&nbsp;2.470% |  | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;362066 |
| &nbsp;&nbsp;RR 3 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;RR 3 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;RR 3 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;RR 3 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;RR 3 Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2014-14A Class A1R2 | &nbsp;&nbsp;Series 2014-14A Class A1R2 | &nbsp;&nbsp;Series 2014-14A Class A1R2 | &nbsp;&nbsp;Series 2014-14A Class A1R2 | &nbsp;&nbsp;Series 2014-14A Class A1R2 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.090%<br> Floor 1.090%<br> 01/15/2030 | &nbsp;&nbsp;5.169% |  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;246667 |
| &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-ST6 Class A | &nbsp;&nbsp;Series 2021-ST6 Class A | &nbsp;&nbsp;Series 2021-ST6 Class A | &nbsp;&nbsp;Series 2021-ST6 Class A | &nbsp;&nbsp;Series 2021-ST6 Class A |
| &nbsp;&nbsp;08/20/2027 | &nbsp;&nbsp;1.850% |  | 369227 | &nbsp;&nbsp;&nbsp;&nbsp;344282 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1760922** |
| &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $2,394,784) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $2,394,784) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $2,394,784) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $2,394,784) | &nbsp;&nbsp;**2241595** |
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency<sup>(c)</sup> 4.3%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency<sup>(c)</sup> 4.3%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency<sup>(c)</sup> 4.3%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency<sup>(c)</sup> 4.3%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency<sup>(c)</sup> 4.3%** |
| &nbsp;&nbsp;**United Kingdom 0.4%** | &nbsp;&nbsp;**United Kingdom 0.4%** | &nbsp;&nbsp;**United Kingdom 0.4%** | &nbsp;&nbsp;**United Kingdom 0.4%** | &nbsp;&nbsp;**United Kingdom 0.4%** |
| &nbsp;&nbsp;Tesco Property Finance 3 PLC<sup>(a)</sup> | &nbsp;&nbsp;Tesco Property Finance 3 PLC<sup>(a)</sup> | &nbsp;&nbsp;Tesco Property Finance 3 PLC<sup>(a)</sup> | &nbsp;&nbsp;Tesco Property Finance 3 PLC<sup>(a)</sup> | &nbsp;&nbsp;Tesco Property Finance 3 PLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/13/2040 | &nbsp;&nbsp;5.744% | &nbsp;&nbsp;GBP | 271635 | &nbsp;&nbsp;&nbsp;&nbsp;307119 |
| &nbsp;&nbsp;**United States 3.9%** | &nbsp;&nbsp;**United States 3.9%** | &nbsp;&nbsp;**United States 3.9%** | &nbsp;&nbsp;**United States 3.9%** | &nbsp;&nbsp;**United States 3.9%** |
| &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2018-DSNY Class D | &nbsp;&nbsp;Subordinated Series 2018-DSNY Class D | &nbsp;&nbsp;Subordinated Series 2018-DSNY Class D | &nbsp;&nbsp;Subordinated Series 2018-DSNY Class D | &nbsp;&nbsp;Subordinated Series 2018-DSNY Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 1.700%<br> Floor 1.700%<br> 09/15/2034 | &nbsp;&nbsp;6.018% |  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;472442 |
| &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-ATLS Class A | &nbsp;&nbsp;Series 2018-ATLS Class A | &nbsp;&nbsp;Series 2018-ATLS Class A | &nbsp;&nbsp;Series 2018-ATLS Class A | &nbsp;&nbsp;Series 2018-ATLS Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.250%<br> Floor 1.250%<br> 07/15/2035 | &nbsp;&nbsp;5.568% |  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;481945 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;BX Trust<sup>(a)</sup> | &nbsp;&nbsp;BX Trust<sup>(a)</sup> | &nbsp;&nbsp;BX Trust<sup>(a)</sup> | &nbsp;&nbsp;BX Trust<sup>(a)</sup> | &nbsp;&nbsp;BX Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-OC11 Class A | &nbsp;&nbsp;Series 2019-OC11 Class A | &nbsp;&nbsp;Series 2019-OC11 Class A | &nbsp;&nbsp;Series 2019-OC11 Class A | &nbsp;&nbsp;Series 2019-OC11 Class A |
| &nbsp;&nbsp;12/09/2041 | &nbsp;&nbsp;3.202% |  | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;503635 |
| &nbsp;&nbsp;BX Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;BX Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;BX Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;BX Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;BX Trust<sup>(a),(d)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-OC11 Class D | &nbsp;&nbsp;Subordinated Series 2019-OC11 Class D | &nbsp;&nbsp;Subordinated Series 2019-OC11 Class D | &nbsp;&nbsp;Subordinated Series 2019-OC11 Class D | &nbsp;&nbsp;Subordinated Series 2019-OC11 Class D |
| &nbsp;&nbsp;12/09/2041 | &nbsp;&nbsp;3.944% |  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;398458 |
| &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E |
| &nbsp;&nbsp;09/15/2037 | &nbsp;&nbsp;4.373% |  | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;415727 |
| &nbsp;&nbsp;Subordinated Series 2014-USA Class F | &nbsp;&nbsp;Subordinated Series 2014-USA Class F | &nbsp;&nbsp;Subordinated Series 2014-USA Class F | &nbsp;&nbsp;Subordinated Series 2014-USA Class F | &nbsp;&nbsp;Subordinated Series 2014-USA Class F |
| &nbsp;&nbsp;09/15/2037 | &nbsp;&nbsp;4.373% |  | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80461 |
| &nbsp;&nbsp;CSMC Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(d)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-UVIL Class E | &nbsp;&nbsp;Subordinated Series 2019-UVIL Class E | &nbsp;&nbsp;Subordinated Series 2019-UVIL Class E | &nbsp;&nbsp;Subordinated Series 2019-UVIL Class E | &nbsp;&nbsp;Subordinated Series 2019-UVIL Class E |
| &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;3.283% |  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;212150 |
| &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2016-SFP Class F | &nbsp;&nbsp;Subordinated Series 2016-SFP Class F | &nbsp;&nbsp;Subordinated Series 2016-SFP Class F | &nbsp;&nbsp;Subordinated Series 2016-SFP Class F | &nbsp;&nbsp;Subordinated Series 2016-SFP Class F |
| &nbsp;&nbsp;11/05/2035 | &nbsp;&nbsp;6.155% |  | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;508336 |
| &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-SFR1 Class F | &nbsp;&nbsp;Series 2020-SFR1 Class F | &nbsp;&nbsp;Series 2020-SFR1 Class F | &nbsp;&nbsp;Series 2020-SFR1 Class F | &nbsp;&nbsp;Series 2020-SFR1 Class F |
| &nbsp;&nbsp;04/17/2037 | &nbsp;&nbsp;3.431% |  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90629 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3163783** |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $4,193,922) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $4,193,922) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $4,193,922) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $4,193,922) | &nbsp;&nbsp;**3470902** |
| &nbsp;&nbsp;**Convertible Bonds 0.0%** | &nbsp;&nbsp;**Convertible Bonds 0.0%** | &nbsp;&nbsp;**Convertible Bonds 0.0%** | &nbsp;&nbsp;**Convertible Bonds 0.0%** | &nbsp;&nbsp;**Convertible Bonds 0.0%** |
| &nbsp;&nbsp;**United States 0.0%** | &nbsp;&nbsp;**United States 0.0%** | &nbsp;&nbsp;**United States 0.0%** | &nbsp;&nbsp;**United States 0.0%** | &nbsp;&nbsp;**United States 0.0%** |
| &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;3.375% |  | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17542 |
| &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $26,732) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $26,732) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $26,732) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $26,732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17542** |
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> 55.0%** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> 55.0%** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> 55.0%** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> 55.0%** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> 55.0%** |
| &nbsp;&nbsp;**Australia 0.5%** | &nbsp;&nbsp;**Australia 0.5%** | &nbsp;&nbsp;**Australia 0.5%** | &nbsp;&nbsp;**Australia 0.5%** | &nbsp;&nbsp;**Australia 0.5%** |
| &nbsp;&nbsp;APT Pipelines Ltd.<sup>(a)</sup> | &nbsp;&nbsp;APT Pipelines Ltd.<sup>(a)</sup> | &nbsp;&nbsp;APT Pipelines Ltd.<sup>(a)</sup> | &nbsp;&nbsp;APT Pipelines Ltd.<sup>(a)</sup> | &nbsp;&nbsp;APT Pipelines Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;EUR | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;265331 |
| &nbsp;&nbsp;Ausgrid Finance Pty, Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Ausgrid Finance Pty, Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Ausgrid Finance Pty, Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Ausgrid Finance Pty, Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Ausgrid Finance Pty, Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;10/07/2031 | &nbsp;&nbsp;0.875% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;158538 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**423869** |
| &nbsp;&nbsp;**Belgium 0.3%** | &nbsp;&nbsp;**Belgium 0.3%** | &nbsp;&nbsp;**Belgium 0.3%** | &nbsp;&nbsp;**Belgium 0.3%** | &nbsp;&nbsp;**Belgium 0.3%** |
| &nbsp;&nbsp;Anheuser-Busch InBev SA/NV<sup>(a)</sup> | &nbsp;&nbsp;Anheuser-Busch InBev SA/NV<sup>(a)</sup> | &nbsp;&nbsp;Anheuser-Busch InBev SA/NV<sup>(a)</sup> | &nbsp;&nbsp;Anheuser-Busch InBev SA/NV<sup>(a)</sup> | &nbsp;&nbsp;Anheuser-Busch InBev SA/NV<sup>(a)</sup> |
| &nbsp;&nbsp;04/02/2040 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;EUR | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;147369 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Telenet Finance Luxembourg Notes Sarl<sup>(a)</sup> | &nbsp;&nbsp;Telenet Finance Luxembourg Notes Sarl<sup>(a)</sup> | &nbsp;&nbsp;Telenet Finance Luxembourg Notes Sarl<sup>(a)</sup> | &nbsp;&nbsp;Telenet Finance Luxembourg Notes Sarl<sup>(a)</sup> | &nbsp;&nbsp;Telenet Finance Luxembourg Notes Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;96678 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**244047** |
| &nbsp;&nbsp;**Bermuda 1.0%** | &nbsp;&nbsp;**Bermuda 1.0%** | &nbsp;&nbsp;**Bermuda 1.0%** | &nbsp;&nbsp;**Bermuda 1.0%** | &nbsp;&nbsp;**Bermuda 1.0%** |
| &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;EUR | 450000 | &nbsp;&nbsp;480346 |
| &nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;5.300% |  | 345000 | &nbsp;&nbsp;309417 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**789763** |
| &nbsp;&nbsp;**Canada 0.5%** | &nbsp;&nbsp;**Canada 0.5%** | &nbsp;&nbsp;**Canada 0.5%** | &nbsp;&nbsp;**Canada 0.5%** | &nbsp;&nbsp;**Canada 0.5%** |
| &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;13930 |
| &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;9.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4871 |
| &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;12438 |
| &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% |  | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;13071 |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;4478 |
| &nbsp;&nbsp;09/30/2028 | &nbsp;&nbsp;11.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;7058 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;14.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 |
| &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;16999 |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9611 |
| &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;35669 |
| &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4565 |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% |  | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;20051 |
| &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.500% |  | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;25436 |
| &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;5916 |
| &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% |  | 124000 | &nbsp;&nbsp;104840 |
| &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;Waste Connections, Inc. |
| &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;4.200% |  | 150000 | &nbsp;&nbsp;139350 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**418877** |
| &nbsp;&nbsp;**Cayman Islands 0.0%** | &nbsp;&nbsp;**Cayman Islands 0.0%** | &nbsp;&nbsp;**Cayman Islands 0.0%** | &nbsp;&nbsp;**Cayman Islands 0.0%** | &nbsp;&nbsp;**Cayman Islands 0.0%** |
| &nbsp;&nbsp;Global Aircraft Leasing Co., Ltd.<sup>(a),(e)</sup> | &nbsp;&nbsp;Global Aircraft Leasing Co., Ltd.<sup>(a),(e)</sup> | &nbsp;&nbsp;Global Aircraft Leasing Co., Ltd.<sup>(a),(e)</sup> | &nbsp;&nbsp;Global Aircraft Leasing Co., Ltd.<sup>(a),(e)</sup> | &nbsp;&nbsp;Global Aircraft Leasing Co., Ltd.<sup>(a),(e)</sup> |
| &nbsp;&nbsp;09/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% |  | &nbsp;&nbsp;23382 | &nbsp;&nbsp;&nbsp;&nbsp;19930 |
| &nbsp;&nbsp;**China 0.2%** | &nbsp;&nbsp;**China 0.2%** | &nbsp;&nbsp;**China 0.2%** | &nbsp;&nbsp;**China 0.2%** | &nbsp;&nbsp;**China 0.2%** |
| &nbsp;&nbsp;JD.com, Inc. | &nbsp;&nbsp;JD.com, Inc. | &nbsp;&nbsp;JD.com, Inc. | &nbsp;&nbsp;JD.com, Inc. | &nbsp;&nbsp;JD.com, Inc. |
| &nbsp;&nbsp;01/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% |  | 200000 | &nbsp;&nbsp;175162 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Denmark 0.1%** | &nbsp;&nbsp;**Denmark 0.1%** | &nbsp;&nbsp;**Denmark 0.1%** | &nbsp;&nbsp;**Denmark 0.1%** | &nbsp;&nbsp;**Denmark 0.1%** |
| &nbsp;&nbsp;Danske Bank A/S<sup>(a),(f)</sup> | &nbsp;&nbsp;Danske Bank A/S<sup>(a),(f)</sup> | &nbsp;&nbsp;Danske Bank A/S<sup>(a),(f)</sup> | &nbsp;&nbsp;Danske Bank A/S<sup>(a),(f)</sup> | &nbsp;&nbsp;Danske Bank A/S<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92563 |
| &nbsp;&nbsp;**Finland 0.1%** | &nbsp;&nbsp;**Finland 0.1%** | &nbsp;&nbsp;**Finland 0.1%** | &nbsp;&nbsp;**Finland 0.1%** | &nbsp;&nbsp;**Finland 0.1%** |
| &nbsp;&nbsp;Teollisuuden Voima OYJ<sup>(a)</sup> | &nbsp;&nbsp;Teollisuuden Voima OYJ<sup>(a)</sup> | &nbsp;&nbsp;Teollisuuden Voima OYJ<sup>(a)</sup> | &nbsp;&nbsp;Teollisuuden Voima OYJ<sup>(a)</sup> | &nbsp;&nbsp;Teollisuuden Voima OYJ<sup>(a)</sup> |
| &nbsp;&nbsp;02/04/2025 | &nbsp;&nbsp;2.125% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;101611 |
| &nbsp;&nbsp;**France 2.1%** | &nbsp;&nbsp;**France 2.1%** | &nbsp;&nbsp;**France 2.1%** | &nbsp;&nbsp;**France 2.1%** | &nbsp;&nbsp;**France 2.1%** |
| &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;8.125% |  | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14606 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18843 |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17203 |
| &nbsp;&nbsp;Cab SELAS<sup>(a)</sup> | &nbsp;&nbsp;Cab SELAS<sup>(a)</sup> | &nbsp;&nbsp;Cab SELAS<sup>(a)</sup> | &nbsp;&nbsp;Cab SELAS<sup>(a)</sup> | &nbsp;&nbsp;Cab SELAS<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85945 |
| &nbsp;&nbsp;Casino Guichard Perrachon SA<sup>(a)</sup> | &nbsp;&nbsp;Casino Guichard Perrachon SA<sup>(a)</sup> | &nbsp;&nbsp;Casino Guichard Perrachon SA<sup>(a)</sup> | &nbsp;&nbsp;Casino Guichard Perrachon SA<sup>(a)</sup> | &nbsp;&nbsp;Casino Guichard Perrachon SA<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58150 |
| &nbsp;&nbsp;Credit Agricole SA<sup>(a)</sup> | &nbsp;&nbsp;Credit Agricole SA<sup>(a)</sup> | &nbsp;&nbsp;Credit Agricole SA<sup>(a)</sup> | &nbsp;&nbsp;Credit Agricole SA<sup>(a)</sup> | &nbsp;&nbsp;Credit Agricole SA<sup>(a)</sup> |
| &nbsp;&nbsp;02/24/2029 | &nbsp;&nbsp;1.125% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;182485 |
| &nbsp;&nbsp;07/03/2029 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;179161 |
| &nbsp;&nbsp;Crown European Holdings SA<sup>(a)</sup> | &nbsp;&nbsp;Crown European Holdings SA<sup>(a)</sup> | &nbsp;&nbsp;Crown European Holdings SA<sup>(a)</sup> | &nbsp;&nbsp;Crown European Holdings SA<sup>(a)</sup> | &nbsp;&nbsp;Crown European Holdings SA<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2024 | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;104633 |
| &nbsp;&nbsp;Elis SA<sup>(a)</sup> | &nbsp;&nbsp;Elis SA<sup>(a)</sup> | &nbsp;&nbsp;Elis SA<sup>(a)</sup> | &nbsp;&nbsp;Elis SA<sup>(a)</sup> | &nbsp;&nbsp;Elis SA<sup>(a)</sup> |
| &nbsp;&nbsp;04/11/2024 | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;103916 |
| &nbsp;&nbsp;Faurecia SE<sup>(a)</sup> | &nbsp;&nbsp;Faurecia SE<sup>(a)</sup> | &nbsp;&nbsp;Faurecia SE<sup>(a)</sup> | &nbsp;&nbsp;Faurecia SE<sup>(a)</sup> | &nbsp;&nbsp;Faurecia SE<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89434 |
| &nbsp;&nbsp;Foncia Management SASU<sup>(a)</sup> | &nbsp;&nbsp;Foncia Management SASU<sup>(a)</sup> | &nbsp;&nbsp;Foncia Management SASU<sup>(a)</sup> | &nbsp;&nbsp;Foncia Management SASU<sup>(a)</sup> | &nbsp;&nbsp;Foncia Management SASU<sup>(a)</sup> |
| &nbsp;&nbsp;03/31/2028 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89089 |
| &nbsp;&nbsp;Getlink SE<sup>(a)</sup> | &nbsp;&nbsp;Getlink SE<sup>(a)</sup> | &nbsp;&nbsp;Getlink SE<sup>(a)</sup> | &nbsp;&nbsp;Getlink SE<sup>(a)</sup> | &nbsp;&nbsp;Getlink SE<sup>(a)</sup> |
| &nbsp;&nbsp;10/30/2025 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;104139 |
| &nbsp;&nbsp;Iliad Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SA<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99017 |
| &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;6.500% |  | &nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33436 |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;7.000% |  | &nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33558 |
| &nbsp;&nbsp;iliad SA<sup>(a)</sup> | &nbsp;&nbsp;iliad SA<sup>(a)</sup> | &nbsp;&nbsp;iliad SA<sup>(a)</sup> | &nbsp;&nbsp;iliad SA<sup>(a)</sup> | &nbsp;&nbsp;iliad SA<sup>(a)</sup> |
| &nbsp;&nbsp;06/17/2026 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96533 |
| &nbsp;&nbsp;Rexel SA<sup>(a)</sup> | &nbsp;&nbsp;Rexel SA<sup>(a)</sup> | &nbsp;&nbsp;Rexel SA<sup>(a)</sup> | &nbsp;&nbsp;Rexel SA<sup>(a)</sup> | &nbsp;&nbsp;Rexel SA<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;2.125% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94040 |
| &nbsp;&nbsp;SANEF SA<sup>(a)</sup> | &nbsp;&nbsp;SANEF SA<sup>(a)</sup> | &nbsp;&nbsp;SANEF SA<sup>(a)</sup> | &nbsp;&nbsp;SANEF SA<sup>(a)</sup> | &nbsp;&nbsp;SANEF SA<sup>(a)</sup> |
| &nbsp;&nbsp;03/16/2026 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;198873 |
| &nbsp;&nbsp;Verallia SA<sup>(a)</sup> | &nbsp;&nbsp;Verallia SA<sup>(a)</sup> | &nbsp;&nbsp;Verallia SA<sup>(a)</sup> | &nbsp;&nbsp;Verallia SA<sup>(a)</sup> | &nbsp;&nbsp;Verallia SA<sup>(a)</sup> |
| &nbsp;&nbsp;11/10/2031 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83123 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1686184** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Germany 2.9%** | &nbsp;&nbsp;**Germany 2.9%** | &nbsp;&nbsp;**Germany 2.9%** | &nbsp;&nbsp;**Germany 2.9%** | &nbsp;&nbsp;**Germany 2.9%** |
| &nbsp;&nbsp;Amprion GmbH<sup>(a)</sup> | &nbsp;&nbsp;Amprion GmbH<sup>(a)</sup> | &nbsp;&nbsp;Amprion GmbH<sup>(a)</sup> | &nbsp;&nbsp;Amprion GmbH<sup>(a)</sup> | &nbsp;&nbsp;Amprion GmbH<sup>(a)</sup> |
| &nbsp;&nbsp;09/23/2033 | &nbsp;&nbsp;0.625% | &nbsp;&nbsp;EUR | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;224345 |
| &nbsp;&nbsp;Aroundtown SA<sup>(a)</sup> | &nbsp;&nbsp;Aroundtown SA<sup>(a)</sup> | &nbsp;&nbsp;Aroundtown SA<sup>(a)</sup> | &nbsp;&nbsp;Aroundtown SA<sup>(a)</sup> | &nbsp;&nbsp;Aroundtown SA<sup>(a)</sup> |
| &nbsp;&nbsp;01/31/2028 | &nbsp;&nbsp;1.625% | &nbsp;&nbsp;EUR | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;210614 |
| &nbsp;&nbsp;Bayer AG<sup>(a)</sup> | &nbsp;&nbsp;Bayer AG<sup>(a)</sup> | &nbsp;&nbsp;Bayer AG<sup>(a)</sup> | &nbsp;&nbsp;Bayer AG<sup>(a)</sup> | &nbsp;&nbsp;Bayer AG<sup>(a)</sup> |
| &nbsp;&nbsp;01/06/2030 | &nbsp;&nbsp;1.125% | &nbsp;&nbsp;EUR | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;264066 |
| &nbsp;&nbsp;Cheplapharm Arzneimittel GmbH<sup>(a)</sup> | &nbsp;&nbsp;Cheplapharm Arzneimittel GmbH<sup>(a)</sup> | &nbsp;&nbsp;Cheplapharm Arzneimittel GmbH<sup>(a)</sup> | &nbsp;&nbsp;Cheplapharm Arzneimittel GmbH<sup>(a)</sup> | &nbsp;&nbsp;Cheplapharm Arzneimittel GmbH<sup>(a)</sup> |
| &nbsp;&nbsp;02/11/2027 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93665 |
| &nbsp;&nbsp;Commerzbank AG<sup>(a)</sup> | &nbsp;&nbsp;Commerzbank AG<sup>(a)</sup> | &nbsp;&nbsp;Commerzbank AG<sup>(a)</sup> | &nbsp;&nbsp;Commerzbank AG<sup>(a)</sup> | &nbsp;&nbsp;Commerzbank AG<sup>(a)</sup> |
| &nbsp;&nbsp;12/04/2026 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;EUR | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;330350 |
| &nbsp;&nbsp;Deutsche Bank AG<sup>(a),(f)</sup> | &nbsp;&nbsp;Deutsche Bank AG<sup>(a),(f)</sup> | &nbsp;&nbsp;Deutsche Bank AG<sup>(a),(f)</sup> | &nbsp;&nbsp;Deutsche Bank AG<sup>(a),(f)</sup> | &nbsp;&nbsp;Deutsche Bank AG<sup>(a),(f)</sup> |
| &nbsp;&nbsp;11/19/2030 | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83749 |
| &nbsp;&nbsp;Deutsche Lufthansa AG<sup>(a)</sup> | &nbsp;&nbsp;Deutsche Lufthansa AG<sup>(a)</sup> | &nbsp;&nbsp;Deutsche Lufthansa AG<sup>(a)</sup> | &nbsp;&nbsp;Deutsche Lufthansa AG<sup>(a)</sup> | &nbsp;&nbsp;Deutsche Lufthansa AG<sup>(a)</sup> |
| &nbsp;&nbsp;02/11/2025 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;100819 |
| &nbsp;&nbsp;Eurogrid GmbH<sup>(a)</sup> | &nbsp;&nbsp;Eurogrid GmbH<sup>(a)</sup> | &nbsp;&nbsp;Eurogrid GmbH<sup>(a)</sup> | &nbsp;&nbsp;Eurogrid GmbH<sup>(a)</sup> | &nbsp;&nbsp;Eurogrid GmbH<sup>(a)</sup> |
| &nbsp;&nbsp;04/21/2033 | &nbsp;&nbsp;0.741% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;155577 |
| &nbsp;&nbsp;Grand City Properties SA<sup>(a)</sup> | &nbsp;&nbsp;Grand City Properties SA<sup>(a)</sup> | &nbsp;&nbsp;Grand City Properties SA<sup>(a)</sup> | &nbsp;&nbsp;Grand City Properties SA<sup>(a)</sup> | &nbsp;&nbsp;Grand City Properties SA<sup>(a)</sup> |
| &nbsp;&nbsp;01/11/2028 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71511 |
| &nbsp;&nbsp;Gruenenthal GmbH<sup>(a)</sup> | &nbsp;&nbsp;Gruenenthal GmbH<sup>(a)</sup> | &nbsp;&nbsp;Gruenenthal GmbH<sup>(a)</sup> | &nbsp;&nbsp;Gruenenthal GmbH<sup>(a)</sup> | &nbsp;&nbsp;Gruenenthal GmbH<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97917 |
| &nbsp;&nbsp;Mahle GmbH<sup>(a)</sup> | &nbsp;&nbsp;Mahle GmbH<sup>(a)</sup> | &nbsp;&nbsp;Mahle GmbH<sup>(a)</sup> | &nbsp;&nbsp;Mahle GmbH<sup>(a)</sup> | &nbsp;&nbsp;Mahle GmbH<sup>(a)</sup> |
| &nbsp;&nbsp;05/14/2028 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76886 |
| &nbsp;&nbsp;Schaeffler AG<sup>(a)</sup> | &nbsp;&nbsp;Schaeffler AG<sup>(a)</sup> | &nbsp;&nbsp;Schaeffler AG<sup>(a)</sup> | &nbsp;&nbsp;Schaeffler AG<sup>(a)</sup> | &nbsp;&nbsp;Schaeffler AG<sup>(a)</sup> |
| &nbsp;&nbsp;10/12/2025 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;101719 |
| &nbsp;&nbsp;Techem Verwaltungsgesellschaft 674 mbH<sup>(a)</sup> | &nbsp;&nbsp;Techem Verwaltungsgesellschaft 674 mbH<sup>(a)</sup> | &nbsp;&nbsp;Techem Verwaltungsgesellschaft 674 mbH<sup>(a)</sup> | &nbsp;&nbsp;Techem Verwaltungsgesellschaft 674 mbH<sup>(a)</sup> | &nbsp;&nbsp;Techem Verwaltungsgesellschaft 674 mbH<sup>(a)</sup> |
| &nbsp;&nbsp;07/30/2026 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;87920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88301 |
| &nbsp;&nbsp;thyssenkrupp AG<sup>(a)</sup> | &nbsp;&nbsp;thyssenkrupp AG<sup>(a)</sup> | &nbsp;&nbsp;thyssenkrupp AG<sup>(a)</sup> | &nbsp;&nbsp;thyssenkrupp AG<sup>(a)</sup> | &nbsp;&nbsp;thyssenkrupp AG<sup>(a)</sup> |
| &nbsp;&nbsp;02/22/2024 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;105302 |
| &nbsp;&nbsp;Vertical Holdco GmbH<sup>(a)</sup> | &nbsp;&nbsp;Vertical Holdco GmbH<sup>(a)</sup> | &nbsp;&nbsp;Vertical Holdco GmbH<sup>(a)</sup> | &nbsp;&nbsp;Vertical Holdco GmbH<sup>(a)</sup> | &nbsp;&nbsp;Vertical Holdco GmbH<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;7.625% |  | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8195 |
| &nbsp;&nbsp;Vier Gas Transport GmbH<sup>(a)</sup> | &nbsp;&nbsp;Vier Gas Transport GmbH<sup>(a)</sup> | &nbsp;&nbsp;Vier Gas Transport GmbH<sup>(a)</sup> | &nbsp;&nbsp;Vier Gas Transport GmbH<sup>(a)</sup> | &nbsp;&nbsp;Vier Gas Transport GmbH<sup>(a)</sup> |
| &nbsp;&nbsp;09/10/2029 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80899 |
| &nbsp;&nbsp;Vonovia SE<sup>(a)</sup> | &nbsp;&nbsp;Vonovia SE<sup>(a)</sup> | &nbsp;&nbsp;Vonovia SE<sup>(a)</sup> | &nbsp;&nbsp;Vonovia SE<sup>(a)</sup> | &nbsp;&nbsp;Vonovia SE<sup>(a)</sup> |
| &nbsp;&nbsp;06/28/2028 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;182009 |
| &nbsp;&nbsp;ZF Finance GmbH<sup>(a)</sup> | &nbsp;&nbsp;ZF Finance GmbH<sup>(a)</sup> | &nbsp;&nbsp;ZF Finance GmbH<sup>(a)</sup> | &nbsp;&nbsp;ZF Finance GmbH<sup>(a)</sup> | &nbsp;&nbsp;ZF Finance GmbH<sup>(a)</sup> |
| &nbsp;&nbsp;05/03/2028 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83577 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2359501** |
| &nbsp;&nbsp;**India 0.8%** | &nbsp;&nbsp;**India 0.8%** | &nbsp;&nbsp;**India 0.8%** | &nbsp;&nbsp;**India 0.8%** | &nbsp;&nbsp;**India 0.8%** |
| &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/30/2027 | &nbsp;&nbsp;4.000% |  | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;349248 |
| &nbsp;&nbsp;GMR Hyderabad International Airport Ltd.<sup>(a)</sup> | &nbsp;&nbsp;GMR Hyderabad International Airport Ltd.<sup>(a)</sup> | &nbsp;&nbsp;GMR Hyderabad International Airport Ltd.<sup>(a)</sup> | &nbsp;&nbsp;GMR Hyderabad International Airport Ltd.<sup>(a)</sup> | &nbsp;&nbsp;GMR Hyderabad International Airport Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;10/27/2027 | &nbsp;&nbsp;4.250% |  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;260053 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**609301** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Ireland 0.5%** | &nbsp;&nbsp;**Ireland 0.5%** | &nbsp;&nbsp;**Ireland 0.5%** | &nbsp;&nbsp;**Ireland 0.5%** | &nbsp;&nbsp;**Ireland 0.5%** |
| &nbsp;&nbsp;AIB Group PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;AIB Group PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;AIB Group PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;AIB Group PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;AIB Group PLC<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/30/2031 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;EUR | 120000 | &nbsp;&nbsp;115343 |
| &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;4.125% |  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;21672 |
| &nbsp;&nbsp;eircom Finance DAC<sup>(a)</sup> | &nbsp;&nbsp;eircom Finance DAC<sup>(a)</sup> | &nbsp;&nbsp;eircom Finance DAC<sup>(a)</sup> | &nbsp;&nbsp;eircom Finance DAC<sup>(a)</sup> | &nbsp;&nbsp;eircom Finance DAC<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;96709 |
| &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(g)</sup> | &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(g)</sup> | &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(g)</sup> | &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(g)</sup> | &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(g)</sup> |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;0.000% |  | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 |
| &nbsp;&nbsp;Experian Europe DAC<sup>(a)</sup> | &nbsp;&nbsp;Experian Europe DAC<sup>(a)</sup> | &nbsp;&nbsp;Experian Europe DAC<sup>(a)</sup> | &nbsp;&nbsp;Experian Europe DAC<sup>(a)</sup> | &nbsp;&nbsp;Experian Europe DAC<sup>(a)</sup> |
| &nbsp;&nbsp;05/16/2031 | &nbsp;&nbsp;1.560% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;176429 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**410780** |
| &nbsp;&nbsp;**Isle of Man 0.3%** | &nbsp;&nbsp;**Isle of Man 0.3%** | &nbsp;&nbsp;**Isle of Man 0.3%** | &nbsp;&nbsp;**Isle of Man 0.3%** | &nbsp;&nbsp;**Isle of Man 0.3%** |
| &nbsp;&nbsp;AngloGold Ashanti Holdings PLC | &nbsp;&nbsp;AngloGold Ashanti Holdings PLC | &nbsp;&nbsp;AngloGold Ashanti Holdings PLC | &nbsp;&nbsp;AngloGold Ashanti Holdings PLC | &nbsp;&nbsp;AngloGold Ashanti Holdings PLC |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;3.750% |  | 200000 | &nbsp;&nbsp;174651 |
| &nbsp;&nbsp;Playtech PLC<sup>(a)</sup> | &nbsp;&nbsp;Playtech PLC<sup>(a)</sup> | &nbsp;&nbsp;Playtech PLC<sup>(a)</sup> | &nbsp;&nbsp;Playtech PLC<sup>(a)</sup> | &nbsp;&nbsp;Playtech PLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/12/2023 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;37736 | &nbsp;&nbsp;&nbsp;&nbsp;39997 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**214648** |
| &nbsp;&nbsp;**Italy 0.8%** | &nbsp;&nbsp;**Italy 0.8%** | &nbsp;&nbsp;**Italy 0.8%** | &nbsp;&nbsp;**Italy 0.8%** | &nbsp;&nbsp;**Italy 0.8%** |
| &nbsp;&nbsp;Autostrade per l'Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;Autostrade per l'Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;Autostrade per l'Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;Autostrade per l'Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;Autostrade per l'Italia SpA<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;93339 |
| &nbsp;&nbsp;12/04/2028 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;176279 |
| &nbsp;&nbsp;09/26/2029 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;169952 |
| &nbsp;&nbsp;Nexi SpA<sup>(a)</sup> | &nbsp;&nbsp;Nexi SpA<sup>(a)</sup> | &nbsp;&nbsp;Nexi SpA<sup>(a)</sup> | &nbsp;&nbsp;Nexi SpA<sup>(a)</sup> | &nbsp;&nbsp;Nexi SpA<sup>(a)</sup> |
| &nbsp;&nbsp;04/30/2029 | &nbsp;&nbsp;2.125% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;86965 |
| &nbsp;&nbsp;Telecom Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;Telecom Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;Telecom Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;Telecom Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;Telecom Italia SpA<sup>(a)</sup> |
| &nbsp;&nbsp;01/19/2024 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;104395 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**630930** |
| &nbsp;&nbsp;**Jersey 0.6%** | &nbsp;&nbsp;**Jersey 0.6%** | &nbsp;&nbsp;**Jersey 0.6%** | &nbsp;&nbsp;**Jersey 0.6%** | &nbsp;&nbsp;**Jersey 0.6%** |
| &nbsp;&nbsp;Adient Global Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adient Global Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adient Global Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adient Global Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adient Global Holdings Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2024 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;102799 |
| &nbsp;&nbsp;Avis Budget Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;101412 |
| &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;03/31/2036 | &nbsp;&nbsp;2.625% |  | 400000 | &nbsp;&nbsp;321889 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**526100** |
| &nbsp;&nbsp;**Liberia 0.1%** | &nbsp;&nbsp;**Liberia 0.1%** | &nbsp;&nbsp;**Liberia 0.1%** | &nbsp;&nbsp;**Liberia 0.1%** | &nbsp;&nbsp;**Liberia 0.1%** |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;15384 |
| &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;16827 |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.375% |  | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;8949 |
| &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;15177 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;8.250% |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;20114 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;3.700% |  | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24489 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**100940** |
| &nbsp;&nbsp;**Luxembourg 1.3%** | &nbsp;&nbsp;**Luxembourg 1.3%** | &nbsp;&nbsp;**Luxembourg 1.3%** | &nbsp;&nbsp;**Luxembourg 1.3%** | &nbsp;&nbsp;**Luxembourg 1.3%** |
| &nbsp;&nbsp;Altice Financing SA<sup>(a)</sup> | &nbsp;&nbsp;Altice Financing SA<sup>(a)</sup> | &nbsp;&nbsp;Altice Financing SA<sup>(a)</sup> | &nbsp;&nbsp;Altice Financing SA<sup>(a)</sup> | &nbsp;&nbsp;Altice Financing SA<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2025 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98439 |
| &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;8.000% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79167 |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;6.000% |  | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29522 |
| &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.625% |  | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42227 |
| &nbsp;&nbsp;Garfunkelux Holdco 3 SA<sup>(a)</sup> | &nbsp;&nbsp;Garfunkelux Holdco 3 SA<sup>(a)</sup> | &nbsp;&nbsp;Garfunkelux Holdco 3 SA<sup>(a)</sup> | &nbsp;&nbsp;Garfunkelux Holdco 3 SA<sup>(a)</sup> | &nbsp;&nbsp;Garfunkelux Holdco 3 SA<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86034 |
| &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15195 |
| &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;5.750% |  | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15860 |
| &nbsp;&nbsp;Loarre Investments Sarl<sup>(a)</sup> | &nbsp;&nbsp;Loarre Investments Sarl<sup>(a)</sup> | &nbsp;&nbsp;Loarre Investments Sarl<sup>(a)</sup> | &nbsp;&nbsp;Loarre Investments Sarl<sup>(a)</sup> | &nbsp;&nbsp;Loarre Investments Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99112 |
| &nbsp;&nbsp;P3 Group Sarl<sup>(a)</sup> | &nbsp;&nbsp;P3 Group Sarl<sup>(a)</sup> | &nbsp;&nbsp;P3 Group Sarl<sup>(a)</sup> | &nbsp;&nbsp;P3 Group Sarl<sup>(a)</sup> | &nbsp;&nbsp;P3 Group Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;01/26/2029 | &nbsp;&nbsp;1.625% | &nbsp;&nbsp;EUR | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;274591 |
| &nbsp;&nbsp;Prologis International Funding II SA<sup>(a)</sup> | &nbsp;&nbsp;Prologis International Funding II SA<sup>(a)</sup> | &nbsp;&nbsp;Prologis International Funding II SA<sup>(a)</sup> | &nbsp;&nbsp;Prologis International Funding II SA<sup>(a)</sup> | &nbsp;&nbsp;Prologis International Funding II SA<sup>(a)</sup> |
| &nbsp;&nbsp;03/23/2033 | &nbsp;&nbsp;0.750% | &nbsp;&nbsp;EUR | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;177614 |
| &nbsp;&nbsp;Sani/Ikos Financial Holdings 1 Sarl<sup>(a)</sup> | &nbsp;&nbsp;Sani/Ikos Financial Holdings 1 Sarl<sup>(a)</sup> | &nbsp;&nbsp;Sani/Ikos Financial Holdings 1 Sarl<sup>(a)</sup> | &nbsp;&nbsp;Sani/Ikos Financial Holdings 1 Sarl<sup>(a)</sup> | &nbsp;&nbsp;Sani/Ikos Financial Holdings 1 Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99565 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1017326** |
| &nbsp;&nbsp;**Mauritius 0.5%** | &nbsp;&nbsp;**Mauritius 0.5%** | &nbsp;&nbsp;**Mauritius 0.5%** | &nbsp;&nbsp;**Mauritius 0.5%** | &nbsp;&nbsp;**Mauritius 0.5%** |
| &nbsp;&nbsp;Network i2i Ltd.<sup>(a),(f)</sup> | &nbsp;&nbsp;Network i2i Ltd.<sup>(a),(f)</sup> | &nbsp;&nbsp;Network i2i Ltd.<sup>(a),(f)</sup> | &nbsp;&nbsp;Network i2i Ltd.<sup>(a),(f)</sup> | &nbsp;&nbsp;Network i2i Ltd.<sup>(a),(f)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;5.650% |  | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;428643 |
| &nbsp;&nbsp;**Netherlands 3.4%** | &nbsp;&nbsp;**Netherlands 3.4%** | &nbsp;&nbsp;**Netherlands 3.4%** | &nbsp;&nbsp;**Netherlands 3.4%** | &nbsp;&nbsp;**Netherlands 3.4%** |
| &nbsp;&nbsp;Braskem Netherlands Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Braskem Netherlands Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Braskem Netherlands Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Braskem Netherlands Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Braskem Netherlands Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/31/2050 | &nbsp;&nbsp;5.875% |  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;155133 |
| &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;6.625% |  | &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28630 |
| &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;103086 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;5.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8322 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35013 |
| &nbsp;&nbsp;Darling Global Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Darling Global Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Darling Global Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Darling Global Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Darling Global Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;104046 |
| &nbsp;&nbsp;Diageo Capital BV<sup>(a)</sup> | &nbsp;&nbsp;Diageo Capital BV<sup>(a)</sup> | &nbsp;&nbsp;Diageo Capital BV<sup>(a)</sup> | &nbsp;&nbsp;Diageo Capital BV<sup>(a)</sup> | &nbsp;&nbsp;Diageo Capital BV<sup>(a)</sup> |
| &nbsp;&nbsp;06/08/2034 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89038 |
| &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;167019 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;E.ON International Finance BV<sup>(a)</sup> | &nbsp;&nbsp;E.ON International Finance BV<sup>(a)</sup> | &nbsp;&nbsp;E.ON International Finance BV<sup>(a)</sup> | &nbsp;&nbsp;E.ON International Finance BV<sup>(a)</sup> | &nbsp;&nbsp;E.ON International Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;06/03/2030 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;GBP | 315000 | &nbsp;&nbsp;&nbsp;&nbsp;396467 |
| &nbsp;&nbsp;ING Groep NV<sup>(a),(f)</sup> | &nbsp;&nbsp;ING Groep NV<sup>(a),(f)</sup> | &nbsp;&nbsp;ING Groep NV<sup>(a),(f)</sup> | &nbsp;&nbsp;ING Groep NV<sup>(a),(f)</sup> | &nbsp;&nbsp;ING Groep NV<sup>(a),(f)</sup> |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;0.250% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;166380 |
| &nbsp;&nbsp;LKQ European Holdings BV<sup>(a)</sup> | &nbsp;&nbsp;LKQ European Holdings BV<sup>(a)</sup> | &nbsp;&nbsp;LKQ European Holdings BV<sup>(a)</sup> | &nbsp;&nbsp;LKQ European Holdings BV<sup>(a)</sup> | &nbsp;&nbsp;LKQ European Holdings BV<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;101210 |
| &nbsp;&nbsp;Nobel Bidco BV<sup>(a)</sup> | &nbsp;&nbsp;Nobel Bidco BV<sup>(a)</sup> | &nbsp;&nbsp;Nobel Bidco BV<sup>(a)</sup> | &nbsp;&nbsp;Nobel Bidco BV<sup>(a)</sup> | &nbsp;&nbsp;Nobel Bidco BV<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72002 |
| &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;3.400% |  | &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25889 |
| &nbsp;&nbsp;OCI NV<sup>(a)</sup> | &nbsp;&nbsp;OCI NV<sup>(a)</sup> | &nbsp;&nbsp;OCI NV<sup>(a)</sup> | &nbsp;&nbsp;OCI NV<sup>(a)</sup> | &nbsp;&nbsp;OCI NV<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95292 |
| &nbsp;&nbsp;Phoenix PIB Dutch Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Phoenix PIB Dutch Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Phoenix PIB Dutch Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Phoenix PIB Dutch Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Phoenix PIB Dutch Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;100309 |
| &nbsp;&nbsp;PPF Telecom Group BV<sup>(a)</sup> | &nbsp;&nbsp;PPF Telecom Group BV<sup>(a)</sup> | &nbsp;&nbsp;PPF Telecom Group BV<sup>(a)</sup> | &nbsp;&nbsp;PPF Telecom Group BV<sup>(a)</sup> | &nbsp;&nbsp;PPF Telecom Group BV<sup>(a)</sup> |
| &nbsp;&nbsp;03/27/2026 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;100170 |
| &nbsp;&nbsp;Repsol International Finance BV<sup>(a),(f)</sup> | &nbsp;&nbsp;Repsol International Finance BV<sup>(a),(f)</sup> | &nbsp;&nbsp;Repsol International Finance BV<sup>(a),(f)</sup> | &nbsp;&nbsp;Repsol International Finance BV<sup>(a),(f)</sup> | &nbsp;&nbsp;Repsol International Finance BV<sup>(a),(f)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99266 |
| &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;5.875% |  | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15156 |
| &nbsp;&nbsp;Stichting AK Rabobank Certificaten<sup>(a),(f)</sup> | &nbsp;&nbsp;Stichting AK Rabobank Certificaten<sup>(a),(f)</sup> | &nbsp;&nbsp;Stichting AK Rabobank Certificaten<sup>(a),(f)</sup> | &nbsp;&nbsp;Stichting AK Rabobank Certificaten<sup>(a),(f)</sup> | &nbsp;&nbsp;Stichting AK Rabobank Certificaten<sup>(a),(f)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;EUR | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;154137 |
| &nbsp;&nbsp;Telefonica Europe BV<sup>(a),(f)</sup> | &nbsp;&nbsp;Telefonica Europe BV<sup>(a),(f)</sup> | &nbsp;&nbsp;Telefonica Europe BV<sup>(a),(f)</sup> | &nbsp;&nbsp;Telefonica Europe BV<sup>(a),(f)</sup> | &nbsp;&nbsp;Telefonica Europe BV<sup>(a),(f)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97082 |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV | &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV | &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV | &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV | &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;102434 |
| &nbsp;&nbsp;Thermo Fisher Scientific Finance I BV | &nbsp;&nbsp;Thermo Fisher Scientific Finance I BV | &nbsp;&nbsp;Thermo Fisher Scientific Finance I BV | &nbsp;&nbsp;Thermo Fisher Scientific Finance I BV | &nbsp;&nbsp;Thermo Fisher Scientific Finance I BV |
| &nbsp;&nbsp;10/18/2041 | &nbsp;&nbsp;1.625% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71099 |
| &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14021 |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;8.500% |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12873 |
| &nbsp;&nbsp;United Group BV<sup>(a)</sup> | &nbsp;&nbsp;United Group BV<sup>(a)</sup> | &nbsp;&nbsp;United Group BV<sup>(a)</sup> | &nbsp;&nbsp;United Group BV<sup>(a)</sup> | &nbsp;&nbsp;United Group BV<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2024 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99552 |
| &nbsp;&nbsp;Volkswagen International Finance NV<sup>(a)</sup> | &nbsp;&nbsp;Volkswagen International Finance NV<sup>(a)</sup> | &nbsp;&nbsp;Volkswagen International Finance NV<sup>(a)</sup> | &nbsp;&nbsp;Volkswagen International Finance NV<sup>(a)</sup> | &nbsp;&nbsp;Volkswagen International Finance NV<sup>(a)</sup> |
| &nbsp;&nbsp;11/16/2038 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97147 |
| &nbsp;&nbsp;Vonovia Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Vonovia Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Vonovia Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Vonovia Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Vonovia Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;10/07/2039 | &nbsp;&nbsp;1.625% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;126138 |
| &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;5.000% |  | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28537 |
| &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> |
| &nbsp;&nbsp;02/28/2030 | &nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22715 |
| &nbsp;&nbsp;Ziggo Bond Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;6.000% |  | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13963 |
| &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29265 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2731391** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Panama 0.2%** | &nbsp;&nbsp;**Panama 0.2%** | &nbsp;&nbsp;**Panama 0.2%** | &nbsp;&nbsp;**Panama 0.2%** | &nbsp;&nbsp;**Panama 0.2%** |
| &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2026 | &nbsp;&nbsp;10.125% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;106510 |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.625% |  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;19967 |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% |  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;17837 |
| &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;15479 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**159793** |
| &nbsp;&nbsp;**Poland 0.3%** | &nbsp;&nbsp;**Poland 0.3%** | &nbsp;&nbsp;**Poland 0.3%** | &nbsp;&nbsp;**Poland 0.3%** | &nbsp;&nbsp;**Poland 0.3%** |
| &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;7875 |
| &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2.375% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;83977 |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;26129 |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> | &nbsp;&nbsp;InPost SA<sup>(a)</sup> | &nbsp;&nbsp;InPost SA<sup>(a)</sup> | &nbsp;&nbsp;InPost SA<sup>(a)</sup> | &nbsp;&nbsp;InPost SA<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2.250% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;87731 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**205712** |
| &nbsp;&nbsp;**Spain 0.7%** | &nbsp;&nbsp;**Spain 0.7%** | &nbsp;&nbsp;**Spain 0.7%** | &nbsp;&nbsp;**Spain 0.7%** | &nbsp;&nbsp;**Spain 0.7%** |
| &nbsp;&nbsp;Cellnex Telecom SA<sup>(a)</sup> | &nbsp;&nbsp;Cellnex Telecom SA<sup>(a)</sup> | &nbsp;&nbsp;Cellnex Telecom SA<sup>(a)</sup> | &nbsp;&nbsp;Cellnex Telecom SA<sup>(a)</sup> | &nbsp;&nbsp;Cellnex Telecom SA<sup>(a)</sup> |
| &nbsp;&nbsp;04/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1.000% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;91147 |
| &nbsp;&nbsp;Cirsa Finance International Sarl<sup>(a)</sup> | &nbsp;&nbsp;Cirsa Finance International Sarl<sup>(a)</sup> | &nbsp;&nbsp;Cirsa Finance International Sarl<sup>(a)</sup> | &nbsp;&nbsp;Cirsa Finance International Sarl<sup>(a)</sup> | &nbsp;&nbsp;Cirsa Finance International Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;12/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;24132 | &nbsp;&nbsp;&nbsp;&nbsp;25642 |
| &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;6921 |
| &nbsp;&nbsp;Grifols SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols SA<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2.250% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;93478 |
| &nbsp;&nbsp;Lorca Telecom Bondco SA<sup>(a)</sup> | &nbsp;&nbsp;Lorca Telecom Bondco SA<sup>(a)</sup> | &nbsp;&nbsp;Lorca Telecom Bondco SA<sup>(a)</sup> | &nbsp;&nbsp;Lorca Telecom Bondco SA<sup>(a)</sup> | &nbsp;&nbsp;Lorca Telecom Bondco SA<sup>(a)</sup> |
| &nbsp;&nbsp;09/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;95792 |
| &nbsp;&nbsp;NorteGas Energia Distribucion SA<sup>(a)</sup> | &nbsp;&nbsp;NorteGas Energia Distribucion SA<sup>(a)</sup> | &nbsp;&nbsp;NorteGas Energia Distribucion SA<sup>(a)</sup> | &nbsp;&nbsp;NorteGas Energia Distribucion SA<sup>(a)</sup> | &nbsp;&nbsp;NorteGas Energia Distribucion SA<sup>(a)</sup> |
| &nbsp;&nbsp;09/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2.065% | &nbsp;&nbsp;EUR | 235000 | &nbsp;&nbsp;223243 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**536223** |
| &nbsp;&nbsp;**Sweden 1.1%** | &nbsp;&nbsp;**Sweden 1.1%** | &nbsp;&nbsp;**Sweden 1.1%** | &nbsp;&nbsp;**Sweden 1.1%** | &nbsp;&nbsp;**Sweden 1.1%** |
| &nbsp;&nbsp;Heimstaden Bostad AB<sup>(a),(f)</sup> | &nbsp;&nbsp;Heimstaden Bostad AB<sup>(a),(f)</sup> | &nbsp;&nbsp;Heimstaden Bostad AB<sup>(a),(f)</sup> | &nbsp;&nbsp;Heimstaden Bostad AB<sup>(a),(f)</sup> | &nbsp;&nbsp;Heimstaden Bostad AB<sup>(a),(f)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;61176 |
| &nbsp;&nbsp;Intrum AB<sup>(a)</sup> | &nbsp;&nbsp;Intrum AB<sup>(a)</sup> | &nbsp;&nbsp;Intrum AB<sup>(a)</sup> | &nbsp;&nbsp;Intrum AB<sup>(a)</sup> | &nbsp;&nbsp;Intrum AB<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;97445 |
| &nbsp;&nbsp;Sagax AB<sup>(a)</sup> | &nbsp;&nbsp;Sagax AB<sup>(a)</sup> | &nbsp;&nbsp;Sagax AB<sup>(a)</sup> | &nbsp;&nbsp;Sagax AB<sup>(a)</sup> | &nbsp;&nbsp;Sagax AB<sup>(a)</sup> |
| &nbsp;&nbsp;01/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;EUR | 365000 | &nbsp;&nbsp;374265 |
| &nbsp;&nbsp;01/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1.125% | &nbsp;&nbsp;EUR | 300000 | &nbsp;&nbsp;258741 |
| &nbsp;&nbsp;Verisure Holding AB<sup>(a)</sup> | &nbsp;&nbsp;Verisure Holding AB<sup>(a)</sup> | &nbsp;&nbsp;Verisure Holding AB<sup>(a)</sup> | &nbsp;&nbsp;Verisure Holding AB<sup>(a)</sup> | &nbsp;&nbsp;Verisure Holding AB<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;3.250% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;92696 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**884323** |
| &nbsp;&nbsp;**Switzerland 0.6%** | &nbsp;&nbsp;**Switzerland 0.6%** | &nbsp;&nbsp;**Switzerland 0.6%** | &nbsp;&nbsp;**Switzerland 0.6%** | &nbsp;&nbsp;**Switzerland 0.6%** |
| &nbsp;&nbsp;Credit Suisse Group AG<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Group AG<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Group AG<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Group AG<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Group AG<sup>(a)</sup> |
| &nbsp;&nbsp;01/18/2033 | &nbsp;&nbsp;&nbsp;&nbsp;0.625% | &nbsp;&nbsp;EUR | 450000 | &nbsp;&nbsp;264227 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Peach Property Finance GmbH<sup>(a)</sup> | &nbsp;&nbsp;Peach Property Finance GmbH<sup>(a)</sup> | &nbsp;&nbsp;Peach Property Finance GmbH<sup>(a)</sup> | &nbsp;&nbsp;Peach Property Finance GmbH<sup>(a)</sup> | &nbsp;&nbsp;Peach Property Finance GmbH<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2025 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;79357 |
| &nbsp;&nbsp;SIG Combibloc PurchaseCo Sarl<sup>(a)</sup> | &nbsp;&nbsp;SIG Combibloc PurchaseCo Sarl<sup>(a)</sup> | &nbsp;&nbsp;SIG Combibloc PurchaseCo Sarl<sup>(a)</sup> | &nbsp;&nbsp;SIG Combibloc PurchaseCo Sarl<sup>(a)</sup> | &nbsp;&nbsp;SIG Combibloc PurchaseCo Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;2.125% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;103020 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**446604** |
| &nbsp;&nbsp;**United Kingdom 7.8%** | &nbsp;&nbsp;**United Kingdom 7.8%** | &nbsp;&nbsp;**United Kingdom 7.8%** | &nbsp;&nbsp;**United Kingdom 7.8%** | &nbsp;&nbsp;**United Kingdom 7.8%** |
| &nbsp;&nbsp;B&M European Value Retail SA<sup>(a)</sup> | &nbsp;&nbsp;B&M European Value Retail SA<sup>(a)</sup> | &nbsp;&nbsp;B&M European Value Retail SA<sup>(a)</sup> | &nbsp;&nbsp;B&M European Value Retail SA<sup>(a)</sup> | &nbsp;&nbsp;B&M European Value Retail SA<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;GBP | 100000 | &nbsp;&nbsp;112155 |
| &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;1.900% |  | 350000 | &nbsp;&nbsp;271001 |
| &nbsp;&nbsp;BAT International Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;BAT International Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;BAT International Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;BAT International Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;BAT International Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/25/2025 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;208646 |
| &nbsp;&nbsp;Boparan Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Boparan Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Boparan Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Boparan Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Boparan Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/30/2025 | &nbsp;&nbsp;7.625% | &nbsp;&nbsp;GBP | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;81417 |
| &nbsp;&nbsp;BP Capital Markets PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;BP Capital Markets PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;BP Capital Markets PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;BP Capital Markets PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;BP Capital Markets PLC<sup>(a),(f)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;196675 |
| &nbsp;&nbsp;BUPA Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;BUPA Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;BUPA Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;BUPA Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;BUPA Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;12/08/2026 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;GBP | 200000 | &nbsp;&nbsp;229961 |
| &nbsp;&nbsp;Cadent Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Cadent Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Cadent Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Cadent Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Cadent Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/22/2024 | &nbsp;&nbsp;0.625% | &nbsp;&nbsp;EUR | 330000 | &nbsp;&nbsp;334268 |
| &nbsp;&nbsp;03/11/2032 | &nbsp;&nbsp;0.750% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;79390 |
| &nbsp;&nbsp;Cadent Finance, PLC<sup>(a)</sup> | &nbsp;&nbsp;Cadent Finance, PLC<sup>(a)</sup> | &nbsp;&nbsp;Cadent Finance, PLC<sup>(a)</sup> | &nbsp;&nbsp;Cadent Finance, PLC<sup>(a)</sup> | &nbsp;&nbsp;Cadent Finance, PLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/19/2030 | &nbsp;&nbsp;0.625% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;168004 |
| &nbsp;&nbsp;Co-operative Group Holdings Ltd.<sup>(a),(f)</sup> | &nbsp;&nbsp;Co-operative Group Holdings Ltd.<sup>(a),(f)</sup> | &nbsp;&nbsp;Co-operative Group Holdings Ltd.<sup>(a),(f)</sup> | &nbsp;&nbsp;Co-operative Group Holdings Ltd.<sup>(a),(f)</sup> | &nbsp;&nbsp;Co-operative Group Holdings Ltd.<sup>(a),(f)</sup> |
| &nbsp;&nbsp;07/08/2026 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;GBP | 100000 | &nbsp;&nbsp;107799 |
| &nbsp;&nbsp;DS Smith PLC<sup>(a)</sup> | &nbsp;&nbsp;DS Smith PLC<sup>(a)</sup> | &nbsp;&nbsp;DS Smith PLC<sup>(a)</sup> | &nbsp;&nbsp;DS Smith PLC<sup>(a)</sup> | &nbsp;&nbsp;DS Smith PLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/26/2029 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;GBP | 270000 | &nbsp;&nbsp;269480 |
| &nbsp;&nbsp;HBOS PLC<sup>(f)</sup> | &nbsp;&nbsp;HBOS PLC<sup>(f)</sup> | &nbsp;&nbsp;HBOS PLC<sup>(f)</sup> | &nbsp;&nbsp;HBOS PLC<sup>(f)</sup> | &nbsp;&nbsp;HBOS PLC<sup>(f)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;03/18/2030 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;EUR | 255000 | &nbsp;&nbsp;261663 |
| &nbsp;&nbsp;HSBC Holdings PLC<sup>(f)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(f)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(f)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(f)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(f)</sup> |
| &nbsp;&nbsp;05/24/2032 | &nbsp;&nbsp;2.804% |  | 225000 | &nbsp;&nbsp;173683 |
| &nbsp;&nbsp;11/22/2032 | &nbsp;&nbsp;2.871% |  | &nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;24505 |
| &nbsp;&nbsp;Imperial Brands Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Imperial Brands Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Imperial Brands Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Imperial Brands Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Imperial Brands Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;EUR | 425000 | &nbsp;&nbsp;441658 |
| &nbsp;&nbsp;INEOS Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;INEOS Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;INEOS Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;INEOS Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;INEOS Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;92128 |
| &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;6.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;8061 |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;101826 |
| &nbsp;&nbsp;Jaguar Land Rover Automotive PLC<sup>(a)</sup> | &nbsp;&nbsp;Jaguar Land Rover Automotive PLC<sup>(a)</sup> | &nbsp;&nbsp;Jaguar Land Rover Automotive PLC<sup>(a)</sup> | &nbsp;&nbsp;Jaguar Land Rover Automotive PLC<sup>(a)</sup> | &nbsp;&nbsp;Jaguar Land Rover Automotive PLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;92102 |
| &nbsp;&nbsp;Marks & Spencer PLC<sup>(a)</sup> | &nbsp;&nbsp;Marks & Spencer PLC<sup>(a)</sup> | &nbsp;&nbsp;Marks & Spencer PLC<sup>(a)</sup> | &nbsp;&nbsp;Marks & Spencer PLC<sup>(a)</sup> | &nbsp;&nbsp;Marks & Spencer PLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/19/2026 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;GBP | 100000 | &nbsp;&nbsp;105355 |
| &nbsp;&nbsp;National Grid Electricity Transmission PLC<sup>(a)</sup> | &nbsp;&nbsp;National Grid Electricity Transmission PLC<sup>(a)</sup> | &nbsp;&nbsp;National Grid Electricity Transmission PLC<sup>(a)</sup> | &nbsp;&nbsp;National Grid Electricity Transmission PLC<sup>(a)</sup> | &nbsp;&nbsp;National Grid Electricity Transmission PLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/07/2032 | &nbsp;&nbsp;0.823% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;159505 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;NGG Finance PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;NGG Finance PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;NGG Finance PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;NGG Finance PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;NGG Finance PLC<sup>(a),(f)</sup> |
| &nbsp;&nbsp;09/05/2082 | &nbsp;&nbsp;2.125% | &nbsp;&nbsp;EUR | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;221279 |
| &nbsp;&nbsp;Pinewood Finance Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Pinewood Finance Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Pinewood Finance Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Pinewood Finance Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Pinewood Finance Co., Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;GBP | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;111315 |
| &nbsp;&nbsp;Pinnacle Bidco PLC<sup>(a)</sup> | &nbsp;&nbsp;Pinnacle Bidco PLC<sup>(a)</sup> | &nbsp;&nbsp;Pinnacle Bidco PLC<sup>(a)</sup> | &nbsp;&nbsp;Pinnacle Bidco PLC<sup>(a)</sup> | &nbsp;&nbsp;Pinnacle Bidco PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93692 |
| &nbsp;&nbsp;Premier Foods Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Premier Foods Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Premier Foods Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Premier Foods Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Premier Foods Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;GBP | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;105723 |
| &nbsp;&nbsp;Rolls-Royce PLC<sup>(a)</sup> | &nbsp;&nbsp;Rolls-Royce PLC<sup>(a)</sup> | &nbsp;&nbsp;Rolls-Royce PLC<sup>(a)</sup> | &nbsp;&nbsp;Rolls-Royce PLC<sup>(a)</sup> | &nbsp;&nbsp;Rolls-Royce PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/16/2026 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;103566 |
| &nbsp;&nbsp;Royal Bank of Scotland Group PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Royal Bank of Scotland Group PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Royal Bank of Scotland Group PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Royal Bank of Scotland Group PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Royal Bank of Scotland Group PLC<sup>(a),(f)</sup> |
| &nbsp;&nbsp;03/02/2026 | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;EUR | 335000 | &nbsp;&nbsp;&nbsp;&nbsp;337471 |
| &nbsp;&nbsp;Sherwood Financing, PLC<sup>(a)</sup> | &nbsp;&nbsp;Sherwood Financing, PLC<sup>(a)</sup> | &nbsp;&nbsp;Sherwood Financing, PLC<sup>(a)</sup> | &nbsp;&nbsp;Sherwood Financing, PLC<sup>(a)</sup> | &nbsp;&nbsp;Sherwood Financing, PLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86170 |
| &nbsp;&nbsp;Southern Water Services Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Southern Water Services Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Southern Water Services Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Southern Water Services Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Southern Water Services Finance Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/28/2028 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;GBP | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;203984 |
| &nbsp;&nbsp;Synthomer PLC<sup>(a)</sup> | &nbsp;&nbsp;Synthomer PLC<sup>(a)</sup> | &nbsp;&nbsp;Synthomer PLC<sup>(a)</sup> | &nbsp;&nbsp;Synthomer PLC<sup>(a)</sup> | &nbsp;&nbsp;Synthomer PLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98267 |
| &nbsp;&nbsp;Thames Water Utilities Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Thames Water Utilities Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Thames Water Utilities Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Thames Water Utilities Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Thames Water Utilities Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/31/2028 | &nbsp;&nbsp;0.875% | &nbsp;&nbsp;EUR | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;364525 |
| &nbsp;&nbsp;UBS AG<sup>(a)</sup> | &nbsp;&nbsp;UBS AG<sup>(a)</sup> | &nbsp;&nbsp;UBS AG<sup>(a)</sup> | &nbsp;&nbsp;UBS AG<sup>(a)</sup> | &nbsp;&nbsp;UBS AG<sup>(a)</sup> |
| &nbsp;&nbsp;03/31/2031 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;162192 |
| &nbsp;&nbsp;Victoria PLC<sup>(a)</sup> | &nbsp;&nbsp;Victoria PLC<sup>(a)</sup> | &nbsp;&nbsp;Victoria PLC<sup>(a)</sup> | &nbsp;&nbsp;Victoria PLC<sup>(a)</sup> | &nbsp;&nbsp;Victoria PLC<sup>(a)</sup> |
| &nbsp;&nbsp;08/24/2026 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87786 |
| &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;5.000% |  | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16872 |
| &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;GBP | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;108044 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17075 |
| &nbsp;&nbsp;Virgin Money UK PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Virgin Money UK PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Virgin Money UK PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Virgin Money UK PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Virgin Money UK PLC<sup>(a),(f)</sup> |
| &nbsp;&nbsp;06/24/2025 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;205020 |
| &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/31/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;GBP | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93971 |
| &nbsp;&nbsp;01/31/2031 | &nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26732 |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30944 |
| &nbsp;&nbsp;Vodafone Group PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Vodafone Group PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Vodafone Group PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Vodafone Group PLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Vodafone Group PLC<sup>(a),(f)</sup> |
| &nbsp;&nbsp;10/03/2078 | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96902 |
| &nbsp;&nbsp;Western Power Distribution PLC<sup>(a)</sup> | &nbsp;&nbsp;Western Power Distribution PLC<sup>(a)</sup> | &nbsp;&nbsp;Western Power Distribution PLC<sup>(a)</sup> | &nbsp;&nbsp;Western Power Distribution PLC<sup>(a)</sup> | &nbsp;&nbsp;Western Power Distribution PLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/16/2026 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;GBP | 205000 | &nbsp;&nbsp;&nbsp;&nbsp;231169 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6321981** |
| &nbsp;&nbsp;**United States 28.3%** | &nbsp;&nbsp;**United States 28.3%** | &nbsp;&nbsp;**United States 28.3%** | &nbsp;&nbsp;**United States 28.3%** | &nbsp;&nbsp;**United States 28.3%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;2.125% | &nbsp;&nbsp;EUR | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;340308 |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;4.850% |  | &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64111 |
| &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;5.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4612 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;5029 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;24682 |
| &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.625% |  | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;18168 |
| &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4417 |
| &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;21935 |
| &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;14412 |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% |  | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;29734 |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% |  | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;18938 |
| &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;11.750% |  | &nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;29048 |
| &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;44120 | &nbsp;&nbsp;&nbsp;&nbsp;42429 |
| &nbsp;&nbsp;04/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% |  | &nbsp;&nbsp;32343 | &nbsp;&nbsp;&nbsp;&nbsp;29589 |
| &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1813 |
| &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;33877 |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.800% |  | &nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;48197 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;2.100% |  | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;11891 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. |
| &nbsp;&nbsp;03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% |  | 173000 | &nbsp;&nbsp;154054 |
| &nbsp;&nbsp;02/22/2062 | &nbsp;&nbsp;&nbsp;&nbsp;4.400% |  | 117000 | &nbsp;&nbsp;&nbsp;&nbsp;93860 |
| &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. |
| &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;4.900% |  | &nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;86934 |
| &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;7380 |
| &nbsp;&nbsp;04/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;14331 |
| &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% |  | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;17411 |
| &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;27451 |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% |  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;20061 |
| &nbsp;&nbsp;Archrock Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Archrock Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Archrock Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Archrock Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Archrock Partners LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% |  | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;13787 |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;19595 |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;86171 |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;34109 |
| &nbsp;&nbsp;Aretec Escrow Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Aretec Escrow Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Aretec Escrow Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Aretec Escrow Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Aretec Escrow Issuer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.500% |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;11530 |
| &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;5062 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Ashland Services BV<sup>(a)</sup> | &nbsp;&nbsp;Ashland Services BV<sup>(a)</sup> | &nbsp;&nbsp;Ashland Services BV<sup>(a)</sup> | &nbsp;&nbsp;Ashland Services BV<sup>(a)</sup> | &nbsp;&nbsp;Ashland Services BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/30/2028 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;91188 |
| &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;7.000% |  | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;14583 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;5.625% |  | &nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;26585 |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;4.350% |  | 174000 | &nbsp;&nbsp;165593 |
| &nbsp;&nbsp;09/04/2036 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;91909 |
| &nbsp;&nbsp;12/01/2057 | &nbsp;&nbsp;3.800% |  | 157000 | &nbsp;&nbsp;108815 |
| &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2025 | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;100944 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;19069 |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;32771 |
| &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;7.125% |  | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;17705 |
| &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;3.375% |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;11618 |
| &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;7393 |
| &nbsp;&nbsp;Bank of America Corp.<sup>(a),(f)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(a),(f)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(a),(f)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(a),(f)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(a),(f)</sup> |
| &nbsp;&nbsp;03/22/2031 | &nbsp;&nbsp;0.694% | &nbsp;&nbsp;EUR | 700000 | &nbsp;&nbsp;577476 |
| &nbsp;&nbsp;Bank of America Corp.<sup>(f)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(f)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(f)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(f)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(f)</sup> |
| &nbsp;&nbsp;07/21/2032 | &nbsp;&nbsp;2.299% |  | 600000 | &nbsp;&nbsp;461913 |
| &nbsp;&nbsp;02/04/2033 | &nbsp;&nbsp;2.972% |  | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;96758 |
| &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2025 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;18731 |
| &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;11248 |
| &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;1.900% | &nbsp;&nbsp;EUR | 300000 | &nbsp;&nbsp;298811 |
| &nbsp;&nbsp;02/11/2031 | &nbsp;&nbsp;1.957% |  | 225000 | &nbsp;&nbsp;177769 |
| &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. |
| &nbsp;&nbsp;03/18/2030 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;EUR | 150000 | &nbsp;&nbsp;135485 |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;3.850% |  | &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;72638 |
| &nbsp;&nbsp;Berkshire Hathaway, Inc. | &nbsp;&nbsp;Berkshire Hathaway, Inc. | &nbsp;&nbsp;Berkshire Hathaway, Inc. | &nbsp;&nbsp;Berkshire Hathaway, Inc. | &nbsp;&nbsp;Berkshire Hathaway, Inc. |
| &nbsp;&nbsp;01/15/2041 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;57774 |
| &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;2.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;7151 |
| &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;3.200% |  | &nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;86221 |
| &nbsp;&nbsp;08/01/2059 | &nbsp;&nbsp;3.950% |  | 197000 | &nbsp;&nbsp;132237 |
| &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;20018 |
| &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2034 | &nbsp;&nbsp;3.469% |  | &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;47571 |
| &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;3.187% |  | &nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;36809 |
| &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;5.875% |  | &nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;27508 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;41473 |
| &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.375% |  | &nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;41387 |
| &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;11282 |
| &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;10.375% |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;14371 |
| &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;2.722% |  | 487000 | &nbsp;&nbsp;410412 |
| &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;7473 |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2.375% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;87284 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;4779 |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3.500% |  | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;9465 |
| &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;29365 |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;17388 |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;40535 |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% |  | &nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;31049 |
| &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;24703 |
| &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;7782 |
| &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;9.500% |  | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;21906 |
| &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. |
| &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;14671 |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% |  | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;13542 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3.000% |  | &nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;26216 |
| &nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2.625% |  | &nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;40058 |
| &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;5521 |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;11494 |
| &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;7788 |
| &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7.500% |  | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;11046 |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;9.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3077 |
| &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital |
| &nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% |  | 155000 | &nbsp;&nbsp;122132 |
| &nbsp;&nbsp;06/30/2062 | &nbsp;&nbsp;&nbsp;&nbsp;3.950% |  | 215000 | &nbsp;&nbsp;127020 |
| &nbsp;&nbsp;04/01/2063 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% |  | 147000 | &nbsp;&nbsp;113185 |
| &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.125% |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;19072 |
| &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP |
| &nbsp;&nbsp;01/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;6372 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;12444 |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;36254 |
| &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;23294 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;8171 |
| &nbsp;&nbsp;Citigroup, Inc.<sup>(f)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(f)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(f)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(f)</sup> |
| &nbsp;&nbsp;06/03/2031 | &nbsp;&nbsp;2.572% | 170000 | &nbsp;&nbsp;137506 |
| &nbsp;&nbsp;01/25/2033 | &nbsp;&nbsp;3.057% | 170000 | &nbsp;&nbsp;137267 |
| &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;10410 |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;33161 |
| &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;13945 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;24003 |
| &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;16463 |
| &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;29214 |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;7273 |
| &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;CMS Energy Corp. |
| &nbsp;&nbsp;11/15/2025 | &nbsp;&nbsp;3.600% | 682000 | &nbsp;&nbsp;649818 |
| &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;16509 |
| &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/14/2027 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1994 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;11999 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4797 |
| &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;26691 |
| &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;24500 |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;40863 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;8.125% | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;22620 |
| &nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;Commercial Metals Co. |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4216 |
| &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;10921 |
| &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;10834 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;10377 |
| &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;20190 |
| &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;10757 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;31437 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;7916 |
| &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;18352 |
| &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;13207 |
| &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;2794 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. |
| &nbsp;&nbsp;03/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp;5.050% | 270000 | &nbsp;&nbsp;243721 |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;25482 |
| &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4837 |
| &nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;10/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;18838 |
| &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;10761 |
| &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.750% | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;14526 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;31610 |
| &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;11.750% | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;25708 |
| &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;12011 |
| &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. |
| &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2.850% | 490000 | &nbsp;&nbsp;451534 |
| &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. |
| &nbsp;&nbsp;09/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% | 345000 | &nbsp;&nbsp;257062 |
| &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;24754 |
| &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 620000 | &nbsp;&nbsp;482360 |
| &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;Encompass Health Corp. |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;11802 |
| &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;6402 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.950% | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;23986 |
| &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC |
| &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;4.850% | &nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;31616 |
| &nbsp;&nbsp;01/31/2060 | &nbsp;&nbsp;&nbsp;&nbsp;3.950% | &nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp;63265 |
| &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;13600 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;15297 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;20304 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;60154 |
| &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP |
| &nbsp;&nbsp;07/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;36001 |
| &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;4.100% | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;13673 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;6.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25024 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. |
| &nbsp;&nbsp;05/21/2027 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;271000 | &nbsp;&nbsp;&nbsp;&nbsp;260081 |
| &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2023 | &nbsp;&nbsp;4.419% |  | 1200000 | &nbsp;&nbsp;1188573 |
| &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. |
| &nbsp;&nbsp;02/12/2032 | &nbsp;&nbsp;3.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28593 |
| &nbsp;&nbsp;01/15/2043 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11576 |
| &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC |
| &nbsp;&nbsp;09/08/2024 | &nbsp;&nbsp;3.664% |  | &nbsp;&nbsp;&nbsp;&nbsp;91000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86925 |
| &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;2.330% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98376 |
| &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;4.389% |  | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20579 |
| &nbsp;&nbsp;08/17/2027 | &nbsp;&nbsp;4.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56297 |
| &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;2.900% |  | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9916 |
| &nbsp;&nbsp;11/13/2030 | &nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4928 |
| &nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;Freeport-McMoRan, Inc. |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34719 |
| &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;5.450% |  | &nbsp;&nbsp;&nbsp;214000 | &nbsp;&nbsp;&nbsp;&nbsp;192863 |
| &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19269 |
| &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;8.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12252 |
| &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14931 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;3.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7889 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55492 |
| &nbsp;&nbsp;Gates Global LLC/Co.<sup>(a)</sup> | &nbsp;&nbsp;Gates Global LLC/Co.<sup>(a)</sup> | &nbsp;&nbsp;Gates Global LLC/Co.<sup>(a)</sup> | &nbsp;&nbsp;Gates Global LLC/Co.<sup>(a)</sup> | &nbsp;&nbsp;Gates Global LLC/Co.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;6.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36646 |
| &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;5.650% |  | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;202934 |
| &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> |
| &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated |
| &nbsp;&nbsp;3-month USD LIBOR + 3.330%<br> 12/31/2049 | &nbsp;&nbsp;8.099% |  | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34659 |
| &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;4.300% |  | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;167150 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(f)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(f)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(f)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(f)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(f)</sup> |
| &nbsp;&nbsp;07/21/2032 | &nbsp;&nbsp;2.383% |  | &nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp;122481 |
| &nbsp;&nbsp;02/24/2033 | &nbsp;&nbsp;3.102% |  | &nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;103561 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(a)</sup> |
| &nbsp;&nbsp;03/18/2033 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;115129 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14181 |
| &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21284 |
| &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;5.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;30741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27814 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;29931 |
| &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;4.625% |  | 179000 | &nbsp;&nbsp;140183 |
| &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;21322 |
| &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;16745 |
| &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;17714 |
| &nbsp;&nbsp;Hess Midstream Operations LP<sup>(a)</sup> | &nbsp;&nbsp;Hess Midstream Operations LP<sup>(a)</sup> | &nbsp;&nbsp;Hess Midstream Operations LP<sup>(a)</sup> | &nbsp;&nbsp;Hess Midstream Operations LP<sup>(a)</sup> | &nbsp;&nbsp;Hess Midstream Operations LP<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;8575 |
| &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;6.750% |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;11719 |
| &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;6.250% |  | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;9980 |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;5.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;6255 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;6.000% |  | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;13424 |
| &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;6.000% |  | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;18675 |
| &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;6.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;7732 |
| &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;5.375% |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;13879 |
| &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;6.375% |  | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;10856 |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;5.000% |  | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;19244 |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;Honeywell International, Inc. |
| &nbsp;&nbsp;11/02/2034 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;EUR | 234000 | &nbsp;&nbsp;245203 |
| &nbsp;&nbsp;HT Troplast GmbH<sup>(a)</sup> | &nbsp;&nbsp;HT Troplast GmbH<sup>(a)</sup> | &nbsp;&nbsp;HT Troplast GmbH<sup>(a)</sup> | &nbsp;&nbsp;HT Troplast GmbH<sup>(a)</sup> | &nbsp;&nbsp;HT Troplast GmbH<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;9.250% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;97499 |
| &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;7.000% |  | &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;58897 |
| &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;5.625% |  | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;25432 |
| &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;24296 |
| &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;6.375% |  | &nbsp;&nbsp;10082 | &nbsp;&nbsp;&nbsp;&nbsp;9274 |
| &nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;8.375% |  | &nbsp;&nbsp;25385 | &nbsp;&nbsp;&nbsp;&nbsp;21621 |
| &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;20333 |
| &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;9.000% |  | &nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;26090 |
| &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;12940 |
| &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;9.375% |  | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;11765 |
| &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;94068 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;7.000% |  | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;15957 |
| &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(e)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(e)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(e)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(e)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(e)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;8.750% |  | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;8707 |
| &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;15500 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a),(f)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a),(f)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a),(f)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a),(f)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a),(f)</sup> |
| &nbsp;&nbsp;07/25/2031 | &nbsp;&nbsp;1.001% | &nbsp;&nbsp;EUR | 600000 | &nbsp;&nbsp;506197 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(f)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(f)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(f)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(f)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(f)</sup> |
| &nbsp;&nbsp;04/22/2032 | &nbsp;&nbsp;2.580% |  | 311000 | &nbsp;&nbsp;248812 |
| &nbsp;&nbsp;11/08/2032 | &nbsp;&nbsp;2.545% |  | 173000 | &nbsp;&nbsp;136709 |
| &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3507 |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;24103 |
| &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;10753 |
| &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP |
| &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;5.000% |  | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;89890 |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. |
| &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;5.050% |  | &nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;40062 |
| &nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;5.450% |  | &nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;34319 |
| &nbsp;&nbsp;Kraft Heinz Foods Co.<sup>(a)</sup> | &nbsp;&nbsp;Kraft Heinz Foods Co.<sup>(a)</sup> | &nbsp;&nbsp;Kraft Heinz Foods Co.<sup>(a)</sup> | &nbsp;&nbsp;Kraft Heinz Foods Co.<sup>(a)</sup> | &nbsp;&nbsp;Kraft Heinz Foods Co.<sup>(a)</sup> |
| &nbsp;&nbsp;05/25/2028 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;EUR | 400000 | &nbsp;&nbsp;392834 |
| &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. |
| &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;4.375% |  | &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;44926 |
| &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;9.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5358 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;6.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;5628 |
| &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;7.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;8877 |
| &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;6.875% |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;17779 |
| &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;47097 |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;10947 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;26644 |
| &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/31/2030 | &nbsp;&nbsp;4.125% |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;17696 |
| &nbsp;&nbsp;01/31/2032 | &nbsp;&nbsp;4.375% |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;12228 |
| &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;5196 |
| &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.375% |  | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;8206 |
| &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;18891 |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. |
| &nbsp;&nbsp;04/01/2062 | &nbsp;&nbsp;4.450% |  | 139000 | &nbsp;&nbsp;108836 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;4.125% |  | &nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;34143 |
| &nbsp;&nbsp;06/30/2029 | &nbsp;&nbsp;5.875% |  | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;11005 |
| &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2062 | &nbsp;&nbsp;5.391% |  | 249000 | &nbsp;&nbsp;182406 |
| &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;5.875% |  | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;21232 |
| &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;3.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;7371 |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;37795 |
| &nbsp;&nbsp;Mattel, Inc. | &nbsp;&nbsp;Mattel, Inc. | &nbsp;&nbsp;Mattel, Inc. | &nbsp;&nbsp;Mattel, Inc. | &nbsp;&nbsp;Mattel, Inc. |
| &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;6.200% |  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;21601 |
| &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;5.450% |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;11423 |
| &nbsp;&nbsp;Medtronic Global Holdings SCA | &nbsp;&nbsp;Medtronic Global Holdings SCA | &nbsp;&nbsp;Medtronic Global Holdings SCA | &nbsp;&nbsp;Medtronic Global Holdings SCA | &nbsp;&nbsp;Medtronic Global Holdings SCA |
| &nbsp;&nbsp;10/15/2040 | &nbsp;&nbsp;1.375% | &nbsp;&nbsp;EUR | 250000 | &nbsp;&nbsp;172323 |
| &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;49222 |
| &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;23071 |
| &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;6.500% |  | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;21484 |
| &nbsp;&nbsp;Morgan Stanley<sup>(f)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(f)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(f)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(f)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(f)</sup> |
| &nbsp;&nbsp;10/20/2032 | &nbsp;&nbsp;2.511% |  | 136000 | &nbsp;&nbsp;106296 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/16/2036 | &nbsp;&nbsp;2.484% |  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;72943 |
| &nbsp;&nbsp;04/20/2037 | &nbsp;&nbsp;5.297% |  | &nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;77775 |
| &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;6448 |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;19075 |
| &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;7.375% |  | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9798 |
| &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;5.750% |  | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;20128 |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;5.000% |  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;21451 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;5854 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3298 |
| &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;9.290% |  | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;11307 |
| &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. |
| &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;54412 |
| &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;5.875% |  | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;17250 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;EUR | 550000 | &nbsp;&nbsp;575131 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;6.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3101 |
| &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;5.375% |  | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;23497 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;37408 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10731 |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5957 |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8883 |
| &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16570 |
| &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 |
| &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18731 |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45539 |
| &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. |
| &nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78231 |
| &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10755 |
| &nbsp;&nbsp;01/30/2030 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22103 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12274 |
| &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9689 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78043 |
| &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10626 |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9658 |
| &nbsp;&nbsp;04/28/2027 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18801 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57864 |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53636 |
| &nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13924 |
| &nbsp;&nbsp;09/15/2036 | &nbsp;&nbsp;6.450% | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45909 |
| &nbsp;&nbsp;03/15/2046 | &nbsp;&nbsp;6.600% | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41166 |
| &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24581 |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079 |
| &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. |
| &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 |
| &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/30/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38958 |
| &nbsp;&nbsp;04/30/2031 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31184 |
| &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7465 |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634 |
| &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16338 |
| &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. |
| &nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58759 |
| &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12697 |
| &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;3.976% | 1100000 | &nbsp;&nbsp;1063164 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;15031 |
| &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;17217 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.750% | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;20524 |
| &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;23709 |
| &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;28418 |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;82564 |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;25013 |
| &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;4.700% | 475000 | &nbsp;&nbsp;359490 |
| &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;34529 |
| &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;8715 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;15529 |
| &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;23651 |
| &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;13224 |
| &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;20727 |
| &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;11902 |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;40159 |
| &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;16904 |
| &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;14669 |
| &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;12909 |
| &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;8901 |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;8980 |
| &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;18117 |
| &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;40392 |
| &nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(a)</sup> | &nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(a)</sup> | &nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(a)</sup> | &nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3.600% | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;13214 |
| &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;16825 |
| &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2622 |
| &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;9.250% | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4010 |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;11.250% | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3088 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;6.625% |  | &nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;40532 |
| &nbsp;&nbsp;Scientific Games International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;7.000% |  | &nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;12430 |
| &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) |
| &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;7679 |
| &nbsp;&nbsp;Scripps Escrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.875% |  | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;13434 |
| &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;6.250% |  | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;31450 |
| &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;Sempra Energy |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;3.250% |  | 260000 | &nbsp;&nbsp;240418 |
| &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust |
| &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp;4.650% |  | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;8639 |
| &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;33206 |
| &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;15093 |
| &nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;Silgan Holdings, Inc. |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;90872 |
| &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;16365 |
| &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;3.125% |  | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;15982 |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;4.125% |  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;20654 |
| &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/31/2024 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;20238 |
| &nbsp;&nbsp;Six Flags Theme Parks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Theme Parks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Theme Parks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Theme Parks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Theme Parks, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;7.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;7059 |
| &nbsp;&nbsp;Southern Co. (The)<sup>(f)</sup> | &nbsp;&nbsp;Southern Co. (The)<sup>(f)</sup> | &nbsp;&nbsp;Southern Co. (The)<sup>(f)</sup> | &nbsp;&nbsp;Southern Co. (The)<sup>(f)</sup> | &nbsp;&nbsp;Southern Co. (The)<sup>(f)</sup> |
| &nbsp;&nbsp;09/15/2081 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;83537 |
| &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;5.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;8336 |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;39276 |
| &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;5.750% |  | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;27710 |
| &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;EUR | 100000 | &nbsp;&nbsp;100180 |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.000% |  | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;10497 |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1775 |
| &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/30/2029 | &nbsp;&nbsp;9.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;9484 |
| &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. |
| &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp;6.125% |  | &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;29018 |
| &nbsp;&nbsp;03/15/2025 | &nbsp;&nbsp;6.875% |  | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;14420 |
| &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. |
| &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;6.875% |  | &nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;39518 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.625% | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;30517 |
| &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;19651 |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;12175 |
| &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;17595 |
| &nbsp;&nbsp;Standard Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9249 |
| &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.500% | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;12052 |
| &nbsp;&nbsp;Sunoco LP/Finance Corp. | &nbsp;&nbsp;Sunoco LP/Finance Corp. | &nbsp;&nbsp;Sunoco LP/Finance Corp. | &nbsp;&nbsp;Sunoco LP/Finance Corp. |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;8747 |
| &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;7929 |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;10.000% | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5082 |
| &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. | &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. | &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. | &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;33925 |
| &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;4.900% | 240000 | &nbsp;&nbsp;219565 |
| &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;9029 |
| &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;5480 |
| &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;17289 |
| &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;16796 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;8963 |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;28716 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;18194 |
| &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;24480 |
| &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2.625% | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;22068 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | 229000 | &nbsp;&nbsp;189062 |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | 373000 | &nbsp;&nbsp;323042 |
| &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.000% | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;18234 |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | &nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;62264 |
| &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;21598 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;14938 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;14822 |
| &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;39140 |
| &nbsp;&nbsp;Transocean Guardian Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Guardian Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Guardian Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Guardian Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;11399 | &nbsp;&nbsp;&nbsp;&nbsp;11168 |
| &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;56892 | &nbsp;&nbsp;&nbsp;&nbsp;56440 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;7.500% |  | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;16023 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;6.250% |  | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;11561 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;39232 |
| &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2028 | &nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;12079 |
| &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;4.375% |  | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9314 |
| &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2030 | &nbsp;&nbsp;7.375% |  | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;15310 |
| &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;14138 |
| &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;6.875% |  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;23997 |
| &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;30643 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;4.125% |  | &nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;39215 |
| &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;20410 |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. |
| &nbsp;&nbsp;03/21/2031 | &nbsp;&nbsp;2.550% |  | 280000 | &nbsp;&nbsp;230439 |
| &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;9.750% |  | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;27428 |
| &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;13504 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.375% |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;12079 |
| &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;29243 |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(a),(f)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(a),(f)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(a),(f)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(a),(f)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(a),(f)</sup> |
| &nbsp;&nbsp;05/04/2030 | &nbsp;&nbsp;1.741% | &nbsp;&nbsp;EUR | 200000 | &nbsp;&nbsp;181299 |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(f)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(f)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(f)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(f)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(f)</sup> |
| &nbsp;&nbsp;02/11/2031 | &nbsp;&nbsp;2.572% |  | 405000 | &nbsp;&nbsp;334970 |
| &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;7.125% |  | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;19260 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;7.250% |  | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;17236 |
| &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;6.875% |  | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;20913 |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) |
| &nbsp;&nbsp;09/15/2045 | &nbsp;&nbsp;5.100% |  | &nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;69100 |
| &nbsp;&nbsp;Williams Cos, Inc. (The) | &nbsp;&nbsp;Williams Cos, Inc. (The) | &nbsp;&nbsp;Williams Cos, Inc. (The) | &nbsp;&nbsp;Williams Cos, Inc. (The) | &nbsp;&nbsp;Williams Cos, Inc. (The) |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;5.300% |  | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;67562 |
| &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;9086 |
| &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;32778 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;5.625% |  | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;40451 |
| &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;28585 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7718 |
| &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24438 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**22811044** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $51,942,082) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $51,942,082) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $51,942,082) | &nbsp;&nbsp;**44347246** |
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> 14.8%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> 14.8%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> 14.8%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> 14.8%** |
| &nbsp;&nbsp;**Angola 0.2%** | &nbsp;&nbsp;**Angola 0.2%** | &nbsp;&nbsp;**Angola 0.2%** | &nbsp;&nbsp;**Angola 0.2%** |
| &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;11/26/2049 | &nbsp;&nbsp;9.125% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156510 |
| &nbsp;&nbsp;**Azerbaijan 0.2%** | &nbsp;&nbsp;**Azerbaijan 0.2%** | &nbsp;&nbsp;**Azerbaijan 0.2%** | &nbsp;&nbsp;**Azerbaijan 0.2%** |
| &nbsp;&nbsp;Republic of Azerbaijan International Bond<sup>(a)</sup> | &nbsp;&nbsp;Republic of Azerbaijan International Bond<sup>(a)</sup> | &nbsp;&nbsp;Republic of Azerbaijan International Bond<sup>(a)</sup> | &nbsp;&nbsp;Republic of Azerbaijan International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;3.500% | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125142 |
| &nbsp;&nbsp;**Belarus 0.1%** | &nbsp;&nbsp;**Belarus 0.1%** | &nbsp;&nbsp;**Belarus 0.1%** | &nbsp;&nbsp;**Belarus 0.1%** |
| &nbsp;&nbsp;Republic of Belarus International Bond<sup>(a),(g)</sup> | &nbsp;&nbsp;Republic of Belarus International Bond<sup>(a),(g)</sup> | &nbsp;&nbsp;Republic of Belarus International Bond<sup>(a),(g)</sup> | &nbsp;&nbsp;Republic of Belarus International Bond<sup>(a),(g)</sup> |
| &nbsp;&nbsp;06/29/2027 | &nbsp;&nbsp;0.000% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84319 |
| &nbsp;&nbsp;**Canada 0.1%** | &nbsp;&nbsp;**Canada 0.1%** | &nbsp;&nbsp;**Canada 0.1%** | &nbsp;&nbsp;**Canada 0.1%** |
| &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5665 |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19763 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19603 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45031** |
| &nbsp;&nbsp;**Colombia 1.3%** | &nbsp;&nbsp;**Colombia 1.3%** | &nbsp;&nbsp;**Colombia 1.3%** | &nbsp;&nbsp;**Colombia 1.3%** |
| &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond |
| &nbsp;&nbsp;01/30/2030 | &nbsp;&nbsp;3.000% | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459026 |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;3.125% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148630 |
| &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA |
| &nbsp;&nbsp;04/29/2030 | &nbsp;&nbsp;6.875% | 448000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406698 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1014354** |
| &nbsp;&nbsp;**Dominican Republic 1.1%** | &nbsp;&nbsp;**Dominican Republic 1.1%** | &nbsp;&nbsp;**Dominican Republic 1.1%** | &nbsp;&nbsp;**Dominican Republic 1.1%** |
| &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;04/20/2027 | &nbsp;&nbsp;8.625% | 642000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668411 |
| &nbsp;&nbsp;09/23/2032 | &nbsp;&nbsp;4.875% | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124809 |
| &nbsp;&nbsp;01/30/2060 | &nbsp;&nbsp;5.875% | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110190 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**903410** |
| &nbsp;&nbsp;**Egypt 0.5%** | &nbsp;&nbsp;**Egypt 0.5%** | &nbsp;&nbsp;**Egypt 0.5%** | &nbsp;&nbsp;**Egypt 0.5%** |
| &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;05/29/2032 | &nbsp;&nbsp;7.625% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148093 |
| &nbsp;&nbsp;03/01/2049 | &nbsp;&nbsp;8.700% | 355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236718 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**384811** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**France 0.3%** | &nbsp;&nbsp;**France 0.3%** | &nbsp;&nbsp;**France 0.3%** | &nbsp;&nbsp;**France 0.3%** | &nbsp;&nbsp;**France 0.3%** |
| &nbsp;&nbsp;Electricite de France SA<sup>(a),(f)</sup> | &nbsp;&nbsp;Electricite de France SA<sup>(a),(f)</sup> | &nbsp;&nbsp;Electricite de France SA<sup>(a),(f)</sup> | &nbsp;&nbsp;Electricite de France SA<sup>(a),(f)</sup> | &nbsp;&nbsp;Electricite de France SA<sup>(a),(f)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;154680 |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;108116 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**262796** |
| &nbsp;&nbsp;**Germany 0.5%** | &nbsp;&nbsp;**Germany 0.5%** | &nbsp;&nbsp;**Germany 0.5%** | &nbsp;&nbsp;**Germany 0.5%** | &nbsp;&nbsp;**Germany 0.5%** |
| &nbsp;&nbsp;Bundesrepublik Deutschland Bundesanleihe<sup>(a)</sup> | &nbsp;&nbsp;Bundesrepublik Deutschland Bundesanleihe<sup>(a)</sup> | &nbsp;&nbsp;Bundesrepublik Deutschland Bundesanleihe<sup>(a)</sup> | &nbsp;&nbsp;Bundesrepublik Deutschland Bundesanleihe<sup>(a)</sup> | &nbsp;&nbsp;Bundesrepublik Deutschland Bundesanleihe<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;402340 |
| &nbsp;&nbsp;**Guatemala 0.2%** | &nbsp;&nbsp;**Guatemala 0.2%** | &nbsp;&nbsp;**Guatemala 0.2%** | &nbsp;&nbsp;**Guatemala 0.2%** | &nbsp;&nbsp;**Guatemala 0.2%** |
| &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;6.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;188409 |
| &nbsp;&nbsp;**Hungary 0.4%** | &nbsp;&nbsp;**Hungary 0.4%** | &nbsp;&nbsp;**Hungary 0.4%** | &nbsp;&nbsp;**Hungary 0.4%** | &nbsp;&nbsp;**Hungary 0.4%** |
| &nbsp;&nbsp;Hungary Government Bond | &nbsp;&nbsp;Hungary Government Bond | &nbsp;&nbsp;Hungary Government Bond | &nbsp;&nbsp;Hungary Government Bond | &nbsp;&nbsp;Hungary Government Bond |
| &nbsp;&nbsp;10/27/2038 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;HUF | 17990000 | &nbsp;&nbsp;&nbsp;&nbsp;25494 |
| &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/22/2031 | &nbsp;&nbsp;2.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;277351 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**302845** |
| &nbsp;&nbsp;**India 0.4%** | &nbsp;&nbsp;**India 0.4%** | &nbsp;&nbsp;**India 0.4%** | &nbsp;&nbsp;**India 0.4%** | &nbsp;&nbsp;**India 0.4%** |
| &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> | &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> | &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> | &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> | &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;3.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;173865 |
| &nbsp;&nbsp;Indian Railway Finance Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Indian Railway Finance Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Indian Railway Finance Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Indian Railway Finance Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Indian Railway Finance Corp., Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;02/13/2030 | &nbsp;&nbsp;3.249% |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;172687 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**346552** |
| &nbsp;&nbsp;**Indonesia 1.0%** | &nbsp;&nbsp;**Indonesia 1.0%** | &nbsp;&nbsp;**Indonesia 1.0%** | &nbsp;&nbsp;**Indonesia 1.0%** | &nbsp;&nbsp;**Indonesia 1.0%** |
| &nbsp;&nbsp;Indonesia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Indonesia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Indonesia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Indonesia Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Indonesia Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/08/2027 | &nbsp;&nbsp;4.350% |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;395101 |
| &nbsp;&nbsp;01/15/2045 | &nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;193848 |
| &nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup> | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup> | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup> | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup> | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup> |
| &nbsp;&nbsp;06/23/2025 | &nbsp;&nbsp;2.300% |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;189317 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**778266** |
| &nbsp;&nbsp;**Ivory Coast 0.5%** | &nbsp;&nbsp;**Ivory Coast 0.5%** | &nbsp;&nbsp;**Ivory Coast 0.5%** | &nbsp;&nbsp;**Ivory Coast 0.5%** | &nbsp;&nbsp;**Ivory Coast 0.5%** |
| &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;03/03/2028 | &nbsp;&nbsp;6.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;241786 |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;6.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;178047 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**419833** |
| &nbsp;&nbsp;**Malaysia 0.2%** | &nbsp;&nbsp;**Malaysia 0.2%** | &nbsp;&nbsp;**Malaysia 0.2%** | &nbsp;&nbsp;**Malaysia 0.2%** | &nbsp;&nbsp;**Malaysia 0.2%** |
| &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/21/2030 | &nbsp;&nbsp;3.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;182775 |
| &nbsp;&nbsp;**Mexico 0.9%** | &nbsp;&nbsp;**Mexico 0.9%** | &nbsp;&nbsp;**Mexico 0.9%** | &nbsp;&nbsp;**Mexico 0.9%** | &nbsp;&nbsp;**Mexico 0.9%** |
| &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond |
| &nbsp;&nbsp;05/29/2031 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;MXN | &nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;47842 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos |
| &nbsp;&nbsp;02/16/2032 | &nbsp;&nbsp;6.700% |  | 587000 | &nbsp;&nbsp;&nbsp;&nbsp;462145 |
| &nbsp;&nbsp;01/23/2050 | &nbsp;&nbsp;7.690% |  | 273000 | &nbsp;&nbsp;&nbsp;&nbsp;189155 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**699142** |
| &nbsp;&nbsp;**Netherlands 0.6%** | &nbsp;&nbsp;**Netherlands 0.6%** | &nbsp;&nbsp;**Netherlands 0.6%** | &nbsp;&nbsp;**Netherlands 0.6%** | &nbsp;&nbsp;**Netherlands 0.6%** |
| &nbsp;&nbsp;Stedin Holding NV<sup>(a),(f)</sup> | &nbsp;&nbsp;Stedin Holding NV<sup>(a),(f)</sup> | &nbsp;&nbsp;Stedin Holding NV<sup>(a),(f)</sup> | &nbsp;&nbsp;Stedin Holding NV<sup>(a),(f)</sup> | &nbsp;&nbsp;Stedin Holding NV<sup>(a),(f)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;EUR | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;221858 |
| &nbsp;&nbsp;TenneT Holding BV<sup>(a),(f)</sup> | &nbsp;&nbsp;TenneT Holding BV<sup>(a),(f)</sup> | &nbsp;&nbsp;TenneT Holding BV<sup>(a),(f)</sup> | &nbsp;&nbsp;TenneT Holding BV<sup>(a),(f)</sup> | &nbsp;&nbsp;TenneT Holding BV<sup>(a),(f)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;2.374% | &nbsp;&nbsp;EUR | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;246545 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**468403** |
| &nbsp;&nbsp;**Oman 0.2%** | &nbsp;&nbsp;**Oman 0.2%** | &nbsp;&nbsp;**Oman 0.2%** | &nbsp;&nbsp;**Oman 0.2%** | &nbsp;&nbsp;**Oman 0.2%** |
| &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/17/2048 | &nbsp;&nbsp;6.750% |  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;187178 |
| &nbsp;&nbsp;**Panama 0.5%** | &nbsp;&nbsp;**Panama 0.5%** | &nbsp;&nbsp;**Panama 0.5%** | &nbsp;&nbsp;**Panama 0.5%** | &nbsp;&nbsp;**Panama 0.5%** |
| &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond |
| &nbsp;&nbsp;01/23/2030 | &nbsp;&nbsp;3.160% |  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;172108 |
| &nbsp;&nbsp;07/23/2060 | &nbsp;&nbsp;3.870% |  | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;258821 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**430929** |
| &nbsp;&nbsp;**Paraguay 0.2%** | &nbsp;&nbsp;**Paraguay 0.2%** | &nbsp;&nbsp;**Paraguay 0.2%** | &nbsp;&nbsp;**Paraguay 0.2%** | &nbsp;&nbsp;**Paraguay 0.2%** |
| &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;03/30/2050 | &nbsp;&nbsp;5.400% |  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;173000 |
| &nbsp;&nbsp;**Qatar 1.2%** | &nbsp;&nbsp;**Qatar 1.2%** | &nbsp;&nbsp;**Qatar 1.2%** | &nbsp;&nbsp;**Qatar 1.2%** | &nbsp;&nbsp;**Qatar 1.2%** |
| &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;03/14/2029 | &nbsp;&nbsp;4.000% |  | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;393358 |
| &nbsp;&nbsp;04/16/2030 | &nbsp;&nbsp;3.750% |  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;193487 |
| &nbsp;&nbsp;04/23/2048 | &nbsp;&nbsp;5.103% |  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;251068 |
| &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> |
| &nbsp;&nbsp;07/12/2031 | &nbsp;&nbsp;2.250% |  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;165809 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1003722** |
| &nbsp;&nbsp;**Romania 0.7%** | &nbsp;&nbsp;**Romania 0.7%** | &nbsp;&nbsp;**Romania 0.7%** | &nbsp;&nbsp;**Romania 0.7%** | &nbsp;&nbsp;**Romania 0.7%** |
| &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/22/2024 | &nbsp;&nbsp;4.875% |  | 232000 | &nbsp;&nbsp;&nbsp;&nbsp;230724 |
| &nbsp;&nbsp;02/27/2027 | &nbsp;&nbsp;3.000% |  | 128000 | &nbsp;&nbsp;&nbsp;&nbsp;113349 |
| &nbsp;&nbsp;02/14/2051 | &nbsp;&nbsp;4.000% |  | 342000 | &nbsp;&nbsp;&nbsp;&nbsp;227011 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**571084** |
| &nbsp;&nbsp;**Saudi Arabia 1.0%** | &nbsp;&nbsp;**Saudi Arabia 1.0%** | &nbsp;&nbsp;**Saudi Arabia 1.0%** | &nbsp;&nbsp;**Saudi Arabia 1.0%** | &nbsp;&nbsp;**Saudi Arabia 1.0%** |
| &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> |
| &nbsp;&nbsp;04/16/2029 | &nbsp;&nbsp;3.500% |  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;275421 |
| &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/21/2055 | &nbsp;&nbsp;3.750% |  | 625000 | &nbsp;&nbsp;&nbsp;&nbsp;491903 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**767324** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(c),(h)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**South Africa 0.4%** | &nbsp;&nbsp;**South Africa 0.4%** | &nbsp;&nbsp;**South Africa 0.4%** | &nbsp;&nbsp;**South Africa 0.4%** |
| &nbsp;&nbsp;Eskom Holdings SOC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Eskom Holdings SOC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Eskom Holdings SOC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Eskom Holdings SOC Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;02/11/2025 | &nbsp;&nbsp;7.125% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181682 |
| &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond |
| &nbsp;&nbsp;09/30/2049 | &nbsp;&nbsp;5.750% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146834 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**328516** |
| &nbsp;&nbsp;**Turkey 0.8%** | &nbsp;&nbsp;**Turkey 0.8%** | &nbsp;&nbsp;**Turkey 0.8%** | &nbsp;&nbsp;**Turkey 0.8%** |
| &nbsp;&nbsp;Turkey Government International Bond | &nbsp;&nbsp;Turkey Government International Bond | &nbsp;&nbsp;Turkey Government International Bond | &nbsp;&nbsp;Turkey Government International Bond |
| &nbsp;&nbsp;03/25/2027 | &nbsp;&nbsp;6.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228240 |
| &nbsp;&nbsp;02/17/2028 | &nbsp;&nbsp;5.125% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259503 |
| &nbsp;&nbsp;01/14/2041 | &nbsp;&nbsp;6.000% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144731 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**632474** |
| &nbsp;&nbsp;**Ukraine 0.1%** | &nbsp;&nbsp;**Ukraine 0.1%** | &nbsp;&nbsp;**Ukraine 0.1%** | &nbsp;&nbsp;**Ukraine 0.1%** |
| &nbsp;&nbsp;NAK Naftogaz Ukraine via Kondor Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;NAK Naftogaz Ukraine via Kondor Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;NAK Naftogaz Ukraine via Kondor Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;NAK Naftogaz Ukraine via Kondor Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/08/2026 | &nbsp;&nbsp;7.625% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33391 |
| &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;7.750% | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21256 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54647** |
| &nbsp;&nbsp;**United Arab Emirates 1.0%** | &nbsp;&nbsp;**United Arab Emirates 1.0%** | &nbsp;&nbsp;**United Arab Emirates 1.0%** | &nbsp;&nbsp;**United Arab Emirates 1.0%** |
| &nbsp;&nbsp;Abu Dhabi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Abu Dhabi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Abu Dhabi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Abu Dhabi Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2049 | &nbsp;&nbsp;3.125% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185044 |
| &nbsp;&nbsp;04/16/2050 | &nbsp;&nbsp;3.875% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169088 |
| &nbsp;&nbsp;DP World PLC<sup>(a)</sup> | &nbsp;&nbsp;DP World PLC<sup>(a)</sup> | &nbsp;&nbsp;DP World PLC<sup>(a)</sup> | &nbsp;&nbsp;DP World PLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/02/2037 | &nbsp;&nbsp;6.850% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424908 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**779040** |
| &nbsp;&nbsp;**Virgin Islands 0.2%** | &nbsp;&nbsp;**Virgin Islands 0.2%** | &nbsp;&nbsp;**Virgin Islands 0.2%** | &nbsp;&nbsp;**Virgin Islands 0.2%** |
| &nbsp;&nbsp;State Grid Overseas Investment Ltd.<sup>(a)</sup> | &nbsp;&nbsp;State Grid Overseas Investment Ltd.<sup>(a)</sup> | &nbsp;&nbsp;State Grid Overseas Investment Ltd.<sup>(a)</sup> | &nbsp;&nbsp;State Grid Overseas Investment Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/04/2027 | &nbsp;&nbsp;3.500% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190918 |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $14,035,938) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $14,035,938) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $14,035,938) | &nbsp;&nbsp;**11883770** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 0.9%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 0.9%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 0.9%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 0.9%** |
| &nbsp;&nbsp;**United States 0.9%** | &nbsp;&nbsp;**United States 0.9%** | &nbsp;&nbsp;**United States 0.9%** | &nbsp;&nbsp;**United States 0.9%** |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(i)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(i)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(i)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(i)</sup> |
| &nbsp;&nbsp;CMO Series 2019-33 Class SB | &nbsp;&nbsp;CMO Series 2019-33 Class SB | &nbsp;&nbsp;CMO Series 2019-33 Class SB | &nbsp;&nbsp;CMO Series 2019-33 Class SB |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 07/25/2049 | &nbsp;&nbsp;1.661% | 135899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14469 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(i)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(i)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(i)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(i)</sup> |
| &nbsp;&nbsp;CMO Series 2021-3 Class TI | &nbsp;&nbsp;CMO Series 2021-3 Class TI | &nbsp;&nbsp;CMO Series 2021-3 Class TI | &nbsp;&nbsp;CMO Series 2021-3 Class TI |
| &nbsp;&nbsp;02/25/2051 | &nbsp;&nbsp;2.500% | 540848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88299 |
| &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2021-HQA2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-HQA2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-HQA2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-HQA2 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 5.450%<br> 12/25/2033 | &nbsp;&nbsp;9.378% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383175 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(i)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(i)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(i)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(i)</sup> |
| &nbsp;&nbsp;CMO Series 2017-141 Class ES | &nbsp;&nbsp;CMO Series 2017-141 Class ES | &nbsp;&nbsp;CMO Series 2017-141 Class ES | &nbsp;&nbsp;CMO Series 2017-141 Class ES |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 09/20/2047 | &nbsp;&nbsp;1.847% | &nbsp;&nbsp;93433 | &nbsp;&nbsp;&nbsp;&nbsp;10591 |
| &nbsp;&nbsp;CMO Series 2018-155 Class ES | &nbsp;&nbsp;CMO Series 2018-155 Class ES | &nbsp;&nbsp;CMO Series 2018-155 Class ES | &nbsp;&nbsp;CMO Series 2018-155 Class ES |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 11/20/2048 | &nbsp;&nbsp;1.747% | &nbsp;&nbsp;68645 | &nbsp;&nbsp;&nbsp;&nbsp;5653 |
| &nbsp;&nbsp;CMO Series 2019-23 Class LS | &nbsp;&nbsp;CMO Series 2019-23 Class LS | &nbsp;&nbsp;CMO Series 2019-23 Class LS | &nbsp;&nbsp;CMO Series 2019-23 Class LS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 02/20/2049 | &nbsp;&nbsp;1.697% | 291018 | &nbsp;&nbsp;&nbsp;&nbsp;28914 |
| &nbsp;&nbsp;CMO Series 2019-23 Class SQ | &nbsp;&nbsp;CMO Series 2019-23 Class SQ | &nbsp;&nbsp;CMO Series 2019-23 Class SQ | &nbsp;&nbsp;CMO Series 2019-23 Class SQ |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 02/20/2049 | &nbsp;&nbsp;1.697% | 315868 | &nbsp;&nbsp;&nbsp;&nbsp;40919 |
| &nbsp;&nbsp;CMO Series 2021-46 Class SE | &nbsp;&nbsp;CMO Series 2021-46 Class SE | &nbsp;&nbsp;CMO Series 2021-46 Class SE | &nbsp;&nbsp;CMO Series 2021-46 Class SE |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 03/20/2051 | &nbsp;&nbsp;1.947% | 311316 | &nbsp;&nbsp;&nbsp;&nbsp;32320 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(i)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(i)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(i)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(i)</sup> |
| &nbsp;&nbsp;CMO Series 2020-153 Class CI | &nbsp;&nbsp;CMO Series 2020-153 Class CI | &nbsp;&nbsp;CMO Series 2020-153 Class CI | &nbsp;&nbsp;CMO Series 2020-153 Class CI |
| &nbsp;&nbsp;10/20/2050 | &nbsp;&nbsp;2.500% | 790413 | &nbsp;&nbsp;120608 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**724948** |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $894,196) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $894,196) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $894,196) | &nbsp;&nbsp;**724948** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 12.8%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 12.8%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 12.8%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 12.8%** |
| &nbsp;&nbsp;**United States 12.8%** | &nbsp;&nbsp;**United States 12.8%** | &nbsp;&nbsp;**United States 12.8%** | &nbsp;&nbsp;**United States 12.8%** |
| &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2019-1A Class M1B | &nbsp;&nbsp;CMO Series 2019-1A Class M1B | &nbsp;&nbsp;CMO Series 2019-1A Class M1B | &nbsp;&nbsp;CMO Series 2019-1A Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.750%<br> Floor 1.750%<br> 03/25/2029 | &nbsp;&nbsp;6.139% | &nbsp;&nbsp;16719 | &nbsp;&nbsp;&nbsp;&nbsp;16701 |
| &nbsp;&nbsp;CMO Series 2019-3A Class M1B | &nbsp;&nbsp;CMO Series 2019-3A Class M1B | &nbsp;&nbsp;CMO Series 2019-3A Class M1B | &nbsp;&nbsp;CMO Series 2019-3A Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.600%<br> Floor 1.600%<br> 07/25/2029 | &nbsp;&nbsp;5.989% | &nbsp;&nbsp;26057 | &nbsp;&nbsp;&nbsp;&nbsp;26023 |
| &nbsp;&nbsp;CMO Series 2020-4A Class M2B | &nbsp;&nbsp;CMO Series 2020-4A Class M2B | &nbsp;&nbsp;CMO Series 2020-4A Class M2B | &nbsp;&nbsp;CMO Series 2020-4A Class M2B |
| &nbsp;&nbsp;1-month USD LIBOR + 3.600%<br> Floor 3.600%<br> 06/25/2030 | &nbsp;&nbsp;7.989% | 225613 | &nbsp;&nbsp;225350 |
| &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(j)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(j)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(j)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(j)</sup> |
| &nbsp;&nbsp;CMO Series 2021-3F Class M2 | &nbsp;&nbsp;CMO Series 2021-3F Class M2 | &nbsp;&nbsp;CMO Series 2021-3F Class M2 | &nbsp;&nbsp;CMO Series 2021-3F Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 2.900%<br> Floor 2.900%<br> 07/12/2033 | &nbsp;&nbsp;4.187% | 500000 | &nbsp;&nbsp;500000 |
| &nbsp;&nbsp;CIM Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NR2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR2 Class A1 |
| &nbsp;&nbsp;07/25/2059 | &nbsp;&nbsp;2.568% | 293950 | &nbsp;&nbsp;270465 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2019-R01 Class 2B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-R01 Class 2B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-R01 Class 2B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-R01 Class 2B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 4.350%<br> 07/25/2031 | &nbsp;&nbsp;8.739% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;714509 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-R01 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R01 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R01 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R01 Class 1B2 |
| &nbsp;&nbsp;30-day Average SOFR + 6.000%<br> 12/25/2041 | &nbsp;&nbsp;9.928% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;427785 |
| &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2019-1 Class M1B | &nbsp;&nbsp;CMO Series 2019-1 Class M1B | &nbsp;&nbsp;CMO Series 2019-1 Class M1B | &nbsp;&nbsp;CMO Series 2019-1 Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.800%<br> 04/25/2029 | &nbsp;&nbsp;6.189% | &nbsp;&nbsp;&nbsp;421095 | &nbsp;&nbsp;412210 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-1 Class M1C | &nbsp;&nbsp;Subordinated CMO Series 2020-1 Class M1C | &nbsp;&nbsp;Subordinated CMO Series 2020-1 Class M1C | &nbsp;&nbsp;Subordinated CMO Series 2020-1 Class M1C |
| &nbsp;&nbsp;1-month USD LIBOR + 1.800%<br> 01/25/2030 | &nbsp;&nbsp;6.189% | &nbsp;&nbsp;&nbsp;797000 | &nbsp;&nbsp;764264 |
| &nbsp;&nbsp;Freddie Mac STACR<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2019-HQA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-HQA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-HQA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-HQA3 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> 09/25/2049 | &nbsp;&nbsp;7.389% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;386643 |
| &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2020-HQA1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA1 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 2.350%<br> 01/25/2050 | &nbsp;&nbsp;6.739% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;650143 |
| &nbsp;&nbsp;Freddie Mac STACR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2019-DNA4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-DNA4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-DNA4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-DNA4 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 2.700%<br> 10/25/2049 | &nbsp;&nbsp;7.089% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;590658 |
| &nbsp;&nbsp;Subordinated CMO Series 2019-HQA2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-HQA2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-HQA2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-HQA2 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 4.100%<br> 04/25/2049 | &nbsp;&nbsp;8.489% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;507427 |
| &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(a),(d)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2020-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-2 Class B1 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;5.450% | &nbsp;&nbsp;&nbsp;389000 | &nbsp;&nbsp;343465 |
| &nbsp;&nbsp;Oaktown Re II Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re II Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re II Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re II Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2018-1A Class M2 | &nbsp;&nbsp;Subordinated CMO Series 2018-1A Class M2 | &nbsp;&nbsp;Subordinated CMO Series 2018-1A Class M2 | &nbsp;&nbsp;Subordinated CMO Series 2018-1A Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 2.850%<br> 07/25/2028 | &nbsp;&nbsp;7.239% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;498726 |
| &nbsp;&nbsp;Oaktown Re V Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re V Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re V Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re V Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2020-2A Class M2 | &nbsp;&nbsp;CMO Series 2020-2A Class M2 | &nbsp;&nbsp;CMO Series 2020-2A Class M2 | &nbsp;&nbsp;CMO Series 2020-2A Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 5.250%<br> Floor 5.250%<br> 10/25/2030 | &nbsp;&nbsp;9.639% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;498241 |
| &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.650%<br> 08/25/2025 | &nbsp;&nbsp;6.694% | 1000000 | &nbsp;&nbsp;981517 |
| &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;01/25/2026 | &nbsp;&nbsp;2.115% | &nbsp;&nbsp;&nbsp;105097 | &nbsp;&nbsp;&nbsp;&nbsp;95469 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(d)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(d)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(d)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 |
| &nbsp;&nbsp;01/25/2052 | &nbsp;&nbsp;2.981% | &nbsp;&nbsp;&nbsp;407765 | &nbsp;&nbsp;364133 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2019-3 Class M1 | &nbsp;&nbsp;CMO Series 2019-3 Class M1 | &nbsp;&nbsp;CMO Series 2019-3 Class M1 | &nbsp;&nbsp;CMO Series 2019-3 Class M1 |
| &nbsp;&nbsp;09/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;3.526% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352897 |
| &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2021-1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-1 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 4.500%<br> Floor 4.500%<br> 08/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;8.889% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495442 |
| &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 |
| &nbsp;&nbsp;01/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;3.021% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295154 |
| &nbsp;&nbsp;CMO Series 2020-NPL1 Class A2 | &nbsp;&nbsp;CMO Series 2020-NPL1 Class A2 | &nbsp;&nbsp;CMO Series 2020-NPL1 Class A2 | &nbsp;&nbsp;CMO Series 2020-NPL1 Class A2 |
| &nbsp;&nbsp;08/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;5.682% | 409265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405425 |
| &nbsp;&nbsp;Verus Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2020-INV1 Class M1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class M1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class M1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class M1 |
| &nbsp;&nbsp;03/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460348 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10282995** |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $10,842,765) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $10,842,765) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $10,842,765) | &nbsp;&nbsp;**10282995** |
| &nbsp;&nbsp;**Senior Loans 0.2%** | &nbsp;&nbsp;**Senior Loans 0.2%** | &nbsp;&nbsp;**Senior Loans 0.2%** | &nbsp;&nbsp;**Senior Loans 0.2%** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**United States 0.2%** | &nbsp;&nbsp;**United States 0.2%** | &nbsp;&nbsp;**United States 0.2%** | &nbsp;&nbsp;**United States 0.2%** |
| &nbsp;&nbsp;Ascend Learning LLC<sup>(b),(k)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(b),(k)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(b),(k)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(b),(k)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 12/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.884% | &nbsp;&nbsp;32670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30832 |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.750%<br> Floor 0.500%<br> 12/10/2029 | &nbsp;&nbsp;10.134% | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17075 |
| &nbsp;&nbsp;Cengage Learning, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(b),(k)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.750%<br> Floor 1.000%<br> 07/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.814% | &nbsp;&nbsp;34965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31370 |
| &nbsp;&nbsp;SWF Holdings I Corp.<sup>(b),(k)</sup> | &nbsp;&nbsp;SWF Holdings I Corp.<sup>(b),(k)</sup> | &nbsp;&nbsp;SWF Holdings I Corp.<sup>(b),(k)</sup> | &nbsp;&nbsp;SWF Holdings I Corp.<sup>(b),(k)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> Floor 0.750%<br> 10/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.753% | &nbsp;&nbsp;48755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39711 |
| &nbsp;&nbsp;UKG, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(b),(k)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(b),(k)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 05/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.998% | &nbsp;&nbsp;19478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18504 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.250%<br> Floor 0.500%<br> 05/03/2027 | &nbsp;&nbsp;8.998% | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;34789 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**172281** |
| &nbsp;&nbsp;Total Senior Loans<br> (Cost $193,231) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $193,231) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $193,231) | &nbsp;&nbsp;**172281** |
| &nbsp;&nbsp;**Treasury Bills 1.2%** | &nbsp;&nbsp;**Treasury Bills 1.2%** | &nbsp;&nbsp;**Treasury Bills 1.2%** | &nbsp;&nbsp;**Treasury Bills 1.2%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Yield** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**United States 1.2%** | &nbsp;&nbsp;**United States 1.2%** | &nbsp;&nbsp;**United States 1.2%** | &nbsp;&nbsp;**United States 1.2%** |
| &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills |
| &nbsp;&nbsp;06/15/2023 | &nbsp;&nbsp;4.470% | 1000000 | &nbsp;&nbsp;979949 |
| &nbsp;&nbsp;Total Treasury Bills<br> (Cost $986,466) | &nbsp;&nbsp;Total Treasury Bills<br> (Cost $986,466) | &nbsp;&nbsp;Total Treasury Bills<br> (Cost $986,466) | &nbsp;&nbsp;**979949** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 5.1%** | &nbsp;&nbsp;**Money Market Funds 5.1%** | &nbsp;&nbsp;**Money Market Funds 5.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(l),(m)</sup> | &nbsp;&nbsp;4090172 | &nbsp;&nbsp;&nbsp;&nbsp;4088945 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $4,088,449) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $4,088,449) | &nbsp;&nbsp;&nbsp;&nbsp;**4088945** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $89,598,565)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $89,598,565)** | &nbsp;&nbsp;&nbsp;&nbsp;**78210173** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2353984** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$80564157** |

---

At December 31, 2022, securities and/or cash totaling $630,436 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;10,000,000 HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,767 USD | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(925) |
| &nbsp;&nbsp;20,712,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;22,110,267 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(83511) |
| &nbsp;&nbsp;&nbsp;2,910,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,615,209 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;95752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;95752 | &nbsp;&nbsp;&nbsp;&nbsp;(84436) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 95 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;10668203 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67352) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 35 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700938 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(109002) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(176354) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Pay<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX North America High Yield Index, Series 39 | Morgan Stanley | 12/20/2027 | 5.000 | Quarterly | USD | 1600000 | &nbsp;&nbsp;&nbsp;(87023) |  |  |  | &nbsp;&nbsp;&nbsp;(87023) |
| &nbsp;&nbsp;Markit iTraxx Europe Crossover Index, Series 38 | Morgan Stanley | 12/20/2027 | 5.000 | Quarterly | EUR | 1700000 | &nbsp;&nbsp;&nbsp;(87038) |  |  |  | &nbsp;&nbsp;&nbsp;(87038) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | (174061) |  |  |  | (174061) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $56,051,008, which represents 69.57% of total net assets.

(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(c) Principal amounts are denominated in United States Dollars unless otherwise noted.

(d) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The
interest rate shown was the current rate as of December 31, 2022.

(e) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

(f) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(g) Represents a security in default.

(h) Principal and interest may not be guaranteed by a governmental entity.

(i) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

(j) Valuation based on significant unobservable inputs.

(k) The stated interest rate represents the weighted average interest rate at December 31, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily
determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending
rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed.
Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining
maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(l) The rate shown is the seven-day current annualized yield at December 31, 2022.

(m) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 2760780 | &nbsp;&nbsp;47054519 | &nbsp;&nbsp;(45726966) | &nbsp;&nbsp;612 | &nbsp;&nbsp;4088945 | &nbsp;&nbsp;(1275) | &nbsp;&nbsp;87571 | &nbsp;&nbsp;4090172 |

---

#### Abbreviation Legend
CMO Collateralized Mortgage Obligation <br> LIBOR London Interbank Offered Rate <br> SOFR Secured Overnight Financing Rate

#### Currency Legend

---

| | |
|:---|:---|
| EUR | &nbsp;&nbsp;Euro |
| GBP | &nbsp;&nbsp;British Pound |
| HUF | &nbsp;&nbsp;Hungarian Forint |
| MXN | &nbsp;&nbsp;Mexican Peso |
| USD | &nbsp;&nbsp;US Dollar |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued)
**■** **Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).** 

**■** **Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).** 

**Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44347246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44347246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11883770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11883770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9782995 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;10282995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Bills | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 4088945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088945 |
| &nbsp;&nbsp;Total Investments in Securities | 4088945 | &nbsp;&nbsp;&nbsp;&nbsp;73621228 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;78210173 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;(176354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174061) |
| &nbsp;&nbsp;Total | 3912591 | &nbsp;&nbsp;&nbsp;&nbsp;73458483 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;77871074 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $85,510,116) | $74121228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $4,088,449) | &nbsp;&nbsp;&nbsp;&nbsp;4088945 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 |
| &nbsp;&nbsp;Foreign currency (cost $1,509,188) | &nbsp;&nbsp;&nbsp;&nbsp;1560839 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193936 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95752 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6352 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;81345869 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84436 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32929 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781712 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$80564157** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;97652971 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;(17088814) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$80564157** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.34 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$9953274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1381306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.21 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $70601538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;9693506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.28 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

28 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468010 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555581 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7109 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888064 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206768) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681296 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874285 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(3855767) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1275) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207272) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(927368) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88200 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(2677091) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(13604299) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42161) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171823) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(13720830) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(16397921) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(13523636)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$2874285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2900582 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(2677091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790059 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(13720830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5484633) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;(13523636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206008 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409583) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;(2643493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3703346) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(2970100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4113351) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(5573683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2602044) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;(22067419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5509387) |
| &nbsp;&nbsp;Net assets at beginning of year | 102631576 | &nbsp;&nbsp;&nbsp;&nbsp;108140963 |
| &nbsp;&nbsp;**Net assets at end of year** | **$80564157** | &nbsp;&nbsp;**$102631576** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;180558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(153890) | &nbsp;&nbsp;&nbsp;&nbsp;(1164857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1751121) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832888 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;102644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;332515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1242935) | &nbsp;&nbsp;&nbsp;&nbsp;(9517719) | &nbsp;&nbsp;&nbsp;&nbsp;(1163505) | &nbsp;&nbsp;&nbsp;&nbsp;(10196413) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(807776) | &nbsp;&nbsp;&nbsp;&nbsp;(6103732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3435354) |
| &nbsp;&nbsp;**Total net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(739608)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5573683)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(284405)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2602044)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

30 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Increase<br> from<br> payment<br> by affiliate** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $8.77 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.16) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $9.01 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $9.11 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $8.21 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $9.03 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $8.61 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.15) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $8.86 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $8.96 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $8.09 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $8.91 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $8.70 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.16) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $8.95 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $9.05 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $8.16 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $8.98 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.36) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Rounds to zero. |
| (e) | The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

32 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $7.34 | (13.49%) | 0.87%<sup>(c)</sup> | 0.64%<sup>(c)</sup> | 3.42% | 31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $8.77 | &nbsp;&nbsp;&nbsp;1.37% | 0.89%<sup>(c)</sup> | 0.61%<sup>(c)</sup> | 2.87% | 42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $9.01 | &nbsp;&nbsp;&nbsp;4.79% | 0.87% | 0.60% | 3.11% | 53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $9.11 | 10.96%<sup>(e)</sup> | 0.87% | 0.59% | 3.27% | 57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $8.21 | &nbsp;&nbsp;(5.20%) | 0.86%<sup>(c)</sup> | 0.64%<sup>(c)</sup> | 3.34% | 86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $7.21 | (13.63%) | 1.12%<sup>(c)</sup> | 0.89%<sup>(c)</sup> | 3.17% | 31% | &nbsp;&nbsp;&nbsp;$9953 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $8.61 | &nbsp;&nbsp;&nbsp;1.03% | 1.14%<sup>(c)</sup> | 0.86%<sup>(c)</sup> | 2.62% | 42% | &nbsp;&nbsp;$11301 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $8.86 | &nbsp;&nbsp;&nbsp;4.59% | 1.12% | 0.85% | 2.87% | 53% | &nbsp;&nbsp;$10766 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $8.96 | 10.75%<sup>(e)</sup> | 1.12% | 0.84% | 3.01% | 57% | &nbsp;&nbsp;$10750 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $8.09 | &nbsp;&nbsp;(5.51%) | 1.10%<sup>(c)</sup> | 0.89%<sup>(c)</sup> | 3.08% | 86% | &nbsp;&nbsp;&nbsp;$9512 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $7.28 | (13.60%) | 0.99%<sup>(c)</sup> | 0.76%<sup>(c)</sup> | 3.28% | 31% | &nbsp;&nbsp;$70602 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $8.70 | &nbsp;&nbsp;&nbsp;1.14% | 1.01%<sup>(c)</sup> | 0.74%<sup>(c)</sup> | 2.74% | 42% | &nbsp;&nbsp;$91320 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $8.95 | &nbsp;&nbsp;&nbsp;4.68% | 0.99% | 0.73% | 2.99% | 53% | &nbsp;&nbsp;$97365 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $9.05 | 10.91%<sup>(e)</sup> | 1.00% | 0.72% | 3.14% | 57% | $102668 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $8.16 | &nbsp;&nbsp;(5.34%) | 0.97%<sup>(c)</sup> | 0.76%<sup>(c)</sup> | 3.25% | 86% | $104256 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Global Strategic Income Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

34 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark and to recover an underweight country exposure in its portfolio. These instruments may be used for other purposes in future periods.

36 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index, increase or decrease its credit exposure to a single issuer of debt securities and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;95752 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;174,061\* |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84436 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;176,354\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;434851 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

38 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88200 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;2226391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2226391 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(927368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(927368) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;2226391 | &nbsp;&nbsp;&nbsp;&nbsp;(927368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88200 | &nbsp;&nbsp;&nbsp;&nbsp;1387223 |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(171823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171823) |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16394 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42161) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42161) | &nbsp;&nbsp;&nbsp;&nbsp;(171823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197590) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)** |
| &nbsp;&nbsp;Futures contracts — long | 11,329,273\* |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;2,462,688\*\* |
| &nbsp;&nbsp;Credit default swap contracts — buy protection | &nbsp;&nbsp;&nbsp;2,343,963\* |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;310999 | &nbsp;&nbsp;&nbsp;&nbsp;(34774) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

\*\* Based on the ending daily outstanding amounts for the year ended December 31, 2022.

#### Investments in senior loans
The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

#### Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

#### Interest only and principal only securities
The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

40 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **HSBC ($)** | &nbsp;&nbsp;**Morgan<br> Stanley ($)** | &nbsp;&nbsp;**UBS ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1234 |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;95752 | &nbsp;&nbsp;95752 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;95752 | &nbsp;&nbsp;96986 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2847 |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;83511 | &nbsp;&nbsp;84436 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;2847 | &nbsp;&nbsp;83511 | &nbsp;&nbsp;87283 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **(925)** | &nbsp;&nbsp;**(1613)** | &nbsp;&nbsp;**12241** | &nbsp;&nbsp;&nbsp;&nbsp;**9703** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1613) |
| &nbsp;&nbsp;**Net amount <sup>(c)</sup>** | **(925)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;**12241** | &nbsp;&nbsp;**11316** |

---

(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

The value of additional securities received as an income payment through a payment in kind, if any, is recorded as interest income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed quarterly. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

42 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.65% to 0.52% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.65% of the Fund's average daily net assets.

#### Participating Affiliates
The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates provide services to the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) either pursuant to subadvisory agreements, personnel-sharing agreements or other inter-company arrangements, and the Fund pays no additional fees and expenses as a result of any such arrangements.

These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered, as appropriate, with respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.

Pursuant to some of these arrangements, certain employees of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund's prospectus and Statement of Additional Information (SAI), may provide such services to the Fund on behalf of the Investment Manager.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 43

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.06% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | **Contractual<br> expense cap<br> May 1, 2022<br> through<br> April 30, 2023** | **Voluntary<br> expense cap<br> May 1, 2022<br> through<br> June 30, 2022** | **Contractual<br> expense cap<br> prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.66% | &nbsp;&nbsp;0.61% | &nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.86 |
| &nbsp;&nbsp;Class 3 | 0.785 | 0.735 | 0.735 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, derivative investments, swap investments, tax straddles, principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred compensation and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

44 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;441216 | (441216) |  |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;2970100 |  | 2970100 | 4113351 |  | 4113351 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;2527432 – (8041911) | (11515417) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;89386491 | 277774 | (11793191) | (11515417) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(2202288) | (5839623) | (8041911) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $25,211,166 and $32,056,940, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 45

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

46 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

#### Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer's country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

#### Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund.

*Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, whether in the public or private sector, significant debt problems of a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, the Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. The departure of the United Kingdom (UK) from the EU single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking effect on December 31, 2020. The impact of Brexit on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.*

#### High-yield investments risk
Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 47

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks

48 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 49

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Notes to Financial Statements (continued)

December 31, 2022

result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

50 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Global Strategic Income Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Global Strategic Income Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 51

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

52 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 53

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

54 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 55

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

56 Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Columbia Variable Portfolio – Global Strategic Income Fund \| Annual Report 2022 57

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_25700_1537b89c-4690-42f8-9e0d-5f9564ecc509_TOC)

#### Columbia Variable Portfolio – Global Strategic Income Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img3f6caabb2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7008_12_B01_(02/23)

------

![](img4a7de36e1.jpg)

Annual Report

December 31, 2022

![](imgcc44ad202.jpg)

Columbia Variable Portfolio – Intermediate Bond Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_a2c78526-eabc-4a1b-9dbc-0cec36af33f9_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_a2c78526-eabc-4a1b-9dbc-0cec36af33f9_4)<br>| 6 |
| [Understanding Your Fund's Expenses](#xx_a78a81fa-473e-4035-8b0a-c412bcca206d_1)<br>| 8 |
| [Portfolio of Investments](#xx_c8b484d5-ebb5-4134-baf0-1b762da037b2_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_81d88cf0-dd21-4e52-af75-accad547df77_1)<br>| 34 |
| [Statement of Operations](#xx_81d88cf0-dd21-4e52-af75-accad547df77_2)<br>| 35 |
| [Statement of Changes in Net Assets](#xx_81d88cf0-dd21-4e52-af75-accad547df77_3)<br>| 36 |
| [Financial Highlights](#xx_386f91bb-daae-4f4a-97c4-5b0274608d93_2)<br>| 38 |
| [Notes to Financial Statements](#xx_801cf056-19d1-4697-8983-9ac2c75a1df3_1)<br>| 40 |
| [Report of Independent Registered Public Accounting Firm](#xx_3182e458-3dec-4842-926b-a3a9ee0509f5_1)<br>| 58 |
| [Trustees and Officers](#xx_7f12495e-4584-4b0a-a4c9-2115c9011629_1)<br>| 59 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Variable Portfolio – Intermediate Bond Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a high level of current income while attempting to conserve the value of the investment for the longest period of time.

Portfolio management

#### Jason Callan
Lead Portfolio Manager

Managed Fund since 2016

#### Gene Tannuzzo, CFA
Portfolio Manager

Managed Fund since 2017

#### Alex Christensen, CFA
Portfolio Manager

Managed Fund since 2021

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-17.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-17.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;10/13/81 | &nbsp;&nbsp;&nbsp;&nbsp;-17.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img3e3955853.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Columbia Variable Portfolio – Intermediate Bond Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

4 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Asset-Backed Securities — Agency | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;12.5 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;18.4 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Options Purchased Calls | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;32.1 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;18.4 |
| &nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;40.1 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;&nbsp;9.3 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;13.8 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;19.5 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;CCC rating | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** |
|  | &nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net |
| &nbsp;&nbsp;Fixed Income Derivative Contracts | 150.9 | &nbsp;&nbsp;&nbsp;&nbsp;(49.4) | &nbsp;&nbsp;&nbsp;&nbsp;101.5 |
| &nbsp;&nbsp;Foreign Currency Derivative Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.5) |
| &nbsp;&nbsp;**Total Notional Market Value of Derivative Contracts** | **150.9** | &nbsp;&nbsp;&nbsp;&nbsp;**(50.9)** | &nbsp;&nbsp;&nbsp;&nbsp;**100.0** |

---

(a) The Fund has market exposure (long and/or short) to fixed income and foreign currency through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments, and Note 2 of the Notes to Financial Statements.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 86.04% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund also may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period ended December 31, 2022, Class 2 shares of Columbia Variable Portfolio – Intermediate Bond Fund returned -17.20%. The Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, returned -13.01% during the same time period.

Market overview

Historically high inflation, and efforts on the part of the U.S. Federal Reserve (Fed) to contain prices, were the principal drivers of the bond market's negative returns for the 12-month period that ended December 31, 2022. Inflation had begun to drift upward in late 2021 but spiked in the wake of Russia's late-February 2022 invasion of Ukraine. U.S. consumer price inflation rose above 8% in March 2022 and peaked at 9.1% in June 2022. The Fed responded by raising its benchmark overnight lending rate seven times, leaving the fed funds target range at 4.25%-4.50% at year-end, as compared to 0.0%-0.25% entering 2022.

The U.S. Treasury yield curve finished the 12-month period dramatically higher. The two-year U.S. Treasury note began 2022 at 0.73% and ended the year at 4.41% for an increase of 368 basis points, while the yield on the bellwether 10-year U.S. Treasury rose a more modest 236 basis points, from 1.52% to 3.88%. (A basis point is 1/100 of a percent.) As a result, the U.S. Treasury curve ended 2022 significantly inverted (meaning that short-term yields were higher than long-term yields), a development which has frequently foreshadowed recession. Against this backdrop, credit spreads widened notably, and overall bond market returns for the period were in record negative territory for the calendar year.

The Fund's notable contributors during the period

• The Fund's performance, relative to the benchmark, for the 12-month period that ended December 31, 2022 was helped by its positioning within agency mortgage-backed securities (MBS).

• Specifically, the Fund was underweight the lower coupon "to-be-announced" pools, which were negatively impacted by the prospect of the Fed beginning to reduce its balance
sheet via sales of previously purchased MBS.

The Fund's notable detractors during the period

• The Fund's tactical positioning, with respect to duration and corresponding interest-rate sensitivity, was the most significant factor in underperformance relative to the benchmark.

• The Fund entered the period underweight in duration in anticipation of a relatively modest series of Fed rate hikes in 2022, and extended duration when the Fed implemented its initial increases and we saw signs of
the economy slowing.

• However, this shift proved disadvantageous as inflation spiked over the first half of the year and the Fed engaged in nearly unprecedented aggressive tightening, which was accompanied by a dramatic upward move in
the U.S. Treasury yield curve.

• The Fund's allocation to off-benchmark, credit-oriented securitized assets also weighed on relative return.

• In this vein, performance for non-agency MBS suffered from a volatile interest rate backdrop and rising U.S. Treasury yields that led to extended durations as housing turnover came to a virtual standstill.

• Performance for commercial MBS was negatively impacted by credit concerns, given a slowing economy and tighter financing conditions.

• An allocation to below-investment-grade, high-yield corporate bonds also detracted, given the deterioration in credit sentiment.

6 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Security selection within the government-related sector hampered performance, most notably exposure to emerging market agency bonds, which were negatively impacted by strength in the U.S. dollar for most of the
year.

• Selection within investment-grade corporate bonds suffered from a tilt toward more credit sensitive longer maturity issues in the BBB quality range (the lowest investment-grade
category). In addition, an overweight to large, money center banks constrained return due to high levels of new issuance within the segment, which led to a short-term, technical imbalance between supply and demand.

Derivative Positions

During the annual period, the Fund utilized options on interest rate swaps (or "swaptions") to manage yield curve exposures. In addition, the Fund used U.S. Treasury futures contracts to manage interest rate risk in the portfolio. The Fund also used index credit default swaps as a hedge against long cash positions to reduce its overall credit exposure. In aggregate, the Fund's use of derivatives did not have a material effect on performance.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and net asset value. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. Prepayment and extension risk exists as a loan, bond or other investment may be called, prepaid or redeemed before maturity and that similar yielding investments may not be available for purchase. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in fund value. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher-rated securities. Risks are enhanced for emerging market issuers. Market or other (e.g., interest rate) environments may adversely affect the liquidity of fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;953.30 | &nbsp;&nbsp;&nbsp;&nbsp;1022.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;952.40 | &nbsp;&nbsp;&nbsp;&nbsp;1021.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;953.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

8 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Agency 0.0%** | &nbsp;&nbsp;**Asset-Backed Securities — Agency 0.0%** | &nbsp;&nbsp;**Asset-Backed Securities — Agency 0.0%** | &nbsp;&nbsp;**Asset-Backed Securities — Agency 0.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;United States Small Business Administration | &nbsp;&nbsp;United States Small Business Administration | &nbsp;&nbsp;United States Small Business Administration | &nbsp;&nbsp;United States Small Business Administration |
| &nbsp;&nbsp;Series 2014-20I Class 1 | &nbsp;&nbsp;Series 2014-20I Class 1 | &nbsp;&nbsp;Series 2014-20I Class 1 | &nbsp;&nbsp;Series 2014-20I Class 1 |
| &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;2.920% | &nbsp;&nbsp;&nbsp;&nbsp;131564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122883 |
| &nbsp;&nbsp;Total Asset-Backed Securities — Agency<br> (Cost $133,498) | &nbsp;&nbsp;Total Asset-Backed Securities — Agency<br> (Cost $133,498) | &nbsp;&nbsp;Total Asset-Backed Securities — Agency<br> (Cost $133,498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**122883** |
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 14.4%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 14.4%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 14.4%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 14.4%** |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-3 Class B | &nbsp;&nbsp;Subordinated Series 2021-3 Class B | &nbsp;&nbsp;Subordinated Series 2021-3 Class B | &nbsp;&nbsp;Subordinated Series 2021-3 Class B |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;0.660% | &nbsp;&nbsp;3684029 | &nbsp;&nbsp;&nbsp;&nbsp;3672422 |
| &nbsp;&nbsp;Ares LVIII CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ares LVIII CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ares LVIII CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ares LVIII CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-58A Class DR | &nbsp;&nbsp;Series 2020-58A Class DR | &nbsp;&nbsp;Series 2020-58A Class DR | &nbsp;&nbsp;Series 2020-58A Class DR |
| &nbsp;&nbsp;3-month Term SOFR + 3.200%<br> Floor 3.200%<br> 01/15/2035 | &nbsp;&nbsp;7.064% | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;5613718 |
| &nbsp;&nbsp;Ares XLVI CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ares XLVI CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ares XLVI CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Ares XLVI CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2017-46A Class B1 | &nbsp;&nbsp;Series 2017-46A Class B1 | &nbsp;&nbsp;Series 2017-46A Class B1 | &nbsp;&nbsp;Series 2017-46A Class B1 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.350%<br> Floor 1.350%<br> 01/15/2030 | &nbsp;&nbsp;5.429% | 18020000 | &nbsp;&nbsp;17387354 |
| &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-1A Class B | &nbsp;&nbsp;Series 2018-1A Class B | &nbsp;&nbsp;Series 2018-1A Class B | &nbsp;&nbsp;Series 2018-1A Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 1.400%<br> 04/23/2031 | &nbsp;&nbsp;5.725% | 22300000 | &nbsp;&nbsp;21242579 |
| &nbsp;&nbsp;Series 2020-3A Class DR | &nbsp;&nbsp;Series 2020-3A Class DR | &nbsp;&nbsp;Series 2020-3A Class DR | &nbsp;&nbsp;Series 2020-3A Class DR |
| &nbsp;&nbsp;3-month USD LIBOR + 3.250%<br> Floor 3.250%<br> 10/23/2034 | &nbsp;&nbsp;7.575% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4548720 |
| &nbsp;&nbsp;Series 2020-4A Class D | &nbsp;&nbsp;Series 2020-4A Class D | &nbsp;&nbsp;Series 2020-4A Class D | &nbsp;&nbsp;Series 2020-4A Class D |
| &nbsp;&nbsp;3-month USD LIBOR + 4.250%<br> Floor 4.250%<br> 10/20/2033 | &nbsp;&nbsp;8.493% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;6729793 |
| &nbsp;&nbsp;Carlyle Group LP<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle Group LP<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle Group LP<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle Group LP<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2017-5A Class A2 | &nbsp;&nbsp;Series 2017-5A Class A2 | &nbsp;&nbsp;Series 2017-5A Class A2 | &nbsp;&nbsp;Series 2017-5A Class A2 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.400%<br> 01/20/2030 | &nbsp;&nbsp;5.643% | 12000000 | &nbsp;&nbsp;11460708 |
| &nbsp;&nbsp;Cent CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Cent CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Cent CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Cent CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-C17A Class A2R | &nbsp;&nbsp;Series 2018-C17A Class A2R | &nbsp;&nbsp;Series 2018-C17A Class A2R | &nbsp;&nbsp;Series 2018-C17A Class A2R |
| &nbsp;&nbsp;3-month USD LIBOR + 1.600%<br> Floor 1.600%<br> 04/30/2031 | &nbsp;&nbsp;6.015% | 21000000 | &nbsp;&nbsp;20195532 |
| &nbsp;&nbsp;Dryden CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Dryden CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Dryden CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Dryden CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-57A Class B | &nbsp;&nbsp;Series 2018-57A Class B | &nbsp;&nbsp;Series 2018-57A Class B | &nbsp;&nbsp;Series 2018-57A Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 1.350%<br> Floor 1.350%<br> 05/15/2031 | &nbsp;&nbsp;5.956% | 14617500 | &nbsp;&nbsp;14025564 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2020-83A Class D | &nbsp;&nbsp;Series 2020-83A Class D | &nbsp;&nbsp;Series 2020-83A Class D | &nbsp;&nbsp;Series 2020-83A Class D |
| &nbsp;&nbsp;3-month USD LIBOR + 3.500%<br> Floor 3.500%<br> 01/18/2032 | &nbsp;&nbsp;7.694% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;7202344 |
| &nbsp;&nbsp;Goldentree Loan Opportunities XI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Goldentree Loan Opportunities XI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Goldentree Loan Opportunities XI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Goldentree Loan Opportunities XI Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2015-11A Class BR2 | &nbsp;&nbsp;Series 2015-11A Class BR2 | &nbsp;&nbsp;Series 2015-11A Class BR2 | &nbsp;&nbsp;Series 2015-11A Class BR2 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.350%<br> 01/18/2031 | &nbsp;&nbsp;5.544% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9692570 |
| &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;1.110% | &nbsp;&nbsp;2849811 | &nbsp;&nbsp;&nbsp;&nbsp;2829580 |
| &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;1.070% | &nbsp;&nbsp;3108778 | &nbsp;&nbsp;&nbsp;&nbsp;3001823 |
| &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;7294527 | &nbsp;&nbsp;&nbsp;&nbsp;7049713 |
| &nbsp;&nbsp;Lucali CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Lucali CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Lucali CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Lucali CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-1A Class D | &nbsp;&nbsp;Series 2020-1A Class D | &nbsp;&nbsp;Series 2020-1A Class D | &nbsp;&nbsp;Series 2020-1A Class D |
| &nbsp;&nbsp;3-month USD LIBOR + 3.600%<br> Floor 3.600%<br> 01/15/2033 | &nbsp;&nbsp;6.112% | &nbsp;&nbsp;9750000 | &nbsp;&nbsp;&nbsp;&nbsp;8883732 |
| &nbsp;&nbsp;Madison Park Funding XLVII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XLVII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XLVII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XLVII Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-47A Class D | &nbsp;&nbsp;Series 2020-47A Class D | &nbsp;&nbsp;Series 2020-47A Class D | &nbsp;&nbsp;Series 2020-47A Class D |
| &nbsp;&nbsp;3-month USD LIBOR + 4.100%<br> Floor 4.000%<br> 01/19/2034 | &nbsp;&nbsp;6.738% | 13175000 | &nbsp;&nbsp;12869011 |
| &nbsp;&nbsp;Madison Park Funding XXIV Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXIV Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXIV Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXIV Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2016-24A Class BR | &nbsp;&nbsp;Series 2016-24A Class BR | &nbsp;&nbsp;Series 2016-24A Class BR | &nbsp;&nbsp;Series 2016-24A Class BR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> 10/20/2029 | &nbsp;&nbsp;5.975% | 20000000 | &nbsp;&nbsp;19443480 |
| &nbsp;&nbsp;Madison Park Funding XXVII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXVII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXVII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXVII Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-27A Class A2 | &nbsp;&nbsp;Series 2018-27A Class A2 | &nbsp;&nbsp;Series 2018-27A Class A2 | &nbsp;&nbsp;Series 2018-27A Class A2 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.350%<br> 04/20/2030 | &nbsp;&nbsp;5.593% | 11300000 | &nbsp;&nbsp;10920388 |
| &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-2A Class D | &nbsp;&nbsp;Series 2020-2A Class D | &nbsp;&nbsp;Series 2020-2A Class D | &nbsp;&nbsp;Series 2020-2A Class D |
| &nbsp;&nbsp;09/16/2030 | &nbsp;&nbsp;4.650% | &nbsp;&nbsp;4145000 | &nbsp;&nbsp;&nbsp;&nbsp;4054183 |
| &nbsp;&nbsp;Octagon 55 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon 55 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon 55 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon 55 Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class D | &nbsp;&nbsp;Series 2021-1A Class D | &nbsp;&nbsp;Series 2021-1A Class D | &nbsp;&nbsp;Series 2021-1A Class D |
| &nbsp;&nbsp;3-month USD LIBOR + 3.100%<br> Floor 3.100%<br> 07/20/2034 | &nbsp;&nbsp;5.810% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5653368 |
| &nbsp;&nbsp;Octagon Investment Partners 35 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners 35 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners 35 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners 35 Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-1A Class A2 | &nbsp;&nbsp;Series 2018-1A Class A2 | &nbsp;&nbsp;Series 2018-1A Class A2 | &nbsp;&nbsp;Series 2018-1A Class A2 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.400%<br> Floor 1.400%<br> 01/20/2031 | &nbsp;&nbsp;5.643% | 20375000 | &nbsp;&nbsp;19699834 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Octagon Investment Partners XXII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners XXII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners XXII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners XXII Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2014-1A Class BRR | &nbsp;&nbsp;Series 2014-1A Class BRR | &nbsp;&nbsp;Series 2014-1A Class BRR | &nbsp;&nbsp;Series 2014-1A Class BRR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.450%<br> Floor 1.450%<br> 01/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.775% | 45625000 | &nbsp;&nbsp;44413200 |
| &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A |
| &nbsp;&nbsp;05/08/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1.470% | 27500000 | &nbsp;&nbsp;24576434 |
| &nbsp;&nbsp;Subordinated Series 2021-B Class B | &nbsp;&nbsp;Subordinated Series 2021-B Class B | &nbsp;&nbsp;Subordinated Series 2021-B Class B | &nbsp;&nbsp;Subordinated Series 2021-B Class B |
| &nbsp;&nbsp;05/08/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1.960% | &nbsp;&nbsp;3065000 | &nbsp;&nbsp;&nbsp;&nbsp;2671891 |
| &nbsp;&nbsp;OZLM Funding IV Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;OZLM Funding IV Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;OZLM Funding IV Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;OZLM Funding IV Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2013-4A Class D2R | &nbsp;&nbsp;Series 2013-4A Class D2R | &nbsp;&nbsp;Series 2013-4A Class D2R | &nbsp;&nbsp;Series 2013-4A Class D2R |
| &nbsp;&nbsp;3-month USD LIBOR + 7.250%<br> Floor 7.250%<br> 10/22/2030 | &nbsp;&nbsp;11.575% | &nbsp;&nbsp;1962500 | &nbsp;&nbsp;&nbsp;&nbsp;1644092 |
| &nbsp;&nbsp;OZLM XXI<sup>(a),(b)</sup> | &nbsp;&nbsp;OZLM XXI<sup>(a),(b)</sup> | &nbsp;&nbsp;OZLM XXI<sup>(a),(b)</sup> | &nbsp;&nbsp;OZLM XXI<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2017-21A Class A2 | &nbsp;&nbsp;Series 2017-21A Class A2 | &nbsp;&nbsp;Series 2017-21A Class A2 | &nbsp;&nbsp;Series 2017-21A Class A2 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.450%<br> 01/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5.693% | 20000000 | &nbsp;&nbsp;19002440 |
| &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-3 Class B | &nbsp;&nbsp;Series 2020-3 Class B | &nbsp;&nbsp;Series 2020-3 Class B | &nbsp;&nbsp;Series 2020-3 Class B |
| &nbsp;&nbsp;05/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;3.220% | &nbsp;&nbsp;3726597 | &nbsp;&nbsp;&nbsp;&nbsp;3713345 |
| &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1.180% | &nbsp;&nbsp;2906075 | &nbsp;&nbsp;&nbsp;&nbsp;2863585 |
| &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1.150% | 13039859 | &nbsp;&nbsp;12723241 |
| &nbsp;&nbsp;Series 2021-5 Class A | &nbsp;&nbsp;Series 2021-5 Class A | &nbsp;&nbsp;Series 2021-5 Class A | &nbsp;&nbsp;Series 2021-5 Class A |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1.530% | &nbsp;&nbsp;9318263 | &nbsp;&nbsp;&nbsp;&nbsp;8986972 |
| &nbsp;&nbsp;Subordinated Series 2021-3 Class B | &nbsp;&nbsp;Subordinated Series 2021-3 Class B | &nbsp;&nbsp;Subordinated Series 2021-3 Class B | &nbsp;&nbsp;Subordinated Series 2021-3 Class B |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1.740% | &nbsp;&nbsp;9049507 | &nbsp;&nbsp;&nbsp;&nbsp;8254812 |
| &nbsp;&nbsp;Subordinated Series 2021-5 Class B | &nbsp;&nbsp;Subordinated Series 2021-5 Class B | &nbsp;&nbsp;Subordinated Series 2021-5 Class B | &nbsp;&nbsp;Subordinated Series 2021-5 Class B |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2.630% | 10998704 | &nbsp;&nbsp;&nbsp;&nbsp;9923292 |
| &nbsp;&nbsp;Pagaya AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2.030% | 12803215 | &nbsp;&nbsp;12307392 |
| &nbsp;&nbsp;Subordinated Series 2022-1 Class B | &nbsp;&nbsp;Subordinated Series 2022-1 Class B | &nbsp;&nbsp;Subordinated Series 2022-1 Class B | &nbsp;&nbsp;Subordinated Series 2022-1 Class B |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.344% | 10198651 | &nbsp;&nbsp;&nbsp;&nbsp;9189312 |
| &nbsp;&nbsp;PAGAYA AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;PAGAYA AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;PAGAYA AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;PAGAYA AI Debt Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2022-3 Class B | &nbsp;&nbsp;Subordinated Series 2022-3 Class B | &nbsp;&nbsp;Subordinated Series 2022-3 Class B | &nbsp;&nbsp;Subordinated Series 2022-3 Class B |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;8.050% | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;8916992 |
| &nbsp;&nbsp;Prosper Pass-Through Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Prosper Pass-Through Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Prosper Pass-Through Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Prosper Pass-Through Trust<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;Series 2019-ST2 Class A | &nbsp;&nbsp;Series 2019-ST2 Class A | &nbsp;&nbsp;Series 2019-ST2 Class A | &nbsp;&nbsp;Series 2019-ST2 Class A |
| &nbsp;&nbsp;11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;709969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709969 |
| &nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup> | &nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup> | &nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup> | &nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A |
| &nbsp;&nbsp;03/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;2.650% | &nbsp;&nbsp;7589370 | &nbsp;&nbsp;&nbsp;&nbsp;6673775 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;RR 3 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;RR 3 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;RR 3 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;RR 3 Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2014-14A Class A2R2 | &nbsp;&nbsp;Series 2014-14A Class A2R2 | &nbsp;&nbsp;Series 2014-14A Class A2R2 | &nbsp;&nbsp;Series 2014-14A Class A2R2 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.400%<br> Floor 1.400%<br> 01/15/2030 | &nbsp;&nbsp;5.479% | &nbsp;&nbsp;28000000 | &nbsp;&nbsp;&nbsp;&nbsp;27170080 |
| &nbsp;&nbsp;Stewart Park CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Stewart Park CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Stewart Park CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Stewart Park CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2017-1A Class BR | &nbsp;&nbsp;Series 2017-1A Class BR | &nbsp;&nbsp;Series 2017-1A Class BR | &nbsp;&nbsp;Series 2017-1A Class BR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.370%<br> Floor 1.370%<br> 01/15/2030 | &nbsp;&nbsp;5.449% | &nbsp;&nbsp;11171429 | &nbsp;&nbsp;&nbsp;&nbsp;10778027 |
| &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;1.210% | &nbsp;&nbsp;&nbsp;&nbsp;3980518 | &nbsp;&nbsp;&nbsp;&nbsp;3915693 |
| &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-ST6 Class A | &nbsp;&nbsp;Series 2020-ST6 Class A | &nbsp;&nbsp;Series 2020-ST6 Class A | &nbsp;&nbsp;Series 2020-ST6 Class A |
| &nbsp;&nbsp;01/20/2027 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;3646909 | &nbsp;&nbsp;&nbsp;&nbsp;3465028 |
| &nbsp;&nbsp;Series 2021-ST1 Class A | &nbsp;&nbsp;Series 2021-ST1 Class A | &nbsp;&nbsp;Series 2021-ST1 Class A | &nbsp;&nbsp;Series 2021-ST1 Class A |
| &nbsp;&nbsp;02/20/2027 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;5300371 | &nbsp;&nbsp;&nbsp;&nbsp;5044555 |
| &nbsp;&nbsp;Series 2021-ST10 Class A | &nbsp;&nbsp;Series 2021-ST10 Class A | &nbsp;&nbsp;Series 2021-ST10 Class A | &nbsp;&nbsp;Series 2021-ST10 Class A |
| &nbsp;&nbsp;01/20/2030 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;10836727 | &nbsp;&nbsp;&nbsp;&nbsp;10265954 |
| &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A |
| &nbsp;&nbsp;07/20/2031 | &nbsp;&nbsp;0.830% | &nbsp;&nbsp;&nbsp;&nbsp;3952989 | &nbsp;&nbsp;&nbsp;&nbsp;3868451 |
| &nbsp;&nbsp;Series 2021-4 Class A | &nbsp;&nbsp;Series 2021-4 Class A | &nbsp;&nbsp;Series 2021-4 Class A | &nbsp;&nbsp;Series 2021-4 Class A |
| &nbsp;&nbsp;09/20/2031 | &nbsp;&nbsp;0.840% | &nbsp;&nbsp;&nbsp;&nbsp;8769018 | &nbsp;&nbsp;&nbsp;&nbsp;8476671 |
| &nbsp;&nbsp;Subordinated Series 2021-3 Class B | &nbsp;&nbsp;Subordinated Series 2021-3 Class B | &nbsp;&nbsp;Subordinated Series 2021-3 Class B | &nbsp;&nbsp;Subordinated Series 2021-3 Class B |
| &nbsp;&nbsp;07/20/2031 | &nbsp;&nbsp;1.660% | &nbsp;&nbsp;&nbsp;&nbsp;9050000 | &nbsp;&nbsp;&nbsp;&nbsp;8427789 |
| &nbsp;&nbsp;Subordinated Series 2021-4 Class B | &nbsp;&nbsp;Subordinated Series 2021-4 Class B | &nbsp;&nbsp;Subordinated Series 2021-4 Class B | &nbsp;&nbsp;Subordinated Series 2021-4 Class B |
| &nbsp;&nbsp;09/20/2031 | &nbsp;&nbsp;1.840% | &nbsp;&nbsp;11370000 | &nbsp;&nbsp;&nbsp;&nbsp;10180530 |
| &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $509,644,426) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $509,644,426) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $509,644,426) | &nbsp;&nbsp;**484339938** |
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 1.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 1.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 1.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 1.6%** |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(e)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(e)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(e)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(e)</sup> |
| &nbsp;&nbsp;Series 2017-M15 Class ATS2 | &nbsp;&nbsp;Series 2017-M15 Class ATS2 | &nbsp;&nbsp;Series 2017-M15 Class ATS2 | &nbsp;&nbsp;Series 2017-M15 Class ATS2 |
| &nbsp;&nbsp;11/25/2027 | &nbsp;&nbsp;3.158% | &nbsp;&nbsp;44980986 | &nbsp;&nbsp;&nbsp;&nbsp;42630221 |
| &nbsp;&nbsp;FRESB Mortgage Trust<sup>(e)</sup> | &nbsp;&nbsp;FRESB Mortgage Trust<sup>(e)</sup> | &nbsp;&nbsp;FRESB Mortgage Trust<sup>(e)</sup> | &nbsp;&nbsp;FRESB Mortgage Trust<sup>(e)</sup> |
| &nbsp;&nbsp;Series 2018-SB45 Class A10F (FHLMC) | &nbsp;&nbsp;Series 2018-SB45 Class A10F (FHLMC) | &nbsp;&nbsp;Series 2018-SB45 Class A10F (FHLMC) | &nbsp;&nbsp;Series 2018-SB45 Class A10F (FHLMC) |
| &nbsp;&nbsp;11/25/2027 | &nbsp;&nbsp;3.160% | &nbsp;&nbsp;&nbsp;&nbsp;7487246 | &nbsp;&nbsp;&nbsp;&nbsp;7110965 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(e),(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(e),(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(e),(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Series 2019-147 Class IO | &nbsp;&nbsp;Series 2019-147 Class IO | &nbsp;&nbsp;Series 2019-147 Class IO | &nbsp;&nbsp;Series 2019-147 Class IO |
| &nbsp;&nbsp;06/16/2061 | &nbsp;&nbsp;0.396% | 125222542 | &nbsp;&nbsp;&nbsp;&nbsp;4945301 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $64,786,569) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $64,786,569) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $64,786,569) | &nbsp;&nbsp;&nbsp;&nbsp;**54686487** |
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 6.8%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 6.8%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 6.8%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 6.8%** |
| &nbsp;&nbsp;American Homes 4 Rent Trust<sup>(a)</sup> | &nbsp;&nbsp;American Homes 4 Rent Trust<sup>(a)</sup> | &nbsp;&nbsp;American Homes 4 Rent Trust<sup>(a)</sup> | &nbsp;&nbsp;American Homes 4 Rent Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2014-SFR3 Class A | &nbsp;&nbsp;Series 2014-SFR3 Class A | &nbsp;&nbsp;Series 2014-SFR3 Class A | &nbsp;&nbsp;Series 2014-SFR3 Class A |
| &nbsp;&nbsp;12/17/2036 | &nbsp;&nbsp;3.678% | &nbsp;&nbsp;&nbsp;&nbsp;2136711 | &nbsp;&nbsp;&nbsp;&nbsp;2048129 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;Series 2013-WBRK Class A | &nbsp;&nbsp;Series 2013-WBRK Class A | &nbsp;&nbsp;Series 2013-WBRK Class A | &nbsp;&nbsp;Series 2013-WBRK Class A |
| &nbsp;&nbsp;03/10/2037 | &nbsp;&nbsp;3.534% | &nbsp;&nbsp;5550000 | &nbsp;&nbsp;&nbsp;&nbsp;5006375 |
| &nbsp;&nbsp;BBCMS Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BBCMS Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BBCMS Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BBCMS Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2018-BXH Class E | &nbsp;&nbsp;Subordinated Series 2018-BXH Class E | &nbsp;&nbsp;Subordinated Series 2018-BXH Class E | &nbsp;&nbsp;Subordinated Series 2018-BXH Class E |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> Floor 2.250%<br> 10/15/2037 | &nbsp;&nbsp;6.568% | 10581000 | &nbsp;&nbsp;&nbsp;&nbsp;9860086 |
| &nbsp;&nbsp;BFLD Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BFLD Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BFLD Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BFLD Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2019-DPLO Class F | &nbsp;&nbsp;Series 2019-DPLO Class F | &nbsp;&nbsp;Series 2019-DPLO Class F | &nbsp;&nbsp;Series 2019-DPLO Class F |
| &nbsp;&nbsp;1-month USD LIBOR + 2.540%<br> Floor 2.540%<br> 10/15/2034 | &nbsp;&nbsp;6.858% | &nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;4603401 |
| &nbsp;&nbsp;Subordinated Series 2019-DPLO Class D | &nbsp;&nbsp;Subordinated Series 2019-DPLO Class D | &nbsp;&nbsp;Subordinated Series 2019-DPLO Class D | &nbsp;&nbsp;Subordinated Series 2019-DPLO Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 1.840%<br> Floor 1.840%<br> 10/15/2034 | &nbsp;&nbsp;6.158% | &nbsp;&nbsp;3050000 | &nbsp;&nbsp;&nbsp;&nbsp;2913693 |
| &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-ATLS Class A | &nbsp;&nbsp;Series 2018-ATLS Class A | &nbsp;&nbsp;Series 2018-ATLS Class A | &nbsp;&nbsp;Series 2018-ATLS Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.250%<br> Floor 1.250%<br> 07/15/2035 | &nbsp;&nbsp;5.568% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4819450 |
| &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-PRME Class E | &nbsp;&nbsp;Series 2018-PRME Class E | &nbsp;&nbsp;Series 2018-PRME Class E | &nbsp;&nbsp;Series 2018-PRME Class E |
| &nbsp;&nbsp;1-month USD LIBOR + 2.400%<br> Floor 2.400%<br> 06/15/2035 | &nbsp;&nbsp;6.718% | &nbsp;&nbsp;6310000 | &nbsp;&nbsp;&nbsp;&nbsp;5845070 |
| &nbsp;&nbsp;Subordinated Series 2018-PRME Class D | &nbsp;&nbsp;Subordinated Series 2018-PRME Class D | &nbsp;&nbsp;Subordinated Series 2018-PRME Class D | &nbsp;&nbsp;Subordinated Series 2018-PRME Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 1.800%<br> Floor 1.925%<br> 06/15/2035 | &nbsp;&nbsp;6.118% | &nbsp;&nbsp;6950000 | &nbsp;&nbsp;&nbsp;&nbsp;6655597 |
| &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2019-IKPR Class A | &nbsp;&nbsp;Series 2019-IKPR Class A | &nbsp;&nbsp;Series 2019-IKPR Class A | &nbsp;&nbsp;Series 2019-IKPR Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.129%<br> Floor 1.129%<br> 11/15/2038 | &nbsp;&nbsp;5.447% | &nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;4191280 |
| &nbsp;&nbsp;Subordinated Series 2019-IKPR Class E | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class E | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class E | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class E |
| &nbsp;&nbsp;1-month USD LIBOR + 2.721%<br> Floor 2.721%<br> 11/15/2038 | &nbsp;&nbsp;7.039% | 14900000 | &nbsp;&nbsp;13690989 |
| &nbsp;&nbsp;Cold Storage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Cold Storage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Cold Storage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Cold Storage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-ICE5 Class F | &nbsp;&nbsp;Subordinated Series 2020-ICE5 Class F | &nbsp;&nbsp;Subordinated Series 2020-ICE5 Class F | &nbsp;&nbsp;Subordinated Series 2020-ICE5 Class F |
| &nbsp;&nbsp;1-month USD LIBOR + 3.492%<br> Floor 3.492%<br> 11/15/2037 | &nbsp;&nbsp;7.810% | &nbsp;&nbsp;3096420 | &nbsp;&nbsp;&nbsp;&nbsp;2951383 |
| &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-CBM Class E | &nbsp;&nbsp;Subordinated Series 2020-CBM Class E | &nbsp;&nbsp;Subordinated Series 2020-CBM Class E | &nbsp;&nbsp;Subordinated Series 2020-CBM Class E |
| &nbsp;&nbsp;02/10/2037 | &nbsp;&nbsp;3.633% | 10950000 | &nbsp;&nbsp;&nbsp;&nbsp;9407823 |
| &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2014-USA Class A2 | &nbsp;&nbsp;Series 2014-USA Class A2 | &nbsp;&nbsp;Series 2014-USA Class A2 | &nbsp;&nbsp;Series 2014-USA Class A2 |
| &nbsp;&nbsp;09/15/2037 | &nbsp;&nbsp;3.953% | 15735000 | &nbsp;&nbsp;14136299 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E |
| &nbsp;&nbsp;09/15/2037 | &nbsp;&nbsp;4.373% | 19065000 | &nbsp;&nbsp;10567773 |
| &nbsp;&nbsp;Subordinated Series 2014-USA Class F | &nbsp;&nbsp;Subordinated Series 2014-USA Class F | &nbsp;&nbsp;Subordinated Series 2014-USA Class F | &nbsp;&nbsp;Subordinated Series 2014-USA Class F |
| &nbsp;&nbsp;09/15/2037 | &nbsp;&nbsp;4.373% | 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;8046078 |
| &nbsp;&nbsp;Extended Stay America Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Extended Stay America Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Extended Stay America Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Extended Stay America Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-ESH Class D | &nbsp;&nbsp;Series 2021-ESH Class D | &nbsp;&nbsp;Series 2021-ESH Class D | &nbsp;&nbsp;Series 2021-ESH Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> Floor 2.250%<br> 07/15/2038 | &nbsp;&nbsp;6.568% | &nbsp;&nbsp;9761922 | &nbsp;&nbsp;&nbsp;&nbsp;9347586 |
| &nbsp;&nbsp;Hilton USA Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;Series 2016-HHV Class F | &nbsp;&nbsp;Series 2016-HHV Class F | &nbsp;&nbsp;Series 2016-HHV Class F | &nbsp;&nbsp;Series 2016-HHV Class F |
| &nbsp;&nbsp;11/05/2038 | &nbsp;&nbsp;4.194% | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;3784520 |
| &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2016-SFP Class E | &nbsp;&nbsp;Subordinated Series 2016-SFP Class E | &nbsp;&nbsp;Subordinated Series 2016-SFP Class E | &nbsp;&nbsp;Subordinated Series 2016-SFP Class E |
| &nbsp;&nbsp;11/05/2035 | &nbsp;&nbsp;5.519% | 10901000 | &nbsp;&nbsp;10173417 |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;Series 2019-MEAD Class E | &nbsp;&nbsp;Series 2019-MEAD Class E | &nbsp;&nbsp;Series 2019-MEAD Class E | &nbsp;&nbsp;Series 2019-MEAD Class E |
| &nbsp;&nbsp;11/10/2036 | &nbsp;&nbsp;3.177% | 13400000 | &nbsp;&nbsp;11476963 |
| &nbsp;&nbsp;One New York Plaza Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;One New York Plaza Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;One New York Plaza Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;One New York Plaza Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-1NYP Class C | &nbsp;&nbsp;Subordinated Series 2020-1NYP Class C | &nbsp;&nbsp;Subordinated Series 2020-1NYP Class C | &nbsp;&nbsp;Subordinated Series 2020-1NYP Class C |
| &nbsp;&nbsp;1-month USD LIBOR + 2.200%<br> Floor 2.200%<br> 01/15/2036 | &nbsp;&nbsp;6.518% | &nbsp;&nbsp;6600000 | &nbsp;&nbsp;&nbsp;&nbsp;6159642 |
| &nbsp;&nbsp;Subordinated Series 2020-1NYP Class D | &nbsp;&nbsp;Subordinated Series 2020-1NYP Class D | &nbsp;&nbsp;Subordinated Series 2020-1NYP Class D | &nbsp;&nbsp;Subordinated Series 2020-1NYP Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 2.750%<br> 01/15/2036 | &nbsp;&nbsp;7.068% | &nbsp;&nbsp;4150000 | &nbsp;&nbsp;&nbsp;&nbsp;3776354 |
| &nbsp;&nbsp;Progress Residential 2020-SFR3 Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential 2020-SFR3 Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential 2020-SFR3 Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential 2020-SFR3 Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-SFR3 Class A | &nbsp;&nbsp;Series 2020-SFR3 Class A | &nbsp;&nbsp;Series 2020-SFR3 Class A | &nbsp;&nbsp;Series 2020-SFR3 Class A |
| &nbsp;&nbsp;10/17/2027 | &nbsp;&nbsp;1.294% | &nbsp;&nbsp;7982076 | &nbsp;&nbsp;&nbsp;&nbsp;7069100 |
| &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-SFR1 Class E | &nbsp;&nbsp;Series 2020-SFR1 Class E | &nbsp;&nbsp;Series 2020-SFR1 Class E | &nbsp;&nbsp;Series 2020-SFR1 Class E |
| &nbsp;&nbsp;04/17/2037 | &nbsp;&nbsp;3.032% | 19775000 | &nbsp;&nbsp;17933418 |
| &nbsp;&nbsp;Subordinated Series 2019-SFR3 Class F | &nbsp;&nbsp;Subordinated Series 2019-SFR3 Class F | &nbsp;&nbsp;Subordinated Series 2019-SFR3 Class F | &nbsp;&nbsp;Subordinated Series 2019-SFR3 Class F |
| &nbsp;&nbsp;09/17/2036 | &nbsp;&nbsp;3.867% | &nbsp;&nbsp;2775000 | &nbsp;&nbsp;&nbsp;&nbsp;2601636 |
| &nbsp;&nbsp;Subordinated Series 2019-SFR4 Class F | &nbsp;&nbsp;Subordinated Series 2019-SFR4 Class F | &nbsp;&nbsp;Subordinated Series 2019-SFR4 Class F | &nbsp;&nbsp;Subordinated Series 2019-SFR4 Class F |
| &nbsp;&nbsp;10/17/2036 | &nbsp;&nbsp;3.684% | &nbsp;&nbsp;1735000 | &nbsp;&nbsp;&nbsp;&nbsp;1642387 |
| &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class E | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class E | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class E | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class E |
| &nbsp;&nbsp;06/17/2037 | &nbsp;&nbsp;5.115% | &nbsp;&nbsp;5900000 | &nbsp;&nbsp;&nbsp;&nbsp;5565880 |
| &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-555 Class A | &nbsp;&nbsp;Series 2021-555 Class A | &nbsp;&nbsp;Series 2021-555 Class A | &nbsp;&nbsp;Series 2021-555 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.150%<br> Floor 1.150%<br> 05/15/2038 | &nbsp;&nbsp;5.468% | 22000000 | &nbsp;&nbsp;20159755 |
| &nbsp;&nbsp;UBS Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;UBS Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;UBS Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;UBS Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-NYCH Class B | &nbsp;&nbsp;Series 2018-NYCH Class B | &nbsp;&nbsp;Series 2018-NYCH Class B | &nbsp;&nbsp;Series 2018-NYCH Class B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.250%<br> Floor 1.250%<br> 02/15/2032 | &nbsp;&nbsp;5.568% | 10469000 | &nbsp;&nbsp;10144061 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-FCMT Class A | &nbsp;&nbsp;Series 2021-FCMT Class A | &nbsp;&nbsp;Series 2021-FCMT Class A | &nbsp;&nbsp;Series 2021-FCMT Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.200%<br> Floor 1.200%<br> 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5.518% | 6250000 | &nbsp;&nbsp;&nbsp;&nbsp;5816099 |
| &nbsp;&nbsp;Subordinated Series 2017-SMP Class C | &nbsp;&nbsp;Subordinated Series 2017-SMP Class C | &nbsp;&nbsp;Subordinated Series 2017-SMP Class C | &nbsp;&nbsp;Subordinated Series 2017-SMP Class C |
| &nbsp;&nbsp;1-month USD LIBOR + 1.325%<br> Floor 1.200%<br> 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;5.643% | 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;8225640 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $257,843,715) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $257,843,715) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $257,843,715) | &nbsp;&nbsp;**228619884** |
| &nbsp;&nbsp;**Convertible Bonds 0.0%** | &nbsp;&nbsp;**Convertible Bonds 0.0%** | &nbsp;&nbsp;**Convertible Bonds 0.0%** | &nbsp;&nbsp;**Convertible Bonds 0.0%** |
| &nbsp;&nbsp;**Cable and Satellite 0.0%** | &nbsp;&nbsp;**Cable and Satellite 0.0%** | &nbsp;&nbsp;**Cable and Satellite 0.0%** | &nbsp;&nbsp;**Cable and Satellite 0.0%** |
| &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;721000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451707 |
| &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $688,698) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $688,698) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $688,698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**451707** |
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> 21.2%** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> 21.2%** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> 21.2%** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> 21.2%** |
| &nbsp;&nbsp;**Aerospace & Defense 0.5%** | &nbsp;&nbsp;**Aerospace & Defense 0.5%** | &nbsp;&nbsp;**Aerospace & Defense 0.5%** | &nbsp;&nbsp;**Aerospace & Defense 0.5%** |
| &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.200% | 3264000 | &nbsp;&nbsp;&nbsp;&nbsp;2871693 |
| &nbsp;&nbsp;08/01/2059 | &nbsp;&nbsp;&nbsp;&nbsp;3.950% | 6580000 | &nbsp;&nbsp;&nbsp;&nbsp;4416850 |
| &nbsp;&nbsp;05/01/2060 | &nbsp;&nbsp;&nbsp;&nbsp;5.930% | 4933000 | &nbsp;&nbsp;&nbsp;&nbsp;4529836 |
| &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;534000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534992 |
| &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;9.375% | &nbsp;&nbsp;&nbsp;186000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196012 |
| &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | 1995000 | &nbsp;&nbsp;&nbsp;&nbsp;1971704 |
| &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.375% | 1198000 | &nbsp;&nbsp;&nbsp;&nbsp;1167491 |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;438000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411306 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401059 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**16500943** |
| &nbsp;&nbsp;**Airlines 0.1%** | &nbsp;&nbsp;**Airlines 0.1%** | &nbsp;&nbsp;**Airlines 0.1%** | &nbsp;&nbsp;**Airlines 0.1%** |
| &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> | &nbsp;&nbsp;Air Canada<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318045 |
| &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;11.750% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645502 |
| &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 1446165 | &nbsp;&nbsp;&nbsp;&nbsp;1390723 |
| &nbsp;&nbsp;04/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;207779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190089 |
| &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;802736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726311 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323187 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;389000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339486 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3933343** |
| &nbsp;&nbsp;**Automotive 0.2%** | &nbsp;&nbsp;**Automotive 0.2%** | &nbsp;&nbsp;**Automotive 0.2%** | &nbsp;&nbsp;**Automotive 0.2%** |
| &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. |
| &nbsp;&nbsp;02/12/2032 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;864000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650113 |
| &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294377 |
| &nbsp;&nbsp;01/09/2027 | &nbsp;&nbsp;4.271% | &nbsp;&nbsp;&nbsp;&nbsp;934000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846817 |
| &nbsp;&nbsp;08/17/2027 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298464 |
| &nbsp;&nbsp;11/04/2027 | &nbsp;&nbsp;7.350% | &nbsp;&nbsp;&nbsp;&nbsp;294000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301262 |
| &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;2.900% | &nbsp;&nbsp;&nbsp;&nbsp;368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304078 |
| &nbsp;&nbsp;02/10/2029 | &nbsp;&nbsp;2.900% | &nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766377 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297791 |
| &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706522 |
| &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347027 |
| &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;8.500% | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650583 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5463411** |
| &nbsp;&nbsp;**Banking 6.1%** | &nbsp;&nbsp;**Banking 6.1%** | &nbsp;&nbsp;**Banking 6.1%** | &nbsp;&nbsp;**Banking 6.1%** |
| &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> |
| &nbsp;&nbsp;07/23/2031 | &nbsp;&nbsp;1.898% | 32855000 | &nbsp;&nbsp;25260418 |
| &nbsp;&nbsp;10/20/2032 | &nbsp;&nbsp;2.572% | 10390000 | &nbsp;&nbsp;&nbsp;&nbsp;8150488 |
| &nbsp;&nbsp;02/04/2033 | &nbsp;&nbsp;2.972% | 18020000 | &nbsp;&nbsp;14529797 |
| &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> |
| &nbsp;&nbsp;06/03/2031 | &nbsp;&nbsp;2.572% | &nbsp;&nbsp;4618000 | &nbsp;&nbsp;&nbsp;&nbsp;3735323 |
| &nbsp;&nbsp;01/25/2033 | &nbsp;&nbsp;3.057% | 19236000 | &nbsp;&nbsp;15532161 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> |
| &nbsp;&nbsp;07/21/2032 | &nbsp;&nbsp;2.383% | 13579000 | &nbsp;&nbsp;10526369 |
| &nbsp;&nbsp;10/21/2032 | &nbsp;&nbsp;2.650% | 18433000 | &nbsp;&nbsp;14549549 |
| &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> |
| &nbsp;&nbsp;05/24/2032 | &nbsp;&nbsp;2.804% | &nbsp;&nbsp;9154000 | &nbsp;&nbsp;&nbsp;&nbsp;7066190 |
| &nbsp;&nbsp;11/22/2032 | &nbsp;&nbsp;2.871% | 21713000 | &nbsp;&nbsp;16627268 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;2.739% | &nbsp;&nbsp;7987000 | &nbsp;&nbsp;&nbsp;&nbsp;6707253 |
| &nbsp;&nbsp;04/22/2032 | &nbsp;&nbsp;2.580% | 27720000 | &nbsp;&nbsp;22177110 |
| &nbsp;&nbsp;11/08/2032 | &nbsp;&nbsp;2.545% | 24791000 | &nbsp;&nbsp;19590421 |
| &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> |
| &nbsp;&nbsp;07/21/2032 | &nbsp;&nbsp;2.239% | &nbsp;&nbsp;4533000 | &nbsp;&nbsp;&nbsp;&nbsp;3473052 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/16/2036 | &nbsp;&nbsp;2.484% | &nbsp;&nbsp;1860000 | &nbsp;&nbsp;&nbsp;&nbsp;1356747 |
| &nbsp;&nbsp;04/20/2037 | &nbsp;&nbsp;5.297% | &nbsp;&nbsp;9485000 | &nbsp;&nbsp;&nbsp;&nbsp;8678812 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> |
| &nbsp;&nbsp;10/30/2030 | &nbsp;&nbsp;2.879% | &nbsp;&nbsp;&nbsp;&nbsp;609000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517767 |
| &nbsp;&nbsp;02/11/2031 | &nbsp;&nbsp;2.572% | 32216000 | &nbsp;&nbsp;&nbsp;&nbsp;26645385 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**205124110** |
| &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.1%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.1%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.1%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.1%** |
| &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2027 | &nbsp;&nbsp;8.625% | &nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360337 |
| &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;Hightower Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;364000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304700 |
| &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;401000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376940 |
| &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;366000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311613 |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;1494000 | &nbsp;&nbsp;&nbsp;&nbsp;1237018 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2590608** |
| &nbsp;&nbsp;**Building Materials 0.1%** | &nbsp;&nbsp;**Building Materials 0.1%** | &nbsp;&nbsp;**Building Materials 0.1%** | &nbsp;&nbsp;**Building Materials 0.1%** |
| &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363731 |
| &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627994 |
| &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419825 |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312485 |
| &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411889 |
| &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> | &nbsp;&nbsp;White Cap Buyer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;&nbsp;493000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429579 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2565503** |
| &nbsp;&nbsp;**Cable and Satellite 1.0%** | &nbsp;&nbsp;**Cable and Satellite 1.0%** | &nbsp;&nbsp;**Cable and Satellite 1.0%** | &nbsp;&nbsp;**Cable and Satellite 1.0%** |
| &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;626000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540669 |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;1435000 | &nbsp;&nbsp;&nbsp;&nbsp;1188209 |
| &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;459000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368520 |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;552000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447511 |
| &nbsp;&nbsp;CCO Holdings LLC/Capital Corp. | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp. | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp. | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp. |
| &nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444169 |
| &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital |
| &nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;4412000 | &nbsp;&nbsp;&nbsp;&nbsp;3476429 |
| &nbsp;&nbsp;12/01/2061 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681065 |
| &nbsp;&nbsp;06/30/2062 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;9151000 | &nbsp;&nbsp;&nbsp;&nbsp;5406330 |
| &nbsp;&nbsp;04/01/2063 | &nbsp;&nbsp;5.500% | 12519000 | &nbsp;&nbsp;&nbsp;&nbsp;9639219 |
| &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;789000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636000 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;722000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408236 |
| &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;1466000 | &nbsp;&nbsp;&nbsp;&nbsp;1034749 |
| &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156282 |
| &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;258000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144189 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229573 |
| &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;466000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376065 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 1327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856063 |
| &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;11.750% | &nbsp;&nbsp;&nbsp;432000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444242 |
| &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;604000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443905 |
| &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;907000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380136 |
| &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;552000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490108 |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219753 |
| &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | 3204000 | &nbsp;&nbsp;&nbsp;&nbsp;2708915 |
| &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;671000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539094 |
| &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508646 |
| &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;901000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734612 |
| &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Co. BV<sup>(a)</sup> |
| &nbsp;&nbsp;02/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;432000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350463 |
| &nbsp;&nbsp;Ziggo Bond Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo Bond Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390043 |
| &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;896000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749192 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**33992387** |
| &nbsp;&nbsp;**Chemicals 0.2%** | &nbsp;&nbsp;**Chemicals 0.2%** | &nbsp;&nbsp;**Chemicals 0.2%** | &nbsp;&nbsp;**Chemicals 0.2%** |
| &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;343000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337379 |
| &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323643 |
| &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512860 |
| &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;398000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379529 |
| &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;732000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624823 |
| &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528199 |
| &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435064 |
| &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;9.000% | &nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711154 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;9.375% | &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;524535 |
| &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(i)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(i)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(i)</sup> | &nbsp;&nbsp;Iris Holdings, Inc.<sup>(a),(i)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;323000 | &nbsp;&nbsp;&nbsp;&nbsp;281242 |
| &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp;142859 |
| &nbsp;&nbsp;SPCM SA<sup>(a)</sup> | &nbsp;&nbsp;SPCM SA<sup>(a)</sup> | &nbsp;&nbsp;SPCM SA<sup>(a)</sup> | &nbsp;&nbsp;SPCM SA<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;197298 |
| &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2028 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;417000 | &nbsp;&nbsp;&nbsp;&nbsp;335807 |
| &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;816000 | &nbsp;&nbsp;&nbsp;&nbsp;722890 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;5.625% | 1174000 | &nbsp;&nbsp;&nbsp;&nbsp;949784 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**7007066** |
| &nbsp;&nbsp;**Construction Machinery 0.0%** | &nbsp;&nbsp;**Construction Machinery 0.0%** | &nbsp;&nbsp;**Construction Machinery 0.0%** | &nbsp;&nbsp;**Construction Machinery 0.0%** |
| &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;651000 | &nbsp;&nbsp;&nbsp;&nbsp;554222 |
| &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp;151032 |
| &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2025 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;273133 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**978387** |
| &nbsp;&nbsp;**Consumer Cyclical Services 0.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.1%** |
| &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;171000 | &nbsp;&nbsp;&nbsp;&nbsp;141776 |
| &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;509557 |
| &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;353000 | &nbsp;&nbsp;&nbsp;&nbsp;303872 |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;315449 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;4.500% | 1999000 | &nbsp;&nbsp;1742769 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3013423** |
| &nbsp;&nbsp;**Consumer Products 0.1%** | &nbsp;&nbsp;**Consumer Products 0.1%** | &nbsp;&nbsp;**Consumer Products 0.1%** | &nbsp;&nbsp;**Consumer Products 0.1%** |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;864000 | &nbsp;&nbsp;&nbsp;&nbsp;745180 |
| &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;372741 |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;788000 | &nbsp;&nbsp;&nbsp;&nbsp;692608 |
| &nbsp;&nbsp;Mattel, Inc. | &nbsp;&nbsp;Mattel, Inc. | &nbsp;&nbsp;Mattel, Inc. | &nbsp;&nbsp;Mattel, Inc. |
| &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;6.200% | 1049000 | &nbsp;&nbsp;&nbsp;&nbsp;906362 |
| &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;136022 |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;191480 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443949 |
| &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) |
| &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134383 |
| &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251370 |
| &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;409000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357766 |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25741 |
| &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104118 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4361720** |
| &nbsp;&nbsp;**Diversified Manufacturing 0.4%** | &nbsp;&nbsp;**Diversified Manufacturing 0.4%** | &nbsp;&nbsp;**Diversified Manufacturing 0.4%** | &nbsp;&nbsp;**Diversified Manufacturing 0.4%** |
| &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;2.722% | &nbsp;&nbsp;9344000 | &nbsp;&nbsp;&nbsp;&nbsp;7874526 |
| &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234971 |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82047 |
| &nbsp;&nbsp;Gates Global LLC/Co.<sup>(a)</sup> | &nbsp;&nbsp;Gates Global LLC/Co.<sup>(a)</sup> | &nbsp;&nbsp;Gates Global LLC/Co.<sup>(a)</sup> | &nbsp;&nbsp;Gates Global LLC/Co.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;1054000 | &nbsp;&nbsp;&nbsp;&nbsp;1016453 |
| &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> |
| &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated | &nbsp;&nbsp;Junior Subordinated |
| &nbsp;&nbsp;3-month USD LIBOR + 3.330%<br> 12/31/2049 | &nbsp;&nbsp;8.099% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951 |
| &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;654000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544628 |
| &nbsp;&nbsp;06/30/2029 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279950 |
| &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;516000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416309 |
| &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;401000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356706 |
| &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780534 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339641 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**11930716** |
| &nbsp;&nbsp;**Electric 1.1%** | &nbsp;&nbsp;**Electric 1.1%** | &nbsp;&nbsp;**Electric 1.1%** | &nbsp;&nbsp;**Electric 1.1%** |
| &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. |
| &nbsp;&nbsp;01/15/2050 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;5325000 | &nbsp;&nbsp;&nbsp;&nbsp;3770663 |
| &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634366 |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;229000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185050 |
| &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8018000 | &nbsp;&nbsp;&nbsp;&nbsp;7193300 |
| &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;4.750% | 13116000 | &nbsp;&nbsp;10204252 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;2282000 | &nbsp;&nbsp;&nbsp;&nbsp;1956088 |
| &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613225 |
| &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259979 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;776000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685591 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860770 |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;659000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496852 |
| &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. |
| &nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;8490000 | &nbsp;&nbsp;&nbsp;&nbsp;6651539 |
| &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;Southern Co. (The) |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;3505000 | &nbsp;&nbsp;&nbsp;&nbsp;2931467 |
| &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214882 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387402 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**37045426** |
| &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** |
| &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694121 |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;481000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462303 |
| &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;612000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532430 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351220 |
| &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;907000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803732 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2843806** |
| &nbsp;&nbsp;**Finance Companies 0.1%** | &nbsp;&nbsp;**Finance Companies 0.1%** | &nbsp;&nbsp;**Finance Companies 0.1%** | &nbsp;&nbsp;**Finance Companies 0.1%** |
| &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. |
| &nbsp;&nbsp;01/25/2023 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271599 |
| &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;OneMain Finance Corp. |
| &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16445 |
| &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;556000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491165 |
| &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp;968000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768076 |
| &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1580000 | &nbsp;&nbsp;&nbsp;&nbsp;1181845 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2729130** |
| &nbsp;&nbsp;**Food and Beverage 1.0%** | &nbsp;&nbsp;**Food and Beverage 1.0%** | &nbsp;&nbsp;**Food and Beverage 1.0%** | &nbsp;&nbsp;**Food and Beverage 1.0%** |
| &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. |
| &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;4.900% | &nbsp;&nbsp;3739000 | &nbsp;&nbsp;&nbsp;&nbsp;3421556 |
| &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;5.300% | 13380000 | &nbsp;&nbsp;11999998 |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;429000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420455 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.625% | 1961000 | &nbsp;&nbsp;&nbsp;&nbsp;1840152 |
| &nbsp;&nbsp;Grupo Bimbo SAB de CV<sup>(a)</sup> | &nbsp;&nbsp;Grupo Bimbo SAB de CV<sup>(a)</sup> | &nbsp;&nbsp;Grupo Bimbo SAB de CV<sup>(a)</sup> | &nbsp;&nbsp;Grupo Bimbo SAB de CV<sup>(a)</sup> |
| &nbsp;&nbsp;06/27/2024 | &nbsp;&nbsp;3.875% | 2256000 | &nbsp;&nbsp;&nbsp;&nbsp;2209786 |
| &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;496000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471545 |
| &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583284 |
| &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. |
| &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;4.375% | 1716000 | &nbsp;&nbsp;&nbsp;&nbsp;1401700 |
| &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/31/2030 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331804 |
| &nbsp;&nbsp;01/31/2032 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;373000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325783 |
| &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2027 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;971000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951520 |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;4.250% | 1471000 | &nbsp;&nbsp;&nbsp;&nbsp;1252082 |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;3.500% | 4719000 | &nbsp;&nbsp;&nbsp;&nbsp;3688641 |
| &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493853 |
| &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;897000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757664 |
| &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/30/2029 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665001 |
| &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;833000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681590 |
| &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339226 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475084 |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333130 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**32643854** |
| &nbsp;&nbsp;**Gaming 0.2%** | &nbsp;&nbsp;**Gaming 0.2%** | &nbsp;&nbsp;**Gaming 0.2%** | &nbsp;&nbsp;**Gaming 0.2%** |
| &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;589000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512647 |
| &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;4.625% | 1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849793 |
| &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;924000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905522 |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;6.250% | 1994000 | &nbsp;&nbsp;&nbsp;&nbsp;1940005 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;8.125% | &nbsp;&nbsp;&nbsp;756000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743493 |
| &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228319 |
| &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563950 |
| &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577501 |
| &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;618000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521844 |
| &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;311000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296335 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;7.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283757 |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206679 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**7629845** |
| &nbsp;&nbsp;**Health Care 1.1%** | &nbsp;&nbsp;**Health Care 1.1%** | &nbsp;&nbsp;**Health Care 1.1%** | &nbsp;&nbsp;**Health Care 1.1%** | &nbsp;&nbsp;**Health Care 1.1%** |
| &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221195 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;5.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224122 |
| &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101422 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783029 |
| &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;574000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521211 |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840285 |
| &nbsp;&nbsp;Becton Dickinson Euro Finance SARL | &nbsp;&nbsp;Becton Dickinson Euro Finance SARL | &nbsp;&nbsp;Becton Dickinson Euro Finance SARL | &nbsp;&nbsp;Becton Dickinson Euro Finance SARL | &nbsp;&nbsp;Becton Dickinson Euro Finance SARL |
| &nbsp;&nbsp;08/13/2041 | &nbsp;&nbsp;1.336% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;5285000 | &nbsp;&nbsp;&nbsp;&nbsp;3486226 |
| &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;423000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373992 |
| &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;128000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110760 |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;6.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;489000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253543 |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;1032000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779454 |
| &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;5.650% |  | 11235000 | &nbsp;&nbsp;11399803 |
| &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;4.625% |  | 17648000 | &nbsp;&nbsp;13820902 |
| &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121700 |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;738000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586547 |
| &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;6.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;376000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323317 |
| &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;RP Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378564 |
| &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;6.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762435 |
| &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;574000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561007 |
| &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471600 |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;6.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;627000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602238 |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;6.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735840 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78789 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;674000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583948 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**38121929** |
| &nbsp;&nbsp;**Healthcare Insurance 0.2%** | &nbsp;&nbsp;**Healthcare Insurance 0.2%** | &nbsp;&nbsp;**Healthcare Insurance 0.2%** | &nbsp;&nbsp;**Healthcare Insurance 0.2%** | &nbsp;&nbsp;**Healthcare Insurance 0.2%** |
| &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. |
| &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;4.125% |  | &nbsp;&nbsp;1339000 | &nbsp;&nbsp;&nbsp;&nbsp;1099286 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706698 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;734000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601333 |
| &nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;4954000 | &nbsp;&nbsp;&nbsp;&nbsp;3891121 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6298438** |
| &nbsp;&nbsp;**Home Construction 0.0%** | &nbsp;&nbsp;**Home Construction 0.0%** | &nbsp;&nbsp;**Home Construction 0.0%** | &nbsp;&nbsp;**Home Construction 0.0%** |
| &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> | &nbsp;&nbsp;Meritage Homes Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;974000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826589 |
| &nbsp;&nbsp;**Independent Energy 1.0%** | &nbsp;&nbsp;**Independent Energy 1.0%** | &nbsp;&nbsp;**Independent Energy 1.0%** | &nbsp;&nbsp;**Independent Energy 1.0%** |
| &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;398000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326360 |
| &nbsp;&nbsp;04/15/2043 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;434000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327339 |
| &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;1124000 | &nbsp;&nbsp;&nbsp;&nbsp;1057244 |
| &nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202164 |
| &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/14/2027 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49847 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;337000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311046 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47975 |
| &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480444 |
| &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277174 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489468 |
| &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;571000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510227 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298900 |
| &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198455 |
| &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;582000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561693 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;1880000 | &nbsp;&nbsp;&nbsp;&nbsp;1942576 |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;5569000 | &nbsp;&nbsp;&nbsp;&nbsp;5635785 |
| &nbsp;&nbsp;09/15/2036 | &nbsp;&nbsp;6.450% | 11432000 | &nbsp;&nbsp;11662884 |
| &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;6.200% | &nbsp;&nbsp;1074000 | &nbsp;&nbsp;&nbsp;&nbsp;1051313 |
| &nbsp;&nbsp;03/15/2046 | &nbsp;&nbsp;6.600% | &nbsp;&nbsp;5510000 | &nbsp;&nbsp;&nbsp;&nbsp;5670620 |
| &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230630 |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;1181000 | &nbsp;&nbsp;&nbsp;&nbsp;1008376 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**32340520** |
| &nbsp;&nbsp;**Integrated Energy 0.1%** | &nbsp;&nbsp;**Integrated Energy 0.1%** | &nbsp;&nbsp;**Integrated Energy 0.1%** | &nbsp;&nbsp;**Integrated Energy 0.1%** |
| &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;3240000 | &nbsp;&nbsp;&nbsp;&nbsp;2285019 |
| &nbsp;&nbsp;Lukoil International Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Lukoil International Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Lukoil International Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Lukoil International Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;04/24/2023 | &nbsp;&nbsp;4.563% | &nbsp;&nbsp;2256000 | &nbsp;&nbsp;&nbsp;&nbsp;1990319 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4275338** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Leisure 0.2%** | &nbsp;&nbsp;**Leisure 0.2%** | &nbsp;&nbsp;**Leisure 0.2%** | &nbsp;&nbsp;**Leisure 0.2%** |
| &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.625% | &nbsp;&nbsp;&nbsp;704000 | &nbsp;&nbsp;&nbsp;&nbsp;562271 |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | 1080000 | &nbsp;&nbsp;&nbsp;&nbsp;770570 |
| &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;415492 |
| &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;10.375% | &nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;304866 |
| &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;564000 | &nbsp;&nbsp;&nbsp;&nbsp;557301 |
| &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC | &nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;284000 | &nbsp;&nbsp;&nbsp;&nbsp;276264 |
| &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;&nbsp;170520 |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;841000 | &nbsp;&nbsp;&nbsp;&nbsp;699652 |
| &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;&nbsp;91000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68482 |
| &nbsp;&nbsp;NCL Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;NCL Finance Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;134368 |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;474000 | &nbsp;&nbsp;&nbsp;&nbsp;383791 |
| &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;504804 |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;191171 |
| &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;619000 | &nbsp;&nbsp;&nbsp;&nbsp;494464 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;8.250% | &nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;&nbsp;&nbsp;433459 |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;460096 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6427571** |
| &nbsp;&nbsp;**Life Insurance 0.1%** | &nbsp;&nbsp;**Life Insurance 0.1%** | &nbsp;&nbsp;**Life Insurance 0.1%** | &nbsp;&nbsp;**Life Insurance 0.1%** |
| &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3.976% | 4984000 | &nbsp;&nbsp;4817099 |
| &nbsp;&nbsp;**Lodging 0.0%** | &nbsp;&nbsp;**Lodging 0.0%** | &nbsp;&nbsp;**Lodging 0.0%** | &nbsp;&nbsp;**Lodging 0.0%** |
| &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;428219 |
| &nbsp;&nbsp;**Media and Entertainment 1.4%** | &nbsp;&nbsp;**Media and Entertainment 1.4%** | &nbsp;&nbsp;**Media and Entertainment 1.4%** | &nbsp;&nbsp;**Media and Entertainment 1.4%** |
| &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;9.500% | &nbsp;&nbsp;&nbsp;841000 | &nbsp;&nbsp;&nbsp;&nbsp;801009 |
| &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;182750 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.500% | 1070000 | &nbsp;&nbsp;&nbsp;&nbsp;778286 |
| &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;401000 | &nbsp;&nbsp;&nbsp;&nbsp;347466 |
| &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;566350 | &nbsp;&nbsp;&nbsp;&nbsp;520955 |
| &nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.375% | &nbsp;&nbsp;&nbsp;441774 | &nbsp;&nbsp;&nbsp;&nbsp;376260 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;5.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;439000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371603 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;313000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254572 |
| &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2062 | &nbsp;&nbsp;5.391% |  | 33858000 | &nbsp;&nbsp;24802879 |
| &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. |
| &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;5.875% |  | &nbsp;&nbsp;1470000 | &nbsp;&nbsp;&nbsp;&nbsp;1491603 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;4904000 | &nbsp;&nbsp;&nbsp;&nbsp;5128079 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;6.375% |  | &nbsp;&nbsp;1124000 | &nbsp;&nbsp;&nbsp;&nbsp;1161990 |
| &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;2729000 | &nbsp;&nbsp;&nbsp;&nbsp;2728748 |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;5.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371060 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;4658000 | &nbsp;&nbsp;&nbsp;&nbsp;4555288 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;276000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258112 |
| &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;5.000% |  | &nbsp;&nbsp;&nbsp;&nbsp;318000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287373 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203222 |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146786 |
| &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325668 |
| &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;518000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408034 |
| &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210618 |
| &nbsp;&nbsp;06/30/2030 | &nbsp;&nbsp;7.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330132 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**46042493** |
| &nbsp;&nbsp;**Metals and Mining 0.2%** | &nbsp;&nbsp;**Metals and Mining 0.2%** | &nbsp;&nbsp;**Metals and Mining 0.2%** | &nbsp;&nbsp;**Metals and Mining 0.2%** | &nbsp;&nbsp;**Metals and Mining 0.2%** |
| &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;4.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113952 |
| &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;5.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548382 |
| &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;5.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;848000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784135 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903816 |
| &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;6.125% |  | &nbsp;&nbsp;&nbsp;&nbsp;776000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707243 |
| &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;4.625% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64874 |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;1076000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864477 |
| &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;3.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287693 |
| &nbsp;&nbsp;01/30/2030 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;713000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630380 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316673 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5221625** |
| &nbsp;&nbsp;**Midstream 1.1%** | &nbsp;&nbsp;**Midstream 1.1%** | &nbsp;&nbsp;**Midstream 1.1%** | &nbsp;&nbsp;**Midstream 1.1%** | &nbsp;&nbsp;**Midstream 1.1%** |
| &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP |
| &nbsp;&nbsp;01/31/2032 | &nbsp;&nbsp;3.250% |  | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167267 |
| &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;&nbsp;&nbsp;602000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496934 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158665 |
| &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315307 |
| &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC |
| &nbsp;&nbsp;01/31/2060 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;3571000 | &nbsp;&nbsp;&nbsp;&nbsp;2596763 |
| &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189429 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;492000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470375 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;679000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574443 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;1269000 | &nbsp;&nbsp;&nbsp;&nbsp;1045697 |
| &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP |
| &nbsp;&nbsp;07/15/2048 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;411000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308256 |
| &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2040 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;2775000 | &nbsp;&nbsp;&nbsp;&nbsp;2145255 |
| &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222045 |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636897 |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. |
| &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;5.050% | &nbsp;&nbsp;5320000 | &nbsp;&nbsp;&nbsp;&nbsp;4534659 |
| &nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;5.450% | &nbsp;&nbsp;4315000 | &nbsp;&nbsp;&nbsp;&nbsp;3897044 |
| &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;462000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446300 |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332246 |
| &nbsp;&nbsp;04/28/2027 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178609 |
| &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;4.700% | 18015000 | &nbsp;&nbsp;13634132 |
| &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. | &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. | &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. | &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;351000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335248 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;574000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540919 |
| &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;707000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614930 |
| &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;908000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794976 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843984 |
| &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;577000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471069 |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) |
| &nbsp;&nbsp;09/15/2045 | &nbsp;&nbsp;5.100% | &nbsp;&nbsp;3178000 | &nbsp;&nbsp;&nbsp;&nbsp;2779744 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**38731193** |
| &nbsp;&nbsp;**Natural Gas 0.3%** | &nbsp;&nbsp;**Natural Gas 0.3%** | &nbsp;&nbsp;**Natural Gas 0.3%** | &nbsp;&nbsp;**Natural Gas 0.3%** |
| &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. |
| &nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;4.375% | 10560000 | &nbsp;&nbsp;&nbsp;&nbsp;8883054 |
| &nbsp;&nbsp;**Oil Field Services 0.0%** | &nbsp;&nbsp;**Oil Field Services 0.0%** | &nbsp;&nbsp;**Oil Field Services 0.0%** | &nbsp;&nbsp;**Oil Field Services 0.0%** |
| &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;&nbsp;186000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182250 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2023 | &nbsp;&nbsp;5.375% |  | &nbsp;&nbsp;&nbsp;875207 | &nbsp;&nbsp;&nbsp;&nbsp;868255 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1050505** |
| &nbsp;&nbsp;**Other REIT 0.3%** | &nbsp;&nbsp;**Other REIT 0.3%** | &nbsp;&nbsp;**Other REIT 0.3%** | &nbsp;&nbsp;**Other REIT 0.3%** | &nbsp;&nbsp;**Other REIT 0.3%** |
| &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Dutch Finco BV<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;EUR | 3014000 | &nbsp;&nbsp;2516976 |
| &nbsp;&nbsp;Digital Intrepid Holding BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Intrepid Holding BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Intrepid Holding BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Intrepid Holding BV<sup>(a)</sup> | &nbsp;&nbsp;Digital Intrepid Holding BV<sup>(a)</sup> |
| &nbsp;&nbsp;07/18/2032 | &nbsp;&nbsp;1.375% | &nbsp;&nbsp;EUR | 5231000 | &nbsp;&nbsp;3975360 |
| &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;5.250% |  | 1295000 | &nbsp;&nbsp;1219808 |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;&nbsp;342714 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.750% |  | &nbsp;&nbsp;&nbsp;853000 | &nbsp;&nbsp;&nbsp;&nbsp;688720 |
| &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;4.500% |  | &nbsp;&nbsp;&nbsp;269000 | &nbsp;&nbsp;&nbsp;&nbsp;232880 |
| &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;3.750% |  | &nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;315082 |
| &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust |
| &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp;4.650% |  | &nbsp;&nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;&nbsp;251496 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**9543036** |
| &nbsp;&nbsp;**Packaging 0.1%** | &nbsp;&nbsp;**Packaging 0.1%** | &nbsp;&nbsp;**Packaging 0.1%** | &nbsp;&nbsp;**Packaging 0.1%** | &nbsp;&nbsp;**Packaging 0.1%** |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;6.000% |  | &nbsp;&nbsp;&nbsp;418000 | &nbsp;&nbsp;&nbsp;&nbsp;409543 |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;4.000% |  | 1197000 | &nbsp;&nbsp;&nbsp;&nbsp;949490 |
| &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;4.125% |  | &nbsp;&nbsp;&nbsp;364000 | &nbsp;&nbsp;&nbsp;&nbsp;315543 |
| &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2024 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp;&nbsp;&nbsp;181943 |
| &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;CANPACK SA/Eastern PA Land Investment Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2025 | &nbsp;&nbsp;3.125% |  | &nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;228363 |
| &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;&nbsp;837000 | &nbsp;&nbsp;&nbsp;&nbsp;662722 |
| &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;775840 |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;8.500% |  | &nbsp;&nbsp;&nbsp;373000 | &nbsp;&nbsp;&nbsp;&nbsp;342972 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3866416** |
| &nbsp;&nbsp;**Pharmaceuticals 0.5%** | &nbsp;&nbsp;**Pharmaceuticals 0.5%** | &nbsp;&nbsp;**Pharmaceuticals 0.5%** | &nbsp;&nbsp;**Pharmaceuticals 0.5%** | &nbsp;&nbsp;**Pharmaceuticals 0.5%** |
| &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1375209 BC Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/30/2028 | &nbsp;&nbsp;9.000% |  | &nbsp;&nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;201656 |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;4.850% |  | 7435000 | &nbsp;&nbsp;6809489 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. |
| &nbsp;&nbsp;03/01/2053 | &nbsp;&nbsp;4.875% |  | 6388000 | &nbsp;&nbsp;5688438 |
| &nbsp;&nbsp;02/22/2062 | &nbsp;&nbsp;4.400% |  | 3887000 | &nbsp;&nbsp;3118223 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285493 |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155464 |
| &nbsp;&nbsp;09/30/2028 | &nbsp;&nbsp;11.000% | &nbsp;&nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289371 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;14.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42771 |
| &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(j)</sup> | &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(j)</sup> | &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(j)</sup> | &nbsp;&nbsp;Endo Dac/Finance LLC/Finco, Inc.<sup>(a),(j)</sup> |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;381000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21718 |
| &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;394000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340890 |
| &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758804 |
| &nbsp;&nbsp;04/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;951000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823780 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**18536097** |
| &nbsp;&nbsp;**Property & Casualty 0.4%** | &nbsp;&nbsp;**Property & Casualty 0.4%** | &nbsp;&nbsp;**Property & Casualty 0.4%** | &nbsp;&nbsp;**Property & Casualty 0.4%** |
| &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311663 |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;983000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885723 |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;641000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527791 |
| &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;AssuredPartners, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;&nbsp;446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433598 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340616 |
| &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;3.850% | 11012000 | &nbsp;&nbsp;&nbsp;&nbsp;8887676 |
| &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BroadStreet Partners, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;994000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854467 |
| &nbsp;&nbsp;GTCR AP Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GTCR AP Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GTCR AP Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GTCR AP Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160102 |
| &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;HUB International Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;662000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580549 |
| &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Ryan Specialty Group LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68177 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13050362** |
| &nbsp;&nbsp;**Restaurants 0.0%** | &nbsp;&nbsp;**Restaurants 0.0%** | &nbsp;&nbsp;**Restaurants 0.0%** | &nbsp;&nbsp;**Restaurants 0.0%** |
| &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456897 |
| &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;&nbsp;554000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552495 |
| &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. |
| &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;457000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423400 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1432792** |
| &nbsp;&nbsp;**Retailers 0.6%** | &nbsp;&nbsp;**Retailers 0.6%** | &nbsp;&nbsp;**Retailers 0.6%** | &nbsp;&nbsp;**Retailers 0.6%** |
| &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127401 |
| &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;&nbsp;361000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338592 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. |
| &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210685 |
| &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168229 |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. |
| &nbsp;&nbsp;04/01/2062 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;5199000 | &nbsp;&nbsp;&nbsp;&nbsp;4070797 |
| &nbsp;&nbsp;09/15/2062 | &nbsp;&nbsp;5.800% | 13799000 | &nbsp;&nbsp;13305715 |
| &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;659000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597170 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480442 |
| &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165828 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**19464859** |
| &nbsp;&nbsp;**Technology 0.9%** | &nbsp;&nbsp;**Technology 0.9%** | &nbsp;&nbsp;**Technology 0.9%** | &nbsp;&nbsp;**Technology 0.9%** |
| &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2034 | &nbsp;&nbsp;3.469% | &nbsp;&nbsp;5592000 | &nbsp;&nbsp;&nbsp;&nbsp;4433615 |
| &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;3.187% | &nbsp;&nbsp;7592000 | &nbsp;&nbsp;&nbsp;&nbsp;5479445 |
| &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;364000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315774 |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;732000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622406 |
| &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164721 |
| &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Condor Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;&nbsp;493000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398139 |
| &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128049 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;5.950% | &nbsp;&nbsp;&nbsp;&nbsp;503000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464042 |
| &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235156 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348560 |
| &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;774000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687644 |
| &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;754000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573894 |
| &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;434000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362270 |
| &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;894000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482537 |
| &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Minerva Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;889000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658597 |
| &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95243 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;783000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654819 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18136 |
| &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;9.290% | &nbsp;&nbsp;&nbsp;&nbsp;269000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253463 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3.400% | &nbsp;&nbsp;2090000 | &nbsp;&nbsp;&nbsp;&nbsp;1803581 |
| &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;4258000 | &nbsp;&nbsp;&nbsp;&nbsp;4017719 |
| &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;3869000 | &nbsp;&nbsp;&nbsp;&nbsp;2607543 |
| &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;486000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411519 |
| &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;9.250% | &nbsp;&nbsp;&nbsp;&nbsp;132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132316 |
| &nbsp;&nbsp;09/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175408 |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;11.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62783 |
| &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297429 |
| &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345107 |
| &nbsp;&nbsp;Tencent Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Tencent Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Tencent Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Tencent Holdings Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;06/03/2050 | &nbsp;&nbsp;&nbsp;&nbsp;3.240% | &nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;2695640 |
| &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Verscend Escrow Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;9.750% | &nbsp;&nbsp;&nbsp;&nbsp;874000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856136 |
| &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;371000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312635 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**30094326** |
| &nbsp;&nbsp;**Wireless 0.8%** | &nbsp;&nbsp;**Wireless 0.8%** | &nbsp;&nbsp;**Wireless 0.8%** | &nbsp;&nbsp;**Wireless 0.8%** |
| &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422162 |
| &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.125% | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146061 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;771000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605338 |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;484000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362001 |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199831 |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.800% | 10707000 | &nbsp;&nbsp;&nbsp;&nbsp;9736646 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;2.100% | &nbsp;&nbsp;2980000 | &nbsp;&nbsp;&nbsp;&nbsp;2362432 |
| &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | 12089000 | &nbsp;&nbsp;10469864 |
| &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;866000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701505 |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;1119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911219 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**25917059** |
| &nbsp;&nbsp;**Wirelines 0.5%** | &nbsp;&nbsp;**Wirelines 0.5%** | &nbsp;&nbsp;**Wirelines 0.5%** | &nbsp;&nbsp;**Wirelines 0.5%** |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.350% | 10058000 | &nbsp;&nbsp;&nbsp;&nbsp;9572025 |
| &nbsp;&nbsp;12/01/2057 | &nbsp;&nbsp;&nbsp;&nbsp;3.800% | &nbsp;&nbsp;9111000 | &nbsp;&nbsp;&nbsp;&nbsp;6314725 |
| &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;801000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593632 |
| &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282820 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes<sup>(g)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;859000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797819 |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761860 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**18322881** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $842,216,695) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $842,216,695) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $842,216,695) | &nbsp;&nbsp;**714046079** |
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(k)</sup> 2.5%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(k)</sup> 2.5%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(k)</sup> 2.5%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(k)</sup> 2.5%** |
| &nbsp;&nbsp;**Canada 0.0%** | &nbsp;&nbsp;**Canada 0.0%** | &nbsp;&nbsp;**Canada 0.0%** | &nbsp;&nbsp;**Canada 0.0%** |
| &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310826 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;647000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528458 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**839284** |
| &nbsp;&nbsp;**Colombia 0.6%** | &nbsp;&nbsp;**Colombia 0.6%** | &nbsp;&nbsp;**Colombia 0.6%** | &nbsp;&nbsp;**Colombia 0.6%** |
| &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond |
| &nbsp;&nbsp;04/22/2032 | &nbsp;&nbsp;3.250% | 4160000 | &nbsp;&nbsp;&nbsp;&nbsp;3024297 |
| &nbsp;&nbsp;02/26/2044 | &nbsp;&nbsp;5.625% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;1839111 |
| &nbsp;&nbsp;05/15/2049 | &nbsp;&nbsp;5.200% | 9733000 | &nbsp;&nbsp;&nbsp;&nbsp;6655746 |
| &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA |
| &nbsp;&nbsp;04/29/2030 | &nbsp;&nbsp;6.875% | 8700000 | &nbsp;&nbsp;&nbsp;&nbsp;7897929 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**19417083** |
| &nbsp;&nbsp;**Dominican Republic 0.0%** | &nbsp;&nbsp;**Dominican Republic 0.0%** | &nbsp;&nbsp;**Dominican Republic 0.0%** | &nbsp;&nbsp;**Dominican Republic 0.0%** |
| &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/25/2027 | &nbsp;&nbsp;5.950% | 1630000 | &nbsp;&nbsp;&nbsp;&nbsp;1596382 |
| &nbsp;&nbsp;**Egypt 0.1%** | &nbsp;&nbsp;**Egypt 0.1%** | &nbsp;&nbsp;**Egypt 0.1%** | &nbsp;&nbsp;**Egypt 0.1%** |
| &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;02/16/2031 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;909000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631914 |
| &nbsp;&nbsp;01/31/2047 | &nbsp;&nbsp;8.500% | 2105000 | &nbsp;&nbsp;&nbsp;&nbsp;1399724 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2031638** |
| &nbsp;&nbsp;**India 0.1%** | &nbsp;&nbsp;**India 0.1%** | &nbsp;&nbsp;**India 0.1%** | &nbsp;&nbsp;**India 0.1%** |
| &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> | &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> | &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> | &nbsp;&nbsp;Export-Import Bank of India<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;3.250% | 4650000 | &nbsp;&nbsp;&nbsp;&nbsp;4042357 |
| &nbsp;&nbsp;**Indonesia 0.1%** | &nbsp;&nbsp;**Indonesia 0.1%** | &nbsp;&nbsp;**Indonesia 0.1%** | &nbsp;&nbsp;**Indonesia 0.1%** |
| &nbsp;&nbsp;PT Indonesia Asahan Aluminium Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Indonesia Asahan Aluminium Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Indonesia Asahan Aluminium Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Indonesia Asahan Aluminium Persero<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;708000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693726 |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;5.450% | 3550000 | &nbsp;&nbsp;&nbsp;&nbsp;3381397 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4075123** |
| &nbsp;&nbsp;**Ivory Coast 0.0%** | &nbsp;&nbsp;**Ivory Coast 0.0%** | &nbsp;&nbsp;**Ivory Coast 0.0%** | &nbsp;&nbsp;**Ivory Coast 0.0%** |
| &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;782000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696163 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(k)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(k)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(k)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(k)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Mexico 0.7%** | &nbsp;&nbsp;**Mexico 0.7%** | &nbsp;&nbsp;**Mexico 0.7%** | &nbsp;&nbsp;**Mexico 0.7%** |
| &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos |
| &nbsp;&nbsp;09/21/2047 | &nbsp;&nbsp;6.750% | 20422000 | &nbsp;&nbsp;13070794 |
| &nbsp;&nbsp;01/23/2050 | &nbsp;&nbsp;7.690% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;6928763 |
| &nbsp;&nbsp;01/28/2060 | &nbsp;&nbsp;6.950% | &nbsp;&nbsp;5920000 | &nbsp;&nbsp;&nbsp;&nbsp;3747168 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**23746725** |
| &nbsp;&nbsp;**Paraguay 0.0%** | &nbsp;&nbsp;**Paraguay 0.0%** | &nbsp;&nbsp;**Paraguay 0.0%** | &nbsp;&nbsp;**Paraguay 0.0%** |
| &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;08/11/2044 | &nbsp;&nbsp;6.100% | &nbsp;&nbsp;&nbsp;&nbsp;688000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661084 |
| &nbsp;&nbsp;**Qatar 0.3%** | &nbsp;&nbsp;**Qatar 0.3%** | &nbsp;&nbsp;**Qatar 0.3%** | &nbsp;&nbsp;**Qatar 0.3%** |
| &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;03/14/2049 | &nbsp;&nbsp;4.817% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4858710 |
| &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> | &nbsp;&nbsp;Qatar Petroleum<sup>(a)</sup> |
| &nbsp;&nbsp;07/12/2031 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;5445000 | &nbsp;&nbsp;&nbsp;&nbsp;4514152 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**9372862** |
| &nbsp;&nbsp;**Russian Federation 0.1%** | &nbsp;&nbsp;**Russian Federation 0.1%** | &nbsp;&nbsp;**Russian Federation 0.1%** | &nbsp;&nbsp;**Russian Federation 0.1%** |
| &nbsp;&nbsp;Gazprom OAO Via Gaz Capital SA<sup>(a)</sup> | &nbsp;&nbsp;Gazprom OAO Via Gaz Capital SA<sup>(a)</sup> | &nbsp;&nbsp;Gazprom OAO Via Gaz Capital SA<sup>(a)</sup> | &nbsp;&nbsp;Gazprom OAO Via Gaz Capital SA<sup>(a)</sup> |
| &nbsp;&nbsp;02/06/2028 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;2740000 | &nbsp;&nbsp;&nbsp;&nbsp;2011767 |
| &nbsp;&nbsp;**Saudi Arabia 0.1%** | &nbsp;&nbsp;**Saudi Arabia 0.1%** | &nbsp;&nbsp;**Saudi Arabia 0.1%** | &nbsp;&nbsp;**Saudi Arabia 0.1%** |
| &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;04/17/2049 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;4939215 |
| &nbsp;&nbsp;**South Africa 0.2%** | &nbsp;&nbsp;**South Africa 0.2%** | &nbsp;&nbsp;**South Africa 0.2%** | &nbsp;&nbsp;**South Africa 0.2%** |
| &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond |
| &nbsp;&nbsp;09/30/2029 | &nbsp;&nbsp;4.850% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4452905 |
| &nbsp;&nbsp;09/30/2049 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646069 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5098974** |
| &nbsp;&nbsp;**Ukraine 0.0%** | &nbsp;&nbsp;**Ukraine 0.0%** | &nbsp;&nbsp;**Ukraine 0.0%** | &nbsp;&nbsp;**Ukraine 0.0%** |
| &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ukraine Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/25/2034 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335440 |
| &nbsp;&nbsp;**United Arab Emirates 0.2%** | &nbsp;&nbsp;**United Arab Emirates 0.2%** | &nbsp;&nbsp;**United Arab Emirates 0.2%** | &nbsp;&nbsp;**United Arab Emirates 0.2%** |
| &nbsp;&nbsp;DP World Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;09/25/2048 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;2982000 | &nbsp;&nbsp;&nbsp;&nbsp;2799091 |
| &nbsp;&nbsp;DP World PLC<sup>(a)</sup> | &nbsp;&nbsp;DP World PLC<sup>(a)</sup> | &nbsp;&nbsp;DP World PLC<sup>(a)</sup> | &nbsp;&nbsp;DP World PLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/02/2037 | &nbsp;&nbsp;6.850% | &nbsp;&nbsp;3290000 | &nbsp;&nbsp;&nbsp;&nbsp;3494867 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6293958** |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $114,114,762) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $114,114,762) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $114,114,762) | &nbsp;&nbsp;**85158055** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds 0.5%** | &nbsp;&nbsp;**Municipal Bonds 0.5%** | &nbsp;&nbsp;**Municipal Bonds 0.5%** | &nbsp;&nbsp;**Municipal Bonds 0.5%** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Local General Obligation 0.2%** | &nbsp;&nbsp;**Local General Obligation 0.2%** | &nbsp;&nbsp;**Local General Obligation 0.2%** | &nbsp;&nbsp;**Local General Obligation 0.2%** |
| &nbsp;&nbsp;City of New York | &nbsp;&nbsp;City of New York | &nbsp;&nbsp;City of New York | &nbsp;&nbsp;City of New York |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021A-1 | &nbsp;&nbsp;Series 2021A-1 | &nbsp;&nbsp;Series 2021A-1 | &nbsp;&nbsp;Series 2021A-1 |
| &nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6045000 | &nbsp;&nbsp;&nbsp;&nbsp;6397100 |
| &nbsp;&nbsp;**Municipal Power 0.1%** | &nbsp;&nbsp;**Municipal Power 0.1%** | &nbsp;&nbsp;**Municipal Power 0.1%** | &nbsp;&nbsp;**Municipal Power 0.1%** |
| &nbsp;&nbsp;Los Angeles Department of Water & Power | &nbsp;&nbsp;Los Angeles Department of Water & Power | &nbsp;&nbsp;Los Angeles Department of Water & Power | &nbsp;&nbsp;Los Angeles Department of Water & Power |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2021B | &nbsp;&nbsp;Series 2021B | &nbsp;&nbsp;Series 2021B | &nbsp;&nbsp;Series 2021B |
| &nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3105000 | &nbsp;&nbsp;&nbsp;&nbsp;3320530 |
| &nbsp;&nbsp;**Special Non Property Tax 0.2%** | &nbsp;&nbsp;**Special Non Property Tax 0.2%** | &nbsp;&nbsp;**Special Non Property Tax 0.2%** | &nbsp;&nbsp;**Special Non Property Tax 0.2%** |
| &nbsp;&nbsp;New York State Urban Development Corp. | &nbsp;&nbsp;New York State Urban Development Corp. | &nbsp;&nbsp;New York State Urban Development Corp. | &nbsp;&nbsp;New York State Urban Development Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;State Personal Income Tax | &nbsp;&nbsp;State Personal Income Tax | &nbsp;&nbsp;State Personal Income Tax | &nbsp;&nbsp;State Personal Income Tax |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;03/15/2050 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;5544368 |
| &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $15,545,069) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $15,545,069) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $15,545,069) | &nbsp;&nbsp;**15261998** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 37.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 37.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 37.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 37.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(l)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(l)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(l)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(l)</sup> |
| &nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;3.500% | 13681084 | &nbsp;&nbsp;12758536 |
| &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2951751 | &nbsp;&nbsp;&nbsp;&nbsp;2806799 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;10/01/2045-<br> 07/01/2052 | &nbsp;&nbsp;4.000% | 31109139 | &nbsp;&nbsp;29397001 |
| &nbsp;&nbsp;12/01/2051-<br> 03/01/2052 | &nbsp;&nbsp;2.500% | 43853462 | &nbsp;&nbsp;37359777 |
| &nbsp;&nbsp;02/01/2052-<br> 05/01/2052 | &nbsp;&nbsp;3.000% | 51881684 | &nbsp;&nbsp;45716360 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(f)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(f)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(f)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(f)</sup> |
| &nbsp;&nbsp;CMO Series 3922 Class SH | &nbsp;&nbsp;CMO Series 3922 Class SH | &nbsp;&nbsp;CMO Series 3922 Class SH | &nbsp;&nbsp;CMO Series 3922 Class SH |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 5.900%<br> Cap 5.900%<br> 09/15/2041 | &nbsp;&nbsp;1.582% | &nbsp;&nbsp;&nbsp;&nbsp;336560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25977 |
| &nbsp;&nbsp;CMO Series 4097 Class ST | &nbsp;&nbsp;CMO Series 4097 Class ST | &nbsp;&nbsp;CMO Series 4097 Class ST | &nbsp;&nbsp;CMO Series 4097 Class ST |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 08/15/2042 | &nbsp;&nbsp;1.732% | &nbsp;&nbsp;&nbsp;&nbsp;978886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98988 |
| &nbsp;&nbsp;CMO Series 4831 Class SD | &nbsp;&nbsp;CMO Series 4831 Class SD | &nbsp;&nbsp;CMO Series 4831 Class SD | &nbsp;&nbsp;CMO Series 4831 Class SD |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 10/15/2048 | &nbsp;&nbsp;1.882% | &nbsp;&nbsp;8305254 | &nbsp;&nbsp;&nbsp;&nbsp;1024460 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 4903 Class SA | &nbsp;&nbsp;CMO Series 4903 Class SA | &nbsp;&nbsp;CMO Series 4903 Class SA | &nbsp;&nbsp;CMO Series 4903 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 08/25/2049 | &nbsp;&nbsp;1.661% | &nbsp;&nbsp;24692159 | &nbsp;&nbsp;&nbsp;&nbsp;2614517 |
| &nbsp;&nbsp;CMO Series 4979 Class KS | &nbsp;&nbsp;CMO Series 4979 Class KS | &nbsp;&nbsp;CMO Series 4979 Class KS | &nbsp;&nbsp;CMO Series 4979 Class KS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 06/25/2048 | &nbsp;&nbsp;1.661% | &nbsp;&nbsp;10899267 | &nbsp;&nbsp;&nbsp;&nbsp;1329215 |
| &nbsp;&nbsp;CMO STRIPS Series 2012-278 Class S1 | &nbsp;&nbsp;CMO STRIPS Series 2012-278 Class S1 | &nbsp;&nbsp;CMO STRIPS Series 2012-278 Class S1 | &nbsp;&nbsp;CMO STRIPS Series 2012-278 Class S1 |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 09/15/2042 | &nbsp;&nbsp;1.732% | &nbsp;&nbsp;&nbsp;&nbsp;1958380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187863 |
| &nbsp;&nbsp;CMO STRIPS Series 309 Class S4 | &nbsp;&nbsp;CMO STRIPS Series 309 Class S4 | &nbsp;&nbsp;CMO STRIPS Series 309 Class S4 | &nbsp;&nbsp;CMO STRIPS Series 309 Class S4 |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 5.970%<br> Cap 5.970%<br> 08/15/2043 | &nbsp;&nbsp;1.652% | &nbsp;&nbsp;&nbsp;&nbsp;1031620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97307 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(f)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(f)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(f)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(f)</sup> |
| &nbsp;&nbsp;CMO Series 4176 Class BI | &nbsp;&nbsp;CMO Series 4176 Class BI | &nbsp;&nbsp;CMO Series 4176 Class BI | &nbsp;&nbsp;CMO Series 4176 Class BI |
| &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134359 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;CMO Series 4620 Class AS | &nbsp;&nbsp;CMO Series 4620 Class AS | &nbsp;&nbsp;CMO Series 4620 Class AS | &nbsp;&nbsp;CMO Series 4620 Class AS |
| &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;1114046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50638 |
| &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association |
| &nbsp;&nbsp;02/01/2027-<br> 05/01/2052 | &nbsp;&nbsp;3.000% | 149007065 | &nbsp;&nbsp;132149057 |
| &nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;1377236 | &nbsp;&nbsp;&nbsp;&nbsp;1346279 |
| &nbsp;&nbsp;08/01/2043-<br> 05/01/2052 | &nbsp;&nbsp;3.500% | 106430481 | &nbsp;&nbsp;&nbsp;&nbsp;97267767 |
| &nbsp;&nbsp;05/01/2048-<br> 08/01/2052 | &nbsp;&nbsp;4.000% | 125147859 | &nbsp;&nbsp;118745349 |
| &nbsp;&nbsp;CMO Series 2017-72 Class B | &nbsp;&nbsp;CMO Series 2017-72 Class B | &nbsp;&nbsp;CMO Series 2017-72 Class B | &nbsp;&nbsp;CMO Series 2017-72 Class B |
| &nbsp;&nbsp;09/25/2047 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12026326 | &nbsp;&nbsp;&nbsp;&nbsp;10852785 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(l)</sup> |
| &nbsp;&nbsp;05/01/2044-<br> 02/01/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;14542485 | &nbsp;&nbsp;&nbsp;&nbsp;13950786 |
| &nbsp;&nbsp;06/01/2044 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4572180 | &nbsp;&nbsp;&nbsp;&nbsp;4532544 |
| &nbsp;&nbsp;10/01/2051 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;40515683 | &nbsp;&nbsp;&nbsp;&nbsp;34360034 |
| &nbsp;&nbsp;05/01/2052 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;40688173 | &nbsp;&nbsp;&nbsp;&nbsp;37501283 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(f)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(f)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(f)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(f)</sup> |
| &nbsp;&nbsp;CMO Series 2012-131 Class MI | &nbsp;&nbsp;CMO Series 2012-131 Class MI | &nbsp;&nbsp;CMO Series 2012-131 Class MI | &nbsp;&nbsp;CMO Series 2012-131 Class MI |
| &nbsp;&nbsp;01/25/2040 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35430 |
| &nbsp;&nbsp;CMO Series 2020-76 Class EI | &nbsp;&nbsp;CMO Series 2020-76 Class EI | &nbsp;&nbsp;CMO Series 2020-76 Class EI | &nbsp;&nbsp;CMO Series 2020-76 Class EI |
| &nbsp;&nbsp;11/25/2050 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;27367415 | &nbsp;&nbsp;&nbsp;&nbsp;4261189 |
| &nbsp;&nbsp;CMO Series 2021-3 Class TI | &nbsp;&nbsp;CMO Series 2021-3 Class TI | &nbsp;&nbsp;CMO Series 2021-3 Class TI | &nbsp;&nbsp;CMO Series 2021-3 Class TI |
| &nbsp;&nbsp;02/25/2051 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;57690485 | &nbsp;&nbsp;&nbsp;&nbsp;9418520 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(f)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(f)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(f)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2013-101 Class CS | &nbsp;&nbsp;CMO Series 2013-101 Class CS | &nbsp;&nbsp;CMO Series 2013-101 Class CS | &nbsp;&nbsp;CMO Series 2013-101 Class CS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 5.900%<br> Cap 5.900%<br> 10/25/2043 | &nbsp;&nbsp;1.511% | &nbsp;&nbsp;1849413 | &nbsp;&nbsp;&nbsp;&nbsp;182151 |
| &nbsp;&nbsp;CMO Series 2014-93 Class ES | &nbsp;&nbsp;CMO Series 2014-93 Class ES | &nbsp;&nbsp;CMO Series 2014-93 Class ES | &nbsp;&nbsp;CMO Series 2014-93 Class ES |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 01/25/2045 | &nbsp;&nbsp;1.761% | &nbsp;&nbsp;2495253 | &nbsp;&nbsp;&nbsp;&nbsp;282037 |
| &nbsp;&nbsp;CMO Series 2016-31 Class VS | &nbsp;&nbsp;CMO Series 2016-31 Class VS | &nbsp;&nbsp;CMO Series 2016-31 Class VS | &nbsp;&nbsp;CMO Series 2016-31 Class VS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 06/25/2046 | &nbsp;&nbsp;1.611% | &nbsp;&nbsp;1375598 | &nbsp;&nbsp;&nbsp;&nbsp;131793 |
| &nbsp;&nbsp;CMO Series 2016-53 Class KS | &nbsp;&nbsp;CMO Series 2016-53 Class KS | &nbsp;&nbsp;CMO Series 2016-53 Class KS | &nbsp;&nbsp;CMO Series 2016-53 Class KS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 08/25/2046 | &nbsp;&nbsp;1.611% | &nbsp;&nbsp;8837092 | &nbsp;&nbsp;&nbsp;&nbsp;942080 |
| &nbsp;&nbsp;CMO Series 2016-57 Class SA | &nbsp;&nbsp;CMO Series 2016-57 Class SA | &nbsp;&nbsp;CMO Series 2016-57 Class SA | &nbsp;&nbsp;CMO Series 2016-57 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 08/25/2046 | &nbsp;&nbsp;1.611% | 21417961 | &nbsp;&nbsp;2287530 |
| &nbsp;&nbsp;CMO Series 2017-109 Class SA | &nbsp;&nbsp;CMO Series 2017-109 Class SA | &nbsp;&nbsp;CMO Series 2017-109 Class SA | &nbsp;&nbsp;CMO Series 2017-109 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 01/25/2048 | &nbsp;&nbsp;1.761% | 10240642 | &nbsp;&nbsp;1252520 |
| &nbsp;&nbsp;CMO Series 2017-20 Class SA | &nbsp;&nbsp;CMO Series 2017-20 Class SA | &nbsp;&nbsp;CMO Series 2017-20 Class SA | &nbsp;&nbsp;CMO Series 2017-20 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 04/25/2047 | &nbsp;&nbsp;1.711% | &nbsp;&nbsp;8992762 | &nbsp;&nbsp;1032566 |
| &nbsp;&nbsp;CMO Series 2017-54 Class NS | &nbsp;&nbsp;CMO Series 2017-54 Class NS | &nbsp;&nbsp;CMO Series 2017-54 Class NS | &nbsp;&nbsp;CMO Series 2017-54 Class NS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 07/25/2047 | &nbsp;&nbsp;1.761% | &nbsp;&nbsp;7938629 | &nbsp;&nbsp;1034168 |
| &nbsp;&nbsp;CMO Series 2017-54 Class SN | &nbsp;&nbsp;CMO Series 2017-54 Class SN | &nbsp;&nbsp;CMO Series 2017-54 Class SN | &nbsp;&nbsp;CMO Series 2017-54 Class SN |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 07/25/2047 | &nbsp;&nbsp;1.761% | 15793289 | &nbsp;&nbsp;2126688 |
| &nbsp;&nbsp;CMO Series 2018-66 Class SM | &nbsp;&nbsp;CMO Series 2018-66 Class SM | &nbsp;&nbsp;CMO Series 2018-66 Class SM | &nbsp;&nbsp;CMO Series 2018-66 Class SM |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 09/25/2048 | &nbsp;&nbsp;1.811% | 10618486 | &nbsp;&nbsp;1189878 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2018-67 MS Class MS | &nbsp;&nbsp;CMO Series 2018-67 MS Class MS | &nbsp;&nbsp;CMO Series 2018-67 MS Class MS | &nbsp;&nbsp;CMO Series 2018-67 MS Class MS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 09/25/2048 | &nbsp;&nbsp;1.811% | &nbsp;&nbsp;8157713 | &nbsp;&nbsp;&nbsp;&nbsp;949426 |
| &nbsp;&nbsp;CMO Series 2018-74 Class SA | &nbsp;&nbsp;CMO Series 2018-74 Class SA | &nbsp;&nbsp;CMO Series 2018-74 Class SA | &nbsp;&nbsp;CMO Series 2018-74 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 10/25/2048 | &nbsp;&nbsp;1.761% | 15182306 | &nbsp;&nbsp;1678571 |
| &nbsp;&nbsp;CMO Series 2019-33 Class SB | &nbsp;&nbsp;CMO Series 2019-33 Class SB | &nbsp;&nbsp;CMO Series 2019-33 Class SB | &nbsp;&nbsp;CMO Series 2019-33 Class SB |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 07/25/2049 | &nbsp;&nbsp;1.661% | 32937359 | &nbsp;&nbsp;3506676 |
| &nbsp;&nbsp;CMO Series 2019-60 Class SH | &nbsp;&nbsp;CMO Series 2019-60 Class SH | &nbsp;&nbsp;CMO Series 2019-60 Class SH | &nbsp;&nbsp;CMO Series 2019-60 Class SH |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 10/25/2049 | &nbsp;&nbsp;1.661% | 24424503 | &nbsp;&nbsp;2712641 |
| &nbsp;&nbsp;CMO Series 2019-67 Class SE | &nbsp;&nbsp;CMO Series 2019-67 Class SE | &nbsp;&nbsp;CMO Series 2019-67 Class SE | &nbsp;&nbsp;CMO Series 2019-67 Class SE |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 11/25/2049 | &nbsp;&nbsp;1.661% | 18393564 | &nbsp;&nbsp;2558416 |
| &nbsp;&nbsp;Freddie Mac REMICS<sup>(f)</sup> | &nbsp;&nbsp;Freddie Mac REMICS<sup>(f)</sup> | &nbsp;&nbsp;Freddie Mac REMICS<sup>(f)</sup> | &nbsp;&nbsp;Freddie Mac REMICS<sup>(f)</sup> |
| &nbsp;&nbsp;CMO Series 5152 Class XI | &nbsp;&nbsp;CMO Series 5152 Class XI | &nbsp;&nbsp;CMO Series 5152 Class XI | &nbsp;&nbsp;CMO Series 5152 Class XI |
| &nbsp;&nbsp;11/25/2050 | &nbsp;&nbsp;2.500% | 60661761 | &nbsp;&nbsp;8326997 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(l)</sup> |
| &nbsp;&nbsp;04/20/2048 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;8370190 | &nbsp;&nbsp;8237607 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(f)</sup> |
| &nbsp;&nbsp;CMO Series 2014-184 Class CI | &nbsp;&nbsp;CMO Series 2014-184 Class CI | &nbsp;&nbsp;CMO Series 2014-184 Class CI | &nbsp;&nbsp;CMO Series 2014-184 Class CI |
| &nbsp;&nbsp;11/16/2041 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;3363874 | &nbsp;&nbsp;&nbsp;&nbsp;425366 |
| &nbsp;&nbsp;CMO Series 2020-175 Class KI | &nbsp;&nbsp;CMO Series 2020-175 Class KI | &nbsp;&nbsp;CMO Series 2020-175 Class KI | &nbsp;&nbsp;CMO Series 2020-175 Class KI |
| &nbsp;&nbsp;11/20/2050 | &nbsp;&nbsp;2.500% | 59271414 | &nbsp;&nbsp;8310006 |
| &nbsp;&nbsp;CMO Series 2020-191 Class UG | &nbsp;&nbsp;CMO Series 2020-191 Class UG | &nbsp;&nbsp;CMO Series 2020-191 Class UG | &nbsp;&nbsp;CMO Series 2020-191 Class UG |
| &nbsp;&nbsp;12/20/2050 | &nbsp;&nbsp;3.500% | 35498015 | &nbsp;&nbsp;5903118 |
| &nbsp;&nbsp;CMO Series 2021-119 Class QI | &nbsp;&nbsp;CMO Series 2021-119 Class QI | &nbsp;&nbsp;CMO Series 2021-119 Class QI | &nbsp;&nbsp;CMO Series 2021-119 Class QI |
| &nbsp;&nbsp;07/20/2051 | &nbsp;&nbsp;3.000% | 33338727 | &nbsp;&nbsp;4931418 |
| &nbsp;&nbsp;CMO Series 2021-16 Class KI | &nbsp;&nbsp;CMO Series 2021-16 Class KI | &nbsp;&nbsp;CMO Series 2021-16 Class KI | &nbsp;&nbsp;CMO Series 2021-16 Class KI |
| &nbsp;&nbsp;01/20/2051 | &nbsp;&nbsp;2.500% | 40694585 | &nbsp;&nbsp;5844015 |
| &nbsp;&nbsp;CMO Series 2021-179 Class IB | &nbsp;&nbsp;CMO Series 2021-179 Class IB | &nbsp;&nbsp;CMO Series 2021-179 Class IB | &nbsp;&nbsp;CMO Series 2021-179 Class IB |
| &nbsp;&nbsp;09/20/2051 | &nbsp;&nbsp;3.000% | 40888709 | &nbsp;&nbsp;5955608 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2017-130 Class HS | &nbsp;&nbsp;CMO Series 2017-130 Class HS | &nbsp;&nbsp;CMO Series 2017-130 Class HS | &nbsp;&nbsp;CMO Series 2017-130 Class HS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 08/20/2047 | &nbsp;&nbsp;1.847% | 10874749 | &nbsp;&nbsp;1074474 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2017-149 Class BS | &nbsp;&nbsp;CMO Series 2017-149 Class BS | &nbsp;&nbsp;CMO Series 2017-149 Class BS | &nbsp;&nbsp;CMO Series 2017-149 Class BS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 10/20/2047 | &nbsp;&nbsp;1.847% | 13699490 | &nbsp;&nbsp;1523946 |
| &nbsp;&nbsp;CMO Series 2017-163 Class SA | &nbsp;&nbsp;CMO Series 2017-163 Class SA | &nbsp;&nbsp;CMO Series 2017-163 Class SA | &nbsp;&nbsp;CMO Series 2017-163 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 11/20/2047 | &nbsp;&nbsp;1.847% | &nbsp;&nbsp;5570276 | &nbsp;&nbsp;&nbsp;&nbsp;531322 |
| &nbsp;&nbsp;CMO Series 2017-37 Class SB | &nbsp;&nbsp;CMO Series 2017-37 Class SB | &nbsp;&nbsp;CMO Series 2017-37 Class SB | &nbsp;&nbsp;CMO Series 2017-37 Class SB |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 03/20/2047 | &nbsp;&nbsp;1.797% | &nbsp;&nbsp;8076246 | &nbsp;&nbsp;&nbsp;&nbsp;782928 |
| &nbsp;&nbsp;CMO Series 2018-103 Class SA | &nbsp;&nbsp;CMO Series 2018-103 Class SA | &nbsp;&nbsp;CMO Series 2018-103 Class SA | &nbsp;&nbsp;CMO Series 2018-103 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 08/20/2048 | &nbsp;&nbsp;1.847% | &nbsp;&nbsp;7840320 | &nbsp;&nbsp;&nbsp;&nbsp;824541 |
| &nbsp;&nbsp;CMO Series 2018-112 Class LS | &nbsp;&nbsp;CMO Series 2018-112 Class LS | &nbsp;&nbsp;CMO Series 2018-112 Class LS | &nbsp;&nbsp;CMO Series 2018-112 Class LS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 08/20/2048 | &nbsp;&nbsp;1.847% | &nbsp;&nbsp;9698642 | &nbsp;&nbsp;1006196 |
| &nbsp;&nbsp;CMO Series 2018-125 Class SK | &nbsp;&nbsp;CMO Series 2018-125 Class SK | &nbsp;&nbsp;CMO Series 2018-125 Class SK | &nbsp;&nbsp;CMO Series 2018-125 Class SK |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.250%<br> Cap 6.250%<br> 09/20/2048 | &nbsp;&nbsp;1.897% | 12742736 | &nbsp;&nbsp;1065560 |
| &nbsp;&nbsp;CMO Series 2018-134 Class KS | &nbsp;&nbsp;CMO Series 2018-134 Class KS | &nbsp;&nbsp;CMO Series 2018-134 Class KS | &nbsp;&nbsp;CMO Series 2018-134 Class KS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 10/20/2048 | &nbsp;&nbsp;1.847% | &nbsp;&nbsp;9849795 | &nbsp;&nbsp;1009212 |
| &nbsp;&nbsp;CMO Series 2018-139 Class SC | &nbsp;&nbsp;CMO Series 2018-139 Class SC | &nbsp;&nbsp;CMO Series 2018-139 Class SC | &nbsp;&nbsp;CMO Series 2018-139 Class SC |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 10/20/2048 | &nbsp;&nbsp;1.797% | &nbsp;&nbsp;6944596 | &nbsp;&nbsp;&nbsp;&nbsp;676138 |
| &nbsp;&nbsp;CMO Series 2018-148 Class SB | &nbsp;&nbsp;CMO Series 2018-148 Class SB | &nbsp;&nbsp;CMO Series 2018-148 Class SB | &nbsp;&nbsp;CMO Series 2018-148 Class SB |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 01/20/2048 | &nbsp;&nbsp;1.847% | 19370195 | &nbsp;&nbsp;2137003 |
| &nbsp;&nbsp;CMO Series 2018-151 Class SA | &nbsp;&nbsp;CMO Series 2018-151 Class SA | &nbsp;&nbsp;CMO Series 2018-151 Class SA | &nbsp;&nbsp;CMO Series 2018-151 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 11/20/2048 | &nbsp;&nbsp;1.797% | 16476270 | &nbsp;&nbsp;1658175 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2018-89 Class MS | &nbsp;&nbsp;CMO Series 2018-89 Class MS | &nbsp;&nbsp;CMO Series 2018-89 Class MS | &nbsp;&nbsp;CMO Series 2018-89 Class MS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 06/20/2048 | &nbsp;&nbsp;1.847% | 10196803 | &nbsp;&nbsp;&nbsp;&nbsp;898207 |
| &nbsp;&nbsp;CMO Series 2018-91 Class DS | &nbsp;&nbsp;CMO Series 2018-91 Class DS | &nbsp;&nbsp;CMO Series 2018-91 Class DS | &nbsp;&nbsp;CMO Series 2018-91 Class DS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 07/20/2048 | &nbsp;&nbsp;1.847% | 10223494 | &nbsp;&nbsp;1014640 |
| &nbsp;&nbsp;CMO Series 2018-97 Class SM | &nbsp;&nbsp;CMO Series 2018-97 Class SM | &nbsp;&nbsp;CMO Series 2018-97 Class SM | &nbsp;&nbsp;CMO Series 2018-97 Class SM |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 07/20/2048 | &nbsp;&nbsp;1.847% | 10085541 | &nbsp;&nbsp;&nbsp;&nbsp;789835 |
| &nbsp;&nbsp;CMO Series 2019-20 Class JS | &nbsp;&nbsp;CMO Series 2019-20 Class JS | &nbsp;&nbsp;CMO Series 2019-20 Class JS | &nbsp;&nbsp;CMO Series 2019-20 Class JS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 02/20/2049 | &nbsp;&nbsp;1.647% | 16133774 | &nbsp;&nbsp;1614662 |
| &nbsp;&nbsp;CMO Series 2019-5 Class SH | &nbsp;&nbsp;CMO Series 2019-5 Class SH | &nbsp;&nbsp;CMO Series 2019-5 Class SH | &nbsp;&nbsp;CMO Series 2019-5 Class SH |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 01/20/2049 | &nbsp;&nbsp;1.797% | 11550163 | &nbsp;&nbsp;1184819 |
| &nbsp;&nbsp;CMO Series 2019-56 Class SG | &nbsp;&nbsp;CMO Series 2019-56 Class SG | &nbsp;&nbsp;CMO Series 2019-56 Class SG | &nbsp;&nbsp;CMO Series 2019-56 Class SG |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 05/20/2049 | &nbsp;&nbsp;1.797% | 12381453 | &nbsp;&nbsp;1261055 |
| &nbsp;&nbsp;CMO Series 2019-59 Class KS | &nbsp;&nbsp;CMO Series 2019-59 Class KS | &nbsp;&nbsp;CMO Series 2019-59 Class KS | &nbsp;&nbsp;CMO Series 2019-59 Class KS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 05/20/2049 | &nbsp;&nbsp;1.697% | 12080374 | &nbsp;&nbsp;1216500 |
| &nbsp;&nbsp;CMO Series 2019-85 Class SC | &nbsp;&nbsp;CMO Series 2019-85 Class SC | &nbsp;&nbsp;CMO Series 2019-85 Class SC | &nbsp;&nbsp;CMO Series 2019-85 Class SC |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 07/20/2049 | &nbsp;&nbsp;1.797% | 10983360 | &nbsp;&nbsp;1064219 |
| &nbsp;&nbsp;CMO Series 2019-90 Class SD | &nbsp;&nbsp;CMO Series 2019-90 Class SD | &nbsp;&nbsp;CMO Series 2019-90 Class SD | &nbsp;&nbsp;CMO Series 2019-90 Class SD |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> 07/20/2049 | &nbsp;&nbsp;1.797% | 16121088 | &nbsp;&nbsp;1726876 |
| &nbsp;&nbsp;CMO Series 2020-188 Class SA | &nbsp;&nbsp;CMO Series 2020-188 Class SA | &nbsp;&nbsp;CMO Series 2020-188 Class SA | &nbsp;&nbsp;CMO Series 2020-188 Class SA |
| &nbsp;&nbsp;1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 12/20/2050 | &nbsp;&nbsp;1.947% | 19547606 | &nbsp;&nbsp;2569316 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2020-21 Class VS | &nbsp;&nbsp;CMO Series 2020-21 Class VS | &nbsp;&nbsp;CMO Series 2020-21 Class VS | &nbsp;&nbsp;CMO Series 2020-21 Class VS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 02/20/2050 | &nbsp;&nbsp;1.697% | &nbsp;&nbsp;&nbsp;&nbsp;8056886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871165 |
| &nbsp;&nbsp;CMO Series 2020-62 Class SG | &nbsp;&nbsp;CMO Series 2020-62 Class SG | &nbsp;&nbsp;CMO Series 2020-62 Class SG | &nbsp;&nbsp;CMO Series 2020-62 Class SG |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 05/20/2050 | &nbsp;&nbsp;1.797% | &nbsp;&nbsp;12182064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222541 |
| &nbsp;&nbsp;CMO Series 2022-18 Class SL | &nbsp;&nbsp;CMO Series 2022-18 Class SL | &nbsp;&nbsp;CMO Series 2022-18 Class SL | &nbsp;&nbsp;CMO Series 2022-18 Class SL |
| &nbsp;&nbsp;-1.0 x 30-day Average SOFR + 6.300%<br> Cap 6.300%<br> 01/20/2052 | &nbsp;&nbsp;2.474% | &nbsp;&nbsp;32071858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4289726 |
| &nbsp;&nbsp;CMO Series 2022-63 Class GS | &nbsp;&nbsp;CMO Series 2022-63 Class GS | &nbsp;&nbsp;CMO Series 2022-63 Class GS | &nbsp;&nbsp;CMO Series 2022-63 Class GS |
| &nbsp;&nbsp;-1.0 x 30-day Average SOFR + 5.500%<br> Cap 5.500%<br> 04/20/2052 | &nbsp;&nbsp;1.674% | &nbsp;&nbsp;28844970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3184115 |
| &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(m)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(m)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(m)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(m)</sup> |
| &nbsp;&nbsp;01/23/2053 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;57000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53927554 |
| &nbsp;&nbsp;01/23/2053 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;24000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23277901 |
| &nbsp;&nbsp;01/23/2053 | &nbsp;&nbsp;5.000% | 102000000 | &nbsp;&nbsp;&nbsp;&nbsp;101054380 |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(m)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(m)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(m)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(m)</sup> |
| &nbsp;&nbsp;01/17/2038 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;66000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61811877 |
| &nbsp;&nbsp;01/17/2038 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7652689 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | 163260000 | &nbsp;&nbsp;&nbsp;&nbsp;157097962 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;5.000% | 142500000 | &nbsp;&nbsp;&nbsp;&nbsp;140394051 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,330,253,629) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,330,253,629) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,330,253,629) | &nbsp;&nbsp;**1248237681** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 21.2%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 21.2%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 21.2%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 21.2%** |
| &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 |
| &nbsp;&nbsp;06/25/2061 | &nbsp;&nbsp;2.116% | &nbsp;&nbsp;12490024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11570379 |
| &nbsp;&nbsp;AlphaFlow Transitional Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;AlphaFlow Transitional Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;AlphaFlow Transitional Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;AlphaFlow Transitional Mortgage Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2021-WL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-WL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-WL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-WL1 Class A1 |
| &nbsp;&nbsp;01/25/2026 | &nbsp;&nbsp;3.280% | &nbsp;&nbsp;&nbsp;&nbsp;4335401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4120345 |
| &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2020-R1 Class M1 | &nbsp;&nbsp;CMO Series 2020-R1 Class M1 | &nbsp;&nbsp;CMO Series 2020-R1 Class M1 | &nbsp;&nbsp;CMO Series 2020-R1 Class M1 |
| &nbsp;&nbsp;04/25/2053 | &nbsp;&nbsp;2.621% | &nbsp;&nbsp;&nbsp;&nbsp;3918000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219015 |
| &nbsp;&nbsp;Angel Oak Mortgage Trust I LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust I LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust I LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust I LLC<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2018-3 Class M1 | &nbsp;&nbsp;CMO Series 2018-3 Class M1 | &nbsp;&nbsp;CMO Series 2018-3 Class M1 | &nbsp;&nbsp;CMO Series 2018-3 Class M1 |
| &nbsp;&nbsp;09/25/2048 | &nbsp;&nbsp;4.421% | &nbsp;&nbsp;10544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10179974 |
| &nbsp;&nbsp;Arroyo Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Arroyo Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Arroyo Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Arroyo Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2019-2 Class A3 | &nbsp;&nbsp;CMO Series 2019-2 Class A3 | &nbsp;&nbsp;CMO Series 2019-2 Class A3 | &nbsp;&nbsp;CMO Series 2019-2 Class A3 |
| &nbsp;&nbsp;04/25/2049 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;&nbsp;&nbsp;2273050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024313 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2017-1 Class M2 | &nbsp;&nbsp;CMO Series 2017-1 Class M2 | &nbsp;&nbsp;CMO Series 2017-1 Class M2 | &nbsp;&nbsp;CMO Series 2017-1 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.350%<br> 10/25/2027 | &nbsp;&nbsp;7.739% | &nbsp;&nbsp;1179985 | &nbsp;&nbsp;&nbsp;&nbsp;1180076 |
| &nbsp;&nbsp;CMO Series 2019-2A Class M1C | &nbsp;&nbsp;CMO Series 2019-2A Class M1C | &nbsp;&nbsp;CMO Series 2019-2A Class M1C | &nbsp;&nbsp;CMO Series 2019-2A Class M1C |
| &nbsp;&nbsp;1-month USD LIBOR + 2.000%<br> Floor 2.000%<br> 04/25/2029 | &nbsp;&nbsp;6.389% | &nbsp;&nbsp;8618425 | &nbsp;&nbsp;&nbsp;&nbsp;8557633 |
| &nbsp;&nbsp;CMO Series 2019-3A Class M1B | &nbsp;&nbsp;CMO Series 2019-3A Class M1B | &nbsp;&nbsp;CMO Series 2019-3A Class M1B | &nbsp;&nbsp;CMO Series 2019-3A Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.600%<br> Floor 1.600%<br> 07/25/2029 | &nbsp;&nbsp;5.989% | &nbsp;&nbsp;3778224 | &nbsp;&nbsp;&nbsp;&nbsp;3773370 |
| &nbsp;&nbsp;CMO Series 2020-3A Class M1C | &nbsp;&nbsp;CMO Series 2020-3A Class M1C | &nbsp;&nbsp;CMO Series 2020-3A Class M1C | &nbsp;&nbsp;CMO Series 2020-3A Class M1C |
| &nbsp;&nbsp;1-month USD LIBOR + 3.700%<br> Floor 3.700%<br> 10/25/2030 | &nbsp;&nbsp;8.089% | 12732328 | &nbsp;&nbsp;12798769 |
| &nbsp;&nbsp;CMO Series 2021-1A Class M1B | &nbsp;&nbsp;CMO Series 2021-1A Class M1B | &nbsp;&nbsp;CMO Series 2021-1A Class M1B | &nbsp;&nbsp;CMO Series 2021-1A Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 2.200%<br> Floor 2.200%<br> 03/25/2031 | &nbsp;&nbsp;5.747% | 15350000 | &nbsp;&nbsp;15146757 |
| &nbsp;&nbsp;CMO Series 2021-2A Class M1B | &nbsp;&nbsp;CMO Series 2021-2A Class M1B | &nbsp;&nbsp;CMO Series 2021-2A Class M1B | &nbsp;&nbsp;CMO Series 2021-2A Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 1.500%<br> Floor 1.500%<br> 06/25/2031 | &nbsp;&nbsp;5.021% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;6673115 |
| &nbsp;&nbsp;Bunker Hill Loan Depositary Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Bunker Hill Loan Depositary Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Bunker Hill Loan Depositary Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Bunker Hill Loan Depositary Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2019-3 Class A3 | &nbsp;&nbsp;CMO Series 2019-3 Class A3 | &nbsp;&nbsp;CMO Series 2019-3 Class A3 | &nbsp;&nbsp;CMO Series 2019-3 Class A3 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;3.135% | &nbsp;&nbsp;3186616 | &nbsp;&nbsp;&nbsp;&nbsp;3002773 |
| &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2021-3F Class M1 | &nbsp;&nbsp;CMO Series 2021-3F Class M1 | &nbsp;&nbsp;CMO Series 2021-3F Class M1 | &nbsp;&nbsp;CMO Series 2021-3F Class M1 |
| &nbsp;&nbsp;30-day Average SOFR + 1.750%<br> Floor 1.750%<br> 07/12/2033 | &nbsp;&nbsp;3.608% | 13602775 | &nbsp;&nbsp;13602775 |
| &nbsp;&nbsp;CMO Series 2021-3F Class M2 | &nbsp;&nbsp;CMO Series 2021-3F Class M2 | &nbsp;&nbsp;CMO Series 2021-3F Class M2 | &nbsp;&nbsp;CMO Series 2021-3F Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 2.900%<br> Floor 2.900%<br> 07/12/2033 | &nbsp;&nbsp;4.187% | 23700000 | &nbsp;&nbsp;23700000 |
| &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 |
| &nbsp;&nbsp;03/25/2067 | &nbsp;&nbsp;3.757% | 14890833 | &nbsp;&nbsp;14000603 |
| &nbsp;&nbsp;CMO Series 2022-5 Class A1 | &nbsp;&nbsp;CMO Series 2022-5 Class A1 | &nbsp;&nbsp;CMO Series 2022-5 Class A1 | &nbsp;&nbsp;CMO Series 2022-5 Class A1 |
| &nbsp;&nbsp;01/25/2058 | &nbsp;&nbsp;6.000% | 12700000 | &nbsp;&nbsp;12361268 |
| &nbsp;&nbsp;CIM Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2018-R6 Class A1 | &nbsp;&nbsp;CMO Series 2018-R6 Class A1 | &nbsp;&nbsp;CMO Series 2018-R6 Class A1 | &nbsp;&nbsp;CMO Series 2018-R6 Class A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 1.076%<br> Floor 1.076%<br> 09/25/2058 | &nbsp;&nbsp;5.445% | &nbsp;&nbsp;&nbsp;&nbsp;865903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845642 |
| &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2015-RP2 Class B3 | &nbsp;&nbsp;CMO Series 2015-RP2 Class B3 | &nbsp;&nbsp;CMO Series 2015-RP2 Class B3 | &nbsp;&nbsp;CMO Series 2015-RP2 Class B3 |
| &nbsp;&nbsp;01/25/2053 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;2232146 | &nbsp;&nbsp;&nbsp;&nbsp;2100107 |
| &nbsp;&nbsp;Subordinated CMO Series 2014-C Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2014-C Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2014-C Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2014-C Class B1 |
| &nbsp;&nbsp;02/25/2054 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;3093413 | &nbsp;&nbsp;&nbsp;&nbsp;2973156 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2020-2 Class A2 | &nbsp;&nbsp;CMO Series 2020-2 Class A2 | &nbsp;&nbsp;CMO Series 2020-2 Class A2 | &nbsp;&nbsp;CMO Series 2020-2 Class A2 |
| &nbsp;&nbsp;03/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;3.094% | &nbsp;&nbsp;3906000 | &nbsp;&nbsp;3650087 |
| &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 |
| &nbsp;&nbsp;09/27/2066 | &nbsp;&nbsp;&nbsp;&nbsp;0.956% | 11499300 | &nbsp;&nbsp;8867294 |
| &nbsp;&nbsp;CMO Series 2021-3 Class A2 | &nbsp;&nbsp;CMO Series 2021-3 Class A2 | &nbsp;&nbsp;CMO Series 2021-3 Class A2 | &nbsp;&nbsp;CMO Series 2021-3 Class A2 |
| &nbsp;&nbsp;09/27/2066 | &nbsp;&nbsp;&nbsp;&nbsp;1.162% | &nbsp;&nbsp;4758331 | &nbsp;&nbsp;3614489 |
| &nbsp;&nbsp;CMO Series 2021-5 Class A3 | &nbsp;&nbsp;CMO Series 2021-5 Class A3 | &nbsp;&nbsp;CMO Series 2021-5 Class A3 | &nbsp;&nbsp;CMO Series 2021-5 Class A3 |
| &nbsp;&nbsp;11/26/2066 | &nbsp;&nbsp;&nbsp;&nbsp;2.807% | &nbsp;&nbsp;8381000 | &nbsp;&nbsp;5304688 |
| &nbsp;&nbsp;CSMC Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2020-RPL2 Class A12 | &nbsp;&nbsp;CMO Series 2020-RPL2 Class A12 | &nbsp;&nbsp;CMO Series 2020-RPL2 Class A12 | &nbsp;&nbsp;CMO Series 2020-RPL2 Class A12 |
| &nbsp;&nbsp;02/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;3.447% | &nbsp;&nbsp;7142262 | &nbsp;&nbsp;7052601 |
| &nbsp;&nbsp;Deephaven Residential Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Deephaven Residential Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Deephaven Residential Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Deephaven Residential Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-4 Class A3 | &nbsp;&nbsp;CMO Series 2021-4 Class A3 | &nbsp;&nbsp;CMO Series 2021-4 Class A3 | &nbsp;&nbsp;CMO Series 2021-4 Class A3 |
| &nbsp;&nbsp;11/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;2.239% | &nbsp;&nbsp;6660543 | &nbsp;&nbsp;5527186 |
| &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;3.469% | &nbsp;&nbsp;5761000 | &nbsp;&nbsp;4742084 |
| &nbsp;&nbsp;Figure Line of Credit Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Figure Line of Credit Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Figure Line of Credit Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Figure Line of Credit Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A |
| &nbsp;&nbsp;09/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;4.040% | &nbsp;&nbsp;2221272 | &nbsp;&nbsp;2117650 |
| &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-DNA5 Class M2 | &nbsp;&nbsp;CMO Series 2021-DNA5 Class M2 | &nbsp;&nbsp;CMO Series 2021-DNA5 Class M2 | &nbsp;&nbsp;CMO Series 2021-DNA5 Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 1.650%<br> 01/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;5.578% | &nbsp;&nbsp;5839875 | &nbsp;&nbsp;5749558 |
| &nbsp;&nbsp;CMO Series 2022-DNA1 Class M1B | &nbsp;&nbsp;CMO Series 2022-DNA1 Class M1B | &nbsp;&nbsp;CMO Series 2022-DNA1 Class M1B | &nbsp;&nbsp;CMO Series 2022-DNA1 Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 1.850%<br> 01/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;5.778% | &nbsp;&nbsp;8250000 | &nbsp;&nbsp;7829121 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-HQA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA3 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 5.750%<br> 07/25/2050 | &nbsp;&nbsp;10.139% | &nbsp;&nbsp;3559605 | &nbsp;&nbsp;3665751 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-DNA6 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA6 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA6 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA6 Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 2.150%<br> 09/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;6.078% | &nbsp;&nbsp;9915712 | &nbsp;&nbsp;9915664 |
| &nbsp;&nbsp;GCAT LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;GCAT LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;GCAT LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;GCAT LLC<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2020-3 Class A1 | &nbsp;&nbsp;CMO Series 2020-3 Class A1 | &nbsp;&nbsp;CMO Series 2020-3 Class A1 | &nbsp;&nbsp;CMO Series 2020-3 Class A1 |
| &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2.981% | &nbsp;&nbsp;8589096 | &nbsp;&nbsp;8293017 |
| &nbsp;&nbsp;CMO Series 2021-CM1 Class A1 | &nbsp;&nbsp;CMO Series 2021-CM1 Class A1 | &nbsp;&nbsp;CMO Series 2021-CM1 Class A1 | &nbsp;&nbsp;CMO Series 2021-CM1 Class A1 |
| &nbsp;&nbsp;04/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;1.469% | 10127076 | &nbsp;&nbsp;9496274 |
| &nbsp;&nbsp;GCAT Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;GCAT Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;GCAT Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;GCAT Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2019-NQM3 Class A3 | &nbsp;&nbsp;CMO Series 2019-NQM3 Class A3 | &nbsp;&nbsp;CMO Series 2019-NQM3 Class A3 | &nbsp;&nbsp;CMO Series 2019-NQM3 Class A3 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;3.043% | &nbsp;&nbsp;4111820 | &nbsp;&nbsp;3740331 |
| &nbsp;&nbsp;CMO Series 2021-CM2 Class A1 | &nbsp;&nbsp;CMO Series 2021-CM2 Class A1 | &nbsp;&nbsp;CMO Series 2021-CM2 Class A1 | &nbsp;&nbsp;CMO Series 2021-CM2 Class A1 |
| &nbsp;&nbsp;08/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;2.352% | &nbsp;&nbsp;5923851 | &nbsp;&nbsp;5336862 |
| &nbsp;&nbsp;CMO Series 2021-NQM6 Class A2 | &nbsp;&nbsp;CMO Series 2021-NQM6 Class A2 | &nbsp;&nbsp;CMO Series 2021-NQM6 Class A2 | &nbsp;&nbsp;CMO Series 2021-NQM6 Class A2 |
| &nbsp;&nbsp;08/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;2.710% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;3547369 |
| &nbsp;&nbsp;CMO Series 2021-NQM6 Class A3 | &nbsp;&nbsp;CMO Series 2021-NQM6 Class A3 | &nbsp;&nbsp;CMO Series 2021-NQM6 Class A3 | &nbsp;&nbsp;CMO Series 2021-NQM6 Class A3 |
| &nbsp;&nbsp;08/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;2.810% | &nbsp;&nbsp;8003000 | &nbsp;&nbsp;5162093 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-2 Class M1B | &nbsp;&nbsp;CMO Series 2021-2 Class M1B | &nbsp;&nbsp;CMO Series 2021-2 Class M1B | &nbsp;&nbsp;CMO Series 2021-2 Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 1.600%<br> 01/25/2034 | &nbsp;&nbsp;5.528% | 15662000 | &nbsp;&nbsp;15278218 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-1 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-1 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-1 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-1 Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 2.850%<br> 10/25/2034 | &nbsp;&nbsp;6.371% | &nbsp;&nbsp;9750000 | &nbsp;&nbsp;&nbsp;&nbsp;9711560 |
| &nbsp;&nbsp;Homeward Opportunities Fund Trust<sup>(a),(h)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund Trust<sup>(a),(h)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund Trust<sup>(a),(h)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund Trust<sup>(a),(h)</sup> |
| &nbsp;&nbsp;CMO Series 2020-BPL1 Class A1 | &nbsp;&nbsp;CMO Series 2020-BPL1 Class A1 | &nbsp;&nbsp;CMO Series 2020-BPL1 Class A1 | &nbsp;&nbsp;CMO Series 2020-BPL1 Class A1 |
| &nbsp;&nbsp;08/25/2025 | &nbsp;&nbsp;3.228% | &nbsp;&nbsp;7106842 | &nbsp;&nbsp;&nbsp;&nbsp;7089286 |
| &nbsp;&nbsp;Imperial Fund Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Imperial Fund Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Imperial Fund Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Imperial Fund Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NQM4 Class A2 | &nbsp;&nbsp;CMO Series 2021-NQM4 Class A2 | &nbsp;&nbsp;CMO Series 2021-NQM4 Class A2 | &nbsp;&nbsp;CMO Series 2021-NQM4 Class A2 |
| &nbsp;&nbsp;01/25/2057 | &nbsp;&nbsp;2.296% | &nbsp;&nbsp;4591006 | &nbsp;&nbsp;&nbsp;&nbsp;3680044 |
| &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-SL2 Class A | &nbsp;&nbsp;CMO Series 2021-SL2 Class A | &nbsp;&nbsp;CMO Series 2021-SL2 Class A | &nbsp;&nbsp;CMO Series 2021-SL2 Class A |
| &nbsp;&nbsp;10/25/2068 | &nbsp;&nbsp;1.875% | 16814333 | &nbsp;&nbsp;15093144 |
| &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2021-2 Class A1X | &nbsp;&nbsp;CMO Series 2021-2 Class A1X | &nbsp;&nbsp;CMO Series 2021-2 Class A1X | &nbsp;&nbsp;CMO Series 2021-2 Class A1X |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 2.750%<br> 06/30/2023 | &nbsp;&nbsp;7.042% | &nbsp;&nbsp;2514928 | &nbsp;&nbsp;&nbsp;&nbsp;2514928 |
| &nbsp;&nbsp;MFA Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;MFA Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;MFA Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;MFA Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2020-NQM2 Class M1 | &nbsp;&nbsp;CMO Series 2020-NQM2 Class M1 | &nbsp;&nbsp;CMO Series 2020-NQM2 Class M1 | &nbsp;&nbsp;CMO Series 2020-NQM2 Class M1 |
| &nbsp;&nbsp;04/25/2065 | &nbsp;&nbsp;3.034% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;7670474 |
| &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2021-GNT1 Class A | &nbsp;&nbsp;CMO Series 2021-GNT1 Class A | &nbsp;&nbsp;CMO Series 2021-GNT1 Class A | &nbsp;&nbsp;CMO Series 2021-GNT1 Class A |
| &nbsp;&nbsp;11/25/2026 | &nbsp;&nbsp;3.474% | 12195278 | &nbsp;&nbsp;10736506 |
| &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A |
| &nbsp;&nbsp;12/25/2025 | &nbsp;&nbsp;3.844% | &nbsp;&nbsp;5931072 | &nbsp;&nbsp;&nbsp;&nbsp;5405200 |
| &nbsp;&nbsp;Oaktown Re II Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re II Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re II Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re II Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2018-1A Class M1 | &nbsp;&nbsp;CMO Series 2018-1A Class M1 | &nbsp;&nbsp;CMO Series 2018-1A Class M1 | &nbsp;&nbsp;CMO Series 2018-1A Class M1 |
| &nbsp;&nbsp;1-month USD LIBOR + 1.550%<br> 07/25/2028 | &nbsp;&nbsp;5.939% | &nbsp;&nbsp;1962255 | &nbsp;&nbsp;&nbsp;&nbsp;1957913 |
| &nbsp;&nbsp;Oaktown Re III Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re III Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re III Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re III Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2019-1A Class M1B | &nbsp;&nbsp;CMO Series 2019-1A Class M1B | &nbsp;&nbsp;CMO Series 2019-1A Class M1B | &nbsp;&nbsp;CMO Series 2019-1A Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.950%<br> Floor 1.950%<br> 07/25/2029 | &nbsp;&nbsp;6.339% | 11518724 | &nbsp;&nbsp;11336157 |
| &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1A Class M1B | &nbsp;&nbsp;CMO Series 2021-1A Class M1B | &nbsp;&nbsp;CMO Series 2021-1A Class M1B | &nbsp;&nbsp;CMO Series 2021-1A Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 2.050%<br> Floor 2.050%<br> 10/25/2033 | &nbsp;&nbsp;5.978% | &nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;4014375 |
| &nbsp;&nbsp;PMT Credit Risk Transfer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PMT Credit Risk Transfer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PMT Credit Risk Transfer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PMT Credit Risk Transfer Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2019-2R Class A | &nbsp;&nbsp;Series 2019-2R Class A | &nbsp;&nbsp;Series 2019-2R Class A | &nbsp;&nbsp;Series 2019-2R Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 2.750%<br> 05/27/2023 | &nbsp;&nbsp;6.805% | &nbsp;&nbsp;5359922 | &nbsp;&nbsp;&nbsp;&nbsp;5086599 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2018-GT1 Class A | &nbsp;&nbsp;CMO Series 2018-GT1 Class A | &nbsp;&nbsp;CMO Series 2018-GT1 Class A | &nbsp;&nbsp;CMO Series 2018-GT1 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.850%<br> Floor 2.850%<br> 02/25/2023 | &nbsp;&nbsp;7.239% | 54900000 | &nbsp;&nbsp;53655939 |
| &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.650%<br> 08/25/2025 | &nbsp;&nbsp;6.694% | 73650000 | &nbsp;&nbsp;72288705 |
| &nbsp;&nbsp;Point Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Point Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Point Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Point Securitization Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;02/25/2052 | &nbsp;&nbsp;3.228% | 14818389 | &nbsp;&nbsp;14172778 |
| &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;01/25/2026 | &nbsp;&nbsp;2.115% | 24137408 | &nbsp;&nbsp;21925960 |
| &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 |
| &nbsp;&nbsp;04/25/2026 | &nbsp;&nbsp;1.867% | 11860128 | &nbsp;&nbsp;10713412 |
| &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 |
| &nbsp;&nbsp;08/25/2026 | &nbsp;&nbsp;1.867% | &nbsp;&nbsp;9560572 | &nbsp;&nbsp;&nbsp;&nbsp;8589246 |
| &nbsp;&nbsp;CMO Series 2021-8 Class A1 | &nbsp;&nbsp;CMO Series 2021-8 Class A1 | &nbsp;&nbsp;CMO Series 2021-8 Class A1 | &nbsp;&nbsp;CMO Series 2021-8 Class A1 |
| &nbsp;&nbsp;09/25/2026 | &nbsp;&nbsp;1.743% | 10595645 | &nbsp;&nbsp;&nbsp;&nbsp;9424413 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 |
| &nbsp;&nbsp;01/25/2052 | &nbsp;&nbsp;2.981% | &nbsp;&nbsp;8155296 | &nbsp;&nbsp;&nbsp;&nbsp;7282655 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 |
| &nbsp;&nbsp;07/25/2051 | &nbsp;&nbsp;1.744% | &nbsp;&nbsp;7067680 | &nbsp;&nbsp;&nbsp;&nbsp;6378249 |
| &nbsp;&nbsp;PRPM LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;PRPM LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;PRPM LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;PRPM LLC<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RPL1 Class A1 |
| &nbsp;&nbsp;07/25/2051 | &nbsp;&nbsp;1.319% | &nbsp;&nbsp;6747759 | &nbsp;&nbsp;&nbsp;&nbsp;5939794 |
| &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2019-2 Class M1B | &nbsp;&nbsp;CMO Series 2019-2 Class M1B | &nbsp;&nbsp;CMO Series 2019-2 Class M1B | &nbsp;&nbsp;CMO Series 2019-2 Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.750%<br> Floor 1.750%<br> 06/25/2029 | &nbsp;&nbsp;6.139% | &nbsp;&nbsp;1077370 | &nbsp;&nbsp;&nbsp;&nbsp;1076212 |
| &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2019-3 Class A3 | &nbsp;&nbsp;CMO Series 2019-3 Class A3 | &nbsp;&nbsp;CMO Series 2019-3 Class A3 | &nbsp;&nbsp;CMO Series 2019-3 Class A3 |
| &nbsp;&nbsp;09/25/2059 | &nbsp;&nbsp;3.044% | &nbsp;&nbsp;&nbsp;&nbsp;485784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469770 |
| &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2020-FIG1 Class A1 | &nbsp;&nbsp;CMO Series 2020-FIG1 Class A1 | &nbsp;&nbsp;CMO Series 2020-FIG1 Class A1 | &nbsp;&nbsp;CMO Series 2020-FIG1 Class A1 |
| &nbsp;&nbsp;09/25/2050 | &nbsp;&nbsp;3.568% | &nbsp;&nbsp;&nbsp;&nbsp;948708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931813 |
| &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2019-3 Class M1 | &nbsp;&nbsp;CMO Series 2019-3 Class M1 | &nbsp;&nbsp;CMO Series 2019-3 Class M1 | &nbsp;&nbsp;CMO Series 2019-3 Class M1 |
| &nbsp;&nbsp;09/25/2059 | &nbsp;&nbsp;3.526% | &nbsp;&nbsp;7700000 | &nbsp;&nbsp;&nbsp;&nbsp;6793268 |
| &nbsp;&nbsp;Stanwich Mortgage Loan Co. LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Stanwich Mortgage Loan Co. LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Stanwich Mortgage Loan Co. LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Stanwich Mortgage Loan Co. LLC<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPB1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPB1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPB1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPB1 Class A1 |
| &nbsp;&nbsp;10/16/2026 | &nbsp;&nbsp;2.735% | &nbsp;&nbsp;9974322 | &nbsp;&nbsp;&nbsp;&nbsp;8681667 |
| &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2020-INV1 Class M1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class M1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class M1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class M1 |
| &nbsp;&nbsp;11/25/2055 | &nbsp;&nbsp;2.501% | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;2218916 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 |
| &nbsp;&nbsp;06/25/2056 | &nbsp;&nbsp;1.127% | &nbsp;&nbsp;3358653 | &nbsp;&nbsp;&nbsp;&nbsp;2659720 |
| &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 |
| &nbsp;&nbsp;02/25/2067 | &nbsp;&nbsp;3.128% | &nbsp;&nbsp;3926032 | &nbsp;&nbsp;&nbsp;&nbsp;3604147 |
| &nbsp;&nbsp;Stonnington Mortgage Trust<sup>(a),(d),(e)</sup> | &nbsp;&nbsp;Stonnington Mortgage Trust<sup>(a),(d),(e)</sup> | &nbsp;&nbsp;Stonnington Mortgage Trust<sup>(a),(d),(e)</sup> | &nbsp;&nbsp;Stonnington Mortgage Trust<sup>(a),(d),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A |
| &nbsp;&nbsp;07/28/2024 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;4775278 | &nbsp;&nbsp;&nbsp;&nbsp;4775278 |
| &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(e)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(e)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(e)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;06/25/2024 | &nbsp;&nbsp;2.240% | 11000000 | &nbsp;&nbsp;10531486 |
| &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2019-4 Class M1B | &nbsp;&nbsp;CMO Series 2019-4 Class M1B | &nbsp;&nbsp;CMO Series 2019-4 Class M1B | &nbsp;&nbsp;CMO Series 2019-4 Class M1B |
| &nbsp;&nbsp;10/25/2059 | &nbsp;&nbsp;3.000% | 24114000 | &nbsp;&nbsp;18470193 |
| &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C |
| &nbsp;&nbsp;1-month USD LIBOR + 3.400%<br> Floor 3.400%<br> 08/25/2033 | &nbsp;&nbsp;7.789% | &nbsp;&nbsp;1882956 | &nbsp;&nbsp;&nbsp;&nbsp;1880680 |
| &nbsp;&nbsp;CMO Series 2021-2 Class M1B | &nbsp;&nbsp;CMO Series 2021-2 Class M1B | &nbsp;&nbsp;CMO Series 2021-2 Class M1B | &nbsp;&nbsp;CMO Series 2021-2 Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 2.600%<br> Floor 2.600%<br> 10/25/2033 | &nbsp;&nbsp;6.989% | 15000000 | &nbsp;&nbsp;14836548 |
| &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 |
| &nbsp;&nbsp;09/25/2051 | &nbsp;&nbsp;1.917% | 13900657 | &nbsp;&nbsp;12101443 |
| &nbsp;&nbsp;VCAT LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 |
| &nbsp;&nbsp;08/25/2051 | &nbsp;&nbsp;1.868% | 18373449 | &nbsp;&nbsp;16187915 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIX LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIX LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIX LLC<sup>(a),(e)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIX LLC<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL8 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL8 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL8 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL8 Class A1 |
| &nbsp;&nbsp;04/25/2051 | &nbsp;&nbsp;2.116% | 11053447 | &nbsp;&nbsp;&nbsp;&nbsp;9763694 |
| &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2019-4 Class A3 | &nbsp;&nbsp;CMO Series 2019-4 Class A3 | &nbsp;&nbsp;CMO Series 2019-4 Class A3 | &nbsp;&nbsp;CMO Series 2019-4 Class A3 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1803114 | &nbsp;&nbsp;&nbsp;&nbsp;1697945 |
| &nbsp;&nbsp;CMO Series 2019-INV3 Class A3 | &nbsp;&nbsp;CMO Series 2019-INV3 Class A3 | &nbsp;&nbsp;CMO Series 2019-INV3 Class A3 | &nbsp;&nbsp;CMO Series 2019-INV3 Class A3 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;3959669 | &nbsp;&nbsp;&nbsp;&nbsp;3712272 |
| &nbsp;&nbsp;CMO Series 2020-1 Class A3 | &nbsp;&nbsp;CMO Series 2020-1 Class A3 | &nbsp;&nbsp;CMO Series 2020-1 Class A3 | &nbsp;&nbsp;CMO Series 2020-1 Class A3 |
| &nbsp;&nbsp;01/25/2060 | &nbsp;&nbsp;2.724% | &nbsp;&nbsp;9893056 | &nbsp;&nbsp;&nbsp;&nbsp;9097703 |
| &nbsp;&nbsp;CMO Series 2021-5 Class A2 | &nbsp;&nbsp;CMO Series 2021-5 Class A2 | &nbsp;&nbsp;CMO Series 2021-5 Class A2 | &nbsp;&nbsp;CMO Series 2021-5 Class A2 |
| &nbsp;&nbsp;09/25/2066 | &nbsp;&nbsp;1.218% | &nbsp;&nbsp;3183388 | &nbsp;&nbsp;&nbsp;&nbsp;2498114 |
| &nbsp;&nbsp;CMO Series 2021-5 Class A3 | &nbsp;&nbsp;CMO Series 2021-5 Class A3 | &nbsp;&nbsp;CMO Series 2021-5 Class A3 | &nbsp;&nbsp;CMO Series 2021-5 Class A3 |
| &nbsp;&nbsp;09/25/2066 | &nbsp;&nbsp;1.373% | &nbsp;&nbsp;6025698 | &nbsp;&nbsp;&nbsp;&nbsp;4633268 |
| &nbsp;&nbsp;CMO Series 2021-5 Class M1 | &nbsp;&nbsp;CMO Series 2021-5 Class M1 | &nbsp;&nbsp;CMO Series 2021-5 Class M1 | &nbsp;&nbsp;CMO Series 2021-5 Class M1 |
| &nbsp;&nbsp;09/25/2066 | &nbsp;&nbsp;2.331% | &nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;2052108 |
| &nbsp;&nbsp;CMO Series 2021-7 Class A3 | &nbsp;&nbsp;CMO Series 2021-7 Class A3 | &nbsp;&nbsp;CMO Series 2021-7 Class A3 | &nbsp;&nbsp;CMO Series 2021-7 Class A3 |
| &nbsp;&nbsp;10/25/2066 | &nbsp;&nbsp;2.240% | &nbsp;&nbsp;9355793 | &nbsp;&nbsp;&nbsp;&nbsp;7384104 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Visio Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2019-2 Class A3 | &nbsp;&nbsp;CMO Series 2019-2 Class A3 | &nbsp;&nbsp;CMO Series 2019-2 Class A3 | &nbsp;&nbsp;CMO Series 2019-2 Class A3 |
| &nbsp;&nbsp;11/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;3.076% | 2589872 | &nbsp;&nbsp;&nbsp;&nbsp;2388546 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $769,928,526) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $769,928,526) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $769,928,526) | &nbsp;&nbsp;**713834554** |
| &nbsp;&nbsp;**Senior Loans 0.2%** | &nbsp;&nbsp;**Senior Loans 0.2%** | &nbsp;&nbsp;**Senior Loans 0.2%** | &nbsp;&nbsp;**Senior Loans 0.2%** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Chemicals 0.0%** | &nbsp;&nbsp;**Chemicals 0.0%** | &nbsp;&nbsp;**Chemicals 0.0%** | &nbsp;&nbsp;**Chemicals 0.0%** |
| &nbsp;&nbsp;WR Grace Holdings LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.500%<br> 09/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.500% | &nbsp;&nbsp;&nbsp;851400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833844 |
| &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** |
| &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.134% | &nbsp;&nbsp;&nbsp;467458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387406 |
| &nbsp;&nbsp;**Consumer Products 0.1%** | &nbsp;&nbsp;**Consumer Products 0.1%** | &nbsp;&nbsp;**Consumer Products 0.1%** | &nbsp;&nbsp;**Consumer Products 0.1%** |
| &nbsp;&nbsp;SWF Holdings I Corp.<sup>(b),(n)</sup> | &nbsp;&nbsp;SWF Holdings I Corp.<sup>(b),(n)</sup> | &nbsp;&nbsp;SWF Holdings I Corp.<sup>(b),(n)</sup> | &nbsp;&nbsp;SWF Holdings I Corp.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> Floor 0.750%<br> 10/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.753% | 1661650 | &nbsp;&nbsp;&nbsp;&nbsp;1353414 |
| &nbsp;&nbsp;**Media and Entertainment 0.0%** | &nbsp;&nbsp;**Media and Entertainment 0.0%** | &nbsp;&nbsp;**Media and Entertainment 0.0%** | &nbsp;&nbsp;**Media and Entertainment 0.0%** |
| &nbsp;&nbsp;Cengage Learning, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.750%<br> Floor 1.000%<br> 07/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.814% | 1389311 | &nbsp;&nbsp;&nbsp;&nbsp;1246476 |
| &nbsp;&nbsp;**Technology 0.1%** | &nbsp;&nbsp;**Technology 0.1%** | &nbsp;&nbsp;**Technology 0.1%** | &nbsp;&nbsp;**Technology 0.1%** |
| &nbsp;&nbsp;Ascend Learning LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(b),(n)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(b),(n)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 12/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.884% | &nbsp;&nbsp;&nbsp;790020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745581 |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.750%<br> Floor 0.500%<br> 12/10/2029 | &nbsp;&nbsp;10.134% | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405531 |
| &nbsp;&nbsp;DCert Buyer, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;DCert Buyer, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;DCert Buyer, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;DCert Buyer, Inc.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 7.000%<br> 02/19/2029 | &nbsp;&nbsp;11.696% | &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718110 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Epicore Software Corp.<sup>(b),(n)</sup> | &nbsp;&nbsp;Epicore Software Corp.<sup>(b),(n)</sup> | &nbsp;&nbsp;Epicore Software Corp.<sup>(b),(n)</sup> | &nbsp;&nbsp;Epicore Software Corp.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 7.750%<br> Floor 1.000%<br> 07/31/2028 | &nbsp;&nbsp;12.134% | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231123 |
| &nbsp;&nbsp;UKG, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(b),(n)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(b),(n)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 05/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.998% | &nbsp;&nbsp;&nbsp;&nbsp;473883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450189 |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.250%<br> Floor 0.500%<br> 05/03/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.998% | &nbsp;&nbsp;&nbsp;&nbsp;923000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845007 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3395541** |
| &nbsp;&nbsp;Total Senior Loans<br> (Cost $8,014,764) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $8,014,764) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $8,014,764) | &nbsp;&nbsp;&nbsp;&nbsp;**7216681** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 1.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations 1.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations 1.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations 1.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury |
| &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | 30000000 | &nbsp;&nbsp;28321875 |
| &nbsp;&nbsp;08/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;7608500 | &nbsp;&nbsp;&nbsp;&nbsp;6141486 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $35,666,411) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $35,666,411) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $35,666,411) | &nbsp;&nbsp;**34463361** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Calls 0.4%** | &nbsp;&nbsp;**Options Purchased Calls 0.4%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $33,463,175) | &nbsp;&nbsp;**13429147** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 8.4%** | &nbsp;&nbsp;**Money Market Funds 8.4%** | &nbsp;&nbsp;**Money Market Funds 8.4%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(o),(p)</sup> | &nbsp;&nbsp;285041710 | &nbsp;&nbsp;&nbsp;&nbsp;284956198 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $284,929,029) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $284,929,029) | &nbsp;&nbsp;&nbsp;&nbsp;**284956198** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $4,267,228,966)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $4,267,228,966)** | &nbsp;&nbsp;**3884824653** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;**(512952638)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**3371872015** |

---

At December 31, 2022, securities and/or cash totaling $68,994,911 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;19,942,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;21,288,284 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(80406) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 2586 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;290399719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(804489) |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 1353 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;146028868 | &nbsp;&nbsp;&nbsp;&nbsp;18367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;151101563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(921270) |
| &nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | 146 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17269063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26446) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 1548 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;207915750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4821000) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18367 | &nbsp;&nbsp;&nbsp;&nbsp;(6573205) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

28 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro-Bobl | (422) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48846500) | &nbsp;&nbsp;&nbsp;&nbsp;1613251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Euro-Bund | (689) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91588770) | &nbsp;&nbsp;&nbsp;&nbsp;6088631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Japanese 10-Year Government Bond | (103) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;(14982380000) | &nbsp;&nbsp;&nbsp;&nbsp;1880977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | (875) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179443360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(234216) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;9582859 | &nbsp;&nbsp;&nbsp;&nbsp;(234216) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;93240000 | &nbsp;&nbsp;&nbsp;&nbsp;93240000 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;04/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;2237760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134005 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;190320000 | &nbsp;&nbsp;190320000 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;05/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;5690568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673523 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;131500000 | &nbsp;&nbsp;131500000 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;05/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp;2695750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317402 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;199800000 | &nbsp;&nbsp;199800000 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;06/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp;6488505 | &nbsp;&nbsp;&nbsp;&nbsp;1823994 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;75880000 | &nbsp;&nbsp;&nbsp;&nbsp;75880000 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;07/11/2023 | &nbsp;&nbsp;&nbsp;&nbsp;2655800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762586 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;10/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849060 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;154560000 | &nbsp;&nbsp;154560000 | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;11/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4945920 | &nbsp;&nbsp;&nbsp;&nbsp;5406416 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;190320000 | &nbsp;&nbsp;190320000 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;05/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;5871372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673523 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;55000000 | &nbsp;&nbsp;&nbsp;&nbsp;55000000 | &nbsp;&nbsp;3.65 | &nbsp;&nbsp;11/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;2117500 | &nbsp;&nbsp;&nbsp;&nbsp;2788638 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;33463175 | &nbsp;&nbsp;13429147 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Premium<br> received ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;(138500000) | &nbsp;&nbsp;(138500000) | &nbsp;&nbsp;3.90 | &nbsp;&nbsp;01/27/2023 | &nbsp;&nbsp;(2596875) | &nbsp;&nbsp;(350460) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** | &nbsp;&nbsp;**Credit default swap contracts - buy protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Pay<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Periodic<br> payments<br> receivable<br> (payable)<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 11 BBB- | Goldman Sachs International | 11/18/2054 | 3.000 | Monthly | USD | &nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;560781 | &nbsp;&nbsp;&nbsp;(1850) | &nbsp;&nbsp;&nbsp;568702 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (9771) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | USD | 17000000 | 2940470 | &nbsp;&nbsp;&nbsp;(8500) | &nbsp;&nbsp;&nbsp;692118 |  | 2239852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 11 BBB- | JPMorgan | 11/18/2054 | 3.000 | Monthly | USD | &nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;560781 | &nbsp;&nbsp;&nbsp;(1850) | &nbsp;&nbsp;&nbsp;125732 |  | &nbsp;&nbsp;&nbsp;433199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 11 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | USD | &nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;691875 | &nbsp;&nbsp;&nbsp;(2000) | &nbsp;&nbsp;&nbsp;232957 |  | &nbsp;&nbsp;&nbsp;456918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | 4753907 | (14200) | 1619509 |  | 3129969 | (9771) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Pay<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX North America High Yield Index, Series 39 | Morgan Stanley | 12/20/2027 | 5.000 | Quarterly | USD | 230599000 | (12036675) |  |  |  | (12036675) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Receive<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Implied<br> credit<br> spread<br> (%)\*** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Periodic<br> payments<br> receivable<br> (payable)<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | &nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;(1556720) | &nbsp;&nbsp;&nbsp;4500 |  | &nbsp;&nbsp;&nbsp;(1963632) | &nbsp;&nbsp;&nbsp;411412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Goldman Sachs International | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | &nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;(691875) | &nbsp;&nbsp;&nbsp;2000 |  | &nbsp;&nbsp;&nbsp;&nbsp;(450799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (239076) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 10000000 | &nbsp;&nbsp;&nbsp;(1729688) | &nbsp;&nbsp;&nbsp;5000 |  | &nbsp;&nbsp;&nbsp;(2160662) | &nbsp;&nbsp;&nbsp;435974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 10000000 | &nbsp;&nbsp;&nbsp;(1729688) | &nbsp;&nbsp;&nbsp;5000 |  | &nbsp;&nbsp;&nbsp;(1673721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(50967) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | &nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;(1643204) | &nbsp;&nbsp;&nbsp;4750 |  | &nbsp;&nbsp;&nbsp;(1531108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (107346) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 11250000 | &nbsp;&nbsp;&nbsp;(1945898) | &nbsp;&nbsp;&nbsp;5625 |  | &nbsp;&nbsp;&nbsp;(1754596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (185677) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 10000000 | &nbsp;&nbsp;&nbsp;(1729688) | &nbsp;&nbsp;&nbsp;5000 |  | &nbsp;&nbsp;&nbsp;(1955464) | &nbsp;&nbsp;&nbsp;230776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | &nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;(1210782) | &nbsp;&nbsp;&nbsp;3500 |  | &nbsp;&nbsp;&nbsp;(1328353) | &nbsp;&nbsp;&nbsp;121071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 14250000 | &nbsp;&nbsp;&nbsp;(2464805) | &nbsp;&nbsp;&nbsp;7125 |  | &nbsp;&nbsp;&nbsp;(2296661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (161019) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  |  | (14702348) | 42500 |  | (15114996) | 1199233 | (744085) |

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $1,705,087,481, which represents 50.57% of total net assets.

(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2022, the total value of these securities amounted to $709,969,
which represents 0.02% of total net assets.

(d) Valuation based on significant unobservable inputs.

(e) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The
interest rate shown was the current rate as of December 31, 2022.

The accompanying Notes to Financial Statements are an integral part of this statement.

30 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments (continued)
**(f)** **Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.** 

**(g)** **Principal amounts are denominated in United States Dollars unless otherwise noted.** 

**(h)** **Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.** 

**(i)** **Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.** 

**(j)** **Represents a security in default.** 

**(k)** **Principal and interest may not be guaranteed by a governmental entity.** 

**(l)** **This security or a portion of this security has been pledged as collateral in connection with derivative contracts.** 

**(m)** **Represents a security purchased on a when-issued basis.** 

**(n)** **The stated interest rate represents the weighted average interest rate at December 31, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.** 

**(o)** **The rate shown is the seven-day current annualized yield at December 31, 2022.** 

**(p)** **As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 191934307 | &nbsp;&nbsp;1591056663 | &nbsp;&nbsp;(1498066063) | &nbsp;&nbsp;31291 | &nbsp;&nbsp;284956198 | &nbsp;&nbsp;(25092) | &nbsp;&nbsp;3602880 | &nbsp;&nbsp;285041710 |

---

#### Abbreviation Legend

---

| | |
|:---|:---|
| CMO | &nbsp;&nbsp;Collateralized Mortgage Obligation |
| FHLMC | &nbsp;&nbsp;Federal Home Loan Mortgage Corporation |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate |
| STRIPS | &nbsp;&nbsp;Separate Trading of Registered Interest and Principal Securities |
| TBA | &nbsp;&nbsp;To Be Announced |

---

#### Currency Legend
EUR Euro <br> JPY Japanese Yen <br> USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities — Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483629969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484339938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54686487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54686487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228619884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228619884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714046079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714046079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85158055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85158055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15261998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15261998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1248237681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1248237681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669241573 | &nbsp;&nbsp;&nbsp;&nbsp;44592981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713834554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7216681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7216681 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34463361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34463361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Calls | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13429147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13429147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 284956198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284956198 |
| &nbsp;&nbsp;Total Investments in Securities | 284956198 | &nbsp;&nbsp;&nbsp;&nbsp;3554565505 | &nbsp;&nbsp;&nbsp;&nbsp;45302950 | &nbsp;&nbsp;&nbsp;&nbsp;3884824653 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;9601226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9601226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4329202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4329202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(6807421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6807421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Contracts Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12790531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12790531) |
| &nbsp;&nbsp;Total | 287750003 | &nbsp;&nbsp;&nbsp;&nbsp;3545673310 | &nbsp;&nbsp;&nbsp;&nbsp;45302950 | &nbsp;&nbsp;&nbsp;&nbsp;3878726263 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

32 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance<br> as of<br> 12/31/2021<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Increase<br> (decrease)<br> in accrued<br> discounts/<br> premiums<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized<br> gain (loss)<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Change<br> in unrealized<br> appreciation<br> (depreciation)<sup>(a)</sup><br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> into<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> out of<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Balance<br> as of<br> 12/31/2022<br> ($)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;70733084 | &nbsp;&nbsp;&nbsp;&nbsp;(917035) | &nbsp;&nbsp;&nbsp;&nbsp;1872278 | &nbsp;&nbsp;&nbsp;&nbsp;(1675700) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4834427) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(64468231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709969 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities — Non-Agency | 124730661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9781) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(80127867) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44592981 |
| &nbsp;&nbsp;**Total** | **195463745** | &nbsp;&nbsp;&nbsp;&nbsp;**(917035)** | &nbsp;&nbsp;&nbsp;&nbsp;**1872246** | &nbsp;&nbsp;&nbsp;&nbsp;**(1685481)** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**(84962294)** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**(64468231)** | &nbsp;&nbsp;&nbsp;&nbsp;**45302950** |

---

(a) Change in unrealized appreciation (depreciation) relating to securities held at December 31, 2022 was $(19,236), which is comprised of Asset-Backed Securities — Non-Agency of $(19,236).

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain residential mortgage backed securities and asset backed securities classified as Level 3 are valued using the market approach and utilize single market quotations from broker dealers which may have included, but were not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) valuation measurement.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $3,948,836,762) | $3586439308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $284,929,029) | &nbsp;&nbsp;&nbsp;&nbsp;284956198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $33,463,175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13429147 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234147 |
| &nbsp;&nbsp;Foreign currency (cost $267,426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268379 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7256000 |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5942000 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15166897 |
| &nbsp;&nbsp;Unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4329202 |
| &nbsp;&nbsp;Upfront payments on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619509 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21799143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177790 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31274 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;3944760239 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Option contracts written, at value (premiums received $2,596,875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350460 |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80406 |
| &nbsp;&nbsp;Unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753856 |
| &nbsp;&nbsp;Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15114996 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;553707440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57531 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;572888224 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$3371872015** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;4024017501 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(652145486) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$3371872015** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2904350970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;351058536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.27 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$67592553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8207345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.24 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$399928492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48285938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.28 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

34 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3602880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;139187721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16608 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;142807209 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17309074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58380 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18896559 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;123910650 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(119537908) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25092) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34028) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133308) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;(253190625) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31341208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;(30458335) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589137 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(368448951) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(426516300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96349) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1336585) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;(12704017) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1835322) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;(20099048) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(462544275) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(830993226) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(707082576)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$123910650 | &nbsp;&nbsp;&nbsp;&nbsp;$127551633 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(368448951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8532852) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(462544275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131660820) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(707082576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12642039) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(103080929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410469394) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2113212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8010306) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13958149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59202042) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(119152290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477681742) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(161424644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68873765 |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(987659510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421450016) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;4359531525 | &nbsp;&nbsp;&nbsp;&nbsp;4780981541 |
| &nbsp;&nbsp;**Net assets at end of year** | **$3371872015** | &nbsp;&nbsp;**$4359531525** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;4941741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44305182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14701589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166294346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;11608213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103080929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39316992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410469394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (27845537) | &nbsp;&nbsp;&nbsp;&nbsp;(270077148) | &nbsp;&nbsp;&nbsp;&nbsp;(48043731) | &nbsp;&nbsp;&nbsp;&nbsp;(530446805) |
| &nbsp;&nbsp;Net increase (decrease) | (11295583) | &nbsp;&nbsp;&nbsp;&nbsp;(122691037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5974850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46316935 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;1578929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13941332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16465741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8010306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(1494457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13462621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(909535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9952699) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14523348 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9245599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;1568331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13958149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5665267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59202042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(6363744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58304081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5517208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60414159) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;(4437781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41325530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8033482 |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(15410111)** | &nbsp;&nbsp;&nbsp;&nbsp;**(161424644)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8315879** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68873765** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

36 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $10.31 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;(1.74) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.53 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(1.21) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.66 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.08 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.36 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $10.26 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(2.03) | &nbsp;&nbsp;(1.75) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.48 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(1.18) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.62 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.04 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.32 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $10.32 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;(1.75) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.54 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(1.19) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.67 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.09 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.37 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.30) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | **12/31/2022** | &nbsp;&nbsp;**12/31/2021** | &nbsp;&nbsp;**12/31/2020** | &nbsp;&nbsp;**12/31/2019** | &nbsp;&nbsp;**12/31/2018** |
| &nbsp;&nbsp;Class 1 | 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Class 2 | 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Class 3 | 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

38 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$8.27 | (17.06%) 0.50%<sup>(c)</sup> | 3.41% | 165% | $2904351 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.31 | &nbsp;&nbsp;(0.24%) 0.49%<sup>(c)</sup> | 2.81% | 204% | $3734781 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.53 | 12.58% 0.49%<sup>(c)</sup> | 3.16% | 312% | $4108990 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.66 | &nbsp;&nbsp;&nbsp;9.25% 0.49%<sup>(c)</sup> | 3.46% | 256% | $4074589 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.08 | &nbsp;&nbsp;&nbsp;0.40% 0.49%<sup>(c)</sup> | 3.21% | 222% | $3919654 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$8.24 | (17.20%) 0.75%<sup>(c)</sup> | 3.17% | 165% | &nbsp;&nbsp;&nbsp;&nbsp;$67593 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.26 | &nbsp;&nbsp;(0.49%) 0.74%<sup>(c)</sup> | 2.56% | 204% | &nbsp;&nbsp;&nbsp;&nbsp;$80859 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.48 | 12.28% 0.74%<sup>(c)</sup> | 2.93% | 312% | &nbsp;&nbsp;&nbsp;&nbsp;$74775 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.62 | &nbsp;&nbsp;&nbsp;9.03% 0.74%<sup>(c)</sup> | 3.19% | 256% | &nbsp;&nbsp;&nbsp;&nbsp;$53012 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.04 | &nbsp;&nbsp;&nbsp;0.14% 0.74%<sup>(c)</sup> | 2.96% | 222% | &nbsp;&nbsp;&nbsp;&nbsp;$37454 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$8.28 | (17.17%) 0.62%<sup>(c)</sup> | 3.28% | 165% | &nbsp;&nbsp;$399928 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.32 | &nbsp;&nbsp;(0.35%) 0.61%<sup>(c)</sup> | 2.69% | 204% | &nbsp;&nbsp;$543892 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.54 | 12.45% 0.61%<sup>(c)</sup> | 3.04% | 312% | &nbsp;&nbsp;$597217 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.67 | &nbsp;&nbsp;&nbsp;9.12% 0.61%<sup>(c)</sup> | 3.33% | 256% | &nbsp;&nbsp;$532441 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.09 | &nbsp;&nbsp;&nbsp;0.27% 0.61%<sup>(c)</sup> | 3.07% | 222% | &nbsp;&nbsp;$518931 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Columbia Variable Portfolio – Intermediate Bond Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

40 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to shift foreign currency exposure back to U.S. dollars. These instruments may be used for other purposes in future periods.

42 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to manage exposure to fluctuations in interest rates and to manage convexity risk. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 43

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

#### Interest rate swaption contracts
Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. Each interest rate swaption contract will specify if the buyer is entitled to receive the fixed or floating rate if the interest rate is exercised. Changes in the value of a purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM, or CCP, as applicable, may not fulfill its obligation under the contract.

#### Credit default swap contracts
The Fund entered into credit default swap contracts to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

44 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 45

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,329,202\* |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Upfront payments on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619509 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,601,226\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Investments, at value — Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;13429147 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;28979084 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;12,790,531\* |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;15114996 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80406 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,807,421\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Options contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350460 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;35143814 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589137 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;(133308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133308) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(253190625) | &nbsp;&nbsp;&nbsp;&nbsp;(30458335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31341208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(252307752) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(133308) | &nbsp;&nbsp;&nbsp;&nbsp;(253190625) | &nbsp;&nbsp;&nbsp;&nbsp;(30458335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31341208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589137 | &nbsp;&nbsp;&nbsp;&nbsp;(248851923) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(20099048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20099048) |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;(96349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96349) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1336585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1835322) | &nbsp;&nbsp;&nbsp;&nbsp;(12704017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15875924) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;(96349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1336585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1835322) | &nbsp;&nbsp;&nbsp;&nbsp;(12704017) | &nbsp;&nbsp;&nbsp;&nbsp;(20099048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36071321) |

---

46 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 1236140721 |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;685093959 |
| &nbsp;&nbsp;Credit default swap contracts — buy protection | &nbsp;&nbsp;&nbsp;&nbsp;268838753 |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | &nbsp;&nbsp;&nbsp;&nbsp;130162500 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | &nbsp;&nbsp;20926331 |
| &nbsp;&nbsp;Options contracts — written | (15703903) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;121438 | &nbsp;&nbsp;&nbsp;&nbsp;(28637) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

#### Investments in senior loans
The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

#### Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 47

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

#### Interest only and principal only securities
The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

48 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Citi ($)<sup>(a)</sup>** | &nbsp;&nbsp;**Citi ($)<sup>(a)</sup>** | &nbsp;&nbsp;**Goldman<br> Sachs ($)** | &nbsp;&nbsp;**JPMorgan ($)** | &nbsp;&nbsp;**Morgan<br> Stanley ($) <sup>(a)</sup>** | &nbsp;&nbsp;**Morgan<br> Stanley ($) <sup>(a)</sup>** | &nbsp;&nbsp;**UBS ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;177790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177790 |
| &nbsp;&nbsp;Options purchased calls | 9966986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;3462161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;13429147 |
| &nbsp;&nbsp;OTC credit default swap contracts <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411412 | &nbsp;&nbsp;&nbsp;&nbsp;568702 | &nbsp;&nbsp;&nbsp;&nbsp;3926875 | &nbsp;&nbsp;&nbsp;&nbsp;1041722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;5948711 |
| &nbsp;&nbsp;Total assets | 9966986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411412 | &nbsp;&nbsp;&nbsp;&nbsp;568702 | &nbsp;&nbsp;&nbsp;&nbsp;3926875 | &nbsp;&nbsp;&nbsp;&nbsp;4503883 | &nbsp;&nbsp;177790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;19555648 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;80406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80406 |
| &nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350460 |
| &nbsp;&nbsp;OTC credit default swap contracts <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1963632 | &nbsp;&nbsp;&nbsp;&nbsp;699646 | &nbsp;&nbsp;&nbsp;&nbsp;7464077 | &nbsp;&nbsp;&nbsp;&nbsp;5741497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;15868852 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1963632 | &nbsp;&nbsp;&nbsp;&nbsp;699646 | &nbsp;&nbsp;&nbsp;&nbsp;7464077 | &nbsp;&nbsp;&nbsp;&nbsp;6091957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;80406 | &nbsp;&nbsp;16299718 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **9966986** | &nbsp;&nbsp;**(1552220)** | &nbsp;&nbsp;**(130944)** | &nbsp;&nbsp;**(3537202)** | &nbsp;&nbsp;**(1588074)** | &nbsp;&nbsp;**177790** | &nbsp;&nbsp;**(80406)** | &nbsp;&nbsp;&nbsp;&nbsp;**3255930** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(d)</sup> | 9214000 | &nbsp;&nbsp;&nbsp;(1552220) | &nbsp;&nbsp;&nbsp;(130944) | &nbsp;&nbsp;&nbsp;(3537202) | &nbsp;&nbsp;&nbsp;(1588074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;2405560 |
| &nbsp;&nbsp;**Net amount <sup>(e)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**752986** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;**177790** | &nbsp;&nbsp;**(80406)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**850370** |

---

(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

(b) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(c) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized
depreciation, upfront payments and upfront receipts.

(d) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(e) Represents the net amount due from/(to) counterparties in the event of default.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

The value of additional securities received as an income payment through a payment in kind, if any, is recorded as interest income and increases the cost basis of such securities.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 49

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

50 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.50% to 0.34% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.47% of the Fund's average daily net assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 51

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | **Contractual<br> expense cap<br> July 1, 2022<br> through<br> April 30, 2023** | **Voluntary<br> expense cap<br> May 1, 2022<br> through<br> June 30, 2022** | **Contractual<br> expense cap<br> prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;Class 3 | 0.675 | 0.675 | 0.675 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, derivative investments, swap investments, tax straddles, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees' deferred compensation and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;(32846740) | 32846740 |  |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

52 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;116823207 | 2329083 | 119152290 | 349608790 | 128072952 | 477681742 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;77391289 – (348299946) | (380825311) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;4246056089 | 26127219 | (406952530) | (380825311) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(145534241) | (202765705) | (348299946) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $6,241,726,733 and $6,636,933,216, respectively, for the year ended December 31, 2022, of which $5,492,793,973 and $4,785,561,639, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 53

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 17212500 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;8 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the

54 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 55

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 99.9% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

56 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 57

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Intermediate Bond Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Intermediate Bond Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

58 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 59

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

60 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 61

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

62 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022 63

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

64 Columbia Variable Portfolio – Intermediate Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_24500_d6d699d7-6f1e-4c55-bfbe-1c12729b2f0e_TOC)

#### Columbia Variable Portfolio – Intermediate Bond Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgcc44ad202.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7012_12_B01_(02/23)

------

![](img179f2a171.jpg)

Annual Report

December 31, 2022

![](img610c9c832.jpg)

CTIVP® – BlackRock Global Inflation-Protected Securities Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_c3097e03-23f3-49a5-a37c-8347dda9674d_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_c3097e03-23f3-49a5-a37c-8347dda9674d_4)<br>| 6 |
| [Understanding Your Fund's Expenses](#xx_b18c4c25-650b-4d16-bb36-779ed3d66209_1)<br>| 8 |
| [Portfolio of Investments](#xx_1bb9996c-69d7-4f02-bb07-eb1dc2c781fe_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_1c3bc163-a69f-4967-9d9d-25b7bade7d43_1)<br>| 19 |
| [Statement of Operations](#xx_1c3bc163-a69f-4967-9d9d-25b7bade7d43_2)<br>| 20 |
| [Statement of Changes in Net Assets](#xx_1c3bc163-a69f-4967-9d9d-25b7bade7d43_3)<br>| 21 |
| [Financial Highlights](#xx_d2d2ce72-27be-4a42-8669-6bb831dd9001_1)<br>| 22 |
| [Notes to Financial Statements](#xx_349d666c-0be4-4feb-9f74-ab5ae1412bc0_1)<br>| 24 |
| [Report of Independent Registered Public Accounting Firm](#xx_9545078a-1c18-473b-befb-c5f4d8f56bdd_1)<br>| 41 |
| [Trustees and Officers](#xx_5e24f84c-7e4d-4394-a0af-619b12efb52b_1)<br>| 42 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which CTIVP® – BlackRock Global Inflation-Protected Securities Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with total return that exceeds the rate of inflation over the long term.

Portfolio management

#### BlackRock Financial Management, Inc. (subadviser)
Akiva Dickstein

David Rogal

#### BlackRock International Limited (sub-subadviser)
Christopher Allen, CFA

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-17.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-17.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;09/13/04 | &nbsp;&nbsp;&nbsp;&nbsp;-17.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| &nbsp;&nbsp;Bloomberg World Government Inflation-Linked Bond Index USD Hedged |  | &nbsp;&nbsp;&nbsp;&nbsp;-17.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Bloomberg World Government Inflation-Linked Bond Index USD Hedged is an unmanaged index that measures the performance of the major government inflation-linked bond markets, including the United States, the United Kingdom, Australia, Canada, Sweden, France, Italy, Japan, Germany and Greece. The index reflects reinvestment of all distributions and changes in market prices.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgefffea593.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of CTIVP® – BlackRock Global Inflation-Protected Securities Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;59.3 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;29.6 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;8.6 |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;20.9 |
| &nbsp;&nbsp;United States<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;48.8 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer's place of organization/incorporation. Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At December 31, 2022, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** |
|  | &nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net |
| &nbsp;&nbsp;Fixed Income Derivative Contracts | 167.2 | &nbsp;&nbsp;&nbsp;&nbsp;(158.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| &nbsp;&nbsp;Foreign Currency Derivative Contracts | &nbsp;&nbsp;&nbsp;11.3 | &nbsp;&nbsp;&nbsp;&nbsp;(120.5) | &nbsp;&nbsp;&nbsp;&nbsp;(109.2) |
| &nbsp;&nbsp;**Total Notional Market Value of Derivative Contracts** | **178.5** | &nbsp;&nbsp;&nbsp;&nbsp;**(278.5)** | &nbsp;&nbsp;&nbsp;&nbsp;**(100.0)** |

---

(a) The Fund has market exposure (long and/or short) to fixed income and foreign currency through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments, and Note 2 of the Notes to Financial Statements.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended December 31, 2022, Class 2 shares of CTIVP® – BlackRock Global Inflation-Protected Securities Fund returned -17.69%. The Fund slightly underperformed its benchmark, the Bloomberg World Government Inflation-Linked Bond Index USD Hedged, which returned -17.00%.

Market overview

The year 2022 was characterized by central banks moving interest rates higher as inflation ran at its highest level in decades. As the U.S. Federal Reserve (Fed) and other central banks around the world tightened monetary policy, interest rates across various government bond yield curves, or spectrums of maturities, moved materially higher. Some yield curves, including the U.S. Treasury yield curve, actually inverted in the latter months of the period, meaning yields on shorter term maturities were higher than yields on longer- term maturities. Further, risk assets performed poorly. The markets priced inflation expectations higher during the period, given the elevated levels of realized inflation. Following the extensive rate hikes by the Fed, inflationary pressures in the last months of the period were thought to have peaked and, therefore, were expected to ease entering 2023. This sentiment was also due to healing supply chains. However, the full effects of Fed policy were not totally apparent at the end of the period due to the lagging effect of economic indicators, which resulted in increased expectations for a recession.

Macroeconomic volatility and uncertainty during the period were only reinforced by major global events, contributing to turbulence in the markets. Energy prices underwent shocks, soaring higher across the globe but particularly in Europe, driven largely by the war in Ukraine. To dampen the burden of these high energy costs, the European Union energy ministers settled on a gas price cap of €180 per megawatt hour. In addition to numerous rate hikes from the European Central Bank (ECB), it was widely anticipated that its hawkish rhetoric (suggesting higher interest rates) would likely continue in an effort to subdue widespread inflation and combat potential recessionary symptoms throughout Europe. For the U.K., the Bank of England followed the ECB and raised rates following the U.K. gilt crisis experienced in the fall of 2022. Meanwhile, the Bank of Japan announced that it would increase the yield range of the Japanese 10-year note, which may drive global long-term bond yields into the new year, as loosening in its yield curve control strategy led to a sell-off.

The Fund experienced an elevated level of portfolio turnover during the period, due primarily to an increase in purchases and sales of securities issued by FNMA (Federal National Mortgage Association).

The Fund's notable detractors during the period

• The Fund's outright short position in U.K. breakevens, especially early in the period, dampened relative results. An acute surge in energy prices in the U.K. pushed the country's inflation expectations
materially higher during the period. Ten-year U.K. breakevens increased approximately 41 basis points just in the first quarter of 2022 and then settled materially higher than realized inflation. (A basis point is
1/100th of a percentage point.) Inflation breakevens are the level of inflation the TIPS market or another inflation-linked securities market is pricing in over the life of the bond. Breakeven rates are the difference
in yield between inflation-protected and nominal, or non-inflation-protected, debt of the same maturity. If the breakeven rate is negative, it suggests the markets are betting the economy may face deflation in the
near future. If the breakeven rate is positive, it suggests the markets are betting the economy may face inflation in the near future.

• The Fund's tactical positions in European Union supra-sovereign spread assets detracted from performance, as spread levels, or yield differentials to duration-equivalent government bonds, widened.

• The Fund's relative value positions between New Zealand and U.S. real rates detracted from performance, as New Zealand real rates increased more than U.S. real rates during the period.

• Tactical interest rate volatility positions also detracted from Fund performance, as rates volatility picked up during the period.

• A
modest allocation to emerging markets debt and European peripheral spreads also negatively affected the Fund's relative results.

• Finally, during the period, the Fund held a modest long position in macroeconomic strategies, which detracted from performance.

6 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

The Fund's notable contributors during the period

• The Fund's structural underweight in U.S. nominal, or non-inflation-linked, rates was the most notable positive contributor to its performance during the period. The Fund was underweight headline nominal
duration in the U.S., as the rates market recalibrated its pricing after the persistently hawkish pivot from the Fed since late 2021.

• The Fund's long position in U.S. breakevens at both the one-year and five-year points on the curve also contributed positively to performance due to the tailwind of high inflation data during the period.

• The Fund's relative value positions between U.S. and European Union breakevens contributed positively to performance, as breakevens in the U.S. slightly outperformed those in
the European Union during the period.

Derivatives usage

In our view, derivatives are an effective and efficient tool to manage duration, yield curve and volatility risk in the Fund. During the period, the Fund utilized forward currency contracts to hedge the currency exposure associated with some or all of the Fund's securities and to shift investment exposure from one currency to another. We used futures contracts to manage duration and yield exposure of the Fund in an efficient manner. We used written and purchased options to create various exposures for the Fund, isolate perceived mispricing and create asymmetric risk profiles. We also used written options to increase the Fund's carry. We used interest rate swaps to express our breakeven strategies or enhance yields of already existing positions. We used inflation swaps to hedge underlying inflation-linked positions, as caps and floors may provide protection against adverse moves in the inflation market. The use of these instruments is integral to the Fund's investment strategy and had a positive impact on Fund performance during the period.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Inflation-protected debt securities tend to react to changes in real interest rates (i.e., nominal interest rates minus the expected impact of inflation). Interest payments on these securities will vary and may be more volatile than interest paid on ordinary bonds. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;941.40 | &nbsp;&nbsp;&nbsp;&nbsp;1022.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;940.90 | &nbsp;&nbsp;&nbsp;&nbsp;1020.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;941.50 | &nbsp;&nbsp;&nbsp;&nbsp;1021.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

8 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 0.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 0.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 0.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 0.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 0.6%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**United States 0.6%** | &nbsp;&nbsp;**United States 0.6%** | &nbsp;&nbsp;**United States 0.6%** | &nbsp;&nbsp;**United States 0.6%** | &nbsp;&nbsp;**United States 0.6%** |
| &nbsp;&nbsp;AMSR Trust<sup>(a)</sup> | &nbsp;&nbsp;AMSR Trust<sup>(a)</sup> | &nbsp;&nbsp;AMSR Trust<sup>(a)</sup> | &nbsp;&nbsp;AMSR Trust<sup>(a)</sup> | &nbsp;&nbsp;AMSR Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2022-SFR3 Class D | &nbsp;&nbsp;Subordinated Series 2022-SFR3 Class D | &nbsp;&nbsp;Subordinated Series 2022-SFR3 Class D | &nbsp;&nbsp;Subordinated Series 2022-SFR3 Class D | &nbsp;&nbsp;Subordinated Series 2022-SFR3 Class D |
| &nbsp;&nbsp;10/17/2039 | &nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;134264 |
| &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2022-SFR2 Class D | &nbsp;&nbsp;Subordinated CMO Series 2022-SFR2 Class D | &nbsp;&nbsp;Subordinated CMO Series 2022-SFR2 Class D | &nbsp;&nbsp;Subordinated CMO Series 2022-SFR2 Class D | &nbsp;&nbsp;Subordinated CMO Series 2022-SFR2 Class D |
| &nbsp;&nbsp;09/04/2039 | &nbsp;&nbsp;4.000% |  | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;132755 |
| &nbsp;&nbsp;Pagaya AI Technology in Housing Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Technology in Housing Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Technology in Housing Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Technology in Housing Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Technology in Housing Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1 Class D | &nbsp;&nbsp;Series 2022-1 Class D | &nbsp;&nbsp;Series 2022-1 Class D | &nbsp;&nbsp;Series 2022-1 Class D | &nbsp;&nbsp;Series 2022-1 Class D |
| &nbsp;&nbsp;08/25/2025 | &nbsp;&nbsp;4.250% |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90473 |
| &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2022-SFR7 Class D | &nbsp;&nbsp;Subordinated Series 2022-SFR7 Class D | &nbsp;&nbsp;Subordinated Series 2022-SFR7 Class D | &nbsp;&nbsp;Subordinated Series 2022-SFR7 Class D | &nbsp;&nbsp;Subordinated Series 2022-SFR7 Class D |
| &nbsp;&nbsp;10/27/2039 | &nbsp;&nbsp;5.500% |  | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;183884 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**541376** |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $566,895) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $566,895) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $566,895) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $566,895) | &nbsp;&nbsp;&nbsp;&nbsp;**541376** |
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> 3.3%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> 3.3%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> 3.3%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> 3.3%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> 3.3%** |
| &nbsp;&nbsp;**Germany 3.3%** | &nbsp;&nbsp;**Germany 3.3%** | &nbsp;&nbsp;**Germany 3.3%** | &nbsp;&nbsp;**Germany 3.3%** | &nbsp;&nbsp;**Germany 3.3%** |
| &nbsp;&nbsp;Federal Republic of Germany<sup>(a)</sup> | &nbsp;&nbsp;Federal Republic of Germany<sup>(a)</sup> | &nbsp;&nbsp;Federal Republic of Germany<sup>(a)</sup> | &nbsp;&nbsp;Federal Republic of Germany<sup>(a)</sup> | &nbsp;&nbsp;Federal Republic of Germany<sup>(a)</sup> |
| &nbsp;&nbsp;12/12/2024 | &nbsp;&nbsp;2.200% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;1017554 |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;1.300% | &nbsp;&nbsp;EUR | 2085000 | &nbsp;&nbsp;2109286 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3126840** |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $3,123,693) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $3,123,693) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $3,123,693) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $3,123,693) | &nbsp;&nbsp;**3126840** |
| &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> 95.2%** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> 95.2%** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> 95.2%** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> 95.2%** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> 95.2%** |
| &nbsp;&nbsp;**Australia 1.2%** | &nbsp;&nbsp;**Australia 1.2%** | &nbsp;&nbsp;**Australia 1.2%** | &nbsp;&nbsp;**Australia 1.2%** | &nbsp;&nbsp;**Australia 1.2%** |
| &nbsp;&nbsp;Australia Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Australia Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Australia Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Australia Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Australia Government Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/20/2030 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;390246 | &nbsp;&nbsp;&nbsp;&nbsp;286219 |
| &nbsp;&nbsp;11/21/2032 | &nbsp;&nbsp;0.250% | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;42881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25544 |
| &nbsp;&nbsp;08/21/2035 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;302122 | &nbsp;&nbsp;&nbsp;&nbsp;211439 |
| &nbsp;&nbsp;08/21/2040 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;136076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83871 |
| &nbsp;&nbsp;02/21/2050 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;128985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70214 |
| &nbsp;&nbsp;Australia Government Index-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Australia Government Index-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Australia Government Index-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Australia Government Index-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Australia Government Index-Linked Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/20/2025 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;589918 | &nbsp;&nbsp;&nbsp;&nbsp;430196 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1107483** |
| &nbsp;&nbsp;**Canada 1.8%** | &nbsp;&nbsp;**Canada 1.8%** | &nbsp;&nbsp;**Canada 1.8%** | &nbsp;&nbsp;**Canada 1.8%** | &nbsp;&nbsp;**Canada 1.8%** |
| &nbsp;&nbsp;Canadian Government Real Return Bond | &nbsp;&nbsp;Canadian Government Real Return Bond | &nbsp;&nbsp;Canadian Government Real Return Bond | &nbsp;&nbsp;Canadian Government Real Return Bond | &nbsp;&nbsp;Canadian Government Real Return Bond |
| &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;253865 | &nbsp;&nbsp;&nbsp;&nbsp;206764 |
| &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;361770 | &nbsp;&nbsp;&nbsp;&nbsp;324840 |
| &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;261272 | &nbsp;&nbsp;&nbsp;&nbsp;233975 |
| &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;297246 | &nbsp;&nbsp;&nbsp;&nbsp;246339 |
| &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;392391 | &nbsp;&nbsp;&nbsp;&nbsp;302675 |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;318028 | &nbsp;&nbsp;&nbsp;&nbsp;236310 |
| &nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;207044 | &nbsp;&nbsp;&nbsp;&nbsp;128902 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;0.250% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;38532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22008 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1701813** |
| &nbsp;&nbsp;**Denmark 0.1%** | &nbsp;&nbsp;**Denmark 0.1%** | &nbsp;&nbsp;**Denmark 0.1%** | &nbsp;&nbsp;**Denmark 0.1%** | &nbsp;&nbsp;**Denmark 0.1%** |
| &nbsp;&nbsp;Denmark I/L Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Denmark I/L Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Denmark I/L Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Denmark I/L Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Denmark I/L Government Bond<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;843187 | &nbsp;&nbsp;&nbsp;&nbsp;116137 |
| &nbsp;&nbsp;**France 8.6%** | &nbsp;&nbsp;**France 8.6%** | &nbsp;&nbsp;**France 8.6%** | &nbsp;&nbsp;**France 8.6%** | &nbsp;&nbsp;**France 8.6%** |
| &nbsp;&nbsp;France Government Bond OAT<sup>(a)</sup> | &nbsp;&nbsp;France Government Bond OAT<sup>(a)</sup> | &nbsp;&nbsp;France Government Bond OAT<sup>(a)</sup> | &nbsp;&nbsp;France Government Bond OAT<sup>(a)</sup> | &nbsp;&nbsp;France Government Bond OAT<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;549156 | &nbsp;&nbsp;&nbsp;&nbsp;592667 |
| &nbsp;&nbsp;07/25/2027 | &nbsp;&nbsp;1.850% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;824410 | &nbsp;&nbsp;&nbsp;&nbsp;940110 |
| &nbsp;&nbsp;07/25/2029 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;403600 | &nbsp;&nbsp;&nbsp;&nbsp;529377 |
| &nbsp;&nbsp;07/25/2030 | &nbsp;&nbsp;0.700% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;700843 | &nbsp;&nbsp;&nbsp;&nbsp;754862 |
| &nbsp;&nbsp;07/25/2032 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;469290 | &nbsp;&nbsp;&nbsp;&nbsp;614094 |
| &nbsp;&nbsp;07/25/2047 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;487069 | &nbsp;&nbsp;&nbsp;&nbsp;442463 |
| &nbsp;&nbsp;French Republic Government Bond OAT<sup>(a)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(a)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(a)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(a)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(a)</sup> |
| &nbsp;&nbsp;07/25/2024 | &nbsp;&nbsp;0.250% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;679364 | &nbsp;&nbsp;&nbsp;&nbsp;732453 |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;505300 | &nbsp;&nbsp;&nbsp;&nbsp;535346 |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;463460 | &nbsp;&nbsp;&nbsp;&nbsp;496435 |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;411718 | &nbsp;&nbsp;&nbsp;&nbsp;427684 |
| &nbsp;&nbsp;07/25/2031 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;460076 | &nbsp;&nbsp;&nbsp;&nbsp;471167 |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;108641 | &nbsp;&nbsp;&nbsp;&nbsp;114632 |
| &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;276239 | &nbsp;&nbsp;&nbsp;&nbsp;280793 |
| &nbsp;&nbsp;07/25/2036 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;343705 | &nbsp;&nbsp;&nbsp;&nbsp;330010 |
| &nbsp;&nbsp;07/25/2038 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;129872 | &nbsp;&nbsp;&nbsp;&nbsp;124247 |
| &nbsp;&nbsp;07/25/2040 | &nbsp;&nbsp;1.800% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;587899 | &nbsp;&nbsp;&nbsp;&nbsp;727874 |
| &nbsp;&nbsp;07/25/2053 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;152458 | &nbsp;&nbsp;&nbsp;&nbsp;135886 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**8250100** |
| &nbsp;&nbsp;**Germany 3.6%** | &nbsp;&nbsp;**Germany 3.6%** | &nbsp;&nbsp;**Germany 3.6%** | &nbsp;&nbsp;**Germany 3.6%** | &nbsp;&nbsp;**Germany 3.6%** |
| &nbsp;&nbsp;Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;949728 | &nbsp;&nbsp;1030022 |
| &nbsp;&nbsp;Deutsche Bundesrepublik Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Deutsche Bundesrepublik Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Deutsche Bundesrepublik Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Deutsche Bundesrepublik Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Deutsche Bundesrepublik Inflation-Linked Bond<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;661832 | &nbsp;&nbsp;&nbsp;&nbsp;702616 |
| &nbsp;&nbsp;04/15/2033 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | 1103608 | &nbsp;&nbsp;1158668 |
| &nbsp;&nbsp;04/15/2046 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;495517 | &nbsp;&nbsp;&nbsp;&nbsp;522634 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3413940** |
| &nbsp;&nbsp;**Italy 5.0%** | &nbsp;&nbsp;**Italy 5.0%** | &nbsp;&nbsp;**Italy 5.0%** | &nbsp;&nbsp;**Italy 5.0%** | &nbsp;&nbsp;**Italy 5.0%** |
| &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(a)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(a)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(a)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(a)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2024 | &nbsp;&nbsp;2.350% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;538882 | &nbsp;&nbsp;&nbsp;&nbsp;594311 |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;491991 | &nbsp;&nbsp;&nbsp;&nbsp;558371 |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;1.300% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;625763 | &nbsp;&nbsp;&nbsp;&nbsp;647056 |
| &nbsp;&nbsp;09/15/2032 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;571753 | &nbsp;&nbsp;&nbsp;&nbsp;553246 |
| &nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;330441 | &nbsp;&nbsp;&nbsp;&nbsp;275734 |
| &nbsp;&nbsp;09/15/2035 | &nbsp;&nbsp;2.350% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;561795 | &nbsp;&nbsp;&nbsp;&nbsp;592844 |
| &nbsp;&nbsp;09/15/2041 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;549868 | &nbsp;&nbsp;&nbsp;&nbsp;596306 |
| &nbsp;&nbsp;05/15/2051 | &nbsp;&nbsp;0.150% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;225307 | &nbsp;&nbsp;&nbsp;&nbsp;137759 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro |
| &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;0.650% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;264357 | &nbsp;&nbsp;&nbsp;&nbsp;273859 |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;0.400% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;565612 | &nbsp;&nbsp;&nbsp;&nbsp;529175 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4758661** |
| &nbsp;&nbsp;**Japan 3.1%** | &nbsp;&nbsp;**Japan 3.1%** | &nbsp;&nbsp;**Japan 3.1%** | &nbsp;&nbsp;**Japan 3.1%** | &nbsp;&nbsp;**Japan 3.1%** |
| &nbsp;&nbsp;Japanese Government CPI-Linked Bond | &nbsp;&nbsp;Japanese Government CPI-Linked Bond | &nbsp;&nbsp;Japanese Government CPI-Linked Bond | &nbsp;&nbsp;Japanese Government CPI-Linked Bond | &nbsp;&nbsp;Japanese Government CPI-Linked Bond |
| &nbsp;&nbsp;03/10/2024 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;108200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 |
| &nbsp;&nbsp;09/10/2024 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;JPY | 44857800 | &nbsp;&nbsp;&nbsp;&nbsp;350313 |
| &nbsp;&nbsp;03/10/2025 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;JPY | 73533500 | &nbsp;&nbsp;&nbsp;&nbsp;574241 |
| &nbsp;&nbsp;03/10/2026 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;JPY | 57659270 | &nbsp;&nbsp;&nbsp;&nbsp;454784 |
| &nbsp;&nbsp;03/10/2027 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;JPY | 48101235 | &nbsp;&nbsp;&nbsp;&nbsp;382924 |
| &nbsp;&nbsp;03/10/2028 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;JPY | 31536372 | &nbsp;&nbsp;&nbsp;&nbsp;248520 |
| &nbsp;&nbsp;03/10/2029 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;JPY | 50255667 | &nbsp;&nbsp;&nbsp;&nbsp;397481 |
| &nbsp;&nbsp;03/10/2030 | &nbsp;&nbsp;0.200% | &nbsp;&nbsp;JPY | 18478886 | &nbsp;&nbsp;&nbsp;&nbsp;147179 |
| &nbsp;&nbsp;03/10/2031 | &nbsp;&nbsp;0.005% | &nbsp;&nbsp;JPY | 28072033 | &nbsp;&nbsp;&nbsp;&nbsp;221614 |
| &nbsp;&nbsp;03/10/2032 | &nbsp;&nbsp;0.005% | &nbsp;&nbsp;JPY | 20334931 | &nbsp;&nbsp;&nbsp;&nbsp;161723 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2939621** |
| &nbsp;&nbsp;**New Zealand 0.4%** | &nbsp;&nbsp;**New Zealand 0.4%** | &nbsp;&nbsp;**New Zealand 0.4%** | &nbsp;&nbsp;**New Zealand 0.4%** | &nbsp;&nbsp;**New Zealand 0.4%** |
| &nbsp;&nbsp;New Zealand Government Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;New Zealand Government Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;New Zealand Government Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;New Zealand Government Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;New Zealand Government Inflation-Linked Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/20/2030 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;108746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73471 |
| &nbsp;&nbsp;09/20/2035 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;241518 | &nbsp;&nbsp;&nbsp;&nbsp;155510 |
| &nbsp;&nbsp;New Zealand Government Inflation-Linked Bond | &nbsp;&nbsp;New Zealand Government Inflation-Linked Bond | &nbsp;&nbsp;New Zealand Government Inflation-Linked Bond | &nbsp;&nbsp;New Zealand Government Inflation-Linked Bond | &nbsp;&nbsp;New Zealand Government Inflation-Linked Bond |
| &nbsp;&nbsp;09/20/2040 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;286089 | &nbsp;&nbsp;&nbsp;&nbsp;183659 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**412640** |
| &nbsp;&nbsp;**Spain 2.5%** | &nbsp;&nbsp;**Spain 2.5%** | &nbsp;&nbsp;**Spain 2.5%** | &nbsp;&nbsp;**Spain 2.5%** | &nbsp;&nbsp;**Spain 2.5%** |
| &nbsp;&nbsp;Spain Government Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Spain Government Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Spain Government Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Spain Government Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Spain Government Inflation-Linked Bond<sup>(a)</sup> |
| &nbsp;&nbsp;11/30/2024 | &nbsp;&nbsp;1.800% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;488681 | &nbsp;&nbsp;&nbsp;&nbsp;538475 |
| &nbsp;&nbsp;11/30/2027 | &nbsp;&nbsp;0.650% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;534441 | &nbsp;&nbsp;&nbsp;&nbsp;565362 |
| &nbsp;&nbsp;11/30/2030 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;595638 | &nbsp;&nbsp;&nbsp;&nbsp;631843 |
| &nbsp;&nbsp;11/30/2033 | &nbsp;&nbsp;0.700% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;608242 | &nbsp;&nbsp;&nbsp;&nbsp;608451 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2344131** |
| &nbsp;&nbsp;**Sweden 0.7%** | &nbsp;&nbsp;**Sweden 0.7%** | &nbsp;&nbsp;**Sweden 0.7%** | &nbsp;&nbsp;**Sweden 0.7%** | &nbsp;&nbsp;**Sweden 0.7%** |
| &nbsp;&nbsp;Sweden Inflation-Linked Bond | &nbsp;&nbsp;Sweden Inflation-Linked Bond | &nbsp;&nbsp;Sweden Inflation-Linked Bond | &nbsp;&nbsp;Sweden Inflation-Linked Bond | &nbsp;&nbsp;Sweden Inflation-Linked Bond |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;SEK | &nbsp;&nbsp;3666573 | &nbsp;&nbsp;&nbsp;&nbsp;362731 |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;SEK | &nbsp;&nbsp;1881091 | &nbsp;&nbsp;&nbsp;&nbsp;215181 |
| &nbsp;&nbsp;Sweden Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Sweden Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Sweden Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Sweden Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;Sweden Inflation-Linked Bond<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;411001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38908 |
| &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;735277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68800 |
| &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;281270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25624 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**711244** |
| &nbsp;&nbsp;**United Kingdom 20.9%** | &nbsp;&nbsp;**United Kingdom 20.9%** | &nbsp;&nbsp;**United Kingdom 20.9%** | &nbsp;&nbsp;**United Kingdom 20.9%** | &nbsp;&nbsp;**United Kingdom 20.9%** |
| &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(a)</sup> | &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(a)</sup> |
| &nbsp;&nbsp;03/22/2024 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;447804 | &nbsp;&nbsp;&nbsp;&nbsp;550242 |
| &nbsp;&nbsp;07/17/2024 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;723238 | &nbsp;&nbsp;&nbsp;&nbsp;956280 |
| &nbsp;&nbsp;03/22/2026 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;620213 | &nbsp;&nbsp;&nbsp;&nbsp;756810 |
| &nbsp;&nbsp;11/22/2027 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;852819 | &nbsp;&nbsp;1090958 |
| &nbsp;&nbsp;08/10/2028 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;694679 | &nbsp;&nbsp;&nbsp;&nbsp;841940 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;03/22/2029 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;734574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886236 |
| &nbsp;&nbsp;07/22/2030 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;336234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549310 |
| &nbsp;&nbsp;08/10/2031 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;381862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464615 |
| &nbsp;&nbsp;03/22/2034 | &nbsp;&nbsp;0.750% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;643709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818529 |
| &nbsp;&nbsp;01/26/2035 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;563067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843412 |
| &nbsp;&nbsp;11/22/2036 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;588597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688824 |
| &nbsp;&nbsp;11/22/2037 | &nbsp;&nbsp;1.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;721551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961820 |
| &nbsp;&nbsp;03/22/2039 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;251895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289338 |
| &nbsp;&nbsp;03/22/2040 | &nbsp;&nbsp;0.625% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;723276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901025 |
| &nbsp;&nbsp;08/10/2041 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;502006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571732 |
| &nbsp;&nbsp;11/22/2042 | &nbsp;&nbsp;0.625% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;636580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794008 |
| &nbsp;&nbsp;03/22/2044 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;719413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801539 |
| &nbsp;&nbsp;03/22/2046 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;606114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665916 |
| &nbsp;&nbsp;11/22/2047 | &nbsp;&nbsp;0.750% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;589457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744660 |
| &nbsp;&nbsp;08/10/2048 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;492191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534319 |
| &nbsp;&nbsp;03/22/2050 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;629362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753441 |
| &nbsp;&nbsp;03/22/2051 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;272288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293903 |
| &nbsp;&nbsp;03/22/2052 | &nbsp;&nbsp;0.250% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;595532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670297 |
| &nbsp;&nbsp;11/22/2055 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;577771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864232 |
| &nbsp;&nbsp;11/22/2056 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;291314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316081 |
| &nbsp;&nbsp;03/22/2058 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;475701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518383 |
| &nbsp;&nbsp;03/22/2062 | &nbsp;&nbsp;0.375% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;596150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720913 |
| &nbsp;&nbsp;11/22/2065 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;332096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371836 |
| &nbsp;&nbsp;03/22/2068 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;521233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584926 |
| &nbsp;&nbsp;03/22/2073 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;150071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176678 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**19982203** |
| &nbsp;&nbsp;**United States 47.3%** | &nbsp;&nbsp;**United States 47.3%** | &nbsp;&nbsp;**United States 47.3%** | &nbsp;&nbsp;**United States 47.3%** | &nbsp;&nbsp;**United States 47.3%** |
| &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond |
| &nbsp;&nbsp;01/15/2024 | &nbsp;&nbsp;0.625% |  | 1715065 | &nbsp;&nbsp;&nbsp;&nbsp;1678761 |
| &nbsp;&nbsp;04/15/2024 | &nbsp;&nbsp;0.500% |  | 1240533 | &nbsp;&nbsp;&nbsp;&nbsp;1206559 |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;0.125% |  | 1236086 | &nbsp;&nbsp;&nbsp;&nbsp;1196721 |
| &nbsp;&nbsp;10/15/2024 | &nbsp;&nbsp;0.125% |  | &nbsp;&nbsp;&nbsp;638765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615384 |
| &nbsp;&nbsp;01/15/2025 | &nbsp;&nbsp;2.375% |  | 1335768 | &nbsp;&nbsp;&nbsp;&nbsp;1337184 |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;0.125% |  | 1329512 | &nbsp;&nbsp;&nbsp;&nbsp;1266452 |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;0.375% |  | 1771679 | &nbsp;&nbsp;&nbsp;&nbsp;1701413 |
| &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;0.125% |  | 1286197 | &nbsp;&nbsp;&nbsp;&nbsp;1221833 |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;0.625% |  | 1649063 | &nbsp;&nbsp;&nbsp;&nbsp;1582222 |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;2.000% |  | 1043404 | &nbsp;&nbsp;&nbsp;&nbsp;1041758 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;0.125% |  | 1494129 | &nbsp;&nbsp;&nbsp;&nbsp;1403915 |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;0.125% |  | 1567549 | &nbsp;&nbsp;&nbsp;&nbsp;1476432 |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;0.125% |  | 1352158 | &nbsp;&nbsp;&nbsp;&nbsp;1267556 |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;0.375% |  | 1395627 | &nbsp;&nbsp;&nbsp;&nbsp;1315107 |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;2.375% |  | &nbsp;&nbsp;&nbsp;916093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933292 |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;0.125% |  | 1366678 | &nbsp;&nbsp;&nbsp;&nbsp;1272804 |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;0.375% |  | &nbsp;&nbsp;&nbsp;706504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665776 |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;1.625% |  | &nbsp;&nbsp;&nbsp;357091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356505 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;1.750% |  | &nbsp;&nbsp;&nbsp;796505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795995 |
| &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;3.625% |  | &nbsp;&nbsp;&nbsp;978261 | &nbsp;&nbsp;&nbsp;&nbsp;1066136 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;0.750% |  | 1037499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988017 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;0.875% |  | 1437455 | &nbsp;&nbsp;&nbsp;&nbsp;1368592 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;2.500% |  | &nbsp;&nbsp;&nbsp;732096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762357 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.875% |  | &nbsp;&nbsp;&nbsp;906280 | &nbsp;&nbsp;&nbsp;&nbsp;1017049 |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;0.125% |  | 1441103 | &nbsp;&nbsp;&nbsp;&nbsp;1289344 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;0.125% |  | 1522398 | &nbsp;&nbsp;&nbsp;&nbsp;1350094 |
| &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;3.375% |  | &nbsp;&nbsp;&nbsp;278668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317985 |
| &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;0.625% |  | 1446025 | &nbsp;&nbsp;&nbsp;&nbsp;1324028 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;2.125% | &nbsp;&nbsp;&nbsp;693446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732813 |
| &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;2.125% | &nbsp;&nbsp;&nbsp;925249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976051 |
| &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;901991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754297 |
| &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;0.625% | 1017391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818707 |
| &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;1.375% | &nbsp;&nbsp;&nbsp;939720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868833 |
| &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;879439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709863 |
| &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;&nbsp;811133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688132 |
| &nbsp;&nbsp;02/15/2047 | &nbsp;&nbsp;0.875% | &nbsp;&nbsp;&nbsp;728290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596333 |
| &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;&nbsp;737087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617455 |
| &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;&nbsp;526947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440828 |
| &nbsp;&nbsp;02/15/2050 | &nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;492575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332101 |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;&nbsp;153816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99174 |
| &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond<sup>(d)</sup> | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond<sup>(d)</sup> | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond<sup>(d)</sup> | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;0.250% | 1403705 | &nbsp;&nbsp;&nbsp;&nbsp;1284379 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;0.125% | 1644573 | &nbsp;&nbsp;&nbsp;&nbsp;1476680 |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;0.125% | 1645390 | &nbsp;&nbsp;&nbsp;&nbsp;1451533 |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;0.125% | 1703764 | &nbsp;&nbsp;&nbsp;&nbsp;1490296 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**45156746** |
| &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $108,775,236) | &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $108,775,236) | &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $108,775,236) | &nbsp;&nbsp;**90894719** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 0.8%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 0.8%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 0.8%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 0.8%** |
| &nbsp;&nbsp;**United States 0.8%** | &nbsp;&nbsp;**United States 0.8%** | &nbsp;&nbsp;**United States 0.8%** | &nbsp;&nbsp;**United States 0.8%** |
| &nbsp;&nbsp;CSMC Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2022-NQM5 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM5 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM5 Class A1 | &nbsp;&nbsp;CMO Series 2022-NQM5 Class A1 |
| &nbsp;&nbsp;05/25/2067 | &nbsp;&nbsp;5.169% | &nbsp;&nbsp;&nbsp;268237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268205 |
| &nbsp;&nbsp;Homeward Opportunities Fund Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 |
| &nbsp;&nbsp;07/25/2067 | &nbsp;&nbsp;5.073% | &nbsp;&nbsp;&nbsp;103077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102485 |
| &nbsp;&nbsp;PRKCM Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;PRKCM Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;PRKCM Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;PRKCM Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2022-AFC2 Class A1 | &nbsp;&nbsp;CMO Series 2022-AFC2 Class A1 | &nbsp;&nbsp;CMO Series 2022-AFC2 Class A1 | &nbsp;&nbsp;CMO Series 2022-AFC2 Class A1 |
| &nbsp;&nbsp;08/25/2057 | &nbsp;&nbsp;5.335% | &nbsp;&nbsp;&nbsp;&nbsp;99086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98660 |
| &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;SG Residential Mortgage Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 | &nbsp;&nbsp;CMO Series 2022-2 Class A1 |
| &nbsp;&nbsp;08/25/2062 | &nbsp;&nbsp;5.345% | &nbsp;&nbsp;&nbsp;&nbsp;97470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98796 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Spruce Hill Mortgage Loan Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Spruce Hill Mortgage Loan Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Spruce Hill Mortgage Loan Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Spruce Hill Mortgage Loan Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2022-SH1 Class A1A | &nbsp;&nbsp;CMO Series 2022-SH1 Class A1A | &nbsp;&nbsp;CMO Series 2022-SH1 Class A1A | &nbsp;&nbsp;CMO Series 2022-SH1 Class A1A |
| &nbsp;&nbsp;07/25/2057 | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;99172 | &nbsp;&nbsp;&nbsp;&nbsp;88266 |
| &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(e)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2022-7 Class A1 | &nbsp;&nbsp;CMO Series 2022-7 Class A1 | &nbsp;&nbsp;CMO Series 2022-7 Class A1 | &nbsp;&nbsp;CMO Series 2022-7 Class A1 |
| &nbsp;&nbsp;07/25/2067 | &nbsp;&nbsp;5.350% | 110358 | &nbsp;&nbsp;110782 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**767194** |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $759,145) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $759,145) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $759,145) | &nbsp;&nbsp;**767194** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Calls 0.1%** | &nbsp;&nbsp;**Options Purchased Calls 0.1%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $232,287) | &nbsp;&nbsp;**146968** |
| &nbsp;&nbsp;**Options Purchased Puts 0.2%** | &nbsp;&nbsp;**Options Purchased Puts 0.2%** |
| &nbsp;&nbsp;(Cost $173,428) | &nbsp;&nbsp;**227994** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 0.1%** | &nbsp;&nbsp;**Money Market Funds 0.1%** | &nbsp;&nbsp;**Money Market Funds 0.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(g),(h)</sup> | &nbsp;&nbsp;100106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100076 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $100,076) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $100,076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100076** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $113,730,760)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $113,730,760)** | &nbsp;&nbsp;&nbsp;&nbsp;**95805167** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(296834)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$95508333** |

---

At December 31, 2022, securities and/or cash totaling $875,152 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;1,011,697 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,077,806 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,183 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396,214 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,803 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274,824 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,932,000 DKK | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402,934 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185,534 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152,023 GBP | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985,500 MXN | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;1,666,935 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,123,783 USD | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12600) |
| &nbsp;&nbsp;&nbsp;&nbsp;2,364,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,746,602 USD | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,512 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,855 USD | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| &nbsp;&nbsp;&nbsp;&nbsp;2,760,992 DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386,125 USD | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12272) |
| &nbsp;&nbsp;&nbsp;21,411,752 EUR | &nbsp;&nbsp;&nbsp;&nbsp;22,311,345 USD | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(657298) |
| &nbsp;&nbsp;&nbsp;19,310,233 GBP | &nbsp;&nbsp;&nbsp;&nbsp;23,163,333 USD | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201187) |
| &nbsp;&nbsp;389,693,445 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,838,937 USD | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,618 NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,681 USD | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321) |
| &nbsp;&nbsp;&nbsp;&nbsp;7,235,878 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690,833 USD | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,748 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,033 AUD | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;1,166,941 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,095,280 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;1,285,941 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,068,176 GBP | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;1,616,818 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,327,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,415 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992,601 MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000 USD | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(587) |
| &nbsp;&nbsp;Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;25264 | &nbsp;&nbsp;&nbsp;&nbsp;(1059263) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;3-Month SOFR | 19 | &nbsp;&nbsp;&nbsp;&nbsp;09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4514400 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5503) |
| &nbsp;&nbsp;Long Gilt | 8 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799200 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11551) |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 38 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;7792969 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21955) |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 15 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1618945 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13262) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 9 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1208813 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75308) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(127579) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Canadian Government 10-Year Bond | (2) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4236 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Euro-Bobl | (17) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1967750) | &nbsp;&nbsp;&nbsp;&nbsp;20616 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Euro-Bund | (7) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(930510) | &nbsp;&nbsp;&nbsp;&nbsp;20037 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Euro-Schatz | (9) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(948780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Japanese 10-Year Government Bond | (1) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;(145460000) | &nbsp;&nbsp;&nbsp;&nbsp;21122 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;66775 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive exercise rate and pay SOFR | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1617000 | &nbsp;&nbsp;1617000 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;08/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;59869 | &nbsp;&nbsp;&nbsp;&nbsp;25503 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive exercise rate and pay SOFR | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729893 | &nbsp;&nbsp;&nbsp;&nbsp;729893 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;10/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;30583 | &nbsp;&nbsp;&nbsp;&nbsp;30954 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive exercise rate and pay SOFR | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2077000 | &nbsp;&nbsp;2077000 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;12/06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;82976 | &nbsp;&nbsp;&nbsp;&nbsp;56698 |
| &nbsp;&nbsp;1-Year Mid-Curve SOFR | UBS | &nbsp;&nbsp;USD | &nbsp;&nbsp;12750475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;97.00 | &nbsp;&nbsp;06/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;33842 | &nbsp;&nbsp;&nbsp;&nbsp;20869 |
| &nbsp;&nbsp;3-Month SOFR | UBS | &nbsp;&nbsp;USD | &nbsp;&nbsp;25910663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;95.13 | &nbsp;&nbsp;01/13/2023 | &nbsp;&nbsp;&nbsp;&nbsp;25017 | &nbsp;&nbsp;&nbsp;&nbsp;12944 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;232287 | &nbsp;&nbsp;146968 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** | &nbsp;&nbsp;**Put option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive SOFR and pay exercise rate | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;1617000 | &nbsp;&nbsp;1617000 | &nbsp;&nbsp;2.87 | &nbsp;&nbsp;08/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;59869 | &nbsp;&nbsp;&nbsp;&nbsp;96672 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive SOFR and pay exercise rate | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;729893 | &nbsp;&nbsp;&nbsp;&nbsp;729893 | &nbsp;&nbsp;3.53 | &nbsp;&nbsp;10/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;30583 | &nbsp;&nbsp;&nbsp;&nbsp;22683 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive SOFR and pay exercise rate | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;2077000 | &nbsp;&nbsp;2077000 | &nbsp;&nbsp;3.06 | &nbsp;&nbsp;12/06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;82976 | &nbsp;&nbsp;108639 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;173428 | &nbsp;&nbsp;227994 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Premium<br> received ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive SOFR and pay exercise rate | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(768200) | &nbsp;&nbsp;&nbsp;&nbsp;(768200) | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;11/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(28884) | &nbsp;&nbsp;&nbsp;&nbsp;(27539) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive exercise rate and pay SOFR | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(1069994) | &nbsp;&nbsp;(1069994) | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;8/07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(38012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8679) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive SOFR and pay exercise rate | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(2491000) | &nbsp;&nbsp;(2491000) | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;6/13/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(98644) | &nbsp;&nbsp;&nbsp;&nbsp;(44874) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive SOFR and pay exercise rate | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(841554) | &nbsp;&nbsp;&nbsp;&nbsp;(841554) | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(32232) | &nbsp;&nbsp;&nbsp;&nbsp;(15836) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive SOFR and pay exercise rate | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205000) | &nbsp;&nbsp;&nbsp;&nbsp;(205000) | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;7/19/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2144) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive SOFR and pay exercise rate | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540000) | &nbsp;&nbsp;&nbsp;&nbsp;(540000) | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;8/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(18940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3751) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive SOFR and pay exercise rate | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(601000) | &nbsp;&nbsp;&nbsp;&nbsp;(601000) | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;8/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(21696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6659) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive SOFR and pay exercise rate | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(394142) | &nbsp;&nbsp;&nbsp;&nbsp;(394142) | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;10/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(15958) | &nbsp;&nbsp;&nbsp;&nbsp;(11903) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive SOFR and pay exercise rate | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(587700) | &nbsp;&nbsp;&nbsp;&nbsp;(587700) | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;11/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(22435) | &nbsp;&nbsp;&nbsp;&nbsp;(30725) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive SOFR and pay exercise rate | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(721000) | &nbsp;&nbsp;&nbsp;&nbsp;(721000) | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;12/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(28732) | &nbsp;&nbsp;&nbsp;&nbsp;(19283) |
| &nbsp;&nbsp;1-Year Mid-Curve SOFR | UBS | &nbsp;&nbsp;USD | &nbsp;&nbsp;(12750475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | &nbsp;&nbsp;97.63 | &nbsp;&nbsp;&nbsp;&nbsp;6/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(15846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7948) |
| &nbsp;&nbsp;3-Month SOFR | UBS | &nbsp;&nbsp;USD | &nbsp;&nbsp;(25910663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109) | &nbsp;&nbsp;95.38 | &nbsp;&nbsp;&nbsp;&nbsp;1/13/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1363) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;(336760) | &nbsp;&nbsp;(180704) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Premium<br> received ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(768200) | &nbsp;&nbsp;&nbsp;&nbsp;(768200) | &nbsp;&nbsp;3.32 | &nbsp;&nbsp;11/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(28884) | &nbsp;&nbsp;&nbsp;&nbsp;(30852) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive exercise rate and pay SOFR | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;(2491000) | &nbsp;&nbsp;(2491000) | &nbsp;&nbsp;3.18 | &nbsp;&nbsp;06/13/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(98644) | &nbsp;&nbsp;(102167) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive exercise rate and pay SOFR | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(841554) | &nbsp;&nbsp;&nbsp;&nbsp;(841554) | &nbsp;&nbsp;3.19 | &nbsp;&nbsp;06/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(32232) | &nbsp;&nbsp;&nbsp;&nbsp;(33918) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive exercise rate and pay SOFR | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(205000) | &nbsp;&nbsp;&nbsp;&nbsp;(205000) | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;07/19/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7352) | &nbsp;&nbsp;&nbsp;&nbsp;(13622) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive exercise rate and pay SOFR | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(540000) | &nbsp;&nbsp;&nbsp;&nbsp;(540000) | &nbsp;&nbsp;2.44 | &nbsp;&nbsp;08/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(18940) | &nbsp;&nbsp;&nbsp;&nbsp;(47196) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive exercise rate and pay SOFR | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(601000) | &nbsp;&nbsp;&nbsp;&nbsp;(601000) | &nbsp;&nbsp;2.68 | &nbsp;&nbsp;08/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(21696) | &nbsp;&nbsp;&nbsp;&nbsp;(42873) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive exercise rate and pay SOFR | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(394142) | &nbsp;&nbsp;&nbsp;&nbsp;(394142) | &nbsp;&nbsp;3.26 | &nbsp;&nbsp;10/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(15958) | &nbsp;&nbsp;&nbsp;&nbsp;(16240) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive exercise rate and pay SOFR | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(587700) | &nbsp;&nbsp;&nbsp;&nbsp;(587700) | &nbsp;&nbsp;3.69 | &nbsp;&nbsp;11/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(22435) | &nbsp;&nbsp;&nbsp;&nbsp;(16105) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts written (continued)** | &nbsp;&nbsp;**Put option contracts written (continued)** | &nbsp;&nbsp;**Put option contracts written (continued)** | &nbsp;&nbsp;**Put option contracts written (continued)** | &nbsp;&nbsp;**Put option contracts written (continued)** | &nbsp;&nbsp;**Put option contracts written (continued)** | &nbsp;&nbsp;**Put option contracts written (continued)** | &nbsp;&nbsp;**Put option contracts written (continued)** | &nbsp;&nbsp;**Put option contracts written (continued)** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Premium<br> received ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive exercise rate and pay SOFR | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(721000) | &nbsp;&nbsp;&nbsp;&nbsp;(721000) | &nbsp;&nbsp;3.02 | &nbsp;&nbsp;12/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(28732) | &nbsp;&nbsp;&nbsp;&nbsp;(39022) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Deutsche Bank to receive SOFR and pay exercise rate | Deutsche Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;(1069994) | &nbsp;&nbsp;(1069994) | &nbsp;&nbsp;2.54 | &nbsp;&nbsp;08/07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(38012) | &nbsp;&nbsp;&nbsp;&nbsp;(85880) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;(312885) | &nbsp;&nbsp;(427875) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** |
| &nbsp;&nbsp;**Fund receives** | **Fund pays** | **Payment<br> frequency** | **Counterparty** | **Maturity<br> date** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Fixed rate of 3.170% | U.S. CPI Urban Consumers NSA | Receives at Maturity, Pays at Maturity | Goldman Sachs | 10/21/2023 | USD | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. CPI Urban Consumers NSA | Fixed rate of 2.915% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 09/22/2024 | USD | &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;(3851) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3851) |
| &nbsp;&nbsp;U.S. CPI Urban Consumers NSA | Fixed rate of 2.705% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 10/06/2024 | USD | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;(1231) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1231) |
| &nbsp;&nbsp;U.S. CPI Urban Consumers NSA | Fixed rate of 2.995% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 10/21/2024 | USD | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;(802) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(802) |
| &nbsp;&nbsp;U.S. CPI Urban Consumers NSA | Fixed rate of 2.483% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 12/23/2024 | USD | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3312 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Eurostat Eurozone HICP ex-Tobacco NSA | Fixed rate of 3.080% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 09/15/2027 | EUR | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Eurostat Eurozone HICP ex-Tobacco NSA | Fixed rate of 2.555% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 10/15/2027 | EUR | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;5235 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. CPI Urban Consumers NSA | Fixed rate of 2.607% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 12/12/2027 | USD | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. CPI Urban Consumers NSA | Fixed rate of 2.615% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 12/12/2027 | USD | &nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 3.320% | Eurostat Eurozone HICP ex-Tobacco NSA | Receives at Maturity, Pays at Maturity | Goldman Sachs | 12/15/2027 | EUR | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 2.765% | Eurostat Eurozone HICP ex-Tobacco NSA | Receives at Maturity, Pays at Maturity | Goldman Sachs | 12/15/2027 | EUR | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. CPI Urban Consumers NSA | Fixed rate of 2.505% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 12/22/2027 | USD | 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;5303 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 2.829% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 07/05/2032 | USD | &nbsp;&nbsp;&nbsp;370432 | (20743) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(20743) |
| &nbsp;&nbsp;Fixed rate of 2.781% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 07/05/2032 | USD | &nbsp;&nbsp;&nbsp;370433 | (22238) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(22238) |
| &nbsp;&nbsp;Fixed rate of 2.707% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 07/06/2032 | USD | &nbsp;&nbsp;&nbsp;250400 | (16614) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(16614) |
| &nbsp;&nbsp;Fixed rate of 2.619% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 07/07/2032 | USD | &nbsp;&nbsp;&nbsp;168378 | (12433) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(12433) |
| &nbsp;&nbsp;Fixed rate of 2.597% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 07/26/2032 | USD | &nbsp;&nbsp;&nbsp;148983 | (11408) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(11408) |
| &nbsp;&nbsp;SOFR | Fixed rate of 2.754% | Receives Annually, Pays Annually | Goldman Sachs | 08/23/2032 | USD | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;19832 |  |  | &nbsp;&nbsp;&nbsp;19832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SOFR | Fixed rate of 2.925% | Receives Annually, Pays Annually | Goldman Sachs | 09/01/2032 | USD | &nbsp;&nbsp;&nbsp;326717 | &nbsp;&nbsp;16254 |  |  | &nbsp;&nbsp;&nbsp;16254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SOFR | Fixed rate of 2.934% | Receives Annually, Pays Annually | Goldman Sachs | 09/02/2032 | USD | &nbsp;&nbsp;&nbsp;309000 | &nbsp;&nbsp;15160 |  |  | &nbsp;&nbsp;&nbsp;15160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SOFR | Fixed rate of 2.989% | Receives Annually, Pays Annually | Goldman Sachs | 09/02/2032 | USD | &nbsp;&nbsp;&nbsp;309000 | &nbsp;&nbsp;13723 |  |  | &nbsp;&nbsp;&nbsp;13723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** |
| &nbsp;&nbsp;**Fund receives** | **Fund pays** | **Payment<br> frequency** | **Counterparty** | **Maturity<br> date** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Fixed rate of 2.920% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 09/02/2032 | USD | &nbsp;&nbsp;&nbsp;&nbsp;82339 | &nbsp;&nbsp;&nbsp;(4136) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4136) |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.078% | Receives Annually, Pays Annually | Goldman Sachs | 09/09/2032 | USD | &nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp;&nbsp;&nbsp;6749 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 2.670% | Eurostat Eurozone HICP ex-Tobacco NSA | Receives at Maturity, Pays at Maturity | Goldman Sachs | 09/15/2032 | EUR | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;(770) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(770) |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.469% | Receives Annually, Pays Annually | Goldman Sachs | 09/30/2032 | USD | &nbsp;&nbsp;&nbsp;287528 | &nbsp;&nbsp;&nbsp;&nbsp;1307 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.559% | Receives Annually, Pays Annually | Goldman Sachs | 10/03/2032 | USD | &nbsp;&nbsp;&nbsp;431300 | &nbsp;&nbsp;&nbsp;(1303) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1303) |
| &nbsp;&nbsp;Fixed rate of 3.479% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 10/04/2032 | USD | &nbsp;&nbsp;&nbsp;202000 | &nbsp;&nbsp;&nbsp;&nbsp;(759) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(759) |
| &nbsp;&nbsp;Fixed rate of 3.413% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 10/05/2032 | USD | &nbsp;&nbsp;&nbsp;117000 | &nbsp;&nbsp;&nbsp;(1096) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1096) |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.617% | Receives Annually, Pays Annually | Goldman Sachs | 10/12/2032 | USD | &nbsp;&nbsp;&nbsp;289171 | &nbsp;&nbsp;&nbsp;(2260) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2260) |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.646% | Receives Annually, Pays Annually | Goldman Sachs | 10/14/2032 | USD | &nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;(1136) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1136) |
| &nbsp;&nbsp;Fixed rate of 2.415% | Eurostat Eurozone HICP ex-Tobacco NSA | Receives at Maturity, Pays at Maturity | Goldman Sachs | 10/15/2032 | EUR | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;(6316) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6316) |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.617% | Receives Annually, Pays Annually | Goldman Sachs | 10/17/2032 | USD | &nbsp;&nbsp;&nbsp;231500 | &nbsp;&nbsp;&nbsp;(1799) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1799) |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.848% | Receives Annually, Pays Annually | Goldman Sachs | 10/21/2032 | USD | &nbsp;&nbsp;&nbsp;398000 | (10804) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(10804) |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.855% | Receives Annually, Pays Annually | Goldman Sachs | 10/24/2032 | USD | &nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;(9526) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9526) |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.935% | Receives Annually, Pays Annually | Goldman Sachs | 10/25/2032 | USD | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;(8402) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(8402) |
| &nbsp;&nbsp;Fixed rate of 3.826% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 10/27/2032 | USD | &nbsp;&nbsp;&nbsp;275401 | &nbsp;&nbsp;&nbsp;&nbsp;6940 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 3.556% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 11/14/2032 | USD | &nbsp;&nbsp;&nbsp;166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.809% | Receives Annually, Pays Annually | Goldman Sachs | 11/15/2032 | USD | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;(2616) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2616) |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.820% | Receives Annually, Pays Annually | Goldman Sachs | 11/15/2032 | USD | &nbsp;&nbsp;&nbsp;296000 | &nbsp;&nbsp;&nbsp;(7315) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7315) |
| &nbsp;&nbsp;Fixed rate of 3.581% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 11/16/2032 | USD | &nbsp;&nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;&nbsp;1227 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 2.596% | U.S. CPI Urban Consumers NSA | Receives at Maturity, Pays at Maturity | Goldman Sachs | 11/18/2032 | USD | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) |
| &nbsp;&nbsp;Fixed rate of 3.470% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 11/18/2032 | USD | &nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;(815) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(815) |
| &nbsp;&nbsp;Fixed rate of 3.413% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 11/21/2032 | USD | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;(2186) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2186) |
| &nbsp;&nbsp;Fixed rate of 3.236% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 12/05/2032 | USD | &nbsp;&nbsp;&nbsp;291500 | &nbsp;&nbsp;&nbsp;(6987) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6987) |
| &nbsp;&nbsp;Fixed rate of 3.210% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 12/06/2032 | USD | &nbsp;&nbsp;&nbsp;174000 | &nbsp;&nbsp;&nbsp;(4546) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4546) |
| &nbsp;&nbsp;Fixed rate of 3.205% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 12/06/2032 | USD | &nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;(6540) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6540) |
| &nbsp;&nbsp;Fixed rate of 3.185% | SOFR | Receives Annually, Pays Annually | Goldman Sachs | 12/12/2032 | USD | &nbsp;&nbsp;&nbsp;291500 | &nbsp;&nbsp;&nbsp;(8213) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(8213) |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.286% | Receives Annually, Pays Annually | Goldman Sachs | 12/13/2032 | USD | &nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;&nbsp;3305 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** |
| &nbsp;&nbsp;**Fund receives** | **Fund pays** | **Payment<br> frequency** | **Counterparty** | **Maturity<br> date** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;UK Retail Price Index All Items Monthly | Fixed rate of 3.803% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 12/15/2032 | GBP | &nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;11376 |  |  | &nbsp;&nbsp;&nbsp;11376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Eurostat Eurozone HICP ex-Tobacco NSA | Fixed rate of 2.470% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 12/15/2032 | EUR | &nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;11091 |  |  | &nbsp;&nbsp;&nbsp;11091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Eurostat Eurozone HICP ex-Tobacco NSA | Fixed rate of 2.570% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 12/15/2032 | EUR | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 2.080% | Eurostat Eurozone HICP ex-Tobacco NSA | Receives at Maturity, Pays at Maturity | Goldman Sachs | 12/15/2032 | EUR | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;(1300) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1300) |
| &nbsp;&nbsp;Fixed rate of 2.485% | Eurostat Eurozone HICP ex-Tobacco NSA | Receives at Maturity, Pays at Maturity | Goldman Sachs | 12/15/2032 | EUR | 1950000 | (18908) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(18908) |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.361% | Receives Annually, Pays Annually | Goldman Sachs | 12/22/2032 | USD | &nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp;3589 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. CPI Urban Consumers NSA | Fixed rate of 2.631% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 06/29/2052 | USD | &nbsp;&nbsp;&nbsp;530000 | (10880) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(10880) |
| &nbsp;&nbsp;Fixed rate of 2.433% | Eurostat Eurozone HICP ex-Tobacco NSA | Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2052 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;(3075) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3075) |
| &nbsp;&nbsp;Eurostat Eurozone HICP ex-Tobacco NSA | Fixed rate of 2.604% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 08/15/2052 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 2.441% | Eurostat Eurozone HICP ex-Tobacco NSA | Receives at Maturity, Pays at Maturity | Goldman Sachs | 08/15/2052 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;(2785) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2785) |
| &nbsp;&nbsp;U.S. CPI Urban Consumers NSA | Fixed rate of 2.426% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 08/17/2052 | USD | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 2.523% | Eurostat Eurozone HICP ex-Tobacco NSA | Receives at Maturity, Pays at Maturity | Goldman Sachs | 09/15/2052 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;(1781) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1781) |
| &nbsp;&nbsp;U.S. CPI Urban Consumers NSA | Fixed rate of 2.485% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 09/20/2052 | USD | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. CPI Urban Consumers NSA | Fixed rate of 2.618% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 10/27/2052 | USD | &nbsp;&nbsp;&nbsp;345000 | (10829) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(10829) |
| &nbsp;&nbsp;Fixed rate of 2.647% | Eurostat Eurozone HICP ex-Tobacco NSA | Receives at Maturity, Pays at Maturity | Goldman Sachs | 11/15/2052 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;(164) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) |
| &nbsp;&nbsp;U.S. CPI Urban Consumers NSA | Fixed rate of 2.493% | Receives at Maturity, Pays at Maturity | Goldman Sachs | 12/12/2052 | USD | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | (99538) |  |  | 127138 | (226676) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reference index and values for swap contracts as of period end** | &nbsp;&nbsp;**Reference index and values for swap contracts as of period end** | &nbsp;&nbsp;**Reference index and values for swap contracts as of period end** |
| &nbsp;&nbsp;**Reference index** |  | **Reference rate** |
| &nbsp;&nbsp;Eurostat Eurozone HICP ex-Tobacco NSA | Harmonised Index of Consumer Price Index Excluding Tobacco | (0.400)% |
| &nbsp;&nbsp;SOFR | Secured Overnight Financing Rate | 4.300% |
| &nbsp;&nbsp;UK Retail Price Index All Items Monthly | United Kingdom Retail Price Index All Items | 10.500% |
| &nbsp;&nbsp;U.S. CPI Urban Consumers NSA | United States Consumer Price All Urban Non-Seasonally Adjusted Index | 6.454% |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $43,967,344, which represents 46.04% of total net assets.

(b) Principal amounts are denominated in United States Dollars unless otherwise noted.

(c) Principal and interest may not be guaranteed by a governmental entity.

(d) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(e) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The
interest rate shown was the current rate as of December 31, 2022.

(f) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(g) The rate shown is the seven-day current annualized yield at December 31, 2022.

(h) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 3241255 | &nbsp;&nbsp;52392550 | &nbsp;&nbsp;(55533907) | &nbsp;&nbsp;178 | &nbsp;&nbsp;100076 | &nbsp;&nbsp;(1701) | &nbsp;&nbsp;18500 | &nbsp;&nbsp;100106 |

---

#### Abbreviation Legend
CMO Collateralized Mortgage Obligation <br> SOFR Secured Overnight Financing Rate

#### Currency Legend

---

| | |
|:---|:---|
| AUD | &nbsp;&nbsp;Australian Dollar |
| CAD | &nbsp;&nbsp;Canada Dollar |
| DKK | &nbsp;&nbsp;Danish Krone |
| EUR | &nbsp;&nbsp;Euro |
| GBP | &nbsp;&nbsp;British Pound |
| JPY | &nbsp;&nbsp;Japanese Yen |
| MXN | &nbsp;&nbsp;Mexican Peso |
| NZD | &nbsp;&nbsp;New Zealand Dollar |
| SEK | &nbsp;&nbsp;Swedish Krona |
| USD | &nbsp;&nbsp;US Dollar |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541376 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126840 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inflation-Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;90894719 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;90894719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767194 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Calls | &nbsp;&nbsp;&nbsp;&nbsp;33813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113155 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Puts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227994 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;100076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100076 |
| &nbsp;&nbsp;Total Investments in Securities | &nbsp;&nbsp;133889 | &nbsp;&nbsp;&nbsp;&nbsp;95671278 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;95805167 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25264 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;66775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127138 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1059263) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1059263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | (127579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Contracts Written | &nbsp;&nbsp;&nbsp;&nbsp;(9311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599268) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(608579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226676) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226676) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;63774 | &nbsp;&nbsp;&nbsp;&nbsp;93938473 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;94002247 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

18 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $113,224,969) | $95330129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $100,076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $405,715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374962 |
| &nbsp;&nbsp;Foreign currency (cost $258,801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258958 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273000 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25264 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;1114353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;1529381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6409 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;99657276 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Option contracts written, at value (premiums received $649,645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608579 |
| &nbsp;&nbsp;Due to broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206004 |
| &nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;1059263 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;1525031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37846 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;4148943 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$95508333** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | 112503921 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;(16995588) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$95508333** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$1219403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.74 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $26850491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;5808898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.62 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $67438439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;14308398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.71 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650086 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7668586 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928631 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96299) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832332 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6836254 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(6508556) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1701) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219886) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6547340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446879) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94156 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543664 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(28067484) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318593) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50426) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10007) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372094) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(28804165) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(28260501) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(21424247)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$6836254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2833330 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975570 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(28804165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2611577) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;(21424247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5197323 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9823) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;(1966413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(696846) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;(4926070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2466100) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(6962040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3172769) |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;1427545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12563748 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;(26958742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14588302 |
| &nbsp;&nbsp;Net assets at beginning of year | 122467075 | &nbsp;&nbsp;&nbsp;&nbsp;107878773 |
| &nbsp;&nbsp;**Net assets at end of year** | **$95508333** | &nbsp;&nbsp;**$122467075** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;169425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(36895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154067) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;145881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562774 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;1185541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6580899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754197 | &nbsp;&nbsp;&nbsp;&nbsp;10314906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;387089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(942057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4816870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1941198) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;630573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9070554 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;520950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8230554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;950979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4926070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2050804) | &nbsp;&nbsp;&nbsp;&nbsp;(10782030) | &nbsp;&nbsp;&nbsp;&nbsp;(1294141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7766234) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(578875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3105128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930420 |
| &nbsp;&nbsp;**Total net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**197579** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1427545** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2132660** | &nbsp;&nbsp;&nbsp;&nbsp;**12563748** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $6.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;(1.39) | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $6.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $5.66 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $5.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $5.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $5.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;(1.35) | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $5.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $5.53 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $5.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $5.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $6.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;(1.37) | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $6.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $5.63 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $5.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $5.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.03) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $4.74 | (17.51%) | 0.70%<sup>(c)</sup> | 0.60%<sup>(c)</sup> | 6.63% | 123% | &nbsp;&nbsp;$1219 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $6.14 | &nbsp;&nbsp;&nbsp;4.56% | 0.72%<sup>(c)</sup> | 0.61%<sup>(c)</sup> | 2.99% | &nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;$682 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $6.04 | &nbsp;&nbsp;&nbsp;9.37% | 0.74% | 0.65% | (0.09%) | &nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;$109 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $5.66 | &nbsp;&nbsp;&nbsp;7.90% | 0.71%<sup>(c)</sup> | 0.61%<sup>(c)</sup> | 0.57% | &nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $5.42 | &nbsp;&nbsp;(0.33%) | 0.71%<sup>(c)</sup> | 0.61%<sup>(c)</sup> | 1.41% | 118% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $4.62 | (17.69%) | 0.94%<sup>(c)</sup> | 0.85%<sup>(c)</sup> | 6.21% | 123% | $26850 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $5.99 | &nbsp;&nbsp;&nbsp;4.43% | 0.97%<sup>(c)</sup> | 0.87%<sup>(c)</sup> | 2.41% | &nbsp;&nbsp;58% | $31002 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $5.89 | &nbsp;&nbsp;&nbsp;8.97% | 0.97% | 0.89% | (0.47%) | &nbsp;&nbsp;70% | $21434 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $5.53 | &nbsp;&nbsp;&nbsp;7.63% | 0.96%<sup>(c)</sup> | 0.86%<sup>(c)</sup> | 0.38% | &nbsp;&nbsp;62% | $19663 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $5.30 | &nbsp;&nbsp;(0.71%) | 0.95%<sup>(c)</sup> | 0.86%<sup>(c)</sup> | 1.14% | 118% | $17272 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $4.71 | (17.58%) | 0.82%<sup>(c)</sup> | 0.73%<sup>(c)</sup> | 6.26% | 123% | $67438 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $6.10 | &nbsp;&nbsp;&nbsp;4.48% | 0.85%<sup>(c)</sup> | 0.74%<sup>(c)</sup> | 2.46% | &nbsp;&nbsp;58% | $90783 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $6.00 | &nbsp;&nbsp;&nbsp;9.11% | 0.85% | 0.76% | (0.34%) | &nbsp;&nbsp;70% | $86336 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $5.63 | &nbsp;&nbsp;&nbsp;7.81% | 0.83%<sup>(c)</sup> | 0.73%<sup>(c)</sup> | 0.49% | &nbsp;&nbsp;62% | $89128 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $5.39 | &nbsp;&nbsp;(0.51%) | 0.82%<sup>(c)</sup> | 0.74%<sup>(c)</sup> | 1.28% | 118% | $96659 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

CTIVP® – BlackRock Global Inflation-Protected Securities Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

24 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

(CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities, to shift foreign currency exposure back to U.S. dollars and to generate total return through long and short currency positions versus the U.S. dollar. These instruments may be used for other purposes in future periods.

26 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates and to attain desired breakeven inflation exposure. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to produce incremental earnings, to protect gains and to manage exposure to fluctuations in interest rates. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

#### Interest rate swaption contracts
Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. Each interest rate swaption contract will specify if the buyer is entitled to receive the fixed or floating rate if the interest rate is exercised. Changes in the value of a purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.

#### Interest rate and inflation rate swap contracts
The Fund entered into interest rate swap transactions and/or inflation rate swap contracts to produce incremental earnings, to manage interest rate and market risk exposure to produce incremental earnings, to gain exposure to or protect itself from market rate changes, to hedge the portfolio risk associated with some or all of the Fund's securities and to attain desired breakeven inflation exposure. These instruments may be used for other purposes in future periods. An interest rate swap or inflation rate swap, as applicable, is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a nominal amount. Interest rate swaps are agreements between two parties that involve the exchange of

28 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25264 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,775\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Investments, at value — Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;374962 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;127,138\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;594139 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;1059263 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127,579\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Options contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608579 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226,676\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2022097 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;6547340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6534879 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;782560 | &nbsp;&nbsp;&nbsp;&nbsp;(450304) | &nbsp;&nbsp;&nbsp;&nbsp;312516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738928 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;6547340 | &nbsp;&nbsp;&nbsp;&nbsp;782560 | &nbsp;&nbsp;&nbsp;&nbsp;(446879) | &nbsp;&nbsp;&nbsp;&nbsp;296630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94156 | &nbsp;&nbsp;&nbsp;&nbsp;7273807 |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;(318593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318593) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10007) | &nbsp;&nbsp;&nbsp;&nbsp;(372094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416666) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;(318593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10007) | &nbsp;&nbsp;&nbsp;&nbsp;(372094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735259) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 10254770 |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;7549862 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | &nbsp;&nbsp;211144 |
| &nbsp;&nbsp;Options contracts — written | (527829) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;1482223 | &nbsp;&nbsp;&nbsp;&nbsp;(607434) |
| &nbsp;&nbsp;Interest rate swap contracts | &nbsp;&nbsp;1020146 | &nbsp;&nbsp;&nbsp;&nbsp;(833031) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

#### Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

30 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Treasury inflation protected securities
The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Citi ($)** | &nbsp;&nbsp;**Deutsche<br> Bank ($)** | &nbsp;&nbsp;**Goldman<br> Sachs ($)** | &nbsp;&nbsp;**UBS ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared interest rate swap contracts <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;27421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27421 |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;10276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25264 |
| &nbsp;&nbsp;Options purchased calls | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;33813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146968 |
| &nbsp;&nbsp;Options purchased puts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227994 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;10276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356137 | &nbsp;&nbsp;27421 | &nbsp;&nbsp;33813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427647 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared interest rate swap contracts <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;10531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10531 |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;17448 | &nbsp;&nbsp;&nbsp;&nbsp;1041815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1059263 |
| &nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;58391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;9311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608579 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;75839 | &nbsp;&nbsp;&nbsp;&nbsp;1582692 | &nbsp;&nbsp;10531 | &nbsp;&nbsp;&nbsp;&nbsp;9311 | &nbsp;&nbsp;&nbsp;&nbsp;1678373 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **(65563)** | &nbsp;&nbsp;**(1226555)** | &nbsp;&nbsp;**16890** | &nbsp;&nbsp;**24502** | &nbsp;&nbsp;**(1250726)** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(b)</sup> | (65563) | &nbsp;&nbsp;&nbsp;&nbsp;(216608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(282171) |
| &nbsp;&nbsp;**Net amount <sup>(c)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;**(1009947)** | &nbsp;&nbsp;**16890** | &nbsp;&nbsp;**24502** | &nbsp;&nbsp;&nbsp;&nbsp;**(968555)** |

---

(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

32 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.51% to 0.29% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.51% of the Fund's average daily net assets.

#### Subadvisory agreements
The Investment Manager has entered into a Subadvisory Agreement with BlackRock Financial Management, Inc. (BlackRock) to serve as a subadviser to the Fund. BlackRock International Limited (BIL), an affiliate of BlackRock, assists in providing day-to-day portfolio management of the Fund pursuant to the Sub-Subadvisory Agreement between BlackRock and BIL. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Transactions with affiliates
The Fund is permitted to engage in purchase and/or sale transactions with affiliates and/or accounts that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers under specified conditions outlined in a policy adopted by the Board, pursuant to Rule 17a-7 under the 1940 Act (cross-trades). The Board relies on quarterly written representation from the Fund's Chief Compliance Officer that cross-trades complied with approved policy.

For the year ended December 31, 2022, the Fund engaged in cross-trades as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Purchases ($)** | **Sales ($)** | **Net realized gain (loss) ($)** |
| &nbsp;&nbsp;93630 |  |  |

---

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.06% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;Class 3 | 0.725 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, derivative investments, swap investments, tax straddles, treasury inflation protected securities (tips), principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred compensation and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

34 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;4287877 | (4287879) | 2 |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;6889270 | 72770 | 6962040 | 2143966 | 1028803 | 3172769 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;7911740 – (3544288) | (21203902) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;115206149 | 322511 | (21526413) | (21203902) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(2929582) | (614706) | (3544288) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $138,244,736 and $133,729,960, respectively, for the year ended December 31, 2022, of which $120,512,608 and $117,745,196, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

36 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

#### Foreign currency risk
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or abroad. The Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars and vice versa.

#### Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer's country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

#### Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund.

*Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, whether in the public or private sector, significant debt problems of a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, the Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. The departure of the United Kingdom (UK) from the EU single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking effect on December 31, 2020. The impact of Brexit on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.*

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Inflation-protected securities risk
Inflation-protected debt securities tend to react to changes in real interest rates (i.e., nominal interest rates minus the expected impact of inflation). In general, the price of such securities falls when real interest rates rise, and rises when real interest rates fall. Interest payments on these securities will vary and may be more volatile than interest paid on ordinary bonds. In periods of deflation, the Fund may have no income at all from such investments.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Leverage risk
Leverage occurs when the Fund increases its assets available for investment using borrowings, short sales, derivatives, or similar instruments or techniques. The use of leverage may produce volatility and may exaggerate changes in the Fund's net asset value and in the return on the Fund's portfolio, which may increase the risk that the Fund will lose more than it has invested. Because short sales involve borrowing securities and then selling them, the Fund's short sales effectively leverage the Fund's assets. The Fund's assets that are used as collateral to secure the Fund's obligations to return the securities sold short may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase the collateral. Leverage can create an interest expense that may lower the Fund's overall returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund's volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market

38 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Non-diversification risk
A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of a more diversified fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Notes to Financial Statements (continued)

December 31, 2022

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

40 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP® – BlackRock Global Inflation-Protected Securities Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP® – BlackRock Global Inflation-Protected Securities Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

42 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 43

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

44 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 45

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

46 CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

CTIVP® – BlackRock Global Inflation-Protected Securities Fund \| Annual Report 2022 47

------

[**Table of Contents**](#JOB_274_dd54245b-7bd4-410f-9ab3-6176a6a819ee_TOC)

#### CTIVP® – BlackRock Global Inflation-Protected Securities Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img610c9c832.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7029_12_B01_(02/23)

------

![](img86257f721.jpg)

Annual Report

December 31, 2022

![](imgc8b7cec42.jpg)

CTIVP® – Victory Sycamore Established Value Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_52ca4739-0698-4ea2-8f8e-3f4a5f002a16_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_52ca4739-0698-4ea2-8f8e-3f4a5f002a16_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_93809f35-4d22-4b36-a37a-ca0142569b7f_1)<br>| 7 |
| [Portfolio of Investments](#xx_4fe3d8a5-1b30-44a4-911f-77982bcd2821_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_cff21e69-3799-4ad1-815d-9cbb1bd94b36_1)<br>| 12 |
| [Statement of Operations](#xx_cff21e69-3799-4ad1-815d-9cbb1bd94b36_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_cff21e69-3799-4ad1-815d-9cbb1bd94b36_3)<br>| 14 |
| [Financial Highlights](#xx_35d9774c-11e9-47e7-9de7-b94a59561346_2)<br>| 16 |
| [Notes to Financial Statements](#xx_2cd01df2-0450-44fc-8052-b9e67f99bbdf_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_e30f667b-b608-4e0e-a8a9-07da77c6aef1_1)<br>| 25 |
| [Trustees and Officers](#xx_c93d03ba-00a3-45f8-8e8f-f27cc40e0dbc_1)<br>| 26 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which CTIVP® – Victory Sycamore Established Value Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term growth of capital.

Portfolio management

#### Victory Capital Management Inc.
Gary Miller

Jeffrey Graff, CFA

Gregory Conners

James Albers, CFA

Michael Rodarte, CFA

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-2.75 | &nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;&nbsp;13.10 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.57 | &nbsp;&nbsp;&nbsp;&nbsp;12.81 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;02/04/04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-2.89 | &nbsp;&nbsp;&nbsp;&nbsp;9.70 | &nbsp;&nbsp;&nbsp;&nbsp;12.96 |
| &nbsp;&nbsp;Russell Midcap Value Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-12.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;10.11 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Russell Midcap Value Index, an unmanaged index, measures the performance of those Russell Midcap Index companies with lower price-to-book ratios and forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img2091ce183.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of CTIVP® – Victory Sycamore Established Value Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;98.7 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;15.5 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;22.1 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;14.6 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;11.7 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 64.82% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund returned -3.00%. While absolute returns disappointed, the Fund significantly outperformed its benchmark, the Russell Midcap Value Index, which returned -12.03% over the same period.

Market overview

Market participants entered 2022 with a degree of uncertainty plaguing the U.S. equity backdrop. Chiefly, it was unclear how the market would endure a shift in monetary policy that would result in the withdrawal of unprecedented levels of stimulus from the economy. Stubborn inflation that persistently registered at a four-decade high forced the Federal Reserve (Fed) to pursue the most aggressive tightening campaign since the early 1980s, which led to a spike in market volatility. Indeed, 2022 marked the eighth-most volatile year for the S&P 500 Index, trailing only 2008 and 2002 in recent history.

Throughout the annual period, market participants waited for the elusive Fed "pivot." To their credit, Fed officials made it clear that they want to avoid the same mistake made in the 1980s by not prematurely abandoning their inflation fight. However, at the end of the annual period, we believed the Fed's determination raised the probability of a policy error and effectively narrowed the chances of a "soft landing." Investors once again found themselves heading into a new year with mounting uncertainties. There was a lack of visibility at the end of 2022 into the path of rates, inflation, corporate earnings and the type of recession, i.e., deep or shallow, the economy may soon face. With all of these "known unknowns" and the prospect for competing outcomes, we felt it behooved investors to anticipate further equity market volatility and prepare for the possibility of more surprises in the new year.

The Fund's notable contributors during the period

• Stock selection overall contributed most positively to the Fund's relative results during the period. Sector allocation is a by-product of the bottom-up stock selection process and not a result of top-down
tactical decisions but also proved favorable.

• Stock selection in the financials, information technology, industrials, materials and real estate sectors bolstered the Fund's relative performance most during the period.

• Additionally, in a year plagued with macroeconomic uncertainty and a shift in monetary policy, investors generally focused on company-specific fundamentals. Therefore, value and quality factors outpaced risk and
growth factors during the period, providing a stylistic tailwind for the Fund, as our investment process generally leads to investments in companies exhibiting quality attributes and those trading at a relative
discount.

• From an individual security perspective, two of the Fund's top three positive contributors relative to the benchmark during the period were in the energy sector — Valero
Energy Corp. and Devon Energy Corp. West Texas Intermediate crude oil prices rallied meaningfully early in the period, as the Russian invasion of Ukraine sparked concerns around a possible global supply shock. Also,
energy was the best performing sector in the benchmark during the period, so both names appreciated with the group.

○ Valero Energy also benefited from strong crack spreads and lower product inventories during the year. (A crack spread is the overall pricing difference between a barrel of crude oil and the petroleum products
refined from it.) Some refining capacity exited the market following the COVID-19 pandemic, which bodes well for the company. Further, Valero Energy was better positioned, in our view, than European refiners given its
position in the Gulf Coast, which provides the company access to cheaper natural gas. We sold the Fund's position in Valero Energy during the year based on its relative valuation.

○ We believe Devon Energy's shareholder-friendly capital strategy further rewarded its share price.

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Steel Dynamics, Inc., one of the largest steel producers in the U.S., was also a significant positive contributor to the Fund's relative results, as the war in Ukraine, which is disrupting the global steel
supply chain, caused steel prices to appreciate.

The Fund's notable detractors during the period

• Having underweighted allocations to the energy and utilities sectors, the two top-performing sectors in the benchmark during the period, detracted most from the Fund's relative performance.

○ The energy sector rallied after Russia invaded Ukraine given fears of a possible global oil supply shock.

○ The utilities sector held up fairly well in the down market given its defensive nature.

• To a lesser degree, an overweight in the information technology sector, which was among the weakest sectors in the benchmark during the period, also dampened the Fund's results.

• Among the Fund's biggest individual detractors relative to the benchmark was a position in V.F. Corp., an apparel company with a portfolio of well-known brands, such as Vans, JanSport, Dickies, North Face and
Timberland. Its shares underperformed the broader market during the period in part because of a badly-timed acquisition of Supreme, a streetwear company, which resulted in increased leverage on its balance sheet.
Further, V.F. Corp.'s flagship Vans brand failed to stabilize after successive quarters of underperformance, mainly driven by stringent COVID-related lockdowns in China and outsized exposure to California, which
also was slow to recover from the pandemic. Further, we believed company management's credibility took a hit after multiple guidance reductions, which shifted sentiment to the downside. The combination of these
factors skewed the holding's risk/reward profile negatively, in our view, and so we sold the Fund's position in V.F. Corp. by the end of the annual period.

• MKS Instruments, Inc., a provider of instruments that enable process control for the semiconductor and other periphery markets, was another top detractor. Its shares appreciated following its above-consensus second
quarter 2022 earnings report released in early August. However, its shares performed poorly since. In our view, the announced closure of its Atotech acquisition in mid-August may have injected an element of
uncertainty into the investment thesis, despite long-term synergies. Investors may have perceived the acquisition could delay the earnings accretion given the transaction was financed with floating debt. However, we
believe the acquisition enables MKS Instruments to enter a new market segment, most notably the electronics materials and chemicals markets. Therefore, we feel the long-term fundamental synergies from the combination
will likely be rewarded going forward and thus maintained the Fund's position in the company.

• Another significant detractor was Vertiv Holdings Co., which offers power management, infrastructure and information technology solutions to data centers. Its shares fell, as the
company meaningfully missed estimates on its fourth quarter 2021 earnings and lowered its fiscal year 2022 guidance, citing inflationary headwinds as a key factor. Its management, in our view, was candid about being
behind on adjusting pricing to offset some of the inflationary pressures. By the time they were able to deploy a pricing strategy, it was too late, and company margins had already eroded. Following these disappointing
developments, we sold the Fund's position in the company given what we saw as its diminished risk/reward profile.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investments in mid-cap companies involve risks and volatility greater than investments in larger, more established companies. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1092.60 | &nbsp;&nbsp;&nbsp;&nbsp;1021.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1091.10 | &nbsp;&nbsp;&nbsp;&nbsp;1019.70 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1091.80 | &nbsp;&nbsp;&nbsp;&nbsp;1020.36 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.7%** | &nbsp;&nbsp;**Common Stocks 98.7%** | &nbsp;&nbsp;**Common Stocks 98.7%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 1.1%** | &nbsp;&nbsp;**Communication Services 1.1%** | &nbsp;&nbsp;**Communication Services 1.1%** |
| &nbsp;&nbsp;**Entertainment 1.1%** | &nbsp;&nbsp;**Entertainment 1.1%** | &nbsp;&nbsp;**Entertainment 1.1%** |
| &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72500 | &nbsp;&nbsp;&nbsp;&nbsp;5056150 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp;**5056150** |
| &nbsp;&nbsp;**Consumer Discretionary 9.2%** | &nbsp;&nbsp;**Consumer Discretionary 9.2%** | &nbsp;&nbsp;**Consumer Discretionary 9.2%** |
| &nbsp;&nbsp;**Auto Components 3.0%** | &nbsp;&nbsp;**Auto Components 3.0%** | &nbsp;&nbsp;**Auto Components 3.0%** |
| &nbsp;&nbsp;Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;64400 | &nbsp;&nbsp;&nbsp;&nbsp;5997572 |
| &nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;204700 | &nbsp;&nbsp;&nbsp;&nbsp;8239175 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;14236747 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 3.7%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 3.7%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 3.7%** |
| &nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp;&nbsp;3015594 |
| &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45400 | &nbsp;&nbsp;&nbsp;&nbsp;5736744 |
| &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;8709440 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;17461778 |
| &nbsp;&nbsp;**Household Durables 0.8%** | &nbsp;&nbsp;**Household Durables 0.8%** | &nbsp;&nbsp;**Household Durables 0.8%** |
| &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;312600 | &nbsp;&nbsp;&nbsp;&nbsp;4088808 |
| &nbsp;&nbsp;**Specialty Retail 1.7%** | &nbsp;&nbsp;**Specialty Retail 1.7%** | &nbsp;&nbsp;**Specialty Retail 1.7%** |
| &nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;8357040 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**44144373** |
| &nbsp;&nbsp;**Consumer Staples 3.9%** | &nbsp;&nbsp;**Consumer Staples 3.9%** | &nbsp;&nbsp;**Consumer Staples 3.9%** |
| &nbsp;&nbsp;**Food & Staples Retailing 2.1%** | &nbsp;&nbsp;**Food & Staples Retailing 2.1%** | &nbsp;&nbsp;**Food & Staples Retailing 2.1%** |
| &nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;132000 | &nbsp;&nbsp;10091400 |
| &nbsp;&nbsp;**Food Products 1.8%** | &nbsp;&nbsp;**Food Products 1.8%** | &nbsp;&nbsp;**Food Products 1.8%** |
| &nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;1624875 |
| &nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;108600 | &nbsp;&nbsp;&nbsp;&nbsp;6760350 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;8385225 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**18476625** |
| &nbsp;&nbsp;**Energy 2.6%** | &nbsp;&nbsp;**Energy 2.6%** | &nbsp;&nbsp;**Energy 2.6%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 2.6%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 2.6%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 2.6%** |
| &nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;261800 | &nbsp;&nbsp;&nbsp;&nbsp;6432426 |
| &nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95100 | &nbsp;&nbsp;&nbsp;&nbsp;5849601 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;12282027 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**12282027** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Financials 15.3%** | &nbsp;&nbsp;**Financials 15.3%** | &nbsp;&nbsp;**Financials 15.3%** |
| &nbsp;&nbsp;**Banks 3.8%** | &nbsp;&nbsp;**Banks 3.8%** | &nbsp;&nbsp;**Banks 3.8%** |
| &nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;3186600 |
| &nbsp;&nbsp;Prosperity Bancshares, Inc. | &nbsp;&nbsp;102400 | &nbsp;&nbsp;&nbsp;&nbsp;7442432 |
| &nbsp;&nbsp;Zions Bancorp | &nbsp;&nbsp;154300 | &nbsp;&nbsp;&nbsp;&nbsp;7585388 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;18214420 |
| &nbsp;&nbsp;**Capital Markets 2.6%** | &nbsp;&nbsp;**Capital Markets 2.6%** | &nbsp;&nbsp;**Capital Markets 2.6%** |
| &nbsp;&nbsp;Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;7829440 |
| &nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43400 | &nbsp;&nbsp;&nbsp;&nbsp;4733204 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;12562644 |
| &nbsp;&nbsp;**Insurance 8.9%** | &nbsp;&nbsp;**Insurance 8.9%** | &nbsp;&nbsp;**Insurance 8.9%** |
| &nbsp;&nbsp;Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp;&nbsp;&nbsp;5640960 |
| &nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51600 | &nbsp;&nbsp;&nbsp;&nbsp;7083648 |
| &nbsp;&nbsp;Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;&nbsp;8248623 |
| &nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;281000 | &nbsp;&nbsp;&nbsp;&nbsp;6786150 |
| &nbsp;&nbsp;Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;74500 | &nbsp;&nbsp;&nbsp;&nbsp;9663395 |
| &nbsp;&nbsp;WR Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69400 | &nbsp;&nbsp;&nbsp;&nbsp;5036358 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;42459134 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**73236198** |
| &nbsp;&nbsp;**Health Care 6.9%** | &nbsp;&nbsp;**Health Care 6.9%** | &nbsp;&nbsp;**Health Care 6.9%** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 3.9%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 3.9%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 3.9%** |
| &nbsp;&nbsp;Cooper Companies, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp;&nbsp;&nbsp;7903013 |
| &nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;99200 | &nbsp;&nbsp;&nbsp;&nbsp;7421152 |
| &nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24200 | &nbsp;&nbsp;&nbsp;&nbsp;3085500 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;18409665 |
| &nbsp;&nbsp;**Health Care Providers & Services 3.0%** | &nbsp;&nbsp;**Health Care Providers & Services 3.0%** | &nbsp;&nbsp;**Health Care Providers & Services 3.0%** |
| &nbsp;&nbsp;Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp;&nbsp;4920278 |
| &nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61300 | &nbsp;&nbsp;&nbsp;&nbsp;9589772 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;14510050 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**32919715** |
| &nbsp;&nbsp;**Industrials 21.8%** | &nbsp;&nbsp;**Industrials 21.8%** | &nbsp;&nbsp;**Industrials 21.8%** |
| &nbsp;&nbsp;**Aerospace & Defense 1.9%** | &nbsp;&nbsp;**Aerospace & Defense 1.9%** | &nbsp;&nbsp;**Aerospace & Defense 1.9%** |
| &nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;128600 | &nbsp;&nbsp;&nbsp;&nbsp;9104880 |
| &nbsp;&nbsp;**Airlines 1.2%** | &nbsp;&nbsp;**Airlines 1.2%** | &nbsp;&nbsp;**Airlines 1.2%** |
| &nbsp;&nbsp;Alaska Air Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;135300 | &nbsp;&nbsp;&nbsp;&nbsp;5809782 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Building Products 1.7%** | &nbsp;&nbsp;**Building Products 1.7%** | &nbsp;&nbsp;**Building Products 1.7%** |
| &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75800 | &nbsp;&nbsp;&nbsp;&nbsp;3126750 |
| &nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;58300 | &nbsp;&nbsp;&nbsp;&nbsp;4972990 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;8099740 |
| &nbsp;&nbsp;**Commercial Services & Supplies 0.5%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.5%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.5%** |
| &nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp;2566901 |
| &nbsp;&nbsp;**Electrical Equipment 1.3%** | &nbsp;&nbsp;**Electrical Equipment 1.3%** | &nbsp;&nbsp;**Electrical Equipment 1.3%** |
| &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;6101680 |
| &nbsp;&nbsp;**Machinery 10.0%** | &nbsp;&nbsp;**Machinery 10.0%** | &nbsp;&nbsp;**Machinery 10.0%** |
| &nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64100 | &nbsp;&nbsp;&nbsp;&nbsp;8890029 |
| &nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33500 | &nbsp;&nbsp;&nbsp;&nbsp;4840415 |
| &nbsp;&nbsp;Middleby Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53100 | &nbsp;&nbsp;&nbsp;&nbsp;7110090 |
| &nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;5555970 |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;6111000 |
| &nbsp;&nbsp;Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;75600 | &nbsp;&nbsp;&nbsp;&nbsp;8557920 |
| &nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58500 | &nbsp;&nbsp;&nbsp;&nbsp;6468345 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;47533769 |
| &nbsp;&nbsp;**Professional Services 2.8%** | &nbsp;&nbsp;**Professional Services 2.8%** | &nbsp;&nbsp;**Professional Services 2.8%** |
| &nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79300 | &nbsp;&nbsp;&nbsp;&nbsp;8341567 |
| &nbsp;&nbsp;ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61100 | &nbsp;&nbsp;&nbsp;&nbsp;5084131 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;13425698 |
| &nbsp;&nbsp;**Road & Rail 2.1%** | &nbsp;&nbsp;**Road & Rail 2.1%** | &nbsp;&nbsp;**Road & Rail 2.1%** |
| &nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp;4603104 |
| &nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32300 | &nbsp;&nbsp;&nbsp;&nbsp;5261670 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9864774 |
| &nbsp;&nbsp;**Trading Companies & Distributors 0.3%** | &nbsp;&nbsp;**Trading Companies & Distributors 0.3%** | &nbsp;&nbsp;**Trading Companies & Distributors 0.3%** |
| &nbsp;&nbsp;United Rentals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;1670474 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**104177698** |
| &nbsp;&nbsp;**Information Technology 14.4%** | &nbsp;&nbsp;**Information Technology 14.4%** | &nbsp;&nbsp;**Information Technology 14.4%** |
| &nbsp;&nbsp;**Communications Equipment 1.1%** | &nbsp;&nbsp;**Communications Equipment 1.1%** | &nbsp;&nbsp;**Communications Equipment 1.1%** |
| &nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20300 | &nbsp;&nbsp;&nbsp;&nbsp;5231513 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 3.4%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 3.4%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 3.4%** |
| &nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;96600 | &nbsp;&nbsp;&nbsp;&nbsp;7355124 |
| &nbsp;&nbsp;Flex Ltd.<sup>(a)</sup> | &nbsp;&nbsp;420200 | &nbsp;&nbsp;&nbsp;&nbsp;9017492 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;16372616 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**IT Services 5.7%** | &nbsp;&nbsp;**IT Services 5.7%** | &nbsp;&nbsp;**IT Services 5.7%** |
| &nbsp;&nbsp;DXC Technology Co.<sup>(a)</sup> | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;4637500 |
| &nbsp;&nbsp;Genpact Ltd. | &nbsp;&nbsp;176400 | &nbsp;&nbsp;&nbsp;&nbsp;8170848 |
| &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60900 | &nbsp;&nbsp;&nbsp;&nbsp;6048588 |
| &nbsp;&nbsp;MAXIMUS, Inc. | &nbsp;&nbsp;112000 | &nbsp;&nbsp;&nbsp;&nbsp;8212960 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;27069896 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.6%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.6%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.6%** |
| &nbsp;&nbsp;MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;6270020 |
| &nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67600 | &nbsp;&nbsp;&nbsp;&nbsp;6160388 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;12430408 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 1.6%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 1.6%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 1.6%** |
| &nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;314900 | &nbsp;&nbsp;&nbsp;&nbsp;5025804 |
| &nbsp;&nbsp;Western Digital Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;76800 | &nbsp;&nbsp;&nbsp;&nbsp;2423040 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7448844 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**68553277** |
| &nbsp;&nbsp;**Materials 11.6%** | &nbsp;&nbsp;**Materials 11.6%** | &nbsp;&nbsp;**Materials 11.6%** |
| &nbsp;&nbsp;**Chemicals 2.8%** | &nbsp;&nbsp;**Chemicals 2.8%** | &nbsp;&nbsp;**Chemicals 2.8%** |
| &nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp;1663474 |
| &nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55600 | &nbsp;&nbsp;&nbsp;&nbsp;5418220 |
| &nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60300 | &nbsp;&nbsp;&nbsp;&nbsp;6183162 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;13264856 |
| &nbsp;&nbsp;**Containers & Packaging 5.7%** | &nbsp;&nbsp;**Containers & Packaging 5.7%** | &nbsp;&nbsp;**Containers & Packaging 5.7%** |
| &nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60300 | &nbsp;&nbsp;&nbsp;&nbsp;6631794 |
| &nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39700 | &nbsp;&nbsp;&nbsp;&nbsp;7185700 |
| &nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79900 | &nbsp;&nbsp;&nbsp;&nbsp;6568579 |
| &nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;54300 | &nbsp;&nbsp;&nbsp;&nbsp;6945513 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;27331586 |
| &nbsp;&nbsp;**Metals & Mining 3.1%** | &nbsp;&nbsp;**Metals & Mining 3.1%** | &nbsp;&nbsp;**Metals & Mining 3.1%** |
| &nbsp;&nbsp;Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;6414560 |
| &nbsp;&nbsp;Reliance Steel & Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;4777584 |
| &nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp;3468350 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;14660494 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**55256936** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Real Estate 8.7%** | &nbsp;&nbsp;**Real Estate 8.7%** | &nbsp;&nbsp;**Real Estate 8.7%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 8.7%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 8.7%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 8.7%** |
| &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;9468550 |
| &nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;141100 | &nbsp;&nbsp;&nbsp;&nbsp;4252754 |
| &nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;49800 | &nbsp;&nbsp;&nbsp;&nbsp;5571624 |
| &nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;102200 | &nbsp;&nbsp;&nbsp;&nbsp;6602120 |
| &nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;84100 | &nbsp;&nbsp;&nbsp;&nbsp;7939040 |
| &nbsp;&nbsp;National Retail Properties, Inc. | &nbsp;&nbsp;168800 | &nbsp;&nbsp;&nbsp;&nbsp;7724288 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;41558376 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**41558376** |
| &nbsp;&nbsp;**Utilities 3.2%** | &nbsp;&nbsp;**Utilities 3.2%** | &nbsp;&nbsp;**Utilities 3.2%** |
| &nbsp;&nbsp;**Electric Utilities 3.2%** | &nbsp;&nbsp;**Electric Utilities 3.2%** | &nbsp;&nbsp;**Electric Utilities 3.2%** |
| &nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;137100 | &nbsp;&nbsp;&nbsp;&nbsp;7569291 |
| &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;110500 | &nbsp;&nbsp;&nbsp;&nbsp;7747155 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;15316446 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**15316446** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $405,721,238) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $405,721,238) | &nbsp;&nbsp;**470977821** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 1.3%** | &nbsp;&nbsp;**Money Market Funds 1.3%** | &nbsp;&nbsp;**Money Market Funds 1.3%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;6340254 | &nbsp;&nbsp;&nbsp;&nbsp;6338352 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $6,337,855) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $6,337,855) | &nbsp;&nbsp;&nbsp;&nbsp;**6338352** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $412,059,093)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $412,059,093)** | &nbsp;&nbsp;**477316173** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**98037** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**477414210** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 11523412 | &nbsp;&nbsp;67618038 | &nbsp;&nbsp;(72803955) | &nbsp;&nbsp;857 | &nbsp;&nbsp;6338352 | &nbsp;&nbsp;(1189) | &nbsp;&nbsp;141835 | &nbsp;&nbsp;6340254 |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

The accompanying Notes to Financial Statements are an integral part of this statement.

10 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;5056150 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5056150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;44144373 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44144373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;18476625 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18476625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;12282027 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12282027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;73236198 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73236198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;32919715 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32919715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 104177698 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;104177698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;68553277 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68553277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;55256936 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55256936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;41558376 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41558376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;15316446 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15316446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 470977821 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;470977821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;6338352 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6338352 |
| &nbsp;&nbsp;Total Investments in Securities | 477316173 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;477316173 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $405,721,238) | $470977821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $6,337,855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6338352 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9582 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;480669941 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23088 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255731 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$477414210** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $477414210 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$477414210** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $318667640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7584029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.02 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$74701106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40.73 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$84045464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.39 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;$10825609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4128) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;10964094 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13226 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4348053 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6616041 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;56859862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1189) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;56858673 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(79762139) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(79761282) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(22902609) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(16286568)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$6616041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8698681 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;56858673 | &nbsp;&nbsp;&nbsp;&nbsp;112740272 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(79761282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56319672 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(16286568) | &nbsp;&nbsp;&nbsp;&nbsp;177758625 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(72071476) | &nbsp;&nbsp;&nbsp;(310724170) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(88358044) | &nbsp;&nbsp;&nbsp;(132965545) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;565772254 | &nbsp;&nbsp;&nbsp;&nbsp;698737799 |
| &nbsp;&nbsp;**Net assets at end of year** | **$477414210** | &nbsp;&nbsp;**$565772254** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1839139) | &nbsp;&nbsp;&nbsp;&nbsp;(76652678) | &nbsp;&nbsp;&nbsp;&nbsp;(8547264) | &nbsp;&nbsp;&nbsp;&nbsp;(323905306) |
| &nbsp;&nbsp;Net decrease | (1762782) | &nbsp;&nbsp;&nbsp;&nbsp;(73517184) | &nbsp;&nbsp;&nbsp;&nbsp;(8478938) | &nbsp;&nbsp;&nbsp;&nbsp;(321111306) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;204963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8232124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12549323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(136336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5519635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7321921) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5227402 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;118871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4844929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9878828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(149166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6111710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4719094) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1266781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5159734 |
| &nbsp;&nbsp;**Total net decrease** | **(1724450)** | &nbsp;&nbsp;&nbsp;&nbsp;**(72071476)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8222581)** | &nbsp;&nbsp;&nbsp;&nbsp;**(310724170)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $43.21 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;(1.19) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $32.76 | &nbsp;&nbsp;0.58<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;10.45 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $30.32 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $23.65 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.67 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $26.27 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(2.89) | &nbsp;&nbsp;&nbsp;(2.62) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $41.99 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;(1.26) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $31.92 | &nbsp;&nbsp;0.50<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.57 | &nbsp;&nbsp;10.07 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.61 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $23.16 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $25.79 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;(2.63) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $42.62 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;(1.23) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $32.35 | &nbsp;&nbsp;0.55<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;10.27 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.98 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $23.42 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;6.25 | &nbsp;&nbsp;&nbsp;&nbsp;6.56 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $26.05 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;(2.63) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Net investment income per share includes special dividends. The effect of these dividends amounted to $0.15 per share. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $42.02 | &nbsp;&nbsp;(2.75%) | 0.81% | 0.81% | 1.37% | 30% | $318668 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $43.21 | 31.90% | 0.80% | 0.80% | 1.48% | 24% | $403832 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $32.76 | &nbsp;&nbsp;&nbsp;8.05% | 0.79% | 0.79% | 1.41% | 41% | $583965 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $30.32 | 28.20% | 0.79% | 0.79% | 1.25% | 39% | $534959 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $23.65 | &nbsp;&nbsp;(9.97%) | 0.79% | 0.79% | 1.00% | 36% | $442931 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $40.73 | &nbsp;&nbsp;(3.00%) | 1.06% | 1.06% | 1.13% | 30% | &nbsp;&nbsp;$74701 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $41.99 | 31.55% | 1.05% | 1.05% | 1.28% | 24% | &nbsp;&nbsp;$74122 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $31.92 | &nbsp;&nbsp;&nbsp;7.80% | 1.04% | 1.04% | 1.16% | 41% | &nbsp;&nbsp;$52184 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $29.61 | 27.85% | 1.04% | 1.04% | 1.00% | 39% | &nbsp;&nbsp;$54158 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $23.16 | (10.20%) | 1.04% | 1.04% | 0.76% | 36% | &nbsp;&nbsp;$40488 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $41.39 | &nbsp;&nbsp;(2.89%) | 0.93% | 0.93% | 1.26% | 30% | &nbsp;&nbsp;$84045 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $42.62 | 31.75% | 0.93% | 0.93% | 1.41% | 24% | &nbsp;&nbsp;$87819 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $32.35 | &nbsp;&nbsp;&nbsp;7.91% | 0.92% | 0.92% | 1.29% | 41% | &nbsp;&nbsp;$62589 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $29.98 | 28.01% | 0.91% | 0.91% | 1.12% | 39% | &nbsp;&nbsp;$67484 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $23.42 | (10.10%) | 0.92% | 0.92% | 0.88% | 36% | &nbsp;&nbsp;$53581 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

CTIVP® – Victory Sycamore Established Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.77% to 0.57% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.77% of the Fund's average daily net assets.

#### Subadvisory agreement
The Investment Manager has entered into a Subadvisory Agreement with Victory Capital Management Inc. to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

20 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.02% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;1.10 |
| &nbsp;&nbsp;Class 3 | 0.955 | 0.975 |

---

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $147,196,749 and $207,987,910, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 2600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;3 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each

22 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Industrials sector risk
The Fund is more susceptible to the particular risks that may affect companies in the industrials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors including government regulation, world events and economic conditions and risks for environmental damage and product liability claims.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

#### Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

24 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP® – Victory Sycamore Established Value Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP® – Victory Sycamore Established Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

26 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

28 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

30 CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

CTIVP® – Victory Sycamore Established Value Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_27100_d09eada0-4e30-4c82-a8f4-92ce7533609a_TOC)

#### CTIVP® – Victory Sycamore Established Value Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgc8b7cec42.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7038_12_B01_(02/23)

------

![](img1b99cd1c1.jpg)

Annual Report

December 31, 2022

![](img6803b7f12.jpg)

Variable Portfolio – Partners Core Equity Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_432cbb96-516a-4cfe-bc9d-f8d08b586f6e_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_432cbb96-516a-4cfe-bc9d-f8d08b586f6e_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_8ed20149-2068-4454-b352-a82b349dcbaa_1)<br>| 8 |
| [Portfolio of Investments](#xx_84e8d6c9-3171-4dc2-b3d4-087a6a112085_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_633a17bc-9bc4-4cd9-9fdb-03d785f1c4c7_1)<br>| 14 |
| [Statement of Operations](#xx_633a17bc-9bc4-4cd9-9fdb-03d785f1c4c7_2)<br>| 15 |
| [Statement of Changes in Net Assets](#xx_633a17bc-9bc4-4cd9-9fdb-03d785f1c4c7_3)<br>| 16 |
| [Financial Highlights](#xx_9381efb3-83fa-45df-9f34-d5e1a1c753fb_2)<br>| 18 |
| [Notes to Financial Statements](#xx_b3fa00f7-f17c-40ed-8c92-d4f4daec6a38_1)<br>| 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_df9396e6-e21a-4563-a876-054f6a00c8b6_1)<br>| 30 |
| [Trustees and Officers](#xx_ac0fe64e-3c3d-47e1-ab5a-31153b56aa3c_1)<br>| 31 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Partners Core Equity Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### J.P. Morgan Investment Management Inc.
Scott Davis

Shilpee Raina, CFA

David Small

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc.

Shawn Driscoll

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-17.35 | &nbsp;&nbsp;&nbsp;&nbsp;7.84 | &nbsp;&nbsp;&nbsp;&nbsp;10.80 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-17.55 | &nbsp;&nbsp;&nbsp;&nbsp;7.57 | &nbsp;&nbsp;&nbsp;&nbsp;10.53 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;05/01/06 | &nbsp;&nbsp;&nbsp;&nbsp;-17.43 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;&nbsp;&nbsp;10.67 |
| &nbsp;&nbsp;S&P 500 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-18.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;12.56 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadvisers and strategies had been in place for the prior periods, results shown may have been different.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img019b7f9c3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Partners Core Equity Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;99.9 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;11.2 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;10.7 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;18.6 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;11.3 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;24.5 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 98.54% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

*During the annual period ended December 31, 2022, the Fund was managed by two subadvisers. As of December 31, 2022, J.P. Morgan Investment Management Inc. (JPMorgan) managed approximately 49.10% and T. Rowe Price Associates, Inc. (T. Rowe Price) managed approximately 50.90% of the Fund's assets.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – Partners Core Equity Fund returned -17.55%. The Fund outperformed its benchmark, the S&P 500 Index, which returned -18.11% for the same time period.

Market overview

Major U.S. stock indexes fell sharply in 2022, the worst year for equities since the 2008 global financial crisis. Investors shunned riskier assets in response to Russia's invasion of Ukraine, elevated inflation exacerbated by rising commodity prices and global supply chain disruptions, surging U.S. Treasury yields, tightening financial conditions, and slowing economic and corporate earnings growth. The U.S. Federal Reserve (the Fed) embarked on a strategy of aggressive short-term interest rate hikes that began in March 2022, as well as comments that suggested it would be willing to risk causing a recession by raising rates and keeping them at a higher level in order to bring inflation down, also weighed on the market. Although many indexes finished the year above their lowest levels of 2022, the year ended with many investors concerned that ongoing Fed rate hikes would hurt corporate earnings and push the economy into a recession in 2023.

The benchmark S&P 500 Index faced its worst year since 2008, returning -18.11% for the year. Communication services and consumer discretionary were the worst performing sectors in 2022, returning -39.89% and -37.03% respectively. Energy and utilities were the only sectors which closed in the green, returning 65.72% and 1.47% respectively.

The Fund's notable contributors during the period

JPMorgan

• The largest contributions to performance in our portion of the Fund's portfolio during the period came from the pharmaceuticals and medical technology, industrial cyclicals, and semiconductors and technology
hardware industries.

• Individual top contributors to performance during the period included AbbVie, Inc., Norfolk Southern Corp. and Northrop Grumman Corp.

○ Within the health care sector, our overweight in biotechnology company AbbVie contributed to performance during the year. AbbVie's stock not only benefited from the growth-to-value rotation, but also from the
success of the company's rheumatoid arthritis drug Rinvoq and psoriasis drug Skyrizi. AbbVie continues to see strong performance given their existing pipeline. In addition, given their earnings-per-share growth
visibility and reasonable valuation, we remain overweight the name.

○ Within the industrials sector, an overweight in road and rail company Norfolk Southern contributed to performance during the period. The stock outperformed as the company's revenue per unit was stronger than
consensus, which was boosted by fuel surcharges. We remain positive on the stock and are optimistic that management may continue to improve service and headcount issues, driving further improvements in volume and
operating ratio.

○ Within industrial cyclicals, our overweight in aerospace and defense company Northrop Grumman served as a contributor to performance during the year as defense stocks outperformed
given the Russia-Ukraine conflict and recession fears. Defense prime contractors seem expensive particularly with the backdrop of flat topline growth anticipated next year and sustained supply chain issues. As a
result, we currently prefer names with more secular growth and margin opportunity in commercial aerospace over defense.

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

T. Rowe Price

• During the period, both stock selection and sector allocation contributed to relative performance in our portion of the Fund.

○ Stock selection in consumer discretionary contributed the most to relative performance.

○ Within industrials and business services, stock selection and an overweight allocation were beneficial.

○ An underweight allocation and stock selection in communication services also added value.

• Individual top contributors to relative performance during the period included O'Reilly Automotive, Inc. Avoiding Tesla, Inc. and an underweight position in Meta Platforms, Inc. also contributed to relative
performance.

○ O'Reilly Automotive is an aftermarket auto parts retailer. The company benefited from a resilient "do it yourself" (DIY) consumer and outperformance in its DIY business segment as more people opted
to maintain their current vehicles instead of buying new in the current inflationary, high interest-rate environment. Free cash flow also remained impressive, and the company continued to buy back its stock.

○ Not owning Tesla contributed to relative performance, as the company meaningfully underperformed for the year. At this time, we do not foresee holding Tesla within the portfolio, as the stock does not fit our
investment framework, and we consider it to have an unattractive risk/return dynamic and increased competition within the electric vehicle space.

○ Our underweight to Meta Platforms benefited relative results, as shares of the technology conglomerate sold off sharply due to a combination of headwinds from Apple iOS privacy
changes, a significant drop in advertising demand with macro headwinds putting downward pressure on advertiser budgets, and a material step-up in investments around the metaverse initiative.

The Fund's notable detractors during the period

JPMorgan

• Detracting most from performance in our portion of the Fund during the period were commodities, media and basic materials.

• Individual holdings that detracted most from performance in our portion of the Fund during the period included Shopify, Inc., Advanced Micro Devices, Inc. and Snap, Inc.

○ Within IT services, our overweight in Shopify detracted as the stock underperformed due to slowing e-commerce growth and increasing capital intensity from the company's pivot towards building the Shopify
Fulfillment Network (SFN). Amazon's Buy-with-Prime product also added competitive concerns. As such, we eliminated our position in Shopify and, until we get more clarity on the general e-commerce growth
trajectory and SFN build-out, we will remain on the sidelines.

○ Within semiconductors, an overweight in Advanced Micro Devices detracted from performance amid market volatility in leading growth stocks. Shares were under pressure throughout the year as the company saw a large
correction in their PC segment, which had been a beneficiary of COVID-driven demand. We are now moving into a period in which some semiconductor companies are shipping below consumption and clearing out inventory.
Given that Advanced Micro Devices' share gains seem to be accelerating in datacenter and should remain strong, in our view, well into 2024, we remain comfortable with our overweight position.

○ Within interactive media, our overweight in Snap detracted from performance during the year. The company's share price underperformed after being hard hit by a slowdown in
advertising due to the weakening macro environment. While we have observed a slowdown in digital advertising in general, Snap has seen higher volatility due to being a smaller platform and its vertical exposure to
some weaker categories. We ultimately sold the position over the summer as we felt there was too little visibility to have any confidence in the near-term numbers.

6 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

T. Rowe Price

• An underweight exposure to energy, the best-performing sector in the benchmark, detracted the most from relative performance in our portion of the Fund. Stock selection in materials also weighed on relative returns.

• Individual detractors from performance in our portion of the Fund during the period included Alphabet, Inc. Not owning ExxonMobil Corporation or Chevron Corporation detracted from
relative performance.

○ ExxonMobil and Chevron recorded positive, double-digit absolute returns within the benchmark for the period, benefiting from strong global demand in oil and gas amid a highly supportive macroeconomic backdrop. We
did not own the stocks during the period, and this detracted from relative performance.

○ Alphabet shares fell significantly for the year, as overall revenue growth slowed. Investors also were concerned about declining advertisement spending and likely weak spending trends
in 2023.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund is managed by multiple advisers independently of one another, which may result in contradicting trades (i.e., with no net benefit to the Fund), while increasing transaction costs. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.30 | &nbsp;&nbsp;&nbsp;&nbsp;1021.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.90 | &nbsp;&nbsp;&nbsp;&nbsp;1020.36 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.60 | &nbsp;&nbsp;&nbsp;&nbsp;1021.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

8 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 99.9%** | &nbsp;&nbsp;**Common Stocks 99.9%** | &nbsp;&nbsp;**Common Stocks 99.9%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 5.7%** | &nbsp;&nbsp;**Communication Services 5.7%** | &nbsp;&nbsp;**Communication Services 5.7%** |
| &nbsp;&nbsp;**Diversified Telecommunication Services 0.6%** | &nbsp;&nbsp;**Diversified Telecommunication Services 0.6%** | &nbsp;&nbsp;**Diversified Telecommunication Services 0.6%** |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;382152 | &nbsp;&nbsp;&nbsp;&nbsp;15056789 |
| &nbsp;&nbsp;**Entertainment 0.5%** | &nbsp;&nbsp;**Entertainment 0.5%** | &nbsp;&nbsp;**Entertainment 0.5%** |
| &nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25024 | &nbsp;&nbsp;&nbsp;&nbsp;1915587 |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;100676 | &nbsp;&nbsp;&nbsp;&nbsp;12300594 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;14216181 |
| &nbsp;&nbsp;**Interactive Media & Services 4.6%** | &nbsp;&nbsp;**Interactive Media & Services 4.6%** | &nbsp;&nbsp;**Interactive Media & Services 4.6%** |
| &nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;523298 | &nbsp;&nbsp;&nbsp;&nbsp;46170583 |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;773387 | &nbsp;&nbsp;&nbsp;&nbsp;68622628 |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35101 | &nbsp;&nbsp;&nbsp;&nbsp;4224054 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;119017265 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**148290235** |
| &nbsp;&nbsp;**Consumer Discretionary 11.2%** | &nbsp;&nbsp;**Consumer Discretionary 11.2%** | &nbsp;&nbsp;**Consumer Discretionary 11.2%** |
| &nbsp;&nbsp;**Automobiles 0.7%** | &nbsp;&nbsp;**Automobiles 0.7%** | &nbsp;&nbsp;**Automobiles 0.7%** |
| &nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;154457 | &nbsp;&nbsp;&nbsp;&nbsp;19026013 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 2.7%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 2.7%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 2.7%** |
| &nbsp;&nbsp;Booking Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;10882512 |
| &nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;49277 | &nbsp;&nbsp;&nbsp;&nbsp;7336852 |
| &nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;189830 | &nbsp;&nbsp;&nbsp;&nbsp;50025900 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;68245264 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 2.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 2.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 2.1%** |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;650467 | &nbsp;&nbsp;&nbsp;&nbsp;54639228 |
| &nbsp;&nbsp;**Multiline Retail 1.6%** | &nbsp;&nbsp;**Multiline Retail 1.6%** | &nbsp;&nbsp;**Multiline Retail 1.6%** |
| &nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;171536 | &nbsp;&nbsp;&nbsp;&nbsp;42240740 |
| &nbsp;&nbsp;**Specialty Retail 3.5%** | &nbsp;&nbsp;**Specialty Retail 3.5%** | &nbsp;&nbsp;**Specialty Retail 3.5%** |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;49753 | &nbsp;&nbsp;&nbsp;&nbsp;15714983 |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78493 | &nbsp;&nbsp;&nbsp;&nbsp;15638945 |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24143 | &nbsp;&nbsp;&nbsp;&nbsp;20377416 |
| &nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;110971 | &nbsp;&nbsp;&nbsp;&nbsp;12880404 |
| &nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;169905 | &nbsp;&nbsp;&nbsp;&nbsp;13524438 |
| &nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26652 | &nbsp;&nbsp;&nbsp;&nbsp;12501654 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;90637840 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.6%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.6%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.6%** |
| &nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;127692 | &nbsp;&nbsp;&nbsp;&nbsp;14941241 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**289730326** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Consumer Staples 6.9%** | &nbsp;&nbsp;**Consumer Staples 6.9%** | &nbsp;&nbsp;**Consumer Staples 6.9%** |
| &nbsp;&nbsp;**Beverages 2.7%** | &nbsp;&nbsp;**Beverages 2.7%** | &nbsp;&nbsp;**Beverages 2.7%** |
| &nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;704850 | &nbsp;&nbsp;&nbsp;&nbsp;44835509 |
| &nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;48879 | &nbsp;&nbsp;&nbsp;&nbsp;11327708 |
| &nbsp;&nbsp;Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;390179 | &nbsp;&nbsp;&nbsp;&nbsp;13913783 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;70077000 |
| &nbsp;&nbsp;**Food & Staples Retailing 1.5%** | &nbsp;&nbsp;**Food & Staples Retailing 1.5%** | &nbsp;&nbsp;**Food & Staples Retailing 1.5%** |
| &nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31016 | &nbsp;&nbsp;&nbsp;&nbsp;14158804 |
| &nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;137305 | &nbsp;&nbsp;&nbsp;&nbsp;10496967 |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;112283 | &nbsp;&nbsp;&nbsp;&nbsp;15920607 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;40576378 |
| &nbsp;&nbsp;**Food Products 1.9%** | &nbsp;&nbsp;**Food Products 1.9%** | &nbsp;&nbsp;**Food Products 1.9%** |
| &nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;179200 | &nbsp;&nbsp;&nbsp;&nbsp;15025920 |
| &nbsp;&nbsp;Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;69878 | &nbsp;&nbsp;&nbsp;&nbsp;16181648 |
| &nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;259094 | &nbsp;&nbsp;&nbsp;&nbsp;17268615 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;48476183 |
| &nbsp;&nbsp;**Household Products 0.8%** | &nbsp;&nbsp;**Household Products 0.8%** | &nbsp;&nbsp;**Household Products 0.8%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;133921 | &nbsp;&nbsp;&nbsp;&nbsp;20297067 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**179426628** |
| &nbsp;&nbsp;**Energy 2.5%** | &nbsp;&nbsp;**Energy 2.5%** | &nbsp;&nbsp;**Energy 2.5%** |
| &nbsp;&nbsp;**Energy Equipment & Services 1.0%** | &nbsp;&nbsp;**Energy Equipment & Services 1.0%** | &nbsp;&nbsp;**Energy Equipment & Services 1.0%** |
| &nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;905891 | &nbsp;&nbsp;&nbsp;&nbsp;26750961 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.5%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.5%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.5%** |
| &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;176254 | &nbsp;&nbsp;&nbsp;&nbsp;20797972 |
| &nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;74403 | &nbsp;&nbsp;&nbsp;&nbsp;16992901 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;37790873 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;&nbsp;&nbsp;**64541834** |
| &nbsp;&nbsp;**Financials 10.7%** | &nbsp;&nbsp;**Financials 10.7%** | &nbsp;&nbsp;**Financials 10.7%** |
| &nbsp;&nbsp;**Banks 4.1%** | &nbsp;&nbsp;**Banks 4.1%** | &nbsp;&nbsp;**Banks 4.1%** |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;512977 | &nbsp;&nbsp;&nbsp;&nbsp;16989798 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;176730 | &nbsp;&nbsp;&nbsp;&nbsp;23699493 |
| &nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;669990 | &nbsp;&nbsp;&nbsp;&nbsp;28829670 |
| &nbsp;&nbsp;U.S. Bancorp | &nbsp;&nbsp;370074 | &nbsp;&nbsp;&nbsp;&nbsp;16138927 |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;493070 | &nbsp;&nbsp;&nbsp;&nbsp;20358860 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;106016748 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Capital Markets 3.7%** | &nbsp;&nbsp;**Capital Markets 3.7%** | &nbsp;&nbsp;**Capital Markets 3.7%** |
| &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;150302 | &nbsp;&nbsp;&nbsp;&nbsp;12514144 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;29321 | &nbsp;&nbsp;&nbsp;&nbsp;10068245 |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;349787 | &nbsp;&nbsp;&nbsp;&nbsp;29738891 |
| &nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94789 | &nbsp;&nbsp;&nbsp;&nbsp;10128205 |
| &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98353 | &nbsp;&nbsp;&nbsp;&nbsp;32942354 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;95391839 |
| &nbsp;&nbsp;**Insurance 2.9%** | &nbsp;&nbsp;**Insurance 2.9%** | &nbsp;&nbsp;**Insurance 2.9%** |
| &nbsp;&nbsp;Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;95022 | &nbsp;&nbsp;&nbsp;&nbsp;12884983 |
| &nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;74541 | &nbsp;&nbsp;&nbsp;&nbsp;16443745 |
| &nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;220370 | &nbsp;&nbsp;&nbsp;&nbsp;16710657 |
| &nbsp;&nbsp;Progressive Corp. (The) | &nbsp;&nbsp;226268 | &nbsp;&nbsp;&nbsp;&nbsp;29349222 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;75388607 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**276797194** |
| &nbsp;&nbsp;**Health Care 18.6%** | &nbsp;&nbsp;**Health Care 18.6%** | &nbsp;&nbsp;**Health Care 18.6%** |
| &nbsp;&nbsp;**Biotechnology 4.5%** | &nbsp;&nbsp;**Biotechnology 4.5%** | &nbsp;&nbsp;**Biotechnology 4.5%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;282467 | &nbsp;&nbsp;&nbsp;&nbsp;45649492 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58798 | &nbsp;&nbsp;&nbsp;&nbsp;42422169 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;97401 | &nbsp;&nbsp;&nbsp;&nbsp;28127461 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;116199122 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 2.5%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 2.5%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 2.5%** |
| &nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;563421 | &nbsp;&nbsp;&nbsp;&nbsp;26069490 |
| &nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47887 | &nbsp;&nbsp;&nbsp;&nbsp;12706815 |
| &nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33246 | &nbsp;&nbsp;&nbsp;&nbsp;6919490 |
| &nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;94546 | &nbsp;&nbsp;&nbsp;&nbsp;17461701 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;63157496 |
| &nbsp;&nbsp;**Health Care Providers & Services 6.1%** | &nbsp;&nbsp;**Health Care Providers & Services 6.1%** | &nbsp;&nbsp;**Health Care Providers & Services 6.1%** |
| &nbsp;&nbsp;AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81613 | &nbsp;&nbsp;&nbsp;&nbsp;13524090 |
| &nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp;211996 | &nbsp;&nbsp;&nbsp;&nbsp;17385792 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;135500 | &nbsp;&nbsp;&nbsp;&nbsp;12627245 |
| &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56307 | &nbsp;&nbsp;&nbsp;&nbsp;28883802 |
| &nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78588 | &nbsp;&nbsp;&nbsp;&nbsp;12294306 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;139793 | &nbsp;&nbsp;&nbsp;&nbsp;74115453 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;158830688 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Life Sciences Tools & Services 3.3%** | &nbsp;&nbsp;**Life Sciences Tools & Services 3.3%** | &nbsp;&nbsp;**Life Sciences Tools & Services 3.3%** |
| &nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68700 | &nbsp;&nbsp;&nbsp;&nbsp;10280955 |
| &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83490 | &nbsp;&nbsp;&nbsp;&nbsp;22159916 |
| &nbsp;&nbsp;Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9704 | &nbsp;&nbsp;&nbsp;&nbsp;14026647 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71554 | &nbsp;&nbsp;&nbsp;&nbsp;39404072 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;85871590 |
| &nbsp;&nbsp;**Pharmaceuticals 2.2%** | &nbsp;&nbsp;**Pharmaceuticals 2.2%** | &nbsp;&nbsp;**Pharmaceuticals 2.2%** |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;415637 | &nbsp;&nbsp;&nbsp;&nbsp;29905082 |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;32792 | &nbsp;&nbsp;&nbsp;&nbsp;11996625 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;133400 | &nbsp;&nbsp;&nbsp;&nbsp;14800730 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;56702437 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**480761333** |
| &nbsp;&nbsp;**Industrials 11.3%** | &nbsp;&nbsp;**Industrials 11.3%** | &nbsp;&nbsp;**Industrials 11.3%** |
| &nbsp;&nbsp;**Aerospace & Defense 1.1%** | &nbsp;&nbsp;**Aerospace & Defense 1.1%** | &nbsp;&nbsp;**Aerospace & Defense 1.1%** |
| &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49780 | &nbsp;&nbsp;&nbsp;&nbsp;10364694 |
| &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35037 | &nbsp;&nbsp;&nbsp;&nbsp;19116537 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;29481231 |
| &nbsp;&nbsp;**Building Products 0.8%** | &nbsp;&nbsp;**Building Products 0.8%** | &nbsp;&nbsp;**Building Products 0.8%** |
| &nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;120558 | &nbsp;&nbsp;&nbsp;&nbsp;20264594 |
| &nbsp;&nbsp;**Commercial Services & Supplies 0.5%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.5%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.5%** |
| &nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;100309 | &nbsp;&nbsp;&nbsp;&nbsp;12938858 |
| &nbsp;&nbsp;**Electrical Equipment 2.6%** | &nbsp;&nbsp;**Electrical Equipment 2.6%** | &nbsp;&nbsp;**Electrical Equipment 2.6%** |
| &nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;108300 | &nbsp;&nbsp;&nbsp;&nbsp;15131676 |
| &nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;256895 | &nbsp;&nbsp;&nbsp;&nbsp;40319671 |
| &nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;118704 | &nbsp;&nbsp;&nbsp;&nbsp;11402706 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;66854053 |
| &nbsp;&nbsp;**Machinery 2.4%** | &nbsp;&nbsp;**Machinery 2.4%** | &nbsp;&nbsp;**Machinery 2.4%** |
| &nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91231 | &nbsp;&nbsp;&nbsp;&nbsp;22104359 |
| &nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;51628 | &nbsp;&nbsp;&nbsp;&nbsp;22136021 |
| &nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58379 | &nbsp;&nbsp;&nbsp;&nbsp;7905100 |
| &nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40526 | &nbsp;&nbsp;&nbsp;&nbsp;9253302 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;61398782 |
| &nbsp;&nbsp;**Professional Services 1.4%** | &nbsp;&nbsp;**Professional Services 1.4%** | &nbsp;&nbsp;**Professional Services 1.4%** |
| &nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;120258 | &nbsp;&nbsp;&nbsp;&nbsp;12569366 |
| &nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94636 | &nbsp;&nbsp;&nbsp;&nbsp;9954761 |
| &nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73588 | &nbsp;&nbsp;&nbsp;&nbsp;12982395 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;35506522 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Road & Rail 2.5%** | &nbsp;&nbsp;**Road & Rail 2.5%** | &nbsp;&nbsp;**Road & Rail 2.5%** |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;593846 | &nbsp;&nbsp;&nbsp;&nbsp;18397349 |
| &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96703 | &nbsp;&nbsp;&nbsp;&nbsp;23829554 |
| &nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24363 | &nbsp;&nbsp;&nbsp;&nbsp;6913732 |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;645696 | &nbsp;&nbsp;&nbsp;&nbsp;15968062 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;65108697 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**291552737** |
| &nbsp;&nbsp;**Information Technology 24.5%** | &nbsp;&nbsp;**Information Technology 24.5%** | &nbsp;&nbsp;**Information Technology 24.5%** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.4%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.4%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.4%** |
| &nbsp;&nbsp;TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;95865 | &nbsp;&nbsp;&nbsp;&nbsp;11005302 |
| &nbsp;&nbsp;**IT Services 4.5%** | &nbsp;&nbsp;**IT Services 4.5%** | &nbsp;&nbsp;**IT Services 4.5%** |
| &nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;107611 | &nbsp;&nbsp;&nbsp;&nbsp;28714919 |
| &nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;109180 | &nbsp;&nbsp;&nbsp;&nbsp;14644314 |
| &nbsp;&nbsp;MasterCard, Inc., Class A | &nbsp;&nbsp;108174 | &nbsp;&nbsp;&nbsp;&nbsp;37615345 |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;164255 | &nbsp;&nbsp;&nbsp;&nbsp;34125619 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;115100197 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 7.6%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 7.6%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 7.6%** |
| &nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;222250 | &nbsp;&nbsp;&nbsp;&nbsp;14395133 |
| &nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83867 | &nbsp;&nbsp;&nbsp;&nbsp;13756704 |
| &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;202371 | &nbsp;&nbsp;&nbsp;&nbsp;19706888 |
| &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;16901 | &nbsp;&nbsp;&nbsp;&nbsp;9234706 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27103 | &nbsp;&nbsp;&nbsp;&nbsp;15154100 |
| &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73023 | &nbsp;&nbsp;&nbsp;&nbsp;27531862 |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;213200 | &nbsp;&nbsp;&nbsp;&nbsp;10655736 |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;145956 | &nbsp;&nbsp;&nbsp;&nbsp;21330010 |
| &nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;237960 | &nbsp;&nbsp;&nbsp;&nbsp;37604819 |
| &nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;113984 | &nbsp;&nbsp;&nbsp;&nbsp;9956502 |
| &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99760 | &nbsp;&nbsp;&nbsp;&nbsp;16482347 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;195808807 |
| &nbsp;&nbsp;**Software 8.6%** | &nbsp;&nbsp;**Software 8.6%** | &nbsp;&nbsp;**Software 8.6%** |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66894 | &nbsp;&nbsp;&nbsp;&nbsp;26036483 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;765727 | &nbsp;&nbsp;183636649 |
| &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;169178 | &nbsp;&nbsp;&nbsp;&nbsp;13828610 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;223501742 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 3.4%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 3.4%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 3.4%** |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;672382 | &nbsp;&nbsp;&nbsp;&nbsp;87362593 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**632778641** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Materials 2.5%** | &nbsp;&nbsp;**Materials 2.5%** | &nbsp;&nbsp;**Materials 2.5%** |
| &nbsp;&nbsp;**Chemicals 2.0%** | &nbsp;&nbsp;**Chemicals 2.0%** | &nbsp;&nbsp;**Chemicals 2.0%** |
| &nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;142055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11568959 |
| &nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11341931 |
| &nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18265118 |
| &nbsp;&nbsp;Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9303336 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50479344 |
| &nbsp;&nbsp;**Construction Materials 0.5%** | &nbsp;&nbsp;**Construction Materials 0.5%** | &nbsp;&nbsp;**Construction Materials 0.5%** |
| &nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14096355 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64575699** |
| &nbsp;&nbsp;**Real Estate 1.5%** | &nbsp;&nbsp;**Real Estate 1.5%** | &nbsp;&nbsp;**Real Estate 1.5%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.5%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.5%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.5%** |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;336735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37960137 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37960137** |
| &nbsp;&nbsp;**Utilities 4.5%** | &nbsp;&nbsp;**Utilities 4.5%** | &nbsp;&nbsp;**Utilities 4.5%** |
| &nbsp;&nbsp;**Electric Utilities 3.3%** | &nbsp;&nbsp;**Electric Utilities 3.3%** | &nbsp;&nbsp;**Electric Utilities 3.3%** |
| &nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;534312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44668483 |
| &nbsp;&nbsp;PG&E Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;366736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5963128 |
| &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;311239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22225577 |
| &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13284723 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86141911 |
| &nbsp;&nbsp;**Multi-Utilities 1.2%** | &nbsp;&nbsp;**Multi-Utilities 1.2%** | &nbsp;&nbsp;**Multi-Utilities 1.2%** |
| &nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;308083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27394741 |
| &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448305 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30843046 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**116984957** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $2,658,749,626) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $2,658,749,626) | &nbsp;&nbsp;**2583399721** |
| &nbsp;&nbsp;**Money Market Funds 0.1%** | &nbsp;&nbsp;**Money Market Funds 0.1%** | &nbsp;&nbsp;**Money Market Funds 0.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;3501781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500730 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $3,500,730) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $3,500,730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3500730** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $2,662,250,356)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $2,662,250,356)** | &nbsp;&nbsp;**2586900451** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**410001** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**2587310452** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 32304518 | &nbsp;&nbsp;445185461 | &nbsp;&nbsp;(473991578) | &nbsp;&nbsp;2329 | &nbsp;&nbsp;3500730 | &nbsp;&nbsp;(1844) | &nbsp;&nbsp;355179 | &nbsp;&nbsp;3501781 |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;148290235 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148290235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;289730326 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289730326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;179426628 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179426628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;64541834 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64541834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;276797194 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276797194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;480761333 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480761333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;291552737 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291552737 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;632778641 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632778641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;64575699 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64575699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;37960137 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37960137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;116984957 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116984957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 2583399721 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2583399721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500730 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500730 |
| &nbsp;&nbsp;Total Investments in Securities | 2586900451 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2586900451 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $2,658,749,626) | $2583399721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $3,500,730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500730 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11423166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20359 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23844 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;2599987399 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20359 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11171800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60161 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12676947 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$2587310452** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $2587310452 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$2587310452** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2550752658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85388174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.87 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$11041962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.98 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$25515832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.41 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$38952526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121732) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39185973 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18857025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46569 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19182749 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20003224 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80885117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1844) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2157114) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78726159 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(661634436) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(661632107) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(582905948) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(562902724)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$20003224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15073505 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78726159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771184254 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(661632107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22901158) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(562902724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763356601 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(152668685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(587945720) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(715571409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175410881 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;3302881861 | &nbsp;&nbsp;&nbsp;&nbsp;3127470980 |
| &nbsp;&nbsp;**Net assets at end of year** | **$2587310452** | &nbsp;&nbsp;**$3302881861** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;927486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28019410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5448922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171600336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (5614948) | &nbsp;&nbsp;&nbsp;&nbsp;(177484540) | &nbsp;&nbsp;&nbsp;&nbsp;(25917436) | &nbsp;&nbsp;&nbsp;&nbsp;(753572961) |
| &nbsp;&nbsp;Net decrease | (4687462) | &nbsp;&nbsp;&nbsp;&nbsp;(149465130) | &nbsp;&nbsp;&nbsp;&nbsp;(20468514) | &nbsp;&nbsp;&nbsp;&nbsp;(581972625) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1092841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1681208) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1028943) |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(112158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3465732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5707756) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(103757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3205333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4944152) |
| &nbsp;&nbsp;**Total net decrease** | **(4791379)** | &nbsp;&nbsp;&nbsp;&nbsp;**(152668685)** | &nbsp;&nbsp;&nbsp;&nbsp;**(20658528)** | &nbsp;&nbsp;&nbsp;&nbsp;**(587945720)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.14 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(6.49) | &nbsp;&nbsp;(6.27) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $27.91 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;8.07 | &nbsp;&nbsp;&nbsp;&nbsp;8.23 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $23.85 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $18.84 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.48 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(1.88) | &nbsp;&nbsp;(1.64) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $35.15 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(6.31) | &nbsp;&nbsp;(6.17) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $27.21 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.94 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $23.31 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $18.47 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;4.63 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.12 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(1.83) | &nbsp;&nbsp;(1.65) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $35.62 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(6.39) | &nbsp;&nbsp;(6.21) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $27.54 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;&nbsp;&nbsp;8.08 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $23.57 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $18.65 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.92 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.29 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;(1.64) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $29.87 | (17.35%) | 0.68%<sup>(c),(d)</sup> | 0.68%<sup>(c),(d)</sup> | 0.72% | &nbsp;&nbsp;75% | $2550753 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $36.14 | 29.49% | 0.68%<sup>(c)</sup> | 0.68%<sup>(c)</sup> | 0.50% | &nbsp;&nbsp;99% | $3254887 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $27.91 | 17.02% | 0.68% | 0.68% | 1.02% | &nbsp;&nbsp;92% | $3085119 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $23.85 | 26.59% | 0.70% | 0.69% | 1.25% | 129% | $2237714 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $18.84 | &nbsp;&nbsp;(8.01%) | 0.70% | 0.69% | 1.13% | &nbsp;&nbsp;55% | $1775821 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $28.98 | (17.55%) | 0.93%<sup>(c),(d)</sup> | 0.93%<sup>(c),(d)</sup> | 0.47% | &nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;$11042 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $35.15 | 29.18% | 0.93%<sup>(c)</sup> | 0.93%<sup>(c)</sup> | 0.26% | &nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;$13396 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $27.21 | 16.73% | 0.93% | 0.93% | 0.76% | &nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;&nbsp;$11239 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $23.31 | 26.21% | 0.95% | 0.94% | 1.00% | 129% | &nbsp;&nbsp;&nbsp;&nbsp;$10760 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $18.47 | &nbsp;&nbsp;(8.20%) | 0.95% | 0.94% | 0.88% | &nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9255 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $29.41 | (17.43%) | 0.81%<sup>(c),(d)</sup> | 0.81%<sup>(c),(d)</sup> | 0.59% | &nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;$25516 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $35.62 | 29.34% | 0.80%<sup>(c)</sup> | 0.80%<sup>(c)</sup> | 0.38% | &nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;$34599 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $27.54 | 16.84% | 0.80% | 0.80% | 0.89% | &nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;&nbsp;$31113 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $23.57 | 26.38% | 0.83% | 0.81% | 1.13% | 129% | &nbsp;&nbsp;&nbsp;&nbsp;$32859 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $18.65 | &nbsp;&nbsp;(8.08%) | 0.83% | 0.82% | 1.00% | &nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;$31196 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – Partners Core Equity Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

20 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

At December 31, 2022, the Fund had no outstanding derivatives.

22 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(2157114) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 12497766 |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.77% to 0.57% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.67% of the Fund's average daily net assets.

24 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Subadvisory agreements
The Investment Manager has entered into Subadvisory Agreements with J.P. Morgan Investment Management Inc. and T. Rowe Price Associates, Inc., each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | **Contractual<br> expense cap<br> July 1, 2022<br> through<br> April 30, 2023** | **Voluntary<br> expense cap<br> May 1, 2022<br> through<br> June 30, 2022** | **Contractual<br> expense cap<br> prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.94 |
| &nbsp;&nbsp;Class 3 | 0.815 | 0.815 | 0.815 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $2,095,306,945 and $2,203,523,915, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

26 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 481818 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;11 |

---

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain;

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual

28 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Notes to Financial Statements (continued)

December 31, 2022

(10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Partners Core Equity Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Partners Core Equity Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

30 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

32 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

34 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

36 Variable Portfolio – Partners Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_27900_20b377a8-643b-471d-86c6-8415ea26cbc7_TOC)

#### Variable Portfolio – Partners Core Equity Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img6803b7f12.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7053_12_B01_(02/23)

------

![](img8520398e1.jpg)

Annual Report

December 31, 2022

![](img60a3f9982.jpg)

Variable Portfolio – Partners Small Cap Value Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_f9470094-57dd-4c21-9830-1671dd655530_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_f9470094-57dd-4c21-9830-1671dd655530_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_373d26e4-48e2-4460-a8dc-e272304d84e8_1)<br>| 8 |
| [Portfolio of Investments](#xx_408fcde4-bc34-42b3-ad17-3e67346113aa_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_2757dee0-5ec0-410e-8751-71294601e520_1)<br>| 16 |
| [Statement of Operations](#xx_2757dee0-5ec0-410e-8751-71294601e520_2)<br>| 17 |
| [Statement of Changes in Net Assets](#xx_2757dee0-5ec0-410e-8751-71294601e520_3)<br>| 18 |
| [Financial Highlights](#xx_fb062a2a-26a6-4f97-8ab4-b5de79d1d592_2)<br>| 20 |
| [Notes to Financial Statements](#xx_08706840-3f5a-40bd-bbc3-006b327c042c_1)<br>| 22 |
| [Report of Independent Registered Public Accounting Firm](#xx_eb58bedc-b813-43de-989f-c6ed2e956fe7_1)<br>| 29 |
| [Trustees and Officers](#xx_92245800-f439-42ff-aa97-3844f59d0877_1)<br>| 30 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Partners Small Cap Value Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital appreciation.

Portfolio management

#### Segall Bryant & Hamill, LLC
Mark Dickherber, CFA, CPA

Shaun Nicholson

#### William Blair Investment Management, LLC
William Heaphy, CFA

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-12.94 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;7.01 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/03/10 | &nbsp;&nbsp;&nbsp;&nbsp;-13.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;6.74 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;08/14/01 | &nbsp;&nbsp;&nbsp;&nbsp;-13.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;6.87 |
| &nbsp;&nbsp;Russell 2000 Value Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.48 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;8.48 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadvisers or a different allocation of the Fund's assets among subadvisers. If the Fund's current subadvisers had been in place for the prior periods, results shown may have been different.

The Russell 2000 Value Index, an unmanaged index, tracks the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img63bbc10f3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Partners Small Cap Value Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;97.9 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;10.5 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;19.1 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;22.2 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;11.9 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*During the annual period ended December 31, 2022, the Fund was managed by two independent money management firms and each invested a portion of the portfolio's assets. Segall Bryant & Hamill LLC (Segall Bryant) and William Blair Investment Management, LLC (William Blair) managed approximately 44.96% and 55.04% of the portfolio, respectively.*

*At December 31, 2022, approximately 85.41% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – Partners Small Cap Value Fund returned -13.16%. The Fund outperformed its benchmark, the Russell 2000 Value Index, which returned -14.48% over the same time period.

Market overview

Major U.S. stock indexes fell sharply in 2022, the worst year for U.S. equities since the 2008 global financial crisis as measured by the S&P 500 Index. Investors shunned riskier assets in response to Russia's invasion of Ukraine, elevated inflation exacerbated by rising commodity prices and global supply chain disruptions, surging U.S. Treasury yields, tightening financial conditions, and slowing economic and corporate earnings growth. The Federal Reserve's (Fed) aggressive short-term interest rate hikes that began in March 2022, as well as comments that it would be willing to risk causing a recession by raising rates and keeping them at a higher level in order to bring inflation down, also weighed on the market. Although many indexes finished the year above their lowest levels of 2022, the year ended with many investors concerned that ongoing Fed rate hikes would hurt corporate earnings and push the economy into a recession in 2023.

The Fund's notable contributors during the period

Segall Bryant

• The top three sectors contributing to our portion of Fund performance during the period were: industrials, driven by security selection and overweights relative to the benchmark; real estate, also driven by security
selection but by an underweight relative to the benchmark; and consumer discretionary, driven by both allocation/selection and a relative underweight to the benchmark.

• Among portfolio holdings, SPX Technologies, Inc., Modine Manufacturing Co. and Helmerich & Payne, Inc. were top contributors to Fund performance.

○ SPX Technologies has been successful with its acquisition and divestiture efforts and strong adherence to return on invested capital (ROIC), which have put the firm in a stronger financial position.

○ Modine Manufacturing also made a positive contribution, thanks to its new management team's focus and execution on ROIC improvement.

○ Helmerich & Payne optimized their drilling fleet while focusing capital allocation on debt reduction and shareholder returns. The company's strategy, alongside rising energy
prices, helped drive strong performance.

William Blair

• The relative outperformance of our portion of the Fund during the period was driven by a combination of stock selection and style allocations.

• Among sectors, health care holdings were a major contributor to relative performance in our portion of the Fund. Not being exposed to the poorly performing biotechnology subsector
contributed to this result, but several of the portfolio's health care holdings posted significantly positive returns.

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Performance was also positively impacted by a relative outperformance by holdings in information technology, which held up much better than the benchmark peers in a difficult market for the sector. The Fund's
relative underweight position to the poorly performing communication services sector, mainly the media and entertainment subsector, was another contributor.

• Among portfolio holdings that contributed to performance in our portion of the Fund, specialty health care company Lantheus Holdings, Inc. has benefited from evidence of resumed hospital volumes and increasing
comfort with upside potential from the Progenics Pharmaceuticals acquisition, namely its new prostate diagnostic, has the potential to reverse recent share underperformance in our view. The company was also getting
recognition from the market for its forthcoming PYL Imaging agent, which aims to improve upon current techniques for prostate cancer diagnosis. In May of 2022 the company received FDA approval to begin marketing its
state-of-the-art agent for the identification of prostate cancer, which we believe significantly added to the company's prospect of future earnings.

• Another contributor, Matador Resources Co., a leading independent oil and gas exploration and production (E&P) company, was purchased in December 2020. We saw it as one of few E&P companies that would have
increased production, reduced capital expenditures, and improved capital efficiency in 2021, providing it with above-average cash flow growth. As energy shares surged in 2021 and 2022, the stock hit our price target,
at which point we sold it.

• Federal Signal Corp. serves municipal and industrial customers by manufacturing street sweepers, vacuum trucks, and water blasters, as well as security equipment including police
sirens, warning systems, and signaling products. Purchased in March 2022, the company's shares traded near pre-COVID levels due to supply chain issues, which we believe will improve. In our view, a proven
management team, a consistent organic and acquisition growth strategy, and an advantageous mix of products have positioned the company to emerge from its recent challenges stronger with higher earnings power.

The Fund's notable detractors during the period

Segall Bryant

• The consumer staples sector, driven by security selection and an overweight relative to the benchmark, detracted from performance in our portion of the Fund during the period.

• The energy sector, driven by allocation and a relative underweight, also weighed on performance.

• Security selection and an overweight, relative the benchmark, in the materials sector, also detracted.

• Among Fund holdings that detracted from performance, medical device company Orthofix Medical, Inc., was impacted by delays and suspensions of elective surgeries, which slowed growth materially.

• Specialty food company Hain Celestial Group, Inc. faced significant inflationary and supply chain issues over the past year and the invasion of Ukraine further accelerated these issues. Although Hain aggressively
raised prices to offset these higher costs, the timing of a full recovery and the overall elasticity of their price increases are more in question as future demand patterns become less clear.

• Glatfelter Corp., a manufacturer of engineered materials, was also a detractor. The company continued to be under substantial pressure due to its manufacturing footprint having
sizeable exposure to the European Union, including many facilities in Germany. Given the natural gas and overall energy crisis that has unfolded in Glatfelter's core manufacturing markets, along with
higher-than-desired leverage during this uncertain backdrop, we exited the position during the period.

William Blair

• Performance in our potion of the Fund was hampered by holdings in the energy, utilities and financials sectors.

○ Our portion of the Fund was significantly underweighted in the energy sector, relative to the benchmark, in the first half of the year, which was a large drag on relative performance as oil and natural gas prices
spiked.

○ Our exposure to companies serving the offshore drilling market was also a cause of relative underperformance as the market favored companies benefiting from the increase in onshore
shale drilling.

6 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

○ The Fund's relative underweight to the utility and financials sectors was a detractor, as was the property and casualty subsector.

• Among Fund holdings that detracted from performance, Cognyte Software Ltd., dealt with supply chain issues on hardware that they sold to host their software, followed by lower conversions on the pipeline. Part of
the pipeline conversion was related to the inability to travel related to COVID-19. Many companies were able to close deals during the COVID-19 pandemic over online platforms. However, due to the secure nature of
their products, most of their customers (security agencies around the world) were not comfortable discussing deals on virtual meetings. Cognyte also struggled as countries responded to the Russia/Ukraine crisis and
focused their spending on defense versus security software, which drove revenues down and had an outsized impact on earnings.

• Great Lakes Dredge and Dock Corp. experienced outsized declines due to temporary, company-specific issues. The stock declined over 40% after the company reported a challenging third quarter due to adverse weather
conditions and multiple operational issues.

• The shares of Graftech International Ltd., a leading supplier of graphite electrodes to steelmaking electric arc furnaces, declined as Mexican regulators issued a temporary shutdown
notice in September 2022 for the company's Monterrey facility where it has been operating since the 1960's. The duration of the shutdown was unknown, but we believed the company would eventually be able to
restart operations. This proved to be correct as production re-started in the fourth quarter of 2022.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund is managed by multiple advisers independently of one another, which may result in contradicting trades (i.e., with no net benefit to the Fund), while increasing transaction costs. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investments in small-cap companies involve risks and volatility greater than investments in larger, more established companies. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1042.10 | &nbsp;&nbsp;&nbsp;&nbsp;1020.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1041.10 | &nbsp;&nbsp;&nbsp;&nbsp;1019.50 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1041.50 | &nbsp;&nbsp;&nbsp;&nbsp;1020.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

8 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 97.9%** | &nbsp;&nbsp;**Common Stocks 97.9%** | &nbsp;&nbsp;**Common Stocks 97.9%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 0.5%** | &nbsp;&nbsp;**Communication Services 0.5%** | &nbsp;&nbsp;**Communication Services 0.5%** |
| &nbsp;&nbsp;**Media 0.5%** | &nbsp;&nbsp;**Media 0.5%** | &nbsp;&nbsp;**Media 0.5%** |
| &nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;76813 | &nbsp;&nbsp;&nbsp;&nbsp;3077129 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp;**3077129** |
| &nbsp;&nbsp;**Consumer Discretionary 10.3%** | &nbsp;&nbsp;**Consumer Discretionary 10.3%** | &nbsp;&nbsp;**Consumer Discretionary 10.3%** |
| &nbsp;&nbsp;**Auto Components 1.7%** | &nbsp;&nbsp;**Auto Components 1.7%** | &nbsp;&nbsp;**Auto Components 1.7%** |
| &nbsp;&nbsp;Adient PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;80514 | &nbsp;&nbsp;&nbsp;&nbsp;2793031 |
| &nbsp;&nbsp;Modine Manufacturing Co.<sup>(a)</sup> | &nbsp;&nbsp;195678 | &nbsp;&nbsp;&nbsp;&nbsp;3886165 |
| &nbsp;&nbsp;Standard Motor Products, Inc. | &nbsp;&nbsp;100020 | &nbsp;&nbsp;&nbsp;&nbsp;3480696 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10159892 |
| &nbsp;&nbsp;**Automobiles 0.7%** | &nbsp;&nbsp;**Automobiles 0.7%** | &nbsp;&nbsp;**Automobiles 0.7%** |
| &nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30065 | &nbsp;&nbsp;&nbsp;&nbsp;1250704 |
| &nbsp;&nbsp;Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52866 | &nbsp;&nbsp;&nbsp;&nbsp;2786038 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4036742 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.3%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.3%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.3%** |
| &nbsp;&nbsp;Bloomin' Brands, Inc. | &nbsp;&nbsp;168137 | &nbsp;&nbsp;&nbsp;&nbsp;3382917 |
| &nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23260 | &nbsp;&nbsp;&nbsp;&nbsp;2203652 |
| &nbsp;&nbsp;El Pollo Loco Holdings, Inc. | &nbsp;&nbsp;150648 | &nbsp;&nbsp;&nbsp;&nbsp;1500454 |
| &nbsp;&nbsp;Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814375 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7901398 |
| &nbsp;&nbsp;**Household Durables 1.8%** | &nbsp;&nbsp;**Household Durables 1.8%** | &nbsp;&nbsp;**Household Durables 1.8%** |
| &nbsp;&nbsp;La-Z-Boy, Inc. | &nbsp;&nbsp;129177 | &nbsp;&nbsp;&nbsp;&nbsp;2947819 |
| &nbsp;&nbsp;Taylor Morrison Home Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;112560 | &nbsp;&nbsp;&nbsp;&nbsp;3416196 |
| &nbsp;&nbsp;Tri Pointe Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;162131 | &nbsp;&nbsp;&nbsp;&nbsp;3014016 |
| &nbsp;&nbsp;Universal Electronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;56625 | &nbsp;&nbsp;&nbsp;&nbsp;1178366 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10556397 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.2%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.2%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 0.2%** |
| &nbsp;&nbsp;Quotient Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;298461 | &nbsp;&nbsp;&nbsp;&nbsp;1023721 |
| &nbsp;&nbsp;**Multiline Retail 0.5%** | &nbsp;&nbsp;**Multiline Retail 0.5%** | &nbsp;&nbsp;**Multiline Retail 0.5%** |
| &nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68906 | &nbsp;&nbsp;&nbsp;&nbsp;3227557 |
| &nbsp;&nbsp;**Specialty Retail 1.2%** | &nbsp;&nbsp;**Specialty Retail 1.2%** | &nbsp;&nbsp;**Specialty Retail 1.2%** |
| &nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95520 | &nbsp;&nbsp;&nbsp;&nbsp;1333459 |
| &nbsp;&nbsp;Designer Brands, Inc. | &nbsp;&nbsp;204556 | &nbsp;&nbsp;&nbsp;&nbsp;2000558 |
| &nbsp;&nbsp;Urban Outfitters, Inc.<sup>(a)</sup> | &nbsp;&nbsp;162520 | &nbsp;&nbsp;&nbsp;&nbsp;3876102 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7210119 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 2.9%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 2.9%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 2.9%** |
| &nbsp;&nbsp;Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74821 | &nbsp;&nbsp;&nbsp;&nbsp;5582395 |
| &nbsp;&nbsp;Gildan Activewear, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87541 | &nbsp;&nbsp;&nbsp;&nbsp;2398623 |
| &nbsp;&nbsp;Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25340 | &nbsp;&nbsp;&nbsp;&nbsp;2361181 |
| &nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24770 | &nbsp;&nbsp;&nbsp;&nbsp;1748514 |
| &nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp;152111 | &nbsp;&nbsp;&nbsp;&nbsp;4861468 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;16952181 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**61068007** |
| &nbsp;&nbsp;**Consumer Staples 4.1%** | &nbsp;&nbsp;**Consumer Staples 4.1%** | &nbsp;&nbsp;**Consumer Staples 4.1%** |
| &nbsp;&nbsp;**Food & Staples Retailing 0.3%** | &nbsp;&nbsp;**Food & Staples Retailing 0.3%** | &nbsp;&nbsp;**Food & Staples Retailing 0.3%** |
| &nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54065 | &nbsp;&nbsp;&nbsp;&nbsp;1750084 |
| &nbsp;&nbsp;**Food Products 1.5%** | &nbsp;&nbsp;**Food Products 1.5%** | &nbsp;&nbsp;**Food Products 1.5%** |
| &nbsp;&nbsp;Hain Celestial Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;302349 | &nbsp;&nbsp;&nbsp;&nbsp;4892007 |
| &nbsp;&nbsp;TreeHouse Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;86507 | &nbsp;&nbsp;&nbsp;&nbsp;4271716 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9163723 |
| &nbsp;&nbsp;**Household Products 0.8%** | &nbsp;&nbsp;**Household Products 0.8%** | &nbsp;&nbsp;**Household Products 0.8%** |
| &nbsp;&nbsp;Central Garden & Pet Co., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;82848 | &nbsp;&nbsp;&nbsp;&nbsp;2965958 |
| &nbsp;&nbsp;Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28879 | &nbsp;&nbsp;&nbsp;&nbsp;1759309 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4725267 |
| &nbsp;&nbsp;**Personal Products 1.5%** | &nbsp;&nbsp;**Personal Products 1.5%** | &nbsp;&nbsp;**Personal Products 1.5%** |
| &nbsp;&nbsp;Coty, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;763936 | &nbsp;&nbsp;&nbsp;&nbsp;6539292 |
| &nbsp;&nbsp;Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;64813 | &nbsp;&nbsp;&nbsp;&nbsp;2497893 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9037185 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**24676259** |
| &nbsp;&nbsp;**Energy 4.0%** | &nbsp;&nbsp;**Energy 4.0%** | &nbsp;&nbsp;**Energy 4.0%** |
| &nbsp;&nbsp;**Energy Equipment & Services 2.2%** | &nbsp;&nbsp;**Energy Equipment & Services 2.2%** | &nbsp;&nbsp;**Energy Equipment & Services 2.2%** |
| &nbsp;&nbsp;Dril-Quip, Inc.<sup>(a)</sup> | &nbsp;&nbsp;227425 | &nbsp;&nbsp;&nbsp;&nbsp;6179137 |
| &nbsp;&nbsp;Expro Group Holdings NV<sup>(a)</sup> | &nbsp;&nbsp;198595 | &nbsp;&nbsp;&nbsp;&nbsp;3600527 |
| &nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66941 | &nbsp;&nbsp;&nbsp;&nbsp;3318266 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;13097930 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.8%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.8%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.8%** |
| &nbsp;&nbsp;Earthstone Energy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;173089 | &nbsp;&nbsp;&nbsp;&nbsp;2463056 |
| &nbsp;&nbsp;PDC Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35876 | &nbsp;&nbsp;&nbsp;&nbsp;2277409 |
| &nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92130 | &nbsp;&nbsp;&nbsp;&nbsp;2305093 |
| &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;100276 | &nbsp;&nbsp;&nbsp;&nbsp;3492613 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10538171 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**23636101** |
| &nbsp;&nbsp;**Financials 18.8%** | &nbsp;&nbsp;**Financials 18.8%** | &nbsp;&nbsp;**Financials 18.8%** |
| &nbsp;&nbsp;**Banks 16.0%** | &nbsp;&nbsp;**Banks 16.0%** | &nbsp;&nbsp;**Banks 16.0%** |
| &nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;84125 | &nbsp;&nbsp;&nbsp;&nbsp;3965652 |
| &nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98734 | &nbsp;&nbsp;&nbsp;&nbsp;3469513 |
| &nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;192920 | &nbsp;&nbsp;&nbsp;&nbsp;3073216 |
| &nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;108047 | &nbsp;&nbsp;&nbsp;&nbsp;3230605 |
| &nbsp;&nbsp;Community Bank System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37485 | &nbsp;&nbsp;&nbsp;&nbsp;2359681 |
| &nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;111079 | &nbsp;&nbsp;&nbsp;&nbsp;2689223 |
| &nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;111489 | &nbsp;&nbsp;&nbsp;&nbsp;3548695 |
| &nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;198565 | &nbsp;&nbsp;&nbsp;&nbsp;3425246 |
| &nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;133565 | &nbsp;&nbsp;&nbsp;&nbsp;6539342 |
| &nbsp;&nbsp;First BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;78033 | &nbsp;&nbsp;&nbsp;&nbsp;3342934 |
| &nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87958 | &nbsp;&nbsp;&nbsp;&nbsp;3615953 |
| &nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73116 | &nbsp;&nbsp;&nbsp;&nbsp;3613393 |
| &nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79688 | &nbsp;&nbsp;&nbsp;&nbsp;3856102 |
| &nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18594 | &nbsp;&nbsp;&nbsp;&nbsp;1356804 |
| &nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;98199 | &nbsp;&nbsp;&nbsp;&nbsp;4131232 |
| &nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;221735 | &nbsp;&nbsp;&nbsp;&nbsp;3986795 |
| &nbsp;&nbsp;Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;178564 | &nbsp;&nbsp;&nbsp;&nbsp;5635480 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;238959 | &nbsp;&nbsp;&nbsp;&nbsp;7453131 |
| &nbsp;&nbsp;Simmons First National Corp., Class A | &nbsp;&nbsp;138284 | &nbsp;&nbsp;&nbsp;&nbsp;2984169 |
| &nbsp;&nbsp;South State Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40412 | &nbsp;&nbsp;&nbsp;&nbsp;3085860 |
| &nbsp;&nbsp;Texas Capital Bancshares, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67305 | &nbsp;&nbsp;&nbsp;&nbsp;4059165 |
| &nbsp;&nbsp;Umpqua Holdings Corp. | &nbsp;&nbsp;143050 | &nbsp;&nbsp;&nbsp;&nbsp;2553443 |
| &nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;114908 | &nbsp;&nbsp;&nbsp;&nbsp;3883890 |
| &nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99407 | &nbsp;&nbsp;&nbsp;&nbsp;2791349 |
| &nbsp;&nbsp;Washington Federal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99642 | &nbsp;&nbsp;&nbsp;&nbsp;3342989 |
| &nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85032 | &nbsp;&nbsp;&nbsp;&nbsp;3144483 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;95138345 |
| &nbsp;&nbsp;**Capital Markets 0.4%** | &nbsp;&nbsp;**Capital Markets 0.4%** | &nbsp;&nbsp;**Capital Markets 0.4%** |
| &nbsp;&nbsp;BrightSphere Investment Group, Inc. | &nbsp;&nbsp;127883 | &nbsp;&nbsp;&nbsp;&nbsp;2631832 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Consumer Finance 0.9%** | &nbsp;&nbsp;**Consumer Finance 0.9%** | &nbsp;&nbsp;**Consumer Finance 0.9%** |
| &nbsp;&nbsp;Green Dot Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;76867 | &nbsp;&nbsp;&nbsp;&nbsp;1216036 |
| &nbsp;&nbsp;PRA Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;112937 | &nbsp;&nbsp;&nbsp;&nbsp;3815012 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5031048 |
| &nbsp;&nbsp;**Diversified Financial Services 0.5%** | &nbsp;&nbsp;**Diversified Financial Services 0.5%** | &nbsp;&nbsp;**Diversified Financial Services 0.5%** |
| &nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;158485 | &nbsp;&nbsp;&nbsp;&nbsp;2889181 |
| &nbsp;&nbsp;**Insurance 0.4%** | &nbsp;&nbsp;**Insurance 0.4%** | &nbsp;&nbsp;**Insurance 0.4%** |
| &nbsp;&nbsp;Argo Group International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;85335 | &nbsp;&nbsp;&nbsp;&nbsp;2205910 |
| &nbsp;&nbsp;eHealth, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232291 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2438201 |
| &nbsp;&nbsp;**Thrifts & Mortgage Finance 0.6%** | &nbsp;&nbsp;**Thrifts & Mortgage Finance 0.6%** | &nbsp;&nbsp;**Thrifts & Mortgage Finance 0.6%** |
| &nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;250003 | &nbsp;&nbsp;&nbsp;&nbsp;3250039 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**111378646** |
| &nbsp;&nbsp;**Health Care 7.4%** | &nbsp;&nbsp;**Health Care 7.4%** | &nbsp;&nbsp;**Health Care 7.4%** |
| &nbsp;&nbsp;**Biotechnology 1.1%** | &nbsp;&nbsp;**Biotechnology 1.1%** | &nbsp;&nbsp;**Biotechnology 1.1%** |
| &nbsp;&nbsp;Alkermes PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;64977 | &nbsp;&nbsp;&nbsp;&nbsp;1697849 |
| &nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;216006 | &nbsp;&nbsp;&nbsp;&nbsp;2479749 |
| &nbsp;&nbsp;Blueprint Medicines Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731583 |
| &nbsp;&nbsp;Immunogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp;284237 | &nbsp;&nbsp;&nbsp;&nbsp;1409816 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6318997 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 4.3%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 4.3%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 4.3%** |
| &nbsp;&nbsp;Angiodynamics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;66893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921117 |
| &nbsp;&nbsp;ICU Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45032 | &nbsp;&nbsp;&nbsp;&nbsp;7091639 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58806 | &nbsp;&nbsp;&nbsp;&nbsp;4025859 |
| &nbsp;&nbsp;Lantheus Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57497 | &nbsp;&nbsp;&nbsp;&nbsp;2930047 |
| &nbsp;&nbsp;NuVasive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46809 | &nbsp;&nbsp;&nbsp;&nbsp;1930403 |
| &nbsp;&nbsp;Orthofix Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;349234 | &nbsp;&nbsp;&nbsp;&nbsp;7169774 |
| &nbsp;&nbsp;SurModics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41362 | &nbsp;&nbsp;&nbsp;&nbsp;1411271 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;25480110 |
| &nbsp;&nbsp;**Health Care Providers & Services 1.0%** | &nbsp;&nbsp;**Health Care Providers & Services 1.0%** | &nbsp;&nbsp;**Health Care Providers & Services 1.0%** |
| &nbsp;&nbsp;ModivCare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27432 | &nbsp;&nbsp;&nbsp;&nbsp;2461473 |
| &nbsp;&nbsp;Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;94175 | &nbsp;&nbsp;&nbsp;&nbsp;1839238 |
| &nbsp;&nbsp;Pediatrix Medical Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;109715 | &nbsp;&nbsp;&nbsp;&nbsp;1630365 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5931076 |
| &nbsp;&nbsp;**Health Care Technology 0.5%** | &nbsp;&nbsp;**Health Care Technology 0.5%** | &nbsp;&nbsp;**Health Care Technology 0.5%** |
| &nbsp;&nbsp;NextGen Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;152235 | &nbsp;&nbsp;&nbsp;&nbsp;2858973 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Life Sciences Tools & Services 0.2%** | &nbsp;&nbsp;**Life Sciences Tools & Services 0.2%** | &nbsp;&nbsp;**Life Sciences Tools & Services 0.2%** |
| &nbsp;&nbsp;NeoGenomics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;134019 | &nbsp;&nbsp;&nbsp;&nbsp;1238336 |
| &nbsp;&nbsp;**Pharmaceuticals 0.3%** | &nbsp;&nbsp;**Pharmaceuticals 0.3%** | &nbsp;&nbsp;**Pharmaceuticals 0.3%** |
| &nbsp;&nbsp;ANI Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;52162 | &nbsp;&nbsp;&nbsp;&nbsp;2098477 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**43925969** |
| &nbsp;&nbsp;**Industrials 21.7%** | &nbsp;&nbsp;**Industrials 21.7%** | &nbsp;&nbsp;**Industrials 21.7%** |
| &nbsp;&nbsp;**Aerospace & Defense 1.3%** | &nbsp;&nbsp;**Aerospace & Defense 1.3%** | &nbsp;&nbsp;**Aerospace & Defense 1.3%** |
| &nbsp;&nbsp;AAR Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;73385 | &nbsp;&nbsp;&nbsp;&nbsp;3294986 |
| &nbsp;&nbsp;Aerojet Rocketdyne Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540955 |
| &nbsp;&nbsp;Mercury Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;88076 | &nbsp;&nbsp;&nbsp;&nbsp;3940520 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7776461 |
| &nbsp;&nbsp;**Air Freight & Logistics 0.6%** | &nbsp;&nbsp;**Air Freight & Logistics 0.6%** | &nbsp;&nbsp;**Air Freight & Logistics 0.6%** |
| &nbsp;&nbsp;HUB Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44495 | &nbsp;&nbsp;&nbsp;&nbsp;3536907 |
| &nbsp;&nbsp;**Building Products 2.3%** | &nbsp;&nbsp;**Building Products 2.3%** | &nbsp;&nbsp;**Building Products 2.3%** |
| &nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;102597 | &nbsp;&nbsp;&nbsp;&nbsp;4561463 |
| &nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41297 | &nbsp;&nbsp;&nbsp;&nbsp;2832561 |
| &nbsp;&nbsp;PGT, Inc.<sup>(a)</sup> | &nbsp;&nbsp;151634 | &nbsp;&nbsp;&nbsp;&nbsp;2723347 |
| &nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;147336 | &nbsp;&nbsp;&nbsp;&nbsp;3488916 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;13606287 |
| &nbsp;&nbsp;**Commercial Services & Supplies 3.7%** | &nbsp;&nbsp;**Commercial Services & Supplies 3.7%** | &nbsp;&nbsp;**Commercial Services & Supplies 3.7%** |
| &nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87257 | &nbsp;&nbsp;&nbsp;&nbsp;3875956 |
| &nbsp;&nbsp;Brady Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;72750 | &nbsp;&nbsp;&nbsp;&nbsp;3426525 |
| &nbsp;&nbsp;Deluxe Corp. | &nbsp;&nbsp;137532 | &nbsp;&nbsp;&nbsp;&nbsp;2335293 |
| &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;165638 | &nbsp;&nbsp;&nbsp;&nbsp;2161576 |
| &nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;119343 | &nbsp;&nbsp;&nbsp;&nbsp;2507397 |
| &nbsp;&nbsp;SP Plus Corp.<sup>(a)</sup> | &nbsp;&nbsp;229196 | &nbsp;&nbsp;&nbsp;&nbsp;7957685 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;22264432 |
| &nbsp;&nbsp;**Construction & Engineering 1.6%** | &nbsp;&nbsp;**Construction & Engineering 1.6%** | &nbsp;&nbsp;**Construction & Engineering 1.6%** |
| &nbsp;&nbsp;Granite Construction, Inc. | &nbsp;&nbsp;110691 | &nbsp;&nbsp;&nbsp;&nbsp;3881934 |
| &nbsp;&nbsp;Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | &nbsp;&nbsp;259973 | &nbsp;&nbsp;&nbsp;&nbsp;1546839 |
| &nbsp;&nbsp;Sterling Infrastructure, Inc.<sup>(a)</sup> | &nbsp;&nbsp;133290 | &nbsp;&nbsp;&nbsp;&nbsp;4371912 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9800685 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Electrical Equipment 2.9%** | &nbsp;&nbsp;**Electrical Equipment 2.9%** | &nbsp;&nbsp;**Electrical Equipment 2.9%** |
| &nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;103212 | &nbsp;&nbsp;&nbsp;&nbsp;4149122 |
| &nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;56975 | &nbsp;&nbsp;&nbsp;&nbsp;4207034 |
| &nbsp;&nbsp;GrafTech International Ltd. | &nbsp;&nbsp;326023 | &nbsp;&nbsp;&nbsp;&nbsp;1551870 |
| &nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62502 | &nbsp;&nbsp;&nbsp;&nbsp;7498990 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;17407016 |
| &nbsp;&nbsp;**Machinery 6.5%** | &nbsp;&nbsp;**Machinery 6.5%** | &nbsp;&nbsp;**Machinery 6.5%** |
| &nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;45813 | &nbsp;&nbsp;&nbsp;&nbsp;4516704 |
| &nbsp;&nbsp;Astec Industries, Inc. | &nbsp;&nbsp;103556 | &nbsp;&nbsp;&nbsp;&nbsp;4210587 |
| &nbsp;&nbsp;CIRCOR International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;155851 | &nbsp;&nbsp;&nbsp;&nbsp;3734190 |
| &nbsp;&nbsp;Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54848 | &nbsp;&nbsp;&nbsp;&nbsp;1780914 |
| &nbsp;&nbsp;Desktop Metal, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;177679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241643 |
| &nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71172 | &nbsp;&nbsp;&nbsp;&nbsp;3307363 |
| &nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79974 | &nbsp;&nbsp;&nbsp;&nbsp;3412491 |
| &nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;155710 | &nbsp;&nbsp;&nbsp;&nbsp;1675440 |
| &nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;309389 | &nbsp;&nbsp;&nbsp;&nbsp;3904489 |
| &nbsp;&nbsp;SPX Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;96595 | &nbsp;&nbsp;&nbsp;&nbsp;6341462 |
| &nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;15878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977608 |
| &nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;101239 | &nbsp;&nbsp;&nbsp;&nbsp;4324930 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;38427821 |
| &nbsp;&nbsp;**Professional Services 1.7%** | &nbsp;&nbsp;**Professional Services 1.7%** | &nbsp;&nbsp;**Professional Services 1.7%** |
| &nbsp;&nbsp;CBIZ, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;87110 | &nbsp;&nbsp;&nbsp;&nbsp;4081103 |
| &nbsp;&nbsp;Huron Consulting Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14993 | &nbsp;&nbsp;&nbsp;&nbsp;1088492 |
| &nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87982 | &nbsp;&nbsp;&nbsp;&nbsp;4645450 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9815045 |
| &nbsp;&nbsp;**Road & Rail 1.1%** | &nbsp;&nbsp;**Road & Rail 1.1%** | &nbsp;&nbsp;**Road & Rail 1.1%** |
| &nbsp;&nbsp;Marten Transport Ltd. | &nbsp;&nbsp;160432 | &nbsp;&nbsp;&nbsp;&nbsp;3173345 |
| &nbsp;&nbsp;Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79080 | &nbsp;&nbsp;&nbsp;&nbsp;3183761 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6357106 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**128991760** |
| &nbsp;&nbsp;**Information Technology 11.7%** | &nbsp;&nbsp;**Information Technology 11.7%** | &nbsp;&nbsp;**Information Technology 11.7%** |
| &nbsp;&nbsp;**Communications Equipment 1.1%** | &nbsp;&nbsp;**Communications Equipment 1.1%** | &nbsp;&nbsp;**Communications Equipment 1.1%** |
| &nbsp;&nbsp;AudioCodes Ltd. | &nbsp;&nbsp;148829 | &nbsp;&nbsp;&nbsp;&nbsp;2662551 |
| &nbsp;&nbsp;Netscout Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;119510 | &nbsp;&nbsp;&nbsp;&nbsp;3885270 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6547821 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 4.6%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 4.6%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 4.6%** |
| &nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30496 | &nbsp;&nbsp;&nbsp;&nbsp;2615947 |
| &nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153616 | &nbsp;&nbsp;11044990 |
| &nbsp;&nbsp;FARO Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93347 | &nbsp;&nbsp;&nbsp;&nbsp;2745335 |
| &nbsp;&nbsp;Knowles Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;238563 | &nbsp;&nbsp;&nbsp;&nbsp;3917205 |
| &nbsp;&nbsp;Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100486 | &nbsp;&nbsp;&nbsp;&nbsp;4458564 |
| &nbsp;&nbsp;Plexus Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23689 | &nbsp;&nbsp;&nbsp;&nbsp;2438309 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;27220350 |
| &nbsp;&nbsp;**IT Services 2.1%** | &nbsp;&nbsp;**IT Services 2.1%** | &nbsp;&nbsp;**IT Services 2.1%** |
| &nbsp;&nbsp;Conduent, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1185286 | &nbsp;&nbsp;&nbsp;&nbsp;4800408 |
| &nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71299 | &nbsp;&nbsp;&nbsp;&nbsp;4078303 |
| &nbsp;&nbsp;MAXIMUS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46602 | &nbsp;&nbsp;&nbsp;&nbsp;3417325 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;12296036 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 0.6%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 0.6%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 0.6%** |
| &nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75692 | &nbsp;&nbsp;&nbsp;&nbsp;3350128 |
| &nbsp;&nbsp;**Software 3.3%** | &nbsp;&nbsp;**Software 3.3%** | &nbsp;&nbsp;**Software 3.3%** |
| &nbsp;&nbsp;Cognyte Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;293771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913628 |
| &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76167 | &nbsp;&nbsp;&nbsp;&nbsp;1783069 |
| &nbsp;&nbsp;OneSpan, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380997 |
| &nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;281380 | &nbsp;&nbsp;14195621 |
| &nbsp;&nbsp;Verint Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72050 | &nbsp;&nbsp;&nbsp;&nbsp;2613974 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;19887289 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**69301624** |
| &nbsp;&nbsp;**Materials 7.1%** | &nbsp;&nbsp;**Materials 7.1%** | &nbsp;&nbsp;**Materials 7.1%** |
| &nbsp;&nbsp;**Chemicals 1.8%** | &nbsp;&nbsp;**Chemicals 1.8%** | &nbsp;&nbsp;**Chemicals 1.8%** |
| &nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151710 | &nbsp;&nbsp;&nbsp;&nbsp;2759605 |
| &nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52032 | &nbsp;&nbsp;&nbsp;&nbsp;3159383 |
| &nbsp;&nbsp;Orion Engineered Carbons SA | &nbsp;&nbsp;&nbsp;&nbsp;206407 | &nbsp;&nbsp;&nbsp;&nbsp;3676109 |
| &nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20732 | &nbsp;&nbsp;&nbsp;&nbsp;1511777 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;11106874 |
| &nbsp;&nbsp;**Construction Materials 0.5%** | &nbsp;&nbsp;**Construction Materials 0.5%** | &nbsp;&nbsp;**Construction Materials 0.5%** |
| &nbsp;&nbsp;Summit Materials, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;104531 | &nbsp;&nbsp;&nbsp;&nbsp;2967644 |
| &nbsp;&nbsp;**Containers & Packaging 1.7%** | &nbsp;&nbsp;**Containers & Packaging 1.7%** | &nbsp;&nbsp;**Containers & Packaging 1.7%** |
| &nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48538 | &nbsp;&nbsp;&nbsp;&nbsp;3254958 |
| &nbsp;&nbsp;Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139614 | &nbsp;&nbsp;&nbsp;&nbsp;3103619 |
| &nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70987 | &nbsp;&nbsp;&nbsp;&nbsp;3679966 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10038543 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Metals & Mining 3.0%** | &nbsp;&nbsp;**Metals & Mining 3.0%** | &nbsp;&nbsp;**Metals & Mining 3.0%** |
| &nbsp;&nbsp;Alamos Gold, Inc., Class A | &nbsp;&nbsp;389171 | &nbsp;&nbsp;&nbsp;&nbsp;3934519 |
| &nbsp;&nbsp;Compass Minerals International, Inc. | &nbsp;&nbsp;154751 | &nbsp;&nbsp;&nbsp;&nbsp;6344791 |
| &nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45198 | &nbsp;&nbsp;&nbsp;&nbsp;3433240 |
| &nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38557 | &nbsp;&nbsp;&nbsp;&nbsp;3374123 |
| &nbsp;&nbsp;Schnitzer Steel Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;22369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685610 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;17772283 |
| &nbsp;&nbsp;**Paper & Forest Products 0.1%** | &nbsp;&nbsp;**Paper & Forest Products 0.1%** | &nbsp;&nbsp;**Paper & Forest Products 0.1%** |
| &nbsp;&nbsp;Glatfelter Corp. | &nbsp;&nbsp;212411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590503 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**42475847** |
| &nbsp;&nbsp;**Real Estate 8.2%** | &nbsp;&nbsp;**Real Estate 8.2%** | &nbsp;&nbsp;**Real Estate 8.2%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 8.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 8.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 8.0%** |
| &nbsp;&nbsp;Brandywine Realty Trust | &nbsp;&nbsp;170715 | &nbsp;&nbsp;&nbsp;&nbsp;1049897 |
| &nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;136156 | &nbsp;&nbsp;&nbsp;&nbsp;2529779 |
| &nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77079 | &nbsp;&nbsp;&nbsp;&nbsp;1949328 |
| &nbsp;&nbsp;Elme Communities | &nbsp;&nbsp;176640 | &nbsp;&nbsp;&nbsp;&nbsp;3144192 |
| &nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;577189 | &nbsp;&nbsp;&nbsp;&nbsp;3890254 |
| &nbsp;&nbsp;Equity Commonwealth | &nbsp;&nbsp;524016 | &nbsp;&nbsp;13084680 |
| &nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;117542 | &nbsp;&nbsp;&nbsp;&nbsp;3047864 |
| &nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;207721 | &nbsp;&nbsp;&nbsp;&nbsp;4372527 |
| &nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;154101 | &nbsp;&nbsp;&nbsp;&nbsp;2063412 |
| &nbsp;&nbsp;Physicians Realty Trust | &nbsp;&nbsp;143321 | &nbsp;&nbsp;&nbsp;&nbsp;2073855 |
| &nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83232 | &nbsp;&nbsp;&nbsp;&nbsp;2689226 |
| &nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;255764 | &nbsp;&nbsp;&nbsp;&nbsp;2470680 |
| &nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42789 | &nbsp;&nbsp;&nbsp;&nbsp;2433410 |
| &nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;186011 | &nbsp;&nbsp;&nbsp;&nbsp;2994777 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;47793881 |
| &nbsp;&nbsp;**Real Estate Management & Development 0.2%** | &nbsp;&nbsp;**Real Estate Management & Development 0.2%** | &nbsp;&nbsp;**Real Estate Management & Development 0.2%** |
| &nbsp;&nbsp;DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946616 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**48740497** |
| &nbsp;&nbsp;**Utilities 4.1%** | &nbsp;&nbsp;**Utilities 4.1%** | &nbsp;&nbsp;**Utilities 4.1%** |
| &nbsp;&nbsp;**Electric Utilities 2.0%** | &nbsp;&nbsp;**Electric Utilities 2.0%** | &nbsp;&nbsp;**Electric Utilities 2.0%** |
| &nbsp;&nbsp;Allete, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58252 | &nbsp;&nbsp;&nbsp;&nbsp;3757837 |
| &nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;88608 | &nbsp;&nbsp;&nbsp;&nbsp;3504446 |
| &nbsp;&nbsp;PNM Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90552 | &nbsp;&nbsp;&nbsp;&nbsp;4418032 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;11680315 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Gas Utilities 1.2%** | &nbsp;&nbsp;**Gas Utilities 1.2%** | &nbsp;&nbsp;**Gas Utilities 1.2%** |
| &nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;75051 | &nbsp;&nbsp;&nbsp;&nbsp;3724031 |
| &nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;48848 | &nbsp;&nbsp;&nbsp;&nbsp;3363673 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7087704 |
| &nbsp;&nbsp;**Multi-Utilities 0.9%** | &nbsp;&nbsp;**Multi-Utilities 0.9%** | &nbsp;&nbsp;**Multi-Utilities 0.9%** |
| &nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;45899 | &nbsp;&nbsp;&nbsp;&nbsp;2035162 |
| &nbsp;&nbsp;NorthWestern Corp. | &nbsp;&nbsp;58736 | &nbsp;&nbsp;&nbsp;&nbsp;3485394 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5520556 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**24288575** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $633,966,023) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $633,966,023) | &nbsp;&nbsp;**581560414** |
| &nbsp;&nbsp;**Rights 0.0%** | &nbsp;&nbsp;**Rights 0.0%** | &nbsp;&nbsp;**Rights 0.0%** |
| &nbsp;&nbsp;**Health Care 0.0%** | &nbsp;&nbsp;**Health Care 0.0%** | &nbsp;&nbsp;**Health Care 0.0%** |
| &nbsp;&nbsp;**Biotechnology 0.0%** | &nbsp;&nbsp;**Biotechnology 0.0%** | &nbsp;&nbsp;**Biotechnology 0.0%** |
| &nbsp;&nbsp;Aduro Biotech CVR<sup>(a),(b),(c),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4869** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Rights (continued)** | &nbsp;&nbsp;**Rights (continued)** | &nbsp;&nbsp;**Rights (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Industrials —%** | &nbsp;&nbsp;**Industrials —%** | &nbsp;&nbsp;**Industrials —%** |
| &nbsp;&nbsp;**Airlines —%** | &nbsp;&nbsp;**Airlines —%** | &nbsp;&nbsp;**Airlines —%** |
| &nbsp;&nbsp;American Airlines Escrow<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0** |
| &nbsp;&nbsp;Total Rights<br> (Cost $—) | &nbsp;&nbsp;Total Rights<br> (Cost $—) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4869** |
| &nbsp;&nbsp;**Money Market Funds 2.1%** | &nbsp;&nbsp;**Money Market Funds 2.1%** | &nbsp;&nbsp;**Money Market Funds 2.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(e),(f)</sup> | &nbsp;&nbsp;12307405 | &nbsp;&nbsp;&nbsp;&nbsp;12303713 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $12,302,456) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $12,302,456) | &nbsp;&nbsp;&nbsp;&nbsp;**12303713** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $646,268,479)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $646,268,479)** | &nbsp;&nbsp;**593868996** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(131817)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**593737179** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2022, the total value of these securities amounted to $4,869,
which represents less than 0.01% of total net assets.

(c) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve
time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those
securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued
at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees. At December 31, 2022, the total market value of these securities amounted to $4,869,
which represents less than 0.01% of total net assets. Additional information on these securities is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security** | **Acquisition<br> Dates** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Aduro Biotech CVR | 10/21/2021 | &nbsp;&nbsp;4550 | &nbsp;&nbsp;— | &nbsp;&nbsp;4869 |

---

(d) Valuation based on significant unobservable inputs.

(e) The rate shown is the seven-day current annualized yield at December 31, 2022.

(f) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 17679884 | &nbsp;&nbsp;113733840 | &nbsp;&nbsp;(119111905) | &nbsp;&nbsp;1894 | &nbsp;&nbsp;12303713 | &nbsp;&nbsp;(2061) | &nbsp;&nbsp;203997 | &nbsp;&nbsp;12307405 |

---

#### Abbreviation Legend
CVR Contingent Value Rights

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;3077129 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;61068007 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61068007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;24676259 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24676259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;23636101 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23636101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 111378646 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;111378646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;43925969 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43925969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 128991760 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;128991760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;69301624 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69301624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;42475847 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42475847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;48740497 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48740497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;24288575 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24288575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 581560414 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;581560414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;12303713 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12303713 |
| &nbsp;&nbsp;Total Investments in Securities | 593864127 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4869 | &nbsp;&nbsp;&nbsp;&nbsp;593868996 |

---

\* Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Portfolio of Investments (continued)

December 31, 2022

Fair value measurements (continued)

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $633,966,023) | $581565283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $12,302,456) | &nbsp;&nbsp;&nbsp;&nbsp;12303713 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10195 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;594568866 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23858 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831687 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$593737179** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $593737179 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$593737179** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $509055383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;15571360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.69 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$12362820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.67 |
| &nbsp;&nbsp;**Class 3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$72318976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.15 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$9145894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27513) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9322378 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5568670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15086 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5874877 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119334) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5755543 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3566835 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;15753894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2061) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;15751833 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | (114534417) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (114532523) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(98780690) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(95213855)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$3566835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2368525 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;15751833 | &nbsp;&nbsp;&nbsp;&nbsp;231910793 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(114532523) | &nbsp;&nbsp;&nbsp;&nbsp;(47794056) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(95213855) | &nbsp;&nbsp;&nbsp;&nbsp;186485262 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(68297056) | &nbsp;&nbsp;&nbsp;(187908126) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;(163510911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1422864) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;757248090 | &nbsp;&nbsp;&nbsp;&nbsp;758670954 |
| &nbsp;&nbsp;**Net assets at end of year** | **$593737179** | &nbsp;&nbsp;**$757248090** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;179875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5947452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102803357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1947589) | &nbsp;&nbsp;&nbsp;&nbsp;(66363768) | &nbsp;&nbsp;&nbsp;&nbsp;(7484942) | &nbsp;&nbsp;&nbsp;&nbsp;(277462924) |
| &nbsp;&nbsp;Net decrease | (1767714) | &nbsp;&nbsp;&nbsp;&nbsp;(60416316) | &nbsp;&nbsp;&nbsp;&nbsp;(4509674) | &nbsp;&nbsp;&nbsp;&nbsp;(174659567) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6277270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1688812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3249897) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027373 |
| &nbsp;&nbsp;Class 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(277160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9267065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18502542) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(264490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8853618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16275932) |
| &nbsp;&nbsp;**Total net decrease** | **(2002667)** | &nbsp;&nbsp;&nbsp;&nbsp;**(68297056)** | &nbsp;&nbsp;&nbsp;&nbsp;**(4894523)** | &nbsp;&nbsp;&nbsp;&nbsp;**(187908126)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $37.55 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(5.05) | &nbsp;&nbsp;(4.86) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $30.28 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp;&nbsp;7.27 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.04 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $24.24 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $28.01 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(4.02) | &nbsp;&nbsp;(3.77) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.47 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(4.91) | &nbsp;&nbsp;(4.80) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.47 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;7.00 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $28.34 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $23.71 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.63 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $27.48 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(3.95) | &nbsp;&nbsp;(3.77) |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.98 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(4.98) | &nbsp;&nbsp;(4.83) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.85 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;7.06 | &nbsp;&nbsp;&nbsp;&nbsp;7.13 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $28.67 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $23.96 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $27.73 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;(3.98) | &nbsp;&nbsp;(3.77) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $32.69 | (12.94%) | 0.89% | 0.87% | 0.57% | &nbsp;&nbsp;23% | $509055 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $37.55 | 24.01% | 0.88%<sup>(c)</sup> | 0.88%<sup>(c)</sup> | 0.33% | 104% | $651132 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $30.28 | &nbsp;&nbsp;&nbsp;4.27% | 0.90% | 0.88% | 0.68% | &nbsp;&nbsp;91% | $661480 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $29.04 | 19.80% | 0.89% | 0.88% | 1.02% | &nbsp;&nbsp;75% | $566653 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $24.24 | (13.46%) | 0.88% | 0.88% | 0.88% | &nbsp;&nbsp;60% | $574250 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $31.67 | (13.16%) | 1.14% | 1.12% | 0.34% | &nbsp;&nbsp;23% | &nbsp;&nbsp;$12363 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $36.47 | 23.75% | 1.14%<sup>(c)</sup> | 1.13%<sup>(c)</sup> | 0.10% | 104% | &nbsp;&nbsp;$13159 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.47 | &nbsp;&nbsp;&nbsp;3.99% | 1.15% | 1.13% | 0.41% | &nbsp;&nbsp;91% | &nbsp;&nbsp;&nbsp;$8133 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $28.34 | 19.53% | 1.14% | 1.13% | 0.81% | &nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;$8276 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $23.71 | (13.72%) | 1.13% | 1.13% | 0.65% | &nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;$6673 |
| &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 3** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $32.15 | (13.06%) | 1.01% | 0.99% | 0.44% | &nbsp;&nbsp;23% | &nbsp;&nbsp;$72319 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $36.98 | 23.89% | 1.01%<sup>(c)</sup> | 1.01%<sup>(c)</sup> | 0.20% | 104% | &nbsp;&nbsp;$92957 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.85 | &nbsp;&nbsp;&nbsp;4.12% | 1.02% | 1.01% | 0.54% | &nbsp;&nbsp;91% | &nbsp;&nbsp;$89057 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $28.67 | 19.66% | 1.01% | 1.00% | 0.92% | &nbsp;&nbsp;75% | &nbsp;&nbsp;$94282 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $23.96 | (13.60%) | 1.01% | 1.00% | 0.74% | &nbsp;&nbsp;60% | &nbsp;&nbsp;$89379 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – Partners Small Cap Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

22 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.87% to 0.75% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.86% of the Fund's average daily net assets.

#### Subadvisory agreements
The Investment Manager has entered into Subadvisory Agreements with Segall Bryant & Hamill, LLC and William Blair Investment Management, LLC, each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

24 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;0.86% | &nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;1.13 |
| &nbsp;&nbsp;Class 3 | 0.985 | 1.005 |

---

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $150,138,299 and $210,260,428, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate

26 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Industrials sector risk
The Fund is more susceptible to the particular risks that may affect companies in the industrials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors including government regulation, world events and economic conditions and risks for environmental damage and product liability claims.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

#### Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

28 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Partners Small Cap Value Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Partners Small Cap Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

30 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

32 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

34 Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

Variable Portfolio – Partners Small Cap Value Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_26900_c0381c6d-4706-4db4-8783-7126c17763d9_TOC)

#### Variable Portfolio – Partners Small Cap Value Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img60a3f9982.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7058_12_B01_(02/23)

------

![](imgeb9c31341.jpg)

Annual Report

December 31, 2022

![](img8c125ae52.jpg)

CTIVP® – Morgan Stanley Advantage Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_be4ae215-16dc-4a67-adb2-b0816f1c76ab_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_be4ae215-16dc-4a67-adb2-b0816f1c76ab_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_aa529a40-b5a0-463d-9d99-0e8b4bae06c4_1)<br>| 7 |
| [Portfolio of Investments](#xx_8da45b4d-3c98-4069-8760-1c3f8e04a66f_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_7b5f8fae-41a3-4ec2-85b6-a3166ab2d1a2_1)<br>| 11 |
| [Statement of Operations](#xx_7b5f8fae-41a3-4ec2-85b6-a3166ab2d1a2_2)<br>| 12 |
| [Statement of Changes in Net Assets](#xx_7b5f8fae-41a3-4ec2-85b6-a3166ab2d1a2_3)<br>| 13 |
| [Financial Highlights](#xx_a9036b8e-a3b7-478e-86c7-fc6c7ed1170c_1)<br>| 14 |
| [Notes to Financial Statements](#xx_9b5b953b-4722-47cb-8117-ec3f9f4cf7e4_1)<br>| 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_d7470210-16db-412f-90f0-a8b5fdacf6c2_1)<br>| 24 |
| [Trustees and Officers](#xx_81b641ff-7c2f-4621-95fb-71c1a4ef68b7_1)<br>| 25 |
| [Approval of Subadvisory Agreement Amendment](#xx_81b641ff-7c2f-4621-95fb-71c1a4ef68b7_7)<br>| 31 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which CTIVP® – Morgan Stanley Advantage Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### Morgan Stanley Investment Management Inc.
Dennis Lynch

Sam Chainani, CFA

Jason Yeung, CFA

Armistead Nash

David Cohen

Alexander Norton

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-41.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40 | &nbsp;&nbsp;&nbsp;&nbsp;10.36 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-41.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;10.07 |
| &nbsp;&nbsp;Russell 1000 Growth Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-29.14 | &nbsp;&nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;14.10 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to May 2016 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different.

The Russell 1000 Growth Index, an unmanaged index, measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgf4611b143.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of CTIVP® – Morgan Stanley Advantage Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;97.7 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;9.5 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;20.2 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;15.1 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;9.5 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;31.2 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 97.67% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of CTIVP® – Morgan Stanley Advantage Fund returned -41.21%. The Fund significantly underperformed its benchmark, the Russell 1000 Growth Index, which returned -29.14% over the same period.

Market overview

Stubbornly high inflation, rapidly rising interest rates and moderating economic growth were significant headwinds to U.S. equity market performance in 2022. The Russia/Ukraine war and China's widespread COVID-19 lockdowns worsened supply-chain bottlenecks and drove food and energy prices higher. The U.S. Federal Reserve and other central banks around the world responded with larger-than-normal interest rates increases in an effort to bring inflation down, compounding economic uncertainty and contributing to elevated volatility in stock and bond markets. While tightening financial conditions helped slow some segments of the economy and inflation appeared to be receding from peak levels in the last months of the period, the jobs market remained resilient and inflation rates were still historically high at year-end 2022.

Amid this backdrop, U.S. large-cap growth equities, as measured by the benchmark, declined significantly during the period overall. Outside of the energy sector's notable outperformance and a modestly positive return from utilities, all other sectors in the benchmark posted negative total returns. Communication services, consumer discretionary and information technology were weakest.

The Fund's notable detractors during the period

• During the period, the Fund's underperformance compared to the benchmark was attributable primarily to stock selection.

○ The Fund usually underperforms when the equity market favors lower quality, more speculative securities or when the market is highly rotational or thematic. The Fund typically outperforms when high quality stocks
are in favor and when stock selection, rather than themes or sectors, matters. Due to our investment philosophy and process, stock selection typically drives the majority of the Fund's relative performance over
most time periods.

○ Our stock selection focuses on finding high quality companies, developing the insights around competitive advantage and niche characteristics that can make them successful over time,
and having the perspective to hold them when there are short-term disruptions, as long as those disruptions do not affect the investment thesis.

• Stock selection in the information technology, communication services and industrials sectors detracted most during the period.

• Having an overweighted allocation to communication services, which was the weakest sector in the benchmark during the period, also hurt.

• Among individual holdings, detracting most from the Fund's results relative to the benchmark was an overweight position in Shopify, Inc. Shopify operates a cloud-based software and services platform that
enables merchants to build an e-commerce presence. We attribute its stock's weakness during the period both to the broader sell-off in high-growth equities and to investor concerns around the company's
ongoing reinvestment plans geared towards building out greater fulfillment and warehousing capabilities. Slower growth across e-commerce following a period of heightened demand earlier in the COVID-19 pandemic and
emergence of new competition to its Shop Pay payment services business also pressured its stock.

• Snowflake, Inc. is a cloud data platform provider. Its platform enables customers to consolidate data into a single source and therefore derive important business insights, build
data-driven applications, and share data more effectively. During the period, Snowflake experienced healthy fundamentals despite macroeconomic headwinds, including strong

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

---

| | |
|:---|:---|
|  | demand for its Data Cloud, as enterprises increasingly move their data to the public cloud to store, process and better analyze more data in their daily business operations. However, Snowflake's stock declined on weak market conditions for high-growth equities broadly. |
| • | Roblox Corp. is a video game platform provider primarily focused on children under the age of 13. Its platform serves three primary functions — acting as a browser or interface for playing games; serving as a game engine for the creation of new games; and providing the infrastructure for hosting games. Though the company posted year-over-year revenue growth, its shares were weak during the period, as investors were disappointed by its management's lower-than-expected near-term profit guidance. The company has been accelerating infrastructure investments to accommodate a larger user base, which may impede near-term profitability, but we believed at the end of the period that such investments will strengthen the company's positioning over the longer term. |

---

The Fund's notable contributors during the period

• Favorable stock selection in the consumer discretionary sector contributed positively to the Fund's results during the period.

• Having a position in cash, albeit modest, during a period when the benchmark declined significantly, further boosted the Fund's relative results.

• From an individual security perspective, the Fund benefited most relative to the benchmark from having an underweight position in software and cloud computing services provider Microsoft Corp. Shares in Microsoft
weakened during the period on mixed earnings results, characterized by solid deal activity and ongoing enterprise migration to cloud computing but slower demand across its personal computer and advertising businesses
and lower consumption among its cloud computing customers.

• Similarly, an underweight position in NVIDIA Corp., a leading maker of graphics processing units, proved beneficial. Its shares performed poorly during the period due to weaker demand in its datacenter and
gaming-oriented businesses, resulting, in turn, from broader macroeconomic headwinds. The Fund's position in NVIDIA was sold during the period.

• An underweight Fund position in social networking platform and Facebook parent company Meta Platforms Inc. contributed positively to relative results as well. Shares of Meta Platforms
declined during the period due to weaker demand across the advertising market, challenges in efficiently tracking and targeting users following new privacy measures instated on the Apple ecosystem, and greater
competitive pressures from other large social networks.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. The value of the Fund's portfolio may be more volatile due to concentrated investments in similar industries, sectors or geographical regions. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;975.20 | &nbsp;&nbsp;&nbsp;&nbsp;1021.51 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;973.80 | &nbsp;&nbsp;&nbsp;&nbsp;1020.26 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 97.7%** | &nbsp;&nbsp;**Common Stocks 97.7%** | &nbsp;&nbsp;**Common Stocks 97.7%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 9.3%** | &nbsp;&nbsp;**Communication Services 9.3%** | &nbsp;&nbsp;**Communication Services 9.3%** |
| &nbsp;&nbsp;**Entertainment 1.1%** | &nbsp;&nbsp;**Entertainment 1.1%** | &nbsp;&nbsp;**Entertainment 1.1%** |
| &nbsp;&nbsp;Roblox Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;449321 | &nbsp;&nbsp;&nbsp;&nbsp;12787676 |
| &nbsp;&nbsp;**Interactive Media & Services 6.7%** | &nbsp;&nbsp;**Interactive Media & Services 6.7%** | &nbsp;&nbsp;**Interactive Media & Services 6.7%** |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;576521 | &nbsp;&nbsp;&nbsp;&nbsp;51154709 |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;107386 | &nbsp;&nbsp;&nbsp;&nbsp;12922831 |
| &nbsp;&nbsp;ZoomInfo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;549056 | &nbsp;&nbsp;&nbsp;&nbsp;16532076 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;80609616 |
| &nbsp;&nbsp;**Media 1.5%** | &nbsp;&nbsp;**Media 1.5%** | &nbsp;&nbsp;**Media 1.5%** |
| &nbsp;&nbsp;Trade Desk, Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp;414067 | &nbsp;&nbsp;&nbsp;&nbsp;18562623 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**111959915** |
| &nbsp;&nbsp;**Consumer Discretionary 19.8%** | &nbsp;&nbsp;**Consumer Discretionary 19.8%** | &nbsp;&nbsp;**Consumer Discretionary 19.8%** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 3.2%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 3.2%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 3.2%** |
| &nbsp;&nbsp;Airbnb, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;130094 | &nbsp;&nbsp;&nbsp;&nbsp;11123037 |
| &nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78462 | &nbsp;&nbsp;&nbsp;&nbsp;27179237 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;38302274 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 9.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 9.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 9.1%** |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;868788 | &nbsp;&nbsp;&nbsp;&nbsp;72978192 |
| &nbsp;&nbsp;Chewy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;641096 | &nbsp;&nbsp;&nbsp;&nbsp;23771839 |
| &nbsp;&nbsp;DoorDash, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;276640 | &nbsp;&nbsp;&nbsp;&nbsp;13505565 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;110255596 |
| &nbsp;&nbsp;**Specialty Retail 7.5%** | &nbsp;&nbsp;**Specialty Retail 7.5%** | &nbsp;&nbsp;**Specialty Retail 7.5%** |
| &nbsp;&nbsp;AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19107 | &nbsp;&nbsp;&nbsp;&nbsp;47121301 |
| &nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51619 | &nbsp;&nbsp;&nbsp;&nbsp;3594231 |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;124615 | &nbsp;&nbsp;&nbsp;&nbsp;39360894 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;90076426 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**238634296** |
| &nbsp;&nbsp;**Consumer Staples 3.7%** | &nbsp;&nbsp;**Consumer Staples 3.7%** | &nbsp;&nbsp;**Consumer Staples 3.7%** |
| &nbsp;&nbsp;**Food & Staples Retailing 2.6%** | &nbsp;&nbsp;**Food & Staples Retailing 2.6%** | &nbsp;&nbsp;**Food & Staples Retailing 2.6%** |
| &nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69668 | &nbsp;&nbsp;&nbsp;&nbsp;31803442 |
| &nbsp;&nbsp;**Food Products 1.1%** | &nbsp;&nbsp;**Food Products 1.1%** | &nbsp;&nbsp;**Food Products 1.1%** |
| &nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;158151 | &nbsp;&nbsp;&nbsp;&nbsp;13109136 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;&nbsp;&nbsp;**44912578** |
| &nbsp;&nbsp;**Financials 7.0%** | &nbsp;&nbsp;**Financials 7.0%** | &nbsp;&nbsp;**Financials 7.0%** |
| &nbsp;&nbsp;**Capital Markets 1.6%** | &nbsp;&nbsp;**Capital Markets 1.6%** | &nbsp;&nbsp;**Capital Markets 1.6%** |
| &nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;189972 | &nbsp;&nbsp;&nbsp;&nbsp;19489227 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Insurance 5.4%** | &nbsp;&nbsp;**Insurance 5.4%** | &nbsp;&nbsp;**Insurance 5.4%** |
| &nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330101 | &nbsp;&nbsp;&nbsp;&nbsp;18805854 |
| &nbsp;&nbsp;Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;355604 | &nbsp;&nbsp;&nbsp;&nbsp;46125395 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;64931249 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;&nbsp;&nbsp;**84420476** |
| &nbsp;&nbsp;**Health Care 14.7%** | &nbsp;&nbsp;**Health Care 14.7%** | &nbsp;&nbsp;**Health Care 14.7%** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 1.7%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.7%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.7%** |
| &nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76086 | &nbsp;&nbsp;&nbsp;&nbsp;20189420 |
| &nbsp;&nbsp;**Health Care Technology 1.5%** | &nbsp;&nbsp;**Health Care Technology 1.5%** | &nbsp;&nbsp;**Health Care Technology 1.5%** |
| &nbsp;&nbsp;Veeva Systems Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115660 | &nbsp;&nbsp;&nbsp;&nbsp;18665211 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 4.7%** | &nbsp;&nbsp;**Life Sciences Tools & Services 4.7%** | &nbsp;&nbsp;**Life Sciences Tools & Services 4.7%** |
| &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76148 | &nbsp;&nbsp;&nbsp;&nbsp;20211202 |
| &nbsp;&nbsp;Illumina, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81297 | &nbsp;&nbsp;&nbsp;&nbsp;16438253 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35453 | &nbsp;&nbsp;&nbsp;&nbsp;19523613 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;56173068 |
| &nbsp;&nbsp;**Pharmaceuticals 6.8%** | &nbsp;&nbsp;**Pharmaceuticals 6.8%** | &nbsp;&nbsp;**Pharmaceuticals 6.8%** |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80372 | &nbsp;&nbsp;&nbsp;&nbsp;29403293 |
| &nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;1346133 | &nbsp;&nbsp;&nbsp;&nbsp;53199176 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;82602469 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**177630168** |
| &nbsp;&nbsp;**Industrials 9.3%** | &nbsp;&nbsp;**Industrials 9.3%** | &nbsp;&nbsp;**Industrials 9.3%** |
| &nbsp;&nbsp;**Aerospace & Defense 4.3%** | &nbsp;&nbsp;**Aerospace & Defense 4.3%** | &nbsp;&nbsp;**Aerospace & Defense 4.3%** |
| &nbsp;&nbsp;Axon Enterprise, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57355 | &nbsp;&nbsp;&nbsp;&nbsp;9516915 |
| &nbsp;&nbsp;HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97998 | &nbsp;&nbsp;&nbsp;&nbsp;11745060 |
| &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63152 | &nbsp;&nbsp;&nbsp;&nbsp;30722817 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;51984792 |
| &nbsp;&nbsp;**Road & Rail 5.0%** | &nbsp;&nbsp;**Road & Rail 5.0%** | &nbsp;&nbsp;**Road & Rail 5.0%** |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;795676 | &nbsp;&nbsp;&nbsp;&nbsp;19677067 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;198264 | &nbsp;&nbsp;&nbsp;&nbsp;41054527 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;60731594 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**112716386** |
| &nbsp;&nbsp;**Information Technology 30.5%** | &nbsp;&nbsp;**Information Technology 30.5%** | &nbsp;&nbsp;**Information Technology 30.5%** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 2.6%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 2.6%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 2.6%** |
| &nbsp;&nbsp;Adyen NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22199 | &nbsp;&nbsp;&nbsp;&nbsp;30817759 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**IT Services 8.1%** | &nbsp;&nbsp;**IT Services 8.1%** | &nbsp;&nbsp;**IT Services 8.1%** |
| &nbsp;&nbsp;Block, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;90092 | &nbsp;&nbsp;&nbsp;&nbsp;5661381 |
| &nbsp;&nbsp;Cloudflare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;407158 | &nbsp;&nbsp;&nbsp;&nbsp;18407613 |
| &nbsp;&nbsp;Okta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;126189 | &nbsp;&nbsp;&nbsp;&nbsp;8622495 |
| &nbsp;&nbsp;Shopify, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;578100 | &nbsp;&nbsp;&nbsp;&nbsp;20065851 |
| &nbsp;&nbsp;Snowflake, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;142261 | &nbsp;&nbsp;&nbsp;&nbsp;20420144 |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;121129 | &nbsp;&nbsp;&nbsp;&nbsp;25165761 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;98343245 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.1%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.1%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.1%** |
| &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;111808 | &nbsp;&nbsp;&nbsp;&nbsp;61091891 |
| &nbsp;&nbsp;**Software 7.6%** | &nbsp;&nbsp;**Software 7.6%** | &nbsp;&nbsp;**Software 7.6%** |
| &nbsp;&nbsp;Datadog, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;249036 | &nbsp;&nbsp;&nbsp;&nbsp;18304146 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;306047 | &nbsp;&nbsp;&nbsp;&nbsp;73396192 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;91700338 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 7.1%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 7.1%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 7.1%** |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;664754 | &nbsp;&nbsp;&nbsp;&nbsp;86371487 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**368324720** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Materials 3.4%** | &nbsp;&nbsp;**Materials 3.4%** | &nbsp;&nbsp;**Materials 3.4%** |
| &nbsp;&nbsp;**Chemicals 3.4%** | &nbsp;&nbsp;**Chemicals 3.4%** | &nbsp;&nbsp;**Chemicals 3.4%** |
| &nbsp;&nbsp;Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41235613 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41235613** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,415,568,152) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,415,568,152) | &nbsp;&nbsp;**1179834152** |
| &nbsp;&nbsp;**Money Market Funds 2.3%** | &nbsp;&nbsp;**Money Market Funds 2.3%** | &nbsp;&nbsp;**Money Market Funds 2.3%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;28019178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28010773 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $28,008,018) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $28,008,018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28010773** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,443,576,170)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,443,576,170)** | &nbsp;&nbsp;**1207844925** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2737)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**1207842188** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 149748884 | &nbsp;&nbsp;373021221 | &nbsp;&nbsp;(494772387) | &nbsp;&nbsp;13055 | &nbsp;&nbsp;28010773 | &nbsp;&nbsp;(46264) | &nbsp;&nbsp;993026 | &nbsp;&nbsp;28019178 |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;111959915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111959915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;238634296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238634296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;44912578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44912578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;84420476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84420476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;177630168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177630168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;112716386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112716386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;337506961 | &nbsp;&nbsp;&nbsp;&nbsp;30817759 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368324720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;41235613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41235613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 1149016393 | &nbsp;&nbsp;&nbsp;&nbsp;30817759 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1179834152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;28010773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28010773 |
| &nbsp;&nbsp;Total Investments in Securities | 1177027166 | &nbsp;&nbsp;&nbsp;&nbsp;30817759 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1207844925 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,415,568,152) | $1179834152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $28,008,018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28010773 |
| &nbsp;&nbsp;Foreign currency (cost $1,355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187816 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1208053008 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13996 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210820 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1207842188** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $1207842188 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1207842188** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1183777247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33474681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35.36 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24064941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34.26 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6570867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111259) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7456234 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26730 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9790765 |
| &nbsp;&nbsp;**Net investment loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2334531) |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(396230907) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46264) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19217) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(396296388) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(426437701) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(426424630) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(822721018) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(825055549)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2334531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(11892942) |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(396296388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361853437 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(426424630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(415129345) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(825055549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65168850) |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46513043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217285953 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(778542506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152117103 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;1986384694 | &nbsp;&nbsp;&nbsp;&nbsp;1834267591 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1207842188** | &nbsp;&nbsp;**$1986384694** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 1160086 | &nbsp;&nbsp;&nbsp;&nbsp;51274625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7298747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447072798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(36204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1603224) | &nbsp;&nbsp;&nbsp;&nbsp;(3593672) | &nbsp;&nbsp;&nbsp;&nbsp;(235388856) |
| &nbsp;&nbsp;Net increase | 1123882 | &nbsp;&nbsp;&nbsp;&nbsp;49671401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211683942 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;58154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14336865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(132018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5604492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8734854) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(73864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3158358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5602011 |
| &nbsp;&nbsp;**Total net increase** | **1050018** | &nbsp;&nbsp;&nbsp;&nbsp;**46513043** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3793407** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**217285953** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $60.00 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(24.57) | &nbsp;&nbsp;(24.64) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $62.57 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;&nbsp;(2.57) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $35.57 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;27.19 | &nbsp;&nbsp;&nbsp;&nbsp;27.00 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $27.97 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;7.60 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $27.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $58.28 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(23.85) | &nbsp;&nbsp;(24.02) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $60.93 | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;(2.65) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $34.72 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;26.51 | &nbsp;&nbsp;&nbsp;&nbsp;26.21 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $27.37 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;7.35 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $26.67 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $35.36 | (41.07%) | 0.70% | 0.70% | (0.16%) | 82% | $1183777 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $60.00 | &nbsp;&nbsp;(4.11%) | 0.67% | 0.67% | (0.55%) | 73% | $1941145 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $62.57 | 75.91% | 0.68%<sup>(c)</sup> | 0.68%<sup>(c)</sup> | (0.42%) | 70% | $1792357 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $35.57 | 27.17% | 0.66% | 0.66% | (0.05%) | 80% | $2345237 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $27.97 | &nbsp;&nbsp;&nbsp;2.91% | 0.67% | 0.67% | 0.07% | 71% | $1893796 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $34.26 | (41.21%) | 0.95% | 0.95% | (0.42%) | 82% | &nbsp;&nbsp;&nbsp;&nbsp;$24065 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $58.28 | &nbsp;&nbsp;(4.35%) | 0.92% | 0.92% | (0.80%) | 73% | &nbsp;&nbsp;&nbsp;&nbsp;$45239 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $60.93 | 75.49% | 0.93%<sup>(c)</sup> | 0.93%<sup>(c)</sup> | (0.66%) | 70% | &nbsp;&nbsp;&nbsp;&nbsp;$41911 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $34.72 | 26.85% | 0.91% | 0.91% | (0.30%) | 80% | &nbsp;&nbsp;&nbsp;&nbsp;$19150 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $27.37 | &nbsp;&nbsp;&nbsp;2.62% | 0.92% | 0.92% | (0.19%) | 71% | &nbsp;&nbsp;&nbsp;&nbsp;$13254 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

CTIVP® – Morgan Stanley Advantage Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

16 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's

18 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Notes to Financial Statements (continued)

December 31, 2022

subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.71% to 0.53% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.69% of the Fund's average daily net assets.

#### Subadvisory agreement
The Investment Manager has entered into a Subadvisory Agreement with Morgan Stanley Investment Management Inc. to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.73% | 0.74% |
| &nbsp;&nbsp;Class 2 | 0.98 | 0.99 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,247,800,113 and $1,079,419,041, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

20 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 7966667 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;6 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain;

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Notes to Financial Statements (continued)

December 31, 2022

in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual

22 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Notes to Financial Statements (continued)

December 31, 2022

(10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP® – Morgan Stanley Advantage Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP® – Morgan Stanley Advantage Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

24 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

26 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

28 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

30 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

## Approval of Subadvisory Agreement Amendment
(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to CTIVP® – Morgan Stanley Advantage Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between the Investment Manager and Morgan Stanley Investment Management Inc. (the Subadviser), the Subadviser provides portfolio management and related services for the Fund. At their meeting on November 4, 2022, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), approved an amendment to the Subadvisory Agreement for the purpose of reducing the fees payable thereunder by the Investment Manager to the Subadviser.

The Independent Trustees considered how the amendment to the Subadvisory Agreement would reduce the subadvisory fee rate paid to the Subadviser by the Investment Manager under the current Subadvisory Agreement. The Independent Trustees also considered that the Investment Manager had confirmed that there would not be any change to the nature or quality of the subadvisory services provided as a result of entering into the amendment, and that the Subadvisory Agreement, as amended, was substantially similar to the current subadvisory agreement in place except for the reduced fee. The Independent Trustees reviewed the performance of the Fund as well as the level of management fees paid by the Fund. The Independent Trustees noted that no management fees were proposed to change and that the level of services provided by the Investment Manager was also not proposed to change. The Independent Trustees also noted that the Contracts Committee, as part of the 2023 15(c) process, would review the continued reasonableness of each Fund's management fee, including taking into account the reduced subadvisory fee levels.

The Independent Trustees noted the discussion, which is described below, relating to the renewal and approval of the advisory and subadvisory agreements for the Fund at the Contracts Committee and Board meetings in June 2022 (the June Meeting) and, in that connection, the discussion by independent legal counsel of the Board's responsibilities pursuant to Sections 15(c) and 36(b) of the 1940 Act and the factors that should be considered in determining whether to approve or renew an investment management agreement. The Independent Trustees considered that they should apply these factors in considering the amendment to the Subadvisory Agreement. The Independent Trustees also considered that they should take into account the variety of written materials and oral presentations they received at their meetings in November 2022 as well as all of the information previously considered at the June Meeting regarding the proposed 15(c) renewal of the existing Funds' advisory and subadvisory agreements.

After considering the factors described above relating to the amendment of the Subadvisory Agreement, and taking into account all of the factors considered, as described below, as part of the approval of the continuance of the fund's current Subadvisory Agreement in June 2022, the Board, including all of the Independent Trustees, approved the proposed amendment to the Subadvisory Agreement.

General conclusions in connection with the Trustees' previous approval of the continuance of the Fund's existing advisory agreements

On an annual basis, the Board, including the Independent Trustees, considers renewal of the Management Agreement and the Subadvisory Agreement (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Oversight Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) The Board, at its June 23, 2022 Board meeting, considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory and subadvisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:
• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and
certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net
assets;

• Terms of the Advisory Agreements;

• Subadvisory fees payable by the Investment Manager under the Subadvisory Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and
shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager and the Subadviser under the Advisory Agreements, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager and the Subadviser, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager and the Subadviser with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement and the Subadvisory Agreement.

Nature, extent and quality of services provided by the Investment Manager and the Subadviser

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadviser, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated Subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight, over the past several years, as well as planned 2022 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight.

32 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial's acquisition of BMO Financial Group's Europe, Middle East, and Africa (EMEA) asset management business.
In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring the Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered the Subadviser's organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser's capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreement. The Board took into account the Investment Manager's representation that the Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager's subadvisory oversight team and their significant resources added in recent years.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and the Subadvisory Agreement.

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund's performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed the Fund's underperformance for certain periods, noting that appropriate steps (such as changes to the Fund's portfolio construction process) had been taken or were contemplated to help improve the Fund's performance.

Additionally, the Board reviewed the performance of the Subadviser and the Investment Manager's process for monitoring the Subadviser's performance. The Board considered, in particular, management's rationale for recommending the continued retention of the Subadviser and management's representations that the Investment Manager's profitability is not the key factor driving their recommendation to select, renew or terminate the Subadviser.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's and Subadviser's performance and reputation generally, the Investment Manager's evaluation of the Subadviser's contribution to the Fund's broader investment mandate, and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors,

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadviser, in light of other considerations, supported the continuation of the Management Agreement and the Subadvisory Agreement.
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe's median expense ratio.

Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing the Subadviser to provide comparable subadvisory services. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and the Subadvisory Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Subadvisory Agreement was negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadviser thereunder, the Board did not consider the profitability to the Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and the Subadvisory Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds and to the Investment Manager as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement provided for breakpoints in the management fee rate schedule that

34 CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders. The Board also noted that the breakpoints in the Subadvisory Agreement did not occur at the same levels as the breakpoints in the Management Agreement. In this regard, the Board noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context.
Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and the Subadvisory Agreement. In reaching its conclusions, no single factor was determinative.

On June 23, 2022, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

CTIVP® – Morgan Stanley Advantage Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_218_219b1205-c111-49cb-aa12-08afd3f0f919_TOC)

#### CTIVP® – Morgan Stanley Advantage Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img8c125ae52.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7035_12_B01_(02/23)

------

![](imgc50659441.jpg)

Annual Report

December 31, 2022

![](img22ef03192.jpg)

CTIVP® – American Century Diversified Bond Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_385a3110-6d83-4c6c-815d-5ddcf667dae0_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_385a3110-6d83-4c6c-815d-5ddcf667dae0_4)<br>| 6 |
| [Understanding Your Fund's Expenses](#xx_5ffc9430-5980-40c8-8f76-8964043cac24_1)<br>| 8 |
| [Portfolio of Investments](#xx_cf5df1b3-4a3b-4728-8816-0d0253348b56_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_161afe44-197b-4848-b4ca-986fb30f01a7_1)<br>| 27 |
| [Statement of Operations](#xx_161afe44-197b-4848-b4ca-986fb30f01a7_2)<br>| 28 |
| [Statement of Changes in Net Assets](#xx_161afe44-197b-4848-b4ca-986fb30f01a7_3)<br>| 29 |
| [Financial Highlights](#xx_d4c74390-06a3-4693-9924-a56a7df59520_1)<br>| 30 |
| [Notes to Financial Statements](#xx_aafdc1f0-2366-4cc1-b18d-ecf16fa858d0_1)<br>| 32 |
| [Report of Independent Registered Public Accounting Firm](#xx_b17ad52e-eb0f-470c-a55b-17f662883a47_1)<br>| 46 |
| [Trustees and Officers](#xx_9990ab61-e1a7-44f1-9abb-221448f56a4d_1)<br>| 47 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which CTIVP® – American Century Diversified Bond Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a high level of current income.

Portfolio management

#### American Century Investment Management, Inc.
Robert Gahagan

Jeffrey Houston, CFA

Charles Tan

Peter Van Gelderen

Jason Greenblath

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-15.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-15.51 | &nbsp;&nbsp;&nbsp;&nbsp;-0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img21fcec743.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of CTIVP® – American Century Diversified Bond Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;10.5 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;27.7 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Inflation-Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;24.1 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;22.5 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;49.2 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;15.7 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;22.2 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;CCC rating | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)<sup>(a)</sup>** |
|  | &nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net |
| &nbsp;&nbsp;Fixed Income Derivative Contracts | 126.5 | &nbsp;&nbsp;&nbsp;&nbsp;(24.4) | &nbsp;&nbsp;&nbsp;&nbsp;102.1 |
| &nbsp;&nbsp;Foreign Currency Derivative Contracts | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.1) |
| &nbsp;&nbsp;**Total Notional Market Value of Derivative Contracts** | **126.5** | &nbsp;&nbsp;&nbsp;&nbsp;**(26.5)** | &nbsp;&nbsp;&nbsp;&nbsp;**100.0** |

---

(a) The Fund has market exposure (long and/or short) to (a) The Fund has market exposure (long and/or short) to fixed income, and foreign currency through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund's investments in derivatives, see Investments in Derivatives following the Portfolio of Investments, and Note 2 to the financial statements. through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments, and Note 2 of the Notes to Financial Statements.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 99.13% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of CTIVP<sup>®</sup>– American Century Diversified Bond Fund returned -15.51%. The Fund underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -13.01% over the same period.

Market overview

Volatility reigned in the fixed-income markets, as well as the equity markets, during the period amid high inflation, rising interest rates, geopolitical tensions and mounting recession worries.

The U.S. manufacturing sector slowed sharply into contraction territory by year-end 2022. Similarly, the services sector shrank in July 2022 to its lowest level in more than two years and remained in contraction territory through year end. Retail sales slowed more dramatically, from a 2.7% month-over-month increase in January 2022 to an 0.6% month-over-month decrease in November. Amid soaring mortgage rates, home sales declined. Business and consumer confidence declined significantly from late-2021 levels. The job market remained a bright spot, with the unemployment rate ending the year at 3.5%. However, the labor force participation rate remained below pre-pandemic levels.

The annual inflation rate, as measured by the Consumer Price Index, rose through June 2022, peaking at 9.1% before easing to 6.5% in December. The 10-year inflation breakeven rate rose through late April to more than 3% before retreating to 2.3% at year end, 26 basis points lower than a year earlier. (Breakeven rates are the difference in yield between inflation-protected and nominal, or non-inflation-protected, debt of the same maturity. If the breakeven rate is negative, it suggests the markets are betting the economy may face deflation in the near future. If the breakeven rate is positive, it suggests the markets are betting the economy may face inflation in the near future. A basis point is 1/100th of a percentage point.) Despite inflation's steady rise, the U.S. Federal Reserve (Fed) waited until March 2022 to start raising interest rates. After hiking rates 25 basis points in March, policymakers then increased rates 50 basis points in May, 75 basis points in June, July, September and November, and 50 basis points in December. The federal funds rate target ended the year in a range of 4.25% to 4.50%. The Fed also began reducing its record-high balance sheet during the period.

Amid this backdrop, the 10-year U.S. Treasury note ended the year with a yield of 3.88%, up 236 basis points from December 2021. The two-year U.S. Treasury yield rose from 0.73% at the end of December 2021 to 4.41% a year later, reflecting the aggressive Fed tightening. The yield curve between two years and 10 years inverted, meaning yields on shorter-term maturities were higher than those on longer-term maturities.

With interest rates rising, inflation climbing and economic uncertainty escalating, fixed-income assets declined sharply during the period.

The Fund's notable detractors during the period

• Underperformance of riskier assets during 2022 largely accounted for the Fund's lagging results relative to the benchmark during the period, as decades-high inflation, soaring interest rates and mounting
economic uncertainty drove weak performance among credit-sensitive securities.

• Sector allocation decisions dampened results overall, attributable primarily to an out-of-benchmark exposure to high-yield corporate bonds.

• An overweight position versus the benchmark in emerging markets debt also hurt.

• Security selection as a whole detracted, especially within the securitized sector, including selection among non-agency collateralized mortgage obligations, asset-based securities and
non-agency commercial mortgage-backed securities.

6 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Security selection in the investment-grade corporate bond and emerging markets debt sectors detracted from relative results as well.

The Fund's notable contributors during the period

• Duration positioning added value for the period overall. Given our expectations for U.S. Treasury yields to rise, the Fund maintained a slightly shorter duration relative to the benchmark during the first half of
the period. As yields did rise during these months, this strategy proved beneficial. We began extending the Fund's duration in the second half of the year, as U.S. Treasury yields climbed to multi-year highs and
recession risk rose. A shorter duration means that a fund is less sensitive to changes in interest rates.

• Yield curve positioning also contributed positively to the Fund's relative results. The Fund's underweighting of the short-term end of the U.S. Treasury yield curve, established due to expectations for
aggressive Fed tightening, especially helped.

• The Fund's out-of-benchmark allocation to inflation-linked securities contributed positively, particularly in the first several months of the year when inflation expectations surged. Given the strong
outperformance of inflation-linked securities, we shifted the Fund's inflation exposure to a more defensive posture later in the period.

• Overweighted allocations relative to the benchmark in securitized bonds and investment-grade corporate bonds modestly contributed to the Fund's results.

• Security selection among agency mortgage-backed securities also modestly boosted the Fund's performance during the period.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market and sovereign debt issuers. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and net asset value. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. Investing in derivatives is a specialized activity that involves special risks that subject the fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in fund value. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;960.60 | &nbsp;&nbsp;&nbsp;&nbsp;1022.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;959.60 | &nbsp;&nbsp;&nbsp;&nbsp;1021.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

8 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> 10.5%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> 10.5%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> 10.5%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> 10.5%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Aaset Trust<sup>(b)</sup> | &nbsp;&nbsp;Aaset Trust<sup>(b)</sup> | &nbsp;&nbsp;Aaset Trust<sup>(b)</sup> | &nbsp;&nbsp;Aaset Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B |
| &nbsp;&nbsp;01/15/2047 | &nbsp;&nbsp;3.538% | 6905406 | &nbsp;&nbsp;5030339 |
| &nbsp;&nbsp;AIMCO CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;AIMCO CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;AIMCO CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;AIMCO CLO Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2019-10A Class CR | &nbsp;&nbsp;Series 2019-10A Class CR | &nbsp;&nbsp;Series 2019-10A Class CR | &nbsp;&nbsp;Series 2019-10A Class CR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.900%<br> Floor 1.900%<br> 07/22/2032 | &nbsp;&nbsp;6.225% | 4750000 | &nbsp;&nbsp;4464411 |
| &nbsp;&nbsp;Aligned Data Centers Issuer LLC<sup>(b)</sup> | &nbsp;&nbsp;Aligned Data Centers Issuer LLC<sup>(b)</sup> | &nbsp;&nbsp;Aligned Data Centers Issuer LLC<sup>(b)</sup> | &nbsp;&nbsp;Aligned Data Centers Issuer LLC<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class A2 | &nbsp;&nbsp;Series 2022-1A Class A2 | &nbsp;&nbsp;Series 2022-1A Class A2 | &nbsp;&nbsp;Series 2022-1A Class A2 |
| &nbsp;&nbsp;10/15/2047 | &nbsp;&nbsp;6.350% | 5800000 | &nbsp;&nbsp;5749106 |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B |
| &nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;2.482% | 6300000 | &nbsp;&nbsp;5188036 |
| &nbsp;&nbsp;Applebee's Funding LLC/IHOP Funding LLC<sup>(b)</sup> | &nbsp;&nbsp;Applebee's Funding LLC/IHOP Funding LLC<sup>(b)</sup> | &nbsp;&nbsp;Applebee's Funding LLC/IHOP Funding LLC<sup>(b)</sup> | &nbsp;&nbsp;Applebee's Funding LLC/IHOP Funding LLC<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2019-1A Class AII | &nbsp;&nbsp;Series 2019-1A Class AII | &nbsp;&nbsp;Series 2019-1A Class AII | &nbsp;&nbsp;Series 2019-1A Class AII |
| &nbsp;&nbsp;06/07/2049 | &nbsp;&nbsp;4.723% | 4950000 | &nbsp;&nbsp;4480299 |
| &nbsp;&nbsp;ARES L CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;ARES L CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;ARES L CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;ARES L CLO Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2018-50A Class CR | &nbsp;&nbsp;Series 2018-50A Class CR | &nbsp;&nbsp;Series 2018-50A Class CR | &nbsp;&nbsp;Series 2018-50A Class CR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.900%<br> Floor 1.900%<br> 01/15/2032 | &nbsp;&nbsp;5.979% | 4150000 | &nbsp;&nbsp;3917197 |
| &nbsp;&nbsp;ARES LII CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;ARES LII CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;ARES LII CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;ARES LII CLO Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2019-52A Class CR | &nbsp;&nbsp;Series 2019-52A Class CR | &nbsp;&nbsp;Series 2019-52A Class CR | &nbsp;&nbsp;Series 2019-52A Class CR |
| &nbsp;&nbsp;3-month USD LIBOR + 2.100%<br> Floor 2.100%<br> 04/22/2031 | &nbsp;&nbsp;6.425% | 3550000 | &nbsp;&nbsp;3336262 |
| &nbsp;&nbsp;Ares XL CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Ares XL CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Ares XL CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Ares XL CLO Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2016-40A Class CRR | &nbsp;&nbsp;Series 2016-40A Class CRR | &nbsp;&nbsp;Series 2016-40A Class CRR | &nbsp;&nbsp;Series 2016-40A Class CRR |
| &nbsp;&nbsp;3-month USD LIBOR + 2.800%<br> Floor 2.800%<br> 01/15/2029 | &nbsp;&nbsp;6.879% | 6400000 | &nbsp;&nbsp;5838022 |
| &nbsp;&nbsp;Atrium IX<sup>(b),(c)</sup> | &nbsp;&nbsp;Atrium IX<sup>(b),(c)</sup> | &nbsp;&nbsp;Atrium IX<sup>(b),(c)</sup> | &nbsp;&nbsp;Atrium IX<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 209A Class BR2 | &nbsp;&nbsp;Series 209A Class BR2 | &nbsp;&nbsp;Series 209A Class BR2 | &nbsp;&nbsp;Series 209A Class BR2 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.500%<br> Floor 1.500%<br> 05/28/2030 | &nbsp;&nbsp;6.236% | 3050000 | &nbsp;&nbsp;2959464 |
| &nbsp;&nbsp;BDS Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;BDS Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;BDS Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;BDS Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2021-FL7 Class C | &nbsp;&nbsp;Series 2021-FL7 Class C | &nbsp;&nbsp;Series 2021-FL7 Class C | &nbsp;&nbsp;Series 2021-FL7 Class C |
| &nbsp;&nbsp;1-month USD LIBOR + 1.700%<br> Floor 1.700%<br> 06/16/2036 | &nbsp;&nbsp;6.039% | 8075000 | &nbsp;&nbsp;7592197 |
| &nbsp;&nbsp;Blackbird Capital Aircraft<sup>(b)</sup> | &nbsp;&nbsp;Blackbird Capital Aircraft<sup>(b)</sup> | &nbsp;&nbsp;Blackbird Capital Aircraft<sup>(b)</sup> | &nbsp;&nbsp;Blackbird Capital Aircraft<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;07/15/2046 | &nbsp;&nbsp;2.443% | 5280899 | &nbsp;&nbsp;4332187 |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B |
| &nbsp;&nbsp;07/15/2046 | &nbsp;&nbsp;3.446% | 4927556 | &nbsp;&nbsp;3711000 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Carlyle US CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Carlyle US CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Carlyle US CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Carlyle US CLO Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2019-2A Class 2AR | &nbsp;&nbsp;Series 2019-2A Class 2AR | &nbsp;&nbsp;Series 2019-2A Class 2AR | &nbsp;&nbsp;Series 2019-2A Class 2AR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.650%<br> Floor 1.650%<br> 07/15/2032 | &nbsp;&nbsp;5.729% | &nbsp;&nbsp;2575000 | &nbsp;&nbsp;&nbsp;&nbsp;2472296 |
| &nbsp;&nbsp;Castlelake Aircraft Securitization Trust<sup>(b)</sup> | &nbsp;&nbsp;Castlelake Aircraft Securitization Trust<sup>(b)</sup> | &nbsp;&nbsp;Castlelake Aircraft Securitization Trust<sup>(b)</sup> | &nbsp;&nbsp;Castlelake Aircraft Securitization Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2018-1 Class A | &nbsp;&nbsp;Series 2018-1 Class A | &nbsp;&nbsp;Series 2018-1 Class A | &nbsp;&nbsp;Series 2018-1 Class A |
| &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;2703019 | &nbsp;&nbsp;&nbsp;&nbsp;2369162 |
| &nbsp;&nbsp;Castlelake Aircraft Structured Trust<sup>(b)</sup> | &nbsp;&nbsp;Castlelake Aircraft Structured Trust<sup>(b)</sup> | &nbsp;&nbsp;Castlelake Aircraft Structured Trust<sup>(b)</sup> | &nbsp;&nbsp;Castlelake Aircraft Structured Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2017-1R Class A | &nbsp;&nbsp;Series 2017-1R Class A | &nbsp;&nbsp;Series 2017-1R Class A | &nbsp;&nbsp;Series 2017-1R Class A |
| &nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;2.741% | &nbsp;&nbsp;4040778 | &nbsp;&nbsp;&nbsp;&nbsp;3495405 |
| &nbsp;&nbsp;Clsec Holdings LLC | &nbsp;&nbsp;Clsec Holdings LLC | &nbsp;&nbsp;Clsec Holdings LLC | &nbsp;&nbsp;Clsec Holdings LLC |
| &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C |
| &nbsp;&nbsp;05/11/2037 | &nbsp;&nbsp;6.171% | 12551882 | &nbsp;&nbsp;10120550 |
| &nbsp;&nbsp;Cologix Canadian Issuer LP<sup>(b)</sup> | &nbsp;&nbsp;Cologix Canadian Issuer LP<sup>(b)</sup> | &nbsp;&nbsp;Cologix Canadian Issuer LP<sup>(b)</sup> | &nbsp;&nbsp;Cologix Canadian Issuer LP<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2022-1CAN Class A2 | &nbsp;&nbsp;Series 2022-1CAN Class A2 | &nbsp;&nbsp;Series 2022-1CAN Class A2 | &nbsp;&nbsp;Series 2022-1CAN Class A2 |
| &nbsp;&nbsp;01/25/2052 | &nbsp;&nbsp;4.940% &nbsp;&nbsp;CAD | 10300000 | &nbsp;&nbsp;&nbsp;&nbsp;6939705 |
| &nbsp;&nbsp;Dewolf Park CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Dewolf Park CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Dewolf Park CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Dewolf Park CLO Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2017-1A Class CR | &nbsp;&nbsp;Series 2017-1A Class CR | &nbsp;&nbsp;Series 2017-1A Class CR | &nbsp;&nbsp;Series 2017-1A Class CR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.850%<br> Floor 1.850%<br> 10/15/2030 | &nbsp;&nbsp;4.362% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4716335 |
| &nbsp;&nbsp;DI Issuer LLC<sup>(b)</sup> | &nbsp;&nbsp;DI Issuer LLC<sup>(b)</sup> | &nbsp;&nbsp;DI Issuer LLC<sup>(b)</sup> | &nbsp;&nbsp;DI Issuer LLC<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 |
| &nbsp;&nbsp;09/15/2051 | &nbsp;&nbsp;3.722% | 13188560 | &nbsp;&nbsp;11536379 |
| &nbsp;&nbsp;Edgeconnex Data Centers Issuer LLC<sup>(b)</sup> | &nbsp;&nbsp;Edgeconnex Data Centers Issuer LLC<sup>(b)</sup> | &nbsp;&nbsp;Edgeconnex Data Centers Issuer LLC<sup>(b)</sup> | &nbsp;&nbsp;Edgeconnex Data Centers Issuer LLC<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2022-1 Class A2 | &nbsp;&nbsp;Series 2022-1 Class A2 | &nbsp;&nbsp;Series 2022-1 Class A2 | &nbsp;&nbsp;Series 2022-1 Class A2 |
| &nbsp;&nbsp;03/25/2052 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;5821927 | &nbsp;&nbsp;&nbsp;&nbsp;5647519 |
| &nbsp;&nbsp;Flexential Issuer<sup>(b)</sup> | &nbsp;&nbsp;Flexential Issuer<sup>(b)</sup> | &nbsp;&nbsp;Flexential Issuer<sup>(b)</sup> | &nbsp;&nbsp;Flexential Issuer<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 |
| &nbsp;&nbsp;11/27/2051 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;7994000 | &nbsp;&nbsp;&nbsp;&nbsp;6975756 |
| &nbsp;&nbsp;Goldentree Loan Management US CLO 4 Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Goldentree Loan Management US CLO 4 Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Goldentree Loan Management US CLO 4 Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Goldentree Loan Management US CLO 4 Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2019-4A Class CR | &nbsp;&nbsp;Series 2019-4A Class CR | &nbsp;&nbsp;Series 2019-4A Class CR | &nbsp;&nbsp;Series 2019-4A Class CR |
| &nbsp;&nbsp;3-month USD LIBOR + 2.000%<br> Floor 2.000%<br> 04/24/2031 | &nbsp;&nbsp;6.325% | &nbsp;&nbsp;7785000 | &nbsp;&nbsp;&nbsp;&nbsp;7354599 |
| &nbsp;&nbsp;Goodgreen<sup>(b),(d)</sup> | &nbsp;&nbsp;Goodgreen<sup>(b),(d)</sup> | &nbsp;&nbsp;Goodgreen<sup>(b),(d)</sup> | &nbsp;&nbsp;Goodgreen<sup>(b),(d)</sup> |
| &nbsp;&nbsp;Series 2018-1A Class A | &nbsp;&nbsp;Series 2018-1A Class A | &nbsp;&nbsp;Series 2018-1A Class A | &nbsp;&nbsp;Series 2018-1A Class A |
| &nbsp;&nbsp;10/15/2053 | &nbsp;&nbsp;3.930% | &nbsp;&nbsp;3594874 | &nbsp;&nbsp;&nbsp;&nbsp;3306469 |
| &nbsp;&nbsp;Goodgreen Trust<sup>(b)</sup> | &nbsp;&nbsp;Goodgreen Trust<sup>(b)</sup> | &nbsp;&nbsp;Goodgreen Trust<sup>(b)</sup> | &nbsp;&nbsp;Goodgreen Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;10/15/2056 | &nbsp;&nbsp;2.660% | &nbsp;&nbsp;2931921 | &nbsp;&nbsp;&nbsp;&nbsp;2376607 |
| &nbsp;&nbsp;Greystone CRE Notes Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Greystone CRE Notes Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Greystone CRE Notes Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Greystone CRE Notes Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2019-FL2 Class C | &nbsp;&nbsp;Series 2019-FL2 Class C | &nbsp;&nbsp;Series 2019-FL2 Class C | &nbsp;&nbsp;Series 2019-FL2 Class C |
| &nbsp;&nbsp;1-month USD LIBOR + 2.000%<br> Floor 2.000%<br> 09/15/2037 | &nbsp;&nbsp;6.318% | &nbsp;&nbsp;4579500 | &nbsp;&nbsp;&nbsp;&nbsp;4376965 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2019-FL2 Class D | &nbsp;&nbsp;Series 2019-FL2 Class D | &nbsp;&nbsp;Series 2019-FL2 Class D | &nbsp;&nbsp;Series 2019-FL2 Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 2.400%<br> Floor 2.400%<br> 09/15/2037 | &nbsp;&nbsp;6.718% | 3969000 | &nbsp;&nbsp;3798689 |
| &nbsp;&nbsp;KKR CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;KKR CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;KKR CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;KKR CLO Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2018 Class CR | &nbsp;&nbsp;Series 2018 Class CR | &nbsp;&nbsp;Series 2018 Class CR | &nbsp;&nbsp;Series 2018 Class CR |
| &nbsp;&nbsp;3-month USD LIBOR + 2.100%<br> Floor 2.100%<br> 07/18/2030 | &nbsp;&nbsp;4.840% | 3525000 | &nbsp;&nbsp;3355345 |
| &nbsp;&nbsp;KKR Static CLO I Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;KKR Static CLO I Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;KKR Static CLO I Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;KKR Static CLO I Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class B | &nbsp;&nbsp;Series 2022-1A Class B | &nbsp;&nbsp;Series 2022-1A Class B | &nbsp;&nbsp;Series 2022-1A Class B |
| &nbsp;&nbsp;3-month Term SOFR + 2.600%<br> Floor 2.600%<br> 07/20/2031 | &nbsp;&nbsp;5.077% | 3625000 | &nbsp;&nbsp;3510606 |
| &nbsp;&nbsp;Lunar Aircraft Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Lunar Aircraft Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Lunar Aircraft Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Lunar Aircraft Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A |
| &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;3.376% | 5889686 | &nbsp;&nbsp;4830797 |
| &nbsp;&nbsp;Lunar Structured Aircraft Portfolio Notes<sup>(b)</sup> | &nbsp;&nbsp;Lunar Structured Aircraft Portfolio Notes<sup>(b)</sup> | &nbsp;&nbsp;Lunar Structured Aircraft Portfolio Notes<sup>(b)</sup> | &nbsp;&nbsp;Lunar Structured Aircraft Portfolio Notes<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A |
| &nbsp;&nbsp;10/15/2046 | &nbsp;&nbsp;2.636% | 7736911 | &nbsp;&nbsp;6201600 |
| &nbsp;&nbsp;Subordinated Series 2021-1 Class B | &nbsp;&nbsp;Subordinated Series 2021-1 Class B | &nbsp;&nbsp;Subordinated Series 2021-1 Class B | &nbsp;&nbsp;Subordinated Series 2021-1 Class B |
| &nbsp;&nbsp;10/15/2046 | &nbsp;&nbsp;3.432% | 2856447 | &nbsp;&nbsp;2188018 |
| &nbsp;&nbsp;MAPS Trust<sup>(b)</sup> | &nbsp;&nbsp;MAPS Trust<sup>(b)</sup> | &nbsp;&nbsp;MAPS Trust<sup>(b)</sup> | &nbsp;&nbsp;MAPS Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;2.521% | 5945493 | &nbsp;&nbsp;4933171 |
| &nbsp;&nbsp;Nassau Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Nassau Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Nassau Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Nassau Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2019-IA Class BR | &nbsp;&nbsp;Series 2019-IA Class BR | &nbsp;&nbsp;Series 2019-IA Class BR | &nbsp;&nbsp;Series 2019-IA Class BR |
| &nbsp;&nbsp;3-month USD LIBOR + 2.600%<br> Floor 2.600%<br> 04/15/2031 | &nbsp;&nbsp;6.679% | 7000000 | &nbsp;&nbsp;6464969 |
| &nbsp;&nbsp;Navigator Aircraft ABS Ltd.<sup>(b),(d)</sup> | &nbsp;&nbsp;Navigator Aircraft ABS Ltd.<sup>(b),(d)</sup> | &nbsp;&nbsp;Navigator Aircraft ABS Ltd.<sup>(b),(d)</sup> | &nbsp;&nbsp;Navigator Aircraft ABS Ltd.<sup>(b),(d)</sup> |
| &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A |
| &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;2.771% | 7821279 | &nbsp;&nbsp;6569497 |
| &nbsp;&nbsp;Octagon Investment Partners 31 LLC<sup>(b),(c)</sup> | &nbsp;&nbsp;Octagon Investment Partners 31 LLC<sup>(b),(c)</sup> | &nbsp;&nbsp;Octagon Investment Partners 31 LLC<sup>(b),(c)</sup> | &nbsp;&nbsp;Octagon Investment Partners 31 LLC<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2017-1A Class CR | &nbsp;&nbsp;Series 2017-1A Class CR | &nbsp;&nbsp;Series 2017-1A Class CR | &nbsp;&nbsp;Series 2017-1A Class CR |
| &nbsp;&nbsp;3-month USD LIBOR + 2.050%<br> Floor 2.050%<br> 07/20/2030 | &nbsp;&nbsp;6.293% | 5250000 | &nbsp;&nbsp;4988545 |
| &nbsp;&nbsp;Octagon Investment Partners XV Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Octagon Investment Partners XV Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Octagon Investment Partners XV Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Octagon Investment Partners XV Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2013-1A Class CRR | &nbsp;&nbsp;Series 2013-1A Class CRR | &nbsp;&nbsp;Series 2013-1A Class CRR | &nbsp;&nbsp;Series 2013-1A Class CRR |
| &nbsp;&nbsp;3-month USD LIBOR + 2.000%<br> Floor 2.000%<br> 07/19/2030 | &nbsp;&nbsp;6.227% | 3100000 | &nbsp;&nbsp;2917484 |
| &nbsp;&nbsp;Palmer Square Loan Funding Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Palmer Square Loan Funding Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Palmer Square Loan Funding Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Palmer Square Loan Funding Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class D | &nbsp;&nbsp;Series 2022-1A Class D | &nbsp;&nbsp;Series 2022-1A Class D | &nbsp;&nbsp;Series 2022-1A Class D |
| &nbsp;&nbsp;3-month USD LIBOR + 5.000%<br> Floor 5.000%<br> 04/15/2030 | &nbsp;&nbsp;8.864% | 4700000 | &nbsp;&nbsp;4158137 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2022-2A Class A2 | &nbsp;&nbsp;Series 2022-2A Class A2 | &nbsp;&nbsp;Series 2022-2A Class A2 | &nbsp;&nbsp;Series 2022-2A Class A2 |
| &nbsp;&nbsp;3-month Term SOFR + 1.900%<br> Floor 1.900%<br> 10/15/2030 | &nbsp;&nbsp;5.764% | 3625000 | &nbsp;&nbsp;3460788 |
| &nbsp;&nbsp;Series 2022-5A Class A2 | &nbsp;&nbsp;Series 2022-5A Class A2 | &nbsp;&nbsp;Series 2022-5A Class A2 | &nbsp;&nbsp;Series 2022-5A Class A2 |
| &nbsp;&nbsp;3-month Term SOFR + 2.650%<br> Floor 2.650%<br> 01/15/2031 | &nbsp;&nbsp;5.174% | 2400000 | &nbsp;&nbsp;2369738 |
| &nbsp;&nbsp;PFP Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;PFP Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;PFP Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;PFP Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-8 Class D | &nbsp;&nbsp;Subordinated Series 2021-8 Class D | &nbsp;&nbsp;Subordinated Series 2021-8 Class D | &nbsp;&nbsp;Subordinated Series 2021-8 Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 2.150%<br> Floor 2.150%<br> 08/09/2037 | &nbsp;&nbsp;6.468% | 5700000 | &nbsp;&nbsp;5307427 |
| &nbsp;&nbsp;Pioneer Aircraft Finance Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Pioneer Aircraft Finance Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Pioneer Aircraft Finance Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Pioneer Aircraft Finance Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;3.967% | 6474642 | &nbsp;&nbsp;5145021 |
| &nbsp;&nbsp;Ready Capital Mortgage Financing LLC<sup>(b),(c)</sup> | &nbsp;&nbsp;Ready Capital Mortgage Financing LLC<sup>(b),(c)</sup> | &nbsp;&nbsp;Ready Capital Mortgage Financing LLC<sup>(b),(c)</sup> | &nbsp;&nbsp;Ready Capital Mortgage Financing LLC<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-FL5 Class C | &nbsp;&nbsp;Subordinated Series 2021-FL5 Class C | &nbsp;&nbsp;Subordinated Series 2021-FL5 Class C | &nbsp;&nbsp;Subordinated Series 2021-FL5 Class C |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> Floor 2.250%<br> 04/25/2038 | &nbsp;&nbsp;6.639% | 3841000 | &nbsp;&nbsp;3662536 |
| &nbsp;&nbsp;Rockford Tower CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Rockford Tower CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Rockford Tower CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Rockford Tower CLO Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2020-1A Class C | &nbsp;&nbsp;Series 2020-1A Class C | &nbsp;&nbsp;Series 2020-1A Class C | &nbsp;&nbsp;Series 2020-1A Class C |
| &nbsp;&nbsp;3-month USD LIBOR + 2.350%<br> 01/20/2032 | &nbsp;&nbsp;6.593% | 5125000 | &nbsp;&nbsp;4836411 |
| &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC<sup>(b)</sup> | &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC<sup>(b)</sup> | &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC<sup>(b)</sup> | &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2019-2A Class C | &nbsp;&nbsp;Series 2019-2A Class C | &nbsp;&nbsp;Series 2019-2A Class C | &nbsp;&nbsp;Series 2019-2A Class C |
| &nbsp;&nbsp;05/20/2036 | &nbsp;&nbsp;3.120% | 1419445 | &nbsp;&nbsp;1332189 |
| &nbsp;&nbsp;Slam Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Slam Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Slam Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Slam Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;2.434% | 5024879 | &nbsp;&nbsp;4157283 |
| &nbsp;&nbsp;Stack Infrastructure Issuer LLC<sup>(b)</sup> | &nbsp;&nbsp;Stack Infrastructure Issuer LLC<sup>(b)</sup> | &nbsp;&nbsp;Stack Infrastructure Issuer LLC<sup>(b)</sup> | &nbsp;&nbsp;Stack Infrastructure Issuer LLC<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 |
| &nbsp;&nbsp;03/26/2046 | &nbsp;&nbsp;1.877% | 3999000 | &nbsp;&nbsp;3453698 |
| &nbsp;&nbsp;START Ireland<sup>(b)</sup> | &nbsp;&nbsp;START Ireland<sup>(b)</sup> | &nbsp;&nbsp;START Ireland<sup>(b)</sup> | &nbsp;&nbsp;START Ireland<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A |
| &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;4.089% | 5409829 | &nbsp;&nbsp;4612901 |
| &nbsp;&nbsp;Stonepeak ABS<sup>(b)</sup> | &nbsp;&nbsp;Stonepeak ABS<sup>(b)</sup> | &nbsp;&nbsp;Stonepeak ABS<sup>(b)</sup> | &nbsp;&nbsp;Stonepeak ABS<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class AA | &nbsp;&nbsp;Series 2021-1A Class AA | &nbsp;&nbsp;Series 2021-1A Class AA | &nbsp;&nbsp;Series 2021-1A Class AA |
| &nbsp;&nbsp;02/28/2033 | &nbsp;&nbsp;2.301% | 4784041 | &nbsp;&nbsp;4255863 |
| &nbsp;&nbsp;TCI-Symphony CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;TCI-Symphony CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;TCI-Symphony CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;TCI-Symphony CLO Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2017-1A Class CR | &nbsp;&nbsp;Series 2017-1A Class CR | &nbsp;&nbsp;Series 2017-1A Class CR | &nbsp;&nbsp;Series 2017-1A Class CR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.800%<br> Floor 1.800%<br> 07/15/2030 | &nbsp;&nbsp;5.879% | 6700000 | &nbsp;&nbsp;6321711 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Wellfleet CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Wellfleet CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Wellfleet CLO Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Wellfleet CLO Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class B1 | &nbsp;&nbsp;Series 2022-1A Class B1 | &nbsp;&nbsp;Series 2022-1A Class B1 | &nbsp;&nbsp;Series 2022-1A Class B1 |
| &nbsp;&nbsp;3-month Term SOFR + 2.350%<br> Floor 2.350%<br> 04/15/2034 | &nbsp;&nbsp;6.214% | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;3150761 |
| &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $262,488,162) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $262,488,162) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $262,488,162) | &nbsp;&nbsp;**234269452** |
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 3.0%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 3.0%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 3.0%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 3.0%** |
| &nbsp;&nbsp;BBCMS Mortgage Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;BBCMS Mortgage Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;BBCMS Mortgage Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;BBCMS Mortgage Trust<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-BWAY Class E | &nbsp;&nbsp;Subordinated Series 2019-BWAY Class E | &nbsp;&nbsp;Subordinated Series 2019-BWAY Class E | &nbsp;&nbsp;Subordinated Series 2019-BWAY Class E |
| &nbsp;&nbsp;1-month USD LIBOR + 2.850%<br> Floor 2.850%<br> 11/25/2034 | &nbsp;&nbsp;7.168% | &nbsp;&nbsp;8236000 | &nbsp;&nbsp;&nbsp;&nbsp;6274507 |
| &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2021-VOLT Class F | &nbsp;&nbsp;Subordinated CMO Series 2021-VOLT Class F | &nbsp;&nbsp;Subordinated CMO Series 2021-VOLT Class F | &nbsp;&nbsp;Subordinated CMO Series 2021-VOLT Class F |
| &nbsp;&nbsp;1-month USD LIBOR + 2.400%<br> Floor 2.400%<br> 09/15/2036 | &nbsp;&nbsp;6.718% | &nbsp;&nbsp;8900000 | &nbsp;&nbsp;&nbsp;&nbsp;8188044 |
| &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-VIVA Class D | &nbsp;&nbsp;Subordinated Series 2020-VIVA Class D | &nbsp;&nbsp;Subordinated Series 2020-VIVA Class D | &nbsp;&nbsp;Subordinated Series 2020-VIVA Class D |
| &nbsp;&nbsp;03/11/2044 | &nbsp;&nbsp;3.549% | &nbsp;&nbsp;6750000 | &nbsp;&nbsp;&nbsp;&nbsp;5055597 |
| &nbsp;&nbsp;BX Trust<sup>(b)</sup> | &nbsp;&nbsp;BX Trust<sup>(b)</sup> | &nbsp;&nbsp;BX Trust<sup>(b)</sup> | &nbsp;&nbsp;BX Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2019-OC11 Class C | &nbsp;&nbsp;Series 2019-OC11 Class C | &nbsp;&nbsp;Series 2019-OC11 Class C | &nbsp;&nbsp;Series 2019-OC11 Class C |
| &nbsp;&nbsp;12/09/2041 | &nbsp;&nbsp;3.856% | &nbsp;&nbsp;3439000 | &nbsp;&nbsp;&nbsp;&nbsp;2833718 |
| &nbsp;&nbsp;BXMT Ltd.<sup>(b),(d)</sup> | &nbsp;&nbsp;BXMT Ltd.<sup>(b),(d)</sup> | &nbsp;&nbsp;BXMT Ltd.<sup>(b),(d)</sup> | &nbsp;&nbsp;BXMT Ltd.<sup>(b),(d)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-FL2 Class D | &nbsp;&nbsp;Subordinated Series 2020-FL2 Class D | &nbsp;&nbsp;Subordinated Series 2020-FL2 Class D | &nbsp;&nbsp;Subordinated Series 2020-FL2 Class D |
| &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;6.277% | &nbsp;&nbsp;7034000 | &nbsp;&nbsp;&nbsp;&nbsp;6640842 |
| &nbsp;&nbsp;ELP Commercial Mortgage Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;ELP Commercial Mortgage Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;ELP Commercial Mortgage Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;ELP Commercial Mortgage Trust<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-ELP Class E | &nbsp;&nbsp;Subordinated Series 2021-ELP Class E | &nbsp;&nbsp;Subordinated Series 2021-ELP Class E | &nbsp;&nbsp;Subordinated Series 2021-ELP Class E |
| &nbsp;&nbsp;1-month USD LIBOR + 2.118%<br> Floor 2.118%<br> 11/15/2038 | &nbsp;&nbsp;6.436% | 10484000 | &nbsp;&nbsp;&nbsp;&nbsp;9638856 |
| &nbsp;&nbsp;FirstKey Homes Trust<sup>(b)</sup> | &nbsp;&nbsp;FirstKey Homes Trust<sup>(b)</sup> | &nbsp;&nbsp;FirstKey Homes Trust<sup>(b)</sup> | &nbsp;&nbsp;FirstKey Homes Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class E | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class E | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class E | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class E |
| &nbsp;&nbsp;10/19/2037 | &nbsp;&nbsp;2.668% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4406419 |
| &nbsp;&nbsp;One Market Plaza Trust<sup>(b)</sup> | &nbsp;&nbsp;One Market Plaza Trust<sup>(b)</sup> | &nbsp;&nbsp;One Market Plaza Trust<sup>(b)</sup> | &nbsp;&nbsp;One Market Plaza Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2017-1MKT Class B | &nbsp;&nbsp;Subordinated Series 2017-1MKT Class B | &nbsp;&nbsp;Subordinated Series 2017-1MKT Class B | &nbsp;&nbsp;Subordinated Series 2017-1MKT Class B |
| &nbsp;&nbsp;02/10/2032 | &nbsp;&nbsp;3.845% | &nbsp;&nbsp;5370000 | &nbsp;&nbsp;&nbsp;&nbsp;5103482 |
| &nbsp;&nbsp;Tricon American Homes<sup>(b)</sup> | &nbsp;&nbsp;Tricon American Homes<sup>(b)</sup> | &nbsp;&nbsp;Tricon American Homes<sup>(b)</sup> | &nbsp;&nbsp;Tricon American Homes<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2020-SFR1 Class C | &nbsp;&nbsp;Series 2020-SFR1 Class C | &nbsp;&nbsp;Series 2020-SFR1 Class C | &nbsp;&nbsp;Series 2020-SFR1 Class C |
| &nbsp;&nbsp;07/17/2038 | &nbsp;&nbsp;2.249% | &nbsp;&nbsp;7400000 | &nbsp;&nbsp;&nbsp;&nbsp;6430095 |
| &nbsp;&nbsp;Tricon American Homes Trust<sup>(b)</sup> | &nbsp;&nbsp;Tricon American Homes Trust<sup>(b)</sup> | &nbsp;&nbsp;Tricon American Homes Trust<sup>(b)</sup> | &nbsp;&nbsp;Tricon American Homes Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class D |
| &nbsp;&nbsp;11/17/2039 | &nbsp;&nbsp;2.281% | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;6177883 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;WMRK Commercial Mortgage Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;WMRK Commercial Mortgage Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;WMRK Commercial Mortgage Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;WMRK Commercial Mortgage Trust<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Series 2022-Class A | &nbsp;&nbsp;Series 2022-Class A | &nbsp;&nbsp;Series 2022-Class A | &nbsp;&nbsp;Series 2022-Class A |
| &nbsp;&nbsp;1-month Term SOFR + 2.789%<br> Floor 2.789%<br> 11/15/2027 | &nbsp;&nbsp;6.289% | 5360000 | &nbsp;&nbsp;&nbsp;&nbsp;5341064 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $75,489,089) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $75,489,089) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $75,489,089) | &nbsp;&nbsp;**66090507** |
| &nbsp;&nbsp;**Corporate Bonds & Notes 27.5%** | &nbsp;&nbsp;**Corporate Bonds & Notes 27.5%** | &nbsp;&nbsp;**Corporate Bonds & Notes 27.5%** | &nbsp;&nbsp;**Corporate Bonds & Notes 27.5%** |
| &nbsp;&nbsp;**Aerospace & Defense 0.3%** | &nbsp;&nbsp;**Aerospace & Defense 0.3%** | &nbsp;&nbsp;**Aerospace & Defense 0.3%** | &nbsp;&nbsp;**Aerospace & Defense 0.3%** |
| &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;Lockheed Martin Corp. |
| &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;5.250% | 1302000 | &nbsp;&nbsp;&nbsp;&nbsp;1346071 |
| &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;Raytheon Technologies Corp. |
| &nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;3.125% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880554 |
| &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.625% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966545 |
| &nbsp;&nbsp;United Technologies Corp. | &nbsp;&nbsp;United Technologies Corp. | &nbsp;&nbsp;United Technologies Corp. | &nbsp;&nbsp;United Technologies Corp. |
| &nbsp;&nbsp;11/16/2028 | &nbsp;&nbsp;4.125% | 3575000 | &nbsp;&nbsp;&nbsp;&nbsp;3426026 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6619196** |
| &nbsp;&nbsp;**Agencies 0.1%** | &nbsp;&nbsp;**Agencies 0.1%** | &nbsp;&nbsp;**Agencies 0.1%** | &nbsp;&nbsp;**Agencies 0.1%** |
| &nbsp;&nbsp;Tennessee Valley Authority | &nbsp;&nbsp;Tennessee Valley Authority | &nbsp;&nbsp;Tennessee Valley Authority | &nbsp;&nbsp;Tennessee Valley Authority |
| &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;1.500% | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;1648529 |
| &nbsp;&nbsp;**Airlines 0.5%** | &nbsp;&nbsp;**Airlines 0.5%** | &nbsp;&nbsp;**Airlines 0.5%** | &nbsp;&nbsp;**Airlines 0.5%** |
| &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;04/20/2026 | &nbsp;&nbsp;5.500% | 4938308 | &nbsp;&nbsp;&nbsp;&nbsp;4748986 |
| &nbsp;&nbsp;British Airways Pass-Through Trust<sup>(b)</sup> | &nbsp;&nbsp;British Airways Pass-Through Trust<sup>(b)</sup> | &nbsp;&nbsp;British Airways Pass-Through Trust<sup>(b)</sup> | &nbsp;&nbsp;British Airways Pass-Through Trust<sup>(b)</sup> |
| &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;2.900% | &nbsp;&nbsp;&nbsp;819690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663105 |
| &nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;10/20/2028 | &nbsp;&nbsp;4.750% | 2577000 | &nbsp;&nbsp;&nbsp;&nbsp;2427300 |
| &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;06/20/2027 | &nbsp;&nbsp;6.500% | 2036851 | &nbsp;&nbsp;&nbsp;&nbsp;2029410 |
| &nbsp;&nbsp;United Airlines Pass-Through Trust | &nbsp;&nbsp;United Airlines Pass-Through Trust | &nbsp;&nbsp;United Airlines Pass-Through Trust | &nbsp;&nbsp;United Airlines Pass-Through Trust |
| &nbsp;&nbsp;Series 2020-1 Class B | &nbsp;&nbsp;Series 2020-1 Class B | &nbsp;&nbsp;Series 2020-1 Class B | &nbsp;&nbsp;Series 2020-1 Class B |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;4.875% | 1636014 | &nbsp;&nbsp;&nbsp;&nbsp;1540103 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**11408904** |
| &nbsp;&nbsp;**Automotive 0.6%** | &nbsp;&nbsp;**Automotive 0.6%** | &nbsp;&nbsp;**Automotive 0.6%** | &nbsp;&nbsp;**Automotive 0.6%** |
| &nbsp;&nbsp;Aptiv PLC | &nbsp;&nbsp;Aptiv PLC | &nbsp;&nbsp;Aptiv PLC | &nbsp;&nbsp;Aptiv PLC |
| &nbsp;&nbsp;12/01/2051 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574995 |
| &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;3.375% | 4245000 | &nbsp;&nbsp;&nbsp;&nbsp;3845013 |
| &nbsp;&nbsp;11/04/2027 | &nbsp;&nbsp;7.350% | 1065000 | &nbsp;&nbsp;&nbsp;&nbsp;1091306 |
| &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. |
| &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;5.150% | 1303000 | &nbsp;&nbsp;&nbsp;&nbsp;1128418 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;General Motors Financial Co., Inc. | &nbsp;&nbsp;General Motors Financial Co., Inc. | &nbsp;&nbsp;General Motors Financial Co., Inc. | &nbsp;&nbsp;General Motors Financial Co., Inc. |
| &nbsp;&nbsp;06/20/2025 | &nbsp;&nbsp;2.750% | 5666000 | &nbsp;&nbsp;&nbsp;&nbsp;5306114 |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;2.400% | 2032000 | &nbsp;&nbsp;&nbsp;&nbsp;1690487 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13636333** |
| &nbsp;&nbsp;**Banking 6.0%** | &nbsp;&nbsp;**Banking 6.0%** | &nbsp;&nbsp;**Banking 6.0%** | &nbsp;&nbsp;**Banking 6.0%** |
| &nbsp;&nbsp;Banco Santander SA<sup>(e)</sup> | &nbsp;&nbsp;Banco Santander SA<sup>(e)</sup> | &nbsp;&nbsp;Banco Santander SA<sup>(e)</sup> | &nbsp;&nbsp;Banco Santander SA<sup>(e)</sup> |
| &nbsp;&nbsp;09/14/2027 | &nbsp;&nbsp;1.722% | 2600000 | &nbsp;&nbsp;&nbsp;&nbsp;2222576 |
| &nbsp;&nbsp;03/24/2028 | &nbsp;&nbsp;4.175% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926788 |
| &nbsp;&nbsp;Bank of America Corp.<sup>(e)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(e)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(e)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(e)</sup> |
| &nbsp;&nbsp;07/22/2027 | &nbsp;&nbsp;1.734% | 7060000 | &nbsp;&nbsp;&nbsp;&nbsp;6188331 |
| &nbsp;&nbsp;11/10/2028 | &nbsp;&nbsp;6.204% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411774 |
| &nbsp;&nbsp;12/20/2028 | &nbsp;&nbsp;3.419% | 6065000 | &nbsp;&nbsp;&nbsp;&nbsp;5501147 |
| &nbsp;&nbsp;10/22/2030 | &nbsp;&nbsp;2.884% | 4902000 | &nbsp;&nbsp;&nbsp;&nbsp;4117713 |
| &nbsp;&nbsp;04/27/2033 | &nbsp;&nbsp;4.571% | 1425000 | &nbsp;&nbsp;&nbsp;&nbsp;1305652 |
| &nbsp;&nbsp;07/22/2033 | &nbsp;&nbsp;5.015% | 1775000 | &nbsp;&nbsp;&nbsp;&nbsp;1684086 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/21/2036 | &nbsp;&nbsp;2.482% | 2225000 | &nbsp;&nbsp;&nbsp;&nbsp;1640302 |
| &nbsp;&nbsp;Bank of Ireland Group PLC<sup>(b),(e)</sup> | &nbsp;&nbsp;Bank of Ireland Group PLC<sup>(b),(e)</sup> | &nbsp;&nbsp;Bank of Ireland Group PLC<sup>(b),(e)</sup> | &nbsp;&nbsp;Bank of Ireland Group PLC<sup>(b),(e)</sup> |
| &nbsp;&nbsp;09/30/2027 | &nbsp;&nbsp;2.029% | 1244000 | &nbsp;&nbsp;&nbsp;&nbsp;1050280 |
| &nbsp;&nbsp;Bank of Nova Scotia (The) | &nbsp;&nbsp;Bank of Nova Scotia (The) | &nbsp;&nbsp;Bank of Nova Scotia (The) | &nbsp;&nbsp;Bank of Nova Scotia (The) |
| &nbsp;&nbsp;12/06/2024 | &nbsp;&nbsp;5.250% | 1932000 | &nbsp;&nbsp;&nbsp;&nbsp;1933983 |
| &nbsp;&nbsp;Citigroup, Inc.<sup>(e)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(e)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(e)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(e)</sup> |
| &nbsp;&nbsp;02/24/2028 | &nbsp;&nbsp;3.070% | 2381000 | &nbsp;&nbsp;&nbsp;&nbsp;2148417 |
| &nbsp;&nbsp;07/24/2028 | &nbsp;&nbsp;3.668% | 1355000 | &nbsp;&nbsp;&nbsp;&nbsp;1244472 |
| &nbsp;&nbsp;10/27/2028 | &nbsp;&nbsp;3.520% | 4244000 | &nbsp;&nbsp;&nbsp;&nbsp;3865320 |
| &nbsp;&nbsp;03/17/2033 | &nbsp;&nbsp;3.785% | 1190000 | &nbsp;&nbsp;&nbsp;&nbsp;1020609 |
| &nbsp;&nbsp;Deutsche Bank AG<sup>(e)</sup> | &nbsp;&nbsp;Deutsche Bank AG<sup>(e)</sup> | &nbsp;&nbsp;Deutsche Bank AG<sup>(e)</sup> | &nbsp;&nbsp;Deutsche Bank AG<sup>(e)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/24/2028 | &nbsp;&nbsp;4.296% | 6286000 | &nbsp;&nbsp;&nbsp;&nbsp;5905383 |
| &nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;FNB Corp. |
| &nbsp;&nbsp;02/24/2023 | &nbsp;&nbsp;2.200% | 3670000 | &nbsp;&nbsp;&nbsp;&nbsp;3647755 |
| &nbsp;&nbsp;Goldman Sachs Group Inc (The)<sup>(e)</sup> | &nbsp;&nbsp;Goldman Sachs Group Inc (The)<sup>(e)</sup> | &nbsp;&nbsp;Goldman Sachs Group Inc (The)<sup>(e)</sup> | &nbsp;&nbsp;Goldman Sachs Group Inc (The)<sup>(e)</sup> |
| &nbsp;&nbsp;01/27/2032 | &nbsp;&nbsp;1.992% | 5090000 | &nbsp;&nbsp;&nbsp;&nbsp;3874667 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(e)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(e)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(e)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(e)</sup> |
| &nbsp;&nbsp;01/24/2025 | &nbsp;&nbsp;1.757% | 4350000 | &nbsp;&nbsp;&nbsp;&nbsp;4163046 |
| &nbsp;&nbsp;10/21/2027 | &nbsp;&nbsp;1.948% | 4381000 | &nbsp;&nbsp;&nbsp;&nbsp;3823390 |
| &nbsp;&nbsp;02/24/2028 | &nbsp;&nbsp;2.640% | 4325000 | &nbsp;&nbsp;&nbsp;&nbsp;3848087 |
| &nbsp;&nbsp;04/23/2029 | &nbsp;&nbsp;3.814% | &nbsp;&nbsp;&nbsp;649000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590454 |
| &nbsp;&nbsp;HSBC Holdings PLC<sup>(e)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(e)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(e)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(e)</sup> |
| &nbsp;&nbsp;05/24/2032 | &nbsp;&nbsp;2.804% | 1755000 | &nbsp;&nbsp;&nbsp;&nbsp;1354726 |
| &nbsp;&nbsp;08/11/2033 | &nbsp;&nbsp;5.402% | 3015000 | &nbsp;&nbsp;&nbsp;&nbsp;2800716 |
| &nbsp;&nbsp;Huntington National Bank (The) | &nbsp;&nbsp;Huntington National Bank (The) | &nbsp;&nbsp;Huntington National Bank (The) | &nbsp;&nbsp;Huntington National Bank (The) |
| &nbsp;&nbsp;01/10/2030 | &nbsp;&nbsp;5.650% | 3095000 | &nbsp;&nbsp;&nbsp;&nbsp;3107732 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(e)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(e)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(e)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(e)</sup> |
| &nbsp;&nbsp;04/22/2027 | &nbsp;&nbsp;1.578% | 2170000 | &nbsp;&nbsp;&nbsp;&nbsp;1909920 |
| &nbsp;&nbsp;02/24/2028 | &nbsp;&nbsp;2.947% | 4650000 | &nbsp;&nbsp;&nbsp;&nbsp;4209234 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;2.069% | 5700000 | &nbsp;&nbsp;&nbsp;&nbsp;4760122 |
| &nbsp;&nbsp;04/22/2031 | &nbsp;&nbsp;2.522% | 9197000 | &nbsp;&nbsp;&nbsp;&nbsp;7524295 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Morgan Stanley<sup>(e)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(e)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(e)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(e)</sup> |
| &nbsp;&nbsp;01/25/2024 | &nbsp;&nbsp;0.529% | 8081000 | &nbsp;&nbsp;&nbsp;&nbsp;8031135 |
| &nbsp;&nbsp;10/21/2025 | &nbsp;&nbsp;1.164% | 4786000 | &nbsp;&nbsp;&nbsp;&nbsp;4403735 |
| &nbsp;&nbsp;02/18/2026 | &nbsp;&nbsp;2.630% | 5368000 | &nbsp;&nbsp;&nbsp;&nbsp;5044783 |
| &nbsp;&nbsp;01/22/2031 | &nbsp;&nbsp;2.699% | 3455000 | &nbsp;&nbsp;&nbsp;&nbsp;2859285 |
| &nbsp;&nbsp;10/20/2032 | &nbsp;&nbsp;2.511% | 2055000 | &nbsp;&nbsp;&nbsp;&nbsp;1606160 |
| &nbsp;&nbsp;10/18/2033 | &nbsp;&nbsp;6.342% | 2495000 | &nbsp;&nbsp;&nbsp;&nbsp;2610233 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/16/2036 | &nbsp;&nbsp;2.484% | 1036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755693 |
| &nbsp;&nbsp;National Australia Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp;National Australia Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp;National Australia Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp;National Australia Bank Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;08/21/2030 | &nbsp;&nbsp;2.332% | 1736000 | &nbsp;&nbsp;&nbsp;&nbsp;1318512 |
| &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(e)</sup> | &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(e)</sup> | &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(e)</sup> | &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(e)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;3.400% | 2304000 | &nbsp;&nbsp;&nbsp;&nbsp;1824330 |
| &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;Royal Bank of Canada |
| &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;6.000% | 3135000 | &nbsp;&nbsp;&nbsp;&nbsp;3264525 |
| &nbsp;&nbsp;Toronto-Dominion Bank (The) | &nbsp;&nbsp;Toronto-Dominion Bank (The) | &nbsp;&nbsp;Toronto-Dominion Bank (The) | &nbsp;&nbsp;Toronto-Dominion Bank (The) |
| &nbsp;&nbsp;09/10/2031 | &nbsp;&nbsp;2.000% | 1897000 | &nbsp;&nbsp;&nbsp;&nbsp;1493341 |
| &nbsp;&nbsp;01/12/2032 | &nbsp;&nbsp;2.450% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1617219 |
| &nbsp;&nbsp;06/08/2032 | &nbsp;&nbsp;4.456% | 1094000 | &nbsp;&nbsp;&nbsp;&nbsp;1039981 |
| &nbsp;&nbsp;Truist Financial Corp.<sup>(e)</sup> | &nbsp;&nbsp;Truist Financial Corp.<sup>(e)</sup> | &nbsp;&nbsp;Truist Financial Corp.<sup>(e)</sup> | &nbsp;&nbsp;Truist Financial Corp.<sup>(e)</sup> |
| &nbsp;&nbsp;06/06/2028 | &nbsp;&nbsp;4.123% | &nbsp;&nbsp;&nbsp;984000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942008 |
| &nbsp;&nbsp;UBS Group AG<sup>(b),(e)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(b),(e)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(b),(e)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(b),(e)</sup> |
| &nbsp;&nbsp;08/10/2027 | &nbsp;&nbsp;1.494% | 4792000 | &nbsp;&nbsp;&nbsp;&nbsp;4121801 |
| &nbsp;&nbsp;US Bancorp<sup>(e)</sup> | &nbsp;&nbsp;US Bancorp<sup>(e)</sup> | &nbsp;&nbsp;US Bancorp<sup>(e)</sup> | &nbsp;&nbsp;US Bancorp<sup>(e)</sup> |
| &nbsp;&nbsp;10/21/2033 | &nbsp;&nbsp;5.850% | 1035000 | &nbsp;&nbsp;&nbsp;&nbsp;1075054 |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(e)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(e)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(e)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(e)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;4.540% | 1490000 | &nbsp;&nbsp;&nbsp;&nbsp;1461488 |
| &nbsp;&nbsp;03/02/2033 | &nbsp;&nbsp;3.350% | 1458000 | &nbsp;&nbsp;&nbsp;&nbsp;1226062 |
| &nbsp;&nbsp;04/30/2041 | &nbsp;&nbsp;3.068% | 3995000 | &nbsp;&nbsp;&nbsp;&nbsp;2855975 |
| &nbsp;&nbsp;04/25/2053 | &nbsp;&nbsp;4.611% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935378 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**135267675** |
| &nbsp;&nbsp;**Building Materials 0.4%** | &nbsp;&nbsp;**Building Materials 0.4%** | &nbsp;&nbsp;**Building Materials 0.4%** | &nbsp;&nbsp;**Building Materials 0.4%** |
| &nbsp;&nbsp;Builders FirstSource, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Builders FirstSource, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Builders FirstSource, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Builders FirstSource, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;5.000% | 5888000 | &nbsp;&nbsp;&nbsp;&nbsp;5248919 |
| &nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;Eagle Materials, Inc. |
| &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;2.500% | 2119000 | &nbsp;&nbsp;&nbsp;&nbsp;1657153 |
| &nbsp;&nbsp;Standard Industries, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;4.375% | 2646000 | &nbsp;&nbsp;&nbsp;&nbsp;2167486 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**9073558** |
| &nbsp;&nbsp;**Cable and Satellite 0.6%** | &nbsp;&nbsp;**Cable and Satellite 0.6%** | &nbsp;&nbsp;**Cable and Satellite 0.6%** | &nbsp;&nbsp;**Cable and Satellite 0.6%** |
| &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital |
| &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;5.125% | 1340000 | &nbsp;&nbsp;&nbsp;&nbsp;1022508 |
| &nbsp;&nbsp;04/01/2051 | &nbsp;&nbsp;3.700% | 1910000 | &nbsp;&nbsp;&nbsp;&nbsp;1162719 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Comcast Corp. | &nbsp;&nbsp;Comcast Corp. | &nbsp;&nbsp;Comcast Corp. | &nbsp;&nbsp;Comcast Corp. |
| &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;5.650% | 1760000 | &nbsp;&nbsp;&nbsp;&nbsp;1840827 |
| &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;6.500% | 1410000 | &nbsp;&nbsp;&nbsp;&nbsp;1567901 |
| &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;3.750% | 2780000 | &nbsp;&nbsp;&nbsp;&nbsp;2295339 |
| &nbsp;&nbsp;11/01/2056 | &nbsp;&nbsp;2.937% | 1940000 | &nbsp;&nbsp;&nbsp;&nbsp;1216818 |
| &nbsp;&nbsp;DISH DBS Corp.<sup>(b)</sup> | &nbsp;&nbsp;DISH DBS Corp.<sup>(b)</sup> | &nbsp;&nbsp;DISH DBS Corp.<sup>(b)</sup> | &nbsp;&nbsp;DISH DBS Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;5.250% | 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953188 |
| &nbsp;&nbsp;Time Warner Cable LLC | &nbsp;&nbsp;Time Warner Cable LLC | &nbsp;&nbsp;Time Warner Cable LLC | &nbsp;&nbsp;Time Warner Cable LLC |
| &nbsp;&nbsp;09/15/2042 | &nbsp;&nbsp;4.500% | 3140000 | &nbsp;&nbsp;&nbsp;&nbsp;2307944 |
| &nbsp;&nbsp;VTR Finance NV<sup>(b)</sup> | &nbsp;&nbsp;VTR Finance NV<sup>(b)</sup> | &nbsp;&nbsp;VTR Finance NV<sup>(b)</sup> | &nbsp;&nbsp;VTR Finance NV<sup>(b)</sup> |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;6.375% | 3866000 | &nbsp;&nbsp;&nbsp;&nbsp;1508957 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13876201** |
| &nbsp;&nbsp;**Chemicals 0.2%** | &nbsp;&nbsp;**Chemicals 0.2%** | &nbsp;&nbsp;**Chemicals 0.2%** | &nbsp;&nbsp;**Chemicals 0.2%** |
| &nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;Albemarle Corp. |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;4.650% | 2931000 | &nbsp;&nbsp;&nbsp;&nbsp;2865985 |
| &nbsp;&nbsp;CF Industries, Inc. | &nbsp;&nbsp;CF Industries, Inc. | &nbsp;&nbsp;CF Industries, Inc. | &nbsp;&nbsp;CF Industries, Inc. |
| &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;5.150% | 1009000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953516 |
| &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;4.950% | 1480000 | &nbsp;&nbsp;&nbsp;&nbsp;1263159 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5082660** |
| &nbsp;&nbsp;**Construction Machinery 0.4%** | &nbsp;&nbsp;**Construction Machinery 0.4%** | &nbsp;&nbsp;**Construction Machinery 0.4%** | &nbsp;&nbsp;**Construction Machinery 0.4%** |
| &nbsp;&nbsp;Ashtead Capital, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Ashtead Capital, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Ashtead Capital, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Ashtead Capital, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;08/11/2032 | &nbsp;&nbsp;5.500% | 2370000 | &nbsp;&nbsp;&nbsp;&nbsp;2271396 |
| &nbsp;&nbsp;John Deere Capital Corp. | &nbsp;&nbsp;John Deere Capital Corp. | &nbsp;&nbsp;John Deere Capital Corp. | &nbsp;&nbsp;John Deere Capital Corp. |
| &nbsp;&nbsp;10/11/2029 | &nbsp;&nbsp;4.850% | 1042000 | &nbsp;&nbsp;&nbsp;&nbsp;1042383 |
| &nbsp;&nbsp;09/15/2032 | &nbsp;&nbsp;4.350% | 3110000 | &nbsp;&nbsp;&nbsp;&nbsp;3019786 |
| &nbsp;&nbsp;United Rentals North America, Inc.<sup>(b)</sup> | &nbsp;&nbsp;United Rentals North America, Inc.<sup>(b)</sup> | &nbsp;&nbsp;United Rentals North America, Inc.<sup>(b)</sup> | &nbsp;&nbsp;United Rentals North America, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;6.000% | 2290000 | &nbsp;&nbsp;&nbsp;&nbsp;2278550 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8612115** |
| &nbsp;&nbsp;**Consumer Cyclical Services 0.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.1%** |
| &nbsp;&nbsp;Block Financial LLC | &nbsp;&nbsp;Block Financial LLC | &nbsp;&nbsp;Block Financial LLC | &nbsp;&nbsp;Block Financial LLC |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;3.875% | 2991000 | &nbsp;&nbsp;&nbsp;&nbsp;2619710 |
| &nbsp;&nbsp;**Consumer Products 0.3%** | &nbsp;&nbsp;**Consumer Products 0.3%** | &nbsp;&nbsp;**Consumer Products 0.3%** | &nbsp;&nbsp;**Consumer Products 0.3%** |
| &nbsp;&nbsp;Clorox Co. (The) | &nbsp;&nbsp;Clorox Co. (The) | &nbsp;&nbsp;Clorox Co. (The) | &nbsp;&nbsp;Clorox Co. (The) |
| &nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;4.600% | 4440000 | &nbsp;&nbsp;&nbsp;&nbsp;4261332 |
| &nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC | &nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC | &nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC | &nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC |
| &nbsp;&nbsp;03/24/2052 | &nbsp;&nbsp;4.000% | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898532 |
| &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;3.875% | 2336000 | &nbsp;&nbsp;&nbsp;&nbsp;1828712 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6988576** |
| &nbsp;&nbsp;**Diversified Manufacturing 0.2%** | &nbsp;&nbsp;**Diversified Manufacturing 0.2%** | &nbsp;&nbsp;**Diversified Manufacturing 0.2%** | &nbsp;&nbsp;**Diversified Manufacturing 0.2%** |
| &nbsp;&nbsp;Chart Industries, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;7.500% | 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;1114606 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Wabtec Corp.<sup>(e)</sup> | &nbsp;&nbsp;Wabtec Corp.<sup>(e)</sup> | &nbsp;&nbsp;Wabtec Corp.<sup>(e)</sup> | &nbsp;&nbsp;Wabtec Corp.<sup>(e)</sup> |
| &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;4.950% | 3442000 | &nbsp;&nbsp;3308275 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4422881** |
| &nbsp;&nbsp;**Electric 2.7%** | &nbsp;&nbsp;**Electric 2.7%** | &nbsp;&nbsp;**Electric 2.7%** | &nbsp;&nbsp;**Electric 2.7%** |
| &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. | &nbsp;&nbsp;AEP Texas, Inc. |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;2.100% | 2760000 | &nbsp;&nbsp;2234151 |
| &nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;Ameren Corp. |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;3.500% | 2975000 | &nbsp;&nbsp;2626219 |
| &nbsp;&nbsp;Ameren Illinois Co. | &nbsp;&nbsp;Ameren Illinois Co. | &nbsp;&nbsp;Ameren Illinois Co. | &nbsp;&nbsp;Ameren Illinois Co. |
| &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;3.850% | 1195000 | &nbsp;&nbsp;1112383 |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;5.900% | &nbsp;&nbsp;&nbsp;656000 | &nbsp;&nbsp;&nbsp;&nbsp;721545 |
| &nbsp;&nbsp;Baltimore Gas and Electric Co. | &nbsp;&nbsp;Baltimore Gas and Electric Co. | &nbsp;&nbsp;Baltimore Gas and Electric Co. | &nbsp;&nbsp;Baltimore Gas and Electric Co. |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;2.250% | 1623000 | &nbsp;&nbsp;1316583 |
| &nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;&nbsp;867000 | &nbsp;&nbsp;&nbsp;&nbsp;775450 |
| &nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | &nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | &nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | &nbsp;&nbsp;CenterPoint Energy Houston Electric LLC |
| &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;4.450% | 2520000 | &nbsp;&nbsp;2436870 |
| &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;2.650% | 1923000 | &nbsp;&nbsp;1584780 |
| &nbsp;&nbsp;Commonwealth Edison Co. | &nbsp;&nbsp;Commonwealth Edison Co. | &nbsp;&nbsp;Commonwealth Edison Co. | &nbsp;&nbsp;Commonwealth Edison Co. |
| &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;3.200% | 2730000 | &nbsp;&nbsp;1942969 |
| &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;Dominion Energy, Inc. |
| &nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;4.900% | 1890000 | &nbsp;&nbsp;1670230 |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;4.850% | 1470000 | &nbsp;&nbsp;1276684 |
| &nbsp;&nbsp;Duke Energy Carolinas LLC | &nbsp;&nbsp;Duke Energy Carolinas LLC | &nbsp;&nbsp;Duke Energy Carolinas LLC | &nbsp;&nbsp;Duke Energy Carolinas LLC |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;2.550% | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;877552 |
| &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;2.550% | 1160000 | &nbsp;&nbsp;&nbsp;&nbsp;946654 |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;5.000% | 1540000 | &nbsp;&nbsp;1381602 |
| &nbsp;&nbsp;Duke Energy Florida LLC | &nbsp;&nbsp;Duke Energy Florida LLC | &nbsp;&nbsp;Duke Energy Florida LLC | &nbsp;&nbsp;Duke Energy Florida LLC |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;1.750% | 1845000 | &nbsp;&nbsp;1470082 |
| &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;273404 |
| &nbsp;&nbsp;11/15/2052 | &nbsp;&nbsp;5.950% | &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;936452 |
| &nbsp;&nbsp;Duke Energy Progress LLC | &nbsp;&nbsp;Duke Energy Progress LLC | &nbsp;&nbsp;Duke Energy Progress LLC | &nbsp;&nbsp;Duke Energy Progress LLC |
| &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;4.150% | 3185000 | &nbsp;&nbsp;2664473 |
| &nbsp;&nbsp;Entergy Arkansas LLC | &nbsp;&nbsp;Entergy Arkansas LLC | &nbsp;&nbsp;Entergy Arkansas LLC | &nbsp;&nbsp;Entergy Arkansas LLC |
| &nbsp;&nbsp;06/15/2051 | &nbsp;&nbsp;2.650% | 1410000 | &nbsp;&nbsp;&nbsp;&nbsp;865191 |
| &nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;Exelon Corp. |
| &nbsp;&nbsp;04/15/2046 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;767480 |
| &nbsp;&nbsp;Exelon Corp.<sup>(b)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(b)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(b)</sup> | &nbsp;&nbsp;Exelon Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;&nbsp;513000 | &nbsp;&nbsp;&nbsp;&nbsp;412590 |
| &nbsp;&nbsp;FEL Energy VI Sarl<sup>(b)</sup> | &nbsp;&nbsp;FEL Energy VI Sarl<sup>(b)</sup> | &nbsp;&nbsp;FEL Energy VI Sarl<sup>(b)</sup> | &nbsp;&nbsp;FEL Energy VI Sarl<sup>(b)</sup> |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;5.750% | 4342565 | &nbsp;&nbsp;3718389 |
| &nbsp;&nbsp;Florida Power & Light Co. | &nbsp;&nbsp;Florida Power & Light Co. | &nbsp;&nbsp;Florida Power & Light Co. | &nbsp;&nbsp;Florida Power & Light Co. |
| &nbsp;&nbsp;02/03/2032 | &nbsp;&nbsp;2.450% | 1443000 | &nbsp;&nbsp;1206293 |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;4.125% | 1840000 | &nbsp;&nbsp;1593654 |
| &nbsp;&nbsp;MidAmerican Energy Co. | &nbsp;&nbsp;MidAmerican Energy Co. | &nbsp;&nbsp;MidAmerican Energy Co. | &nbsp;&nbsp;MidAmerican Energy Co. |
| &nbsp;&nbsp;10/15/2044 | &nbsp;&nbsp;4.400% | 2030000 | &nbsp;&nbsp;1785504 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;5.000% | 2265000 | &nbsp;&nbsp;&nbsp;&nbsp;2229070 |
| &nbsp;&nbsp;Northern States Power Co. | &nbsp;&nbsp;Northern States Power Co. | &nbsp;&nbsp;Northern States Power Co. | &nbsp;&nbsp;Northern States Power Co. |
| &nbsp;&nbsp;04/01/2052 | &nbsp;&nbsp;3.200% | 1685000 | &nbsp;&nbsp;&nbsp;&nbsp;1207518 |
| &nbsp;&nbsp;NRG Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;12/02/2025 | &nbsp;&nbsp;2.000% | 5835000 | &nbsp;&nbsp;&nbsp;&nbsp;5199992 |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;3.875% | 1567000 | &nbsp;&nbsp;&nbsp;&nbsp;1181436 |
| &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. |
| &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;4.200% | 1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816223 |
| &nbsp;&nbsp;PacifiCorp | &nbsp;&nbsp;PacifiCorp | &nbsp;&nbsp;PacifiCorp | &nbsp;&nbsp;PacifiCorp |
| &nbsp;&nbsp;03/15/2051 | &nbsp;&nbsp;3.300% | 2070000 | &nbsp;&nbsp;&nbsp;&nbsp;1492205 |
| &nbsp;&nbsp;PECO Energy Co. | &nbsp;&nbsp;PECO Energy Co. | &nbsp;&nbsp;PECO Energy Co. | &nbsp;&nbsp;PECO Energy Co. |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;4.375% | 2270000 | &nbsp;&nbsp;&nbsp;&nbsp;2005342 |
| &nbsp;&nbsp;Public Service Electric and Gas Co. | &nbsp;&nbsp;Public Service Electric and Gas Co. | &nbsp;&nbsp;Public Service Electric and Gas Co. | &nbsp;&nbsp;Public Service Electric and Gas Co. |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;3.100% | 1753000 | &nbsp;&nbsp;&nbsp;&nbsp;1535010 |
| &nbsp;&nbsp;Union Electric Co. | &nbsp;&nbsp;Union Electric Co. | &nbsp;&nbsp;Union Electric Co. | &nbsp;&nbsp;Union Electric Co. |
| &nbsp;&nbsp;04/01/2052 | &nbsp;&nbsp;3.900% | 1456000 | &nbsp;&nbsp;&nbsp;&nbsp;1181864 |
| &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;WEC Energy Group, Inc. |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;1.375% | 3690000 | &nbsp;&nbsp;&nbsp;&nbsp;3135487 |
| &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;3.400% | 2445000 | &nbsp;&nbsp;&nbsp;&nbsp;2180809 |
| &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;&nbsp;869000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832698 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**59594838** |
| &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** |
| &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;Waste Connections, Inc. |
| &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;3.200% | 2501000 | &nbsp;&nbsp;&nbsp;&nbsp;2140844 |
| &nbsp;&nbsp;**Finance Companies 0.4%** | &nbsp;&nbsp;**Finance Companies 0.4%** | &nbsp;&nbsp;**Finance Companies 0.4%** | &nbsp;&nbsp;**Finance Companies 0.4%** |
| &nbsp;&nbsp;AerCap Ireland Capital DAC/Global Aviation Trust | &nbsp;&nbsp;AerCap Ireland Capital DAC/Global Aviation Trust | &nbsp;&nbsp;AerCap Ireland Capital DAC/Global Aviation Trust | &nbsp;&nbsp;AerCap Ireland Capital DAC/Global Aviation Trust |
| &nbsp;&nbsp;10/29/2024 | &nbsp;&nbsp;1.650% | &nbsp;&nbsp;&nbsp;873000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806164 |
| &nbsp;&nbsp;10/29/2026 | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140804 |
| &nbsp;&nbsp;Aircastle Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Aircastle Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Aircastle Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Aircastle Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;08/11/2025 | &nbsp;&nbsp;5.250% | 2396000 | &nbsp;&nbsp;&nbsp;&nbsp;2306885 |
| &nbsp;&nbsp;Aircastle Ltd.<sup>(b),(e)</sup> | &nbsp;&nbsp;Aircastle Ltd.<sup>(b),(e)</sup> | &nbsp;&nbsp;Aircastle Ltd.<sup>(b),(e)</sup> | &nbsp;&nbsp;Aircastle Ltd.<sup>(b),(e)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;5.250% | 4445000 | &nbsp;&nbsp;&nbsp;&nbsp;3330844 |
| &nbsp;&nbsp;FS KKR Capital Corp.<sup>(b)</sup> | &nbsp;&nbsp;FS KKR Capital Corp.<sup>(b)</sup> | &nbsp;&nbsp;FS KKR Capital Corp.<sup>(b)</sup> | &nbsp;&nbsp;FS KKR Capital Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;02/14/2025 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;782000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734715 |
| &nbsp;&nbsp;Golub Capital BDC, Inc. | &nbsp;&nbsp;Golub Capital BDC, Inc. | &nbsp;&nbsp;Golub Capital BDC, Inc. | &nbsp;&nbsp;Golub Capital BDC, Inc. |
| &nbsp;&nbsp;08/24/2026 | &nbsp;&nbsp;2.500% | 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943060 |
| &nbsp;&nbsp;Owl Rock Capital Corp. | &nbsp;&nbsp;Owl Rock Capital Corp. | &nbsp;&nbsp;Owl Rock Capital Corp. | &nbsp;&nbsp;Owl Rock Capital Corp. |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377375 |
| &nbsp;&nbsp;OWL Rock Core Income Corp. | &nbsp;&nbsp;OWL Rock Core Income Corp. | &nbsp;&nbsp;OWL Rock Core Income Corp. | &nbsp;&nbsp;OWL Rock Core Income Corp. |
| &nbsp;&nbsp;09/23/2026 | &nbsp;&nbsp;3.125% | 1310000 | &nbsp;&nbsp;&nbsp;&nbsp;1121343 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**9761190** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Food and Beverage 1.2%** | &nbsp;&nbsp;**Food and Beverage 1.2%** | &nbsp;&nbsp;**Food and Beverage 1.2%** | &nbsp;&nbsp;**Food and Beverage 1.2%** |
| &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. |
| &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;4.900% | 4685000 | &nbsp;&nbsp;&nbsp;&nbsp;4287240 |
| &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. |
| &nbsp;&nbsp;01/23/2029 | &nbsp;&nbsp;4.750% | 4415000 | &nbsp;&nbsp;&nbsp;&nbsp;4363840 |
| &nbsp;&nbsp;JDE Peet's NV<sup>(b)</sup> | &nbsp;&nbsp;JDE Peet's NV<sup>(b)</sup> | &nbsp;&nbsp;JDE Peet's NV<sup>(b)</sup> | &nbsp;&nbsp;JDE Peet's NV<sup>(b)</sup> |
| &nbsp;&nbsp;09/24/2031 | &nbsp;&nbsp;2.250% | 3195000 | &nbsp;&nbsp;&nbsp;&nbsp;2381291 |
| &nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;Keurig Dr Pepper, Inc. |
| &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;4.050% | 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978174 |
| &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;3.875% | 2050000 | &nbsp;&nbsp;&nbsp;&nbsp;1958654 |
| &nbsp;&nbsp;06/04/2042 | &nbsp;&nbsp;5.000% | 2499000 | &nbsp;&nbsp;&nbsp;&nbsp;2257522 |
| &nbsp;&nbsp;Mondelez International, Inc. | &nbsp;&nbsp;Mondelez International, Inc. | &nbsp;&nbsp;Mondelez International, Inc. | &nbsp;&nbsp;Mondelez International, Inc. |
| &nbsp;&nbsp;03/17/2027 | &nbsp;&nbsp;2.625% | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;1907117 |
| &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;PepsiCo, Inc. |
| &nbsp;&nbsp;07/18/2032 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;&nbsp;873000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825537 |
| &nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;Sysco Corp. |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;5.950% | 5300000 | &nbsp;&nbsp;&nbsp;&nbsp;5495870 |
| &nbsp;&nbsp;United Natural Foods, Inc.<sup>(b)</sup> | &nbsp;&nbsp;United Natural Foods, Inc.<sup>(b)</sup> | &nbsp;&nbsp;United Natural Foods, Inc.<sup>(b)</sup> | &nbsp;&nbsp;United Natural Foods, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;6.750% | 3140000 | &nbsp;&nbsp;&nbsp;&nbsp;3020221 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**27475466** |
| &nbsp;&nbsp;**Gaming 0.8%** | &nbsp;&nbsp;**Gaming 0.8%** | &nbsp;&nbsp;**Gaming 0.8%** | &nbsp;&nbsp;**Gaming 0.8%** |
| &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;4.625% | 1616000 | &nbsp;&nbsp;&nbsp;&nbsp;1314129 |
| &nbsp;&nbsp;GLP Capital LP/Financing II, Inc. | &nbsp;&nbsp;GLP Capital LP/Financing II, Inc. | &nbsp;&nbsp;GLP Capital LP/Financing II, Inc. | &nbsp;&nbsp;GLP Capital LP/Financing II, Inc. |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;5.375% | 2485000 | &nbsp;&nbsp;&nbsp;&nbsp;2450344 |
| &nbsp;&nbsp;International Game Technology PLC<sup>(b)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(b)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(b)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(b)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;5.250% | 6160000 | &nbsp;&nbsp;&nbsp;&nbsp;5781901 |
| &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.125% | 2108000 | &nbsp;&nbsp;&nbsp;&nbsp;1667632 |
| &nbsp;&nbsp;Scientific Games International, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;7.250% | 3281000 | &nbsp;&nbsp;&nbsp;&nbsp;3148234 |
| &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(b)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(b)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(b)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;4.125% | 2770000 | &nbsp;&nbsp;&nbsp;&nbsp;2421064 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**16783304** |
| &nbsp;&nbsp;**Health Care 1.1%** | &nbsp;&nbsp;**Health Care 1.1%** | &nbsp;&nbsp;**Health Care 1.1%** | &nbsp;&nbsp;**Health Care 1.1%** |
| &nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;Baxter International, Inc. |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;1.915% | 3375000 | &nbsp;&nbsp;&nbsp;&nbsp;2997254 |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;2.539% | 3270000 | &nbsp;&nbsp;&nbsp;&nbsp;2604552 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. |
| &nbsp;&nbsp;03/25/2038 | &nbsp;&nbsp;4.780% | 1955000 | &nbsp;&nbsp;&nbsp;&nbsp;1791309 |
| &nbsp;&nbsp;03/25/2048 | &nbsp;&nbsp;5.050% | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;1177983 |
| &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;Danaher Corp. |
| &nbsp;&nbsp;12/10/2051 | &nbsp;&nbsp;2.800% | 2110000 | &nbsp;&nbsp;&nbsp;&nbsp;1403803 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(b)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(b)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(b)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(b)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;5.650% | 4935000 | &nbsp;&nbsp;&nbsp;&nbsp;5007390 |
| &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;2.375% | 1565000 | &nbsp;&nbsp;&nbsp;&nbsp;1215270 |
| &nbsp;&nbsp;Kaiser Foundation Hospitals | &nbsp;&nbsp;Kaiser Foundation Hospitals | &nbsp;&nbsp;Kaiser Foundation Hospitals | &nbsp;&nbsp;Kaiser Foundation Hospitals |
| &nbsp;&nbsp;06/01/2051 | &nbsp;&nbsp;3.002% | 1575000 | &nbsp;&nbsp;&nbsp;&nbsp;1071048 |
| &nbsp;&nbsp;Novant Health, Inc. | &nbsp;&nbsp;Novant Health, Inc. | &nbsp;&nbsp;Novant Health, Inc. | &nbsp;&nbsp;Novant Health, Inc. |
| &nbsp;&nbsp;11/01/2051 | &nbsp;&nbsp;3.168% | 1880000 | &nbsp;&nbsp;&nbsp;&nbsp;1297047 |
| &nbsp;&nbsp;Universal Health Services, Inc. | &nbsp;&nbsp;Universal Health Services, Inc. | &nbsp;&nbsp;Universal Health Services, Inc. | &nbsp;&nbsp;Universal Health Services, Inc. |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;1.650% | 3813000 | &nbsp;&nbsp;&nbsp;&nbsp;3272868 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;2.650% | 4480000 | &nbsp;&nbsp;&nbsp;&nbsp;3561822 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**25400346** |
| &nbsp;&nbsp;**Healthcare Insurance 0.7%** | &nbsp;&nbsp;**Healthcare Insurance 0.7%** | &nbsp;&nbsp;**Healthcare Insurance 0.7%** | &nbsp;&nbsp;**Healthcare Insurance 0.7%** |
| &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. |
| &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;4.625% | 3567000 | &nbsp;&nbsp;&nbsp;&nbsp;3270757 |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;3.375% | 3474000 | &nbsp;&nbsp;&nbsp;&nbsp;2940203 |
| &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;Humana, Inc. |
| &nbsp;&nbsp;02/03/2032 | &nbsp;&nbsp;2.150% | 2730000 | &nbsp;&nbsp;&nbsp;&nbsp;2135388 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. |
| &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;5.350% | 5270000 | &nbsp;&nbsp;&nbsp;&nbsp;5458424 |
| &nbsp;&nbsp;02/15/2053 | &nbsp;&nbsp;5.875% | 1665000 | &nbsp;&nbsp;&nbsp;&nbsp;1807759 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**15612531** |
| &nbsp;&nbsp;**Home Construction 0.2%** | &nbsp;&nbsp;**Home Construction 0.2%** | &nbsp;&nbsp;**Home Construction 0.2%** | &nbsp;&nbsp;**Home Construction 0.2%** |
| &nbsp;&nbsp;DR Horton, Inc. | &nbsp;&nbsp;DR Horton, Inc. | &nbsp;&nbsp;DR Horton, Inc. | &nbsp;&nbsp;DR Horton, Inc. |
| &nbsp;&nbsp;10/15/2024 | &nbsp;&nbsp;2.500% | 2850000 | &nbsp;&nbsp;&nbsp;&nbsp;2711936 |
| &nbsp;&nbsp;KB Home | &nbsp;&nbsp;KB Home | &nbsp;&nbsp;KB Home | &nbsp;&nbsp;KB Home |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;4.800% | 2605000 | &nbsp;&nbsp;&nbsp;&nbsp;2267750 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4979686** |
| &nbsp;&nbsp;**Independent Energy 1.0%** | &nbsp;&nbsp;**Independent Energy 1.0%** | &nbsp;&nbsp;**Independent Energy 1.0%** | &nbsp;&nbsp;**Independent Energy 1.0%** |
| &nbsp;&nbsp;Aker BP ASA<sup>(b)</sup> | &nbsp;&nbsp;Aker BP ASA<sup>(b)</sup> | &nbsp;&nbsp;Aker BP ASA<sup>(b)</sup> | &nbsp;&nbsp;Aker BP ASA<sup>(b)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;3.750% | 3030000 | &nbsp;&nbsp;&nbsp;&nbsp;2665741 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.000% | 1280000 | &nbsp;&nbsp;&nbsp;&nbsp;1124981 |
| &nbsp;&nbsp;Antero Resources Corp.<sup>(b)</sup> | &nbsp;&nbsp;Antero Resources Corp.<sup>(b)</sup> | &nbsp;&nbsp;Antero Resources Corp.<sup>(b)</sup> | &nbsp;&nbsp;Antero Resources Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;7.625% | 1693000 | &nbsp;&nbsp;&nbsp;&nbsp;1714981 |
| &nbsp;&nbsp;Continental Resources, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Continental Resources, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Continental Resources, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Continental Resources, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;2.268% | 2040000 | &nbsp;&nbsp;&nbsp;&nbsp;1769133 |
| &nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;Diamondback Energy, Inc. |
| &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;6.250% | 2140000 | &nbsp;&nbsp;&nbsp;&nbsp;2173378 |
| &nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;EQT Corp. |
| &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;5.700% | 2148000 | &nbsp;&nbsp;&nbsp;&nbsp;2136024 |
| &nbsp;&nbsp;Geopark Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Geopark Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Geopark Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Geopark Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;01/17/2027 | &nbsp;&nbsp;5.500% | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;1940305 |
| &nbsp;&nbsp;MEG Energy Corp.<sup>(b)</sup> | &nbsp;&nbsp;MEG Energy Corp.<sup>(b)</sup> | &nbsp;&nbsp;MEG Energy Corp.<sup>(b)</sup> | &nbsp;&nbsp;MEG Energy Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;5.875% | 4635000 | &nbsp;&nbsp;&nbsp;&nbsp;4373057 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;5.375% | 4742000 | &nbsp;&nbsp;&nbsp;&nbsp;4312534 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**22210134** |
| &nbsp;&nbsp;**Integrated Energy 0.2%** | &nbsp;&nbsp;**Integrated Energy 0.2%** | &nbsp;&nbsp;**Integrated Energy 0.2%** | &nbsp;&nbsp;**Integrated Energy 0.2%** |
| &nbsp;&nbsp;BP Capital Markets America, Inc. | &nbsp;&nbsp;BP Capital Markets America, Inc. | &nbsp;&nbsp;BP Capital Markets America, Inc. | &nbsp;&nbsp;BP Capital Markets America, Inc. |
| &nbsp;&nbsp;06/17/2041 | &nbsp;&nbsp;3.060% | 1720000 | &nbsp;&nbsp;&nbsp;&nbsp;1282734 |
| &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. | &nbsp;&nbsp;Cenovus Energy, Inc. |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;2.650% | 1910000 | &nbsp;&nbsp;&nbsp;&nbsp;1522676 |
| &nbsp;&nbsp;Shell International Finance BV | &nbsp;&nbsp;Shell International Finance BV | &nbsp;&nbsp;Shell International Finance BV | &nbsp;&nbsp;Shell International Finance BV |
| &nbsp;&nbsp;11/07/2029 | &nbsp;&nbsp;2.375% | 2170000 | &nbsp;&nbsp;&nbsp;&nbsp;1876440 |
| &nbsp;&nbsp;05/11/2045 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210239 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4892089** |
| &nbsp;&nbsp;**Leisure 0.0%** | &nbsp;&nbsp;**Leisure 0.0%** | &nbsp;&nbsp;**Leisure 0.0%** | &nbsp;&nbsp;**Leisure 0.0%** |
| &nbsp;&nbsp;Carnival Corp.<sup>(b)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(b)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(b)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;5.750% | 1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977482 |
| &nbsp;&nbsp;**Life Insurance 0.2%** | &nbsp;&nbsp;**Life Insurance 0.2%** | &nbsp;&nbsp;**Life Insurance 0.2%** | &nbsp;&nbsp;**Life Insurance 0.2%** |
| &nbsp;&nbsp;Athene Global Funding<sup>(b)</sup> | &nbsp;&nbsp;Athene Global Funding<sup>(b)</sup> | &nbsp;&nbsp;Athene Global Funding<sup>(b)</sup> | &nbsp;&nbsp;Athene Global Funding<sup>(b)</sup> |
| &nbsp;&nbsp;08/19/2028 | &nbsp;&nbsp;1.985% | 1211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977907 |
| &nbsp;&nbsp;Sammons Financial Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Sammons Financial Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Sammons Financial Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Sammons Financial Group, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;04/08/2032 | &nbsp;&nbsp;4.750% | 1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875939 |
| &nbsp;&nbsp;SBL Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;SBL Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;SBL Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;SBL Holdings, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;11/13/2026 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;548000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478321 |
| &nbsp;&nbsp;SBL Holdings, Inc.<sup>(b),(e)</sup> | &nbsp;&nbsp;SBL Holdings, Inc.<sup>(b),(e)</sup> | &nbsp;&nbsp;SBL Holdings, Inc.<sup>(b),(e)</sup> | &nbsp;&nbsp;SBL Holdings, Inc.<sup>(b),(e)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;6.500% | 2941000 | &nbsp;&nbsp;&nbsp;&nbsp;2227734 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4559901** |
| &nbsp;&nbsp;**Lodging 0.1%** | &nbsp;&nbsp;**Lodging 0.1%** | &nbsp;&nbsp;**Lodging 0.1%** | &nbsp;&nbsp;**Lodging 0.1%** |
| &nbsp;&nbsp;Marriott International, Inc. | &nbsp;&nbsp;Marriott International, Inc. | &nbsp;&nbsp;Marriott International, Inc. | &nbsp;&nbsp;Marriott International, Inc. |
| &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;3.500% | 1437000 | &nbsp;&nbsp;&nbsp;&nbsp;1194462 |
| &nbsp;&nbsp;**Media and Entertainment 0.4%** | &nbsp;&nbsp;**Media and Entertainment 0.4%** | &nbsp;&nbsp;**Media and Entertainment 0.4%** | &nbsp;&nbsp;**Media and Entertainment 0.4%** |
| &nbsp;&nbsp;AMC Networks, Inc. | &nbsp;&nbsp;AMC Networks, Inc. | &nbsp;&nbsp;AMC Networks, Inc. | &nbsp;&nbsp;AMC Networks, Inc. |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;4.250% | 1541000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961521 |
| &nbsp;&nbsp;Fox Corp. | &nbsp;&nbsp;Fox Corp. | &nbsp;&nbsp;Fox Corp. | &nbsp;&nbsp;Fox Corp. |
| &nbsp;&nbsp;01/25/2039 | &nbsp;&nbsp;5.476% | &nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850039 |
| &nbsp;&nbsp;Gray Escrow II, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Gray Escrow II, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Gray Escrow II, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Gray Escrow II, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;5.375% | 3640000 | &nbsp;&nbsp;&nbsp;&nbsp;2634462 |
| &nbsp;&nbsp;Magallanes, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;3.755% | 1551000 | &nbsp;&nbsp;&nbsp;&nbsp;1399844 |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;5.050% | 2338000 | &nbsp;&nbsp;&nbsp;&nbsp;1797924 |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;5.141% | &nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455256 |
| &nbsp;&nbsp;Viacom, Inc. | &nbsp;&nbsp;Viacom, Inc. | &nbsp;&nbsp;Viacom, Inc. | &nbsp;&nbsp;Viacom, Inc. |
| &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670247 |
| &nbsp;&nbsp;ViacomCBS, Inc. | &nbsp;&nbsp;ViacomCBS, Inc. | &nbsp;&nbsp;ViacomCBS, Inc. | &nbsp;&nbsp;ViacomCBS, Inc. |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.950% | 1185000 | &nbsp;&nbsp;&nbsp;&nbsp;1056906 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**9826199** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Metals and Mining 0.3%** | &nbsp;&nbsp;**Metals and Mining 0.3%** | &nbsp;&nbsp;**Metals and Mining 0.3%** | &nbsp;&nbsp;**Metals and Mining 0.3%** |
| &nbsp;&nbsp;Glencore Funding LLC<sup>(b)</sup> | &nbsp;&nbsp;Glencore Funding LLC<sup>(b)</sup> | &nbsp;&nbsp;Glencore Funding LLC<sup>(b)</sup> | &nbsp;&nbsp;Glencore Funding LLC<sup>(b)</sup> |
| &nbsp;&nbsp;09/23/2031 | &nbsp;&nbsp;2.625% | 2975000 | &nbsp;&nbsp;&nbsp;&nbsp;2371634 |
| &nbsp;&nbsp;Minera Mexico SA de CV<sup>(b)</sup> | &nbsp;&nbsp;Minera Mexico SA de CV<sup>(b)</sup> | &nbsp;&nbsp;Minera Mexico SA de CV<sup>(b)</sup> | &nbsp;&nbsp;Minera Mexico SA de CV<sup>(b)</sup> |
| &nbsp;&nbsp;01/26/2050 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;668000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508435 |
| &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;Nucor Corp. |
| &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;3.125% | 1255000 | &nbsp;&nbsp;&nbsp;&nbsp;1066319 |
| &nbsp;&nbsp;South32 Treasury Ltd.<sup>(b)</sup> | &nbsp;&nbsp;South32 Treasury Ltd.<sup>(b)</sup> | &nbsp;&nbsp;South32 Treasury Ltd.<sup>(b)</sup> | &nbsp;&nbsp;South32 Treasury Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;04/14/2032 | &nbsp;&nbsp;4.350% | 2125000 | &nbsp;&nbsp;&nbsp;&nbsp;1825321 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5771709** |
| &nbsp;&nbsp;**Midstream 1.1%** | &nbsp;&nbsp;**Midstream 1.1%** | &nbsp;&nbsp;**Midstream 1.1%** | &nbsp;&nbsp;**Midstream 1.1%** |
| &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;Enbridge, Inc. |
| &nbsp;&nbsp;08/01/2051 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546544 |
| &nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp;Energy Transfer LP |
| &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;5.750% | 2106000 | &nbsp;&nbsp;&nbsp;&nbsp;2065773 |
| &nbsp;&nbsp;Energy Transfer Operating LP | &nbsp;&nbsp;Energy Transfer Operating LP | &nbsp;&nbsp;Energy Transfer Operating LP | &nbsp;&nbsp;Energy Transfer Operating LP |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;5.250% | 4110000 | &nbsp;&nbsp;&nbsp;&nbsp;3984661 |
| &nbsp;&nbsp;Energy Transfer Partners LP | &nbsp;&nbsp;Energy Transfer Partners LP | &nbsp;&nbsp;Energy Transfer Partners LP | &nbsp;&nbsp;Energy Transfer Partners LP |
| &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;4.900% | 1870000 | &nbsp;&nbsp;&nbsp;&nbsp;1664858 |
| &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC |
| &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;4.850% | 2795000 | &nbsp;&nbsp;&nbsp;&nbsp;2454665 |
| &nbsp;&nbsp;02/15/2053 | &nbsp;&nbsp;3.300% | 1473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983694 |
| &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;09/30/2040 | &nbsp;&nbsp;2.940% | 5799180 | &nbsp;&nbsp;&nbsp;&nbsp;4669002 |
| &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP |
| &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;6.500% | 1736000 | &nbsp;&nbsp;&nbsp;&nbsp;1769059 |
| &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;2.650% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1622657 |
| &nbsp;&nbsp;Sabine Pass Liquefaction LLC | &nbsp;&nbsp;Sabine Pass Liquefaction LLC | &nbsp;&nbsp;Sabine Pass Liquefaction LLC | &nbsp;&nbsp;Sabine Pass Liquefaction LLC |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;5.625% | 3455000 | &nbsp;&nbsp;&nbsp;&nbsp;3463174 |
| &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(b)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(b)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(b)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(b)</sup> |
| &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;3.875% | 1949000 | &nbsp;&nbsp;&nbsp;&nbsp;1591183 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**24815270** |
| &nbsp;&nbsp;**Natural Gas 0.4%** | &nbsp;&nbsp;**Natural Gas 0.4%** | &nbsp;&nbsp;**Natural Gas 0.4%** | &nbsp;&nbsp;**Natural Gas 0.4%** |
| &nbsp;&nbsp;Infraestructura Energetica Nova SAB de CV<sup>(b)</sup> | &nbsp;&nbsp;Infraestructura Energetica Nova SAB de CV<sup>(b)</sup> | &nbsp;&nbsp;Infraestructura Energetica Nova SAB de CV<sup>(b)</sup> | &nbsp;&nbsp;Infraestructura Energetica Nova SAB de CV<sup>(b)</sup> |
| &nbsp;&nbsp;01/15/2051 | &nbsp;&nbsp;4.750% | 3400000 | &nbsp;&nbsp;&nbsp;&nbsp;2576745 |
| &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;Sempra Energy |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;3.250% | 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;2958989 |
| &nbsp;&nbsp;Southern California Gas Co. | &nbsp;&nbsp;Southern California Gas Co. | &nbsp;&nbsp;Southern California Gas Co. | &nbsp;&nbsp;Southern California Gas Co. |
| &nbsp;&nbsp;11/15/2052 | &nbsp;&nbsp;6.350% | 1094000 | &nbsp;&nbsp;&nbsp;&nbsp;1205213 |
| &nbsp;&nbsp;Southern Co. Gas Capital Corp. | &nbsp;&nbsp;Southern Co. Gas Capital Corp. | &nbsp;&nbsp;Southern Co. Gas Capital Corp. | &nbsp;&nbsp;Southern Co. Gas Capital Corp. |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;1.750% | 2835000 | &nbsp;&nbsp;&nbsp;&nbsp;2166569 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8907516** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Office REIT 0.1%** | &nbsp;&nbsp;**Office REIT 0.1%** | &nbsp;&nbsp;**Office REIT 0.1%** | &nbsp;&nbsp;**Office REIT 0.1%** |
| &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. |
| &nbsp;&nbsp;07/30/2029 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;264000 | &nbsp;&nbsp;&nbsp;&nbsp;249992 |
| &nbsp;&nbsp;Corporate Office Properties LP | &nbsp;&nbsp;Corporate Office Properties LP | &nbsp;&nbsp;Corporate Office Properties LP | &nbsp;&nbsp;Corporate Office Properties LP |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;2.000% | 1392000 | &nbsp;&nbsp;1071609 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1321601** |
| &nbsp;&nbsp;**Oil Field Services 0.2%** | &nbsp;&nbsp;**Oil Field Services 0.2%** | &nbsp;&nbsp;**Oil Field Services 0.2%** | &nbsp;&nbsp;**Oil Field Services 0.2%** |
| &nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;Helmerich & Payne, Inc. |
| &nbsp;&nbsp;09/29/2031 | &nbsp;&nbsp;2.900% | 3232000 | &nbsp;&nbsp;2616718 |
| &nbsp;&nbsp;Schlumberger Investment SA | &nbsp;&nbsp;Schlumberger Investment SA | &nbsp;&nbsp;Schlumberger Investment SA | &nbsp;&nbsp;Schlumberger Investment SA |
| &nbsp;&nbsp;06/26/2030 | &nbsp;&nbsp;2.650% | 2090000 | &nbsp;&nbsp;1791666 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4408384** |
| &nbsp;&nbsp;**Other Industry 0.1%** | &nbsp;&nbsp;**Other Industry 0.1%** | &nbsp;&nbsp;**Other Industry 0.1%** | &nbsp;&nbsp;**Other Industry 0.1%** |
| &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;Quanta Services, Inc. |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;2.350% | 3120000 | &nbsp;&nbsp;2371463 |
| &nbsp;&nbsp;**Other REIT 0.3%** | &nbsp;&nbsp;**Other REIT 0.3%** | &nbsp;&nbsp;**Other REIT 0.3%** | &nbsp;&nbsp;**Other REIT 0.3%** |
| &nbsp;&nbsp;Broadstone Net Lease LLC | &nbsp;&nbsp;Broadstone Net Lease LLC | &nbsp;&nbsp;Broadstone Net Lease LLC | &nbsp;&nbsp;Broadstone Net Lease LLC |
| &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;2.600% | 1167000 | &nbsp;&nbsp;&nbsp;&nbsp;874386 |
| &nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;EPR Properties |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;467611 |
| &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(b)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(b)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(b)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;5.250% | 1180000 | &nbsp;&nbsp;1111485 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.750% | 2989000 | &nbsp;&nbsp;2413344 |
| &nbsp;&nbsp;Safehold Operating Partnership LP | &nbsp;&nbsp;Safehold Operating Partnership LP | &nbsp;&nbsp;Safehold Operating Partnership LP | &nbsp;&nbsp;Safehold Operating Partnership LP |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;2.850% | 3257000 | &nbsp;&nbsp;2472688 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**7339514** |
| &nbsp;&nbsp;**Other Utility 0.2%** | &nbsp;&nbsp;**Other Utility 0.2%** | &nbsp;&nbsp;**Other Utility 0.2%** | &nbsp;&nbsp;**Other Utility 0.2%** |
| &nbsp;&nbsp;American Water Capital Corp. | &nbsp;&nbsp;American Water Capital Corp. | &nbsp;&nbsp;American Water Capital Corp. | &nbsp;&nbsp;American Water Capital Corp. |
| &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;4.450% | 3070000 | &nbsp;&nbsp;2945389 |
| &nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp;Essential Utilities, Inc. |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;2.704% | 2570000 | &nbsp;&nbsp;2153564 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5098953** |
| &nbsp;&nbsp;**Packaging 0.1%** | &nbsp;&nbsp;**Packaging 0.1%** | &nbsp;&nbsp;**Packaging 0.1%** | &nbsp;&nbsp;**Packaging 0.1%** |
| &nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;Sonoco Products Co. |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;2.250% | 2795000 | &nbsp;&nbsp;2476600 |
| &nbsp;&nbsp;**Paper 0.1%** | &nbsp;&nbsp;**Paper 0.1%** | &nbsp;&nbsp;**Paper 0.1%** | &nbsp;&nbsp;**Paper 0.1%** |
| &nbsp;&nbsp;Georgia-Pacific LLC<sup>(b)</sup> | &nbsp;&nbsp;Georgia-Pacific LLC<sup>(b)</sup> | &nbsp;&nbsp;Georgia-Pacific LLC<sup>(b)</sup> | &nbsp;&nbsp;Georgia-Pacific LLC<sup>(b)</sup> |
| &nbsp;&nbsp;04/30/2027 | &nbsp;&nbsp;2.100% | 3105000 | &nbsp;&nbsp;2785218 |
| &nbsp;&nbsp;**Pharmaceuticals 1.0%** | &nbsp;&nbsp;**Pharmaceuticals 1.0%** | &nbsp;&nbsp;**Pharmaceuticals 1.0%** | &nbsp;&nbsp;**Pharmaceuticals 1.0%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. |
| &nbsp;&nbsp;11/21/2029 | &nbsp;&nbsp;3.200% | 3050000 | &nbsp;&nbsp;2749964 |
| &nbsp;&nbsp;11/06/2042 | &nbsp;&nbsp;4.400% | 4700000 | &nbsp;&nbsp;4081298 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. |
| &nbsp;&nbsp;08/18/2029 | &nbsp;&nbsp;4.050% | 4715000 | &nbsp;&nbsp;&nbsp;&nbsp;4417902 |
| &nbsp;&nbsp;Bristol Myers Squibb Co. | &nbsp;&nbsp;Bristol Myers Squibb Co. | &nbsp;&nbsp;Bristol Myers Squibb Co. | &nbsp;&nbsp;Bristol Myers Squibb Co. |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;2.950% | 2680000 | &nbsp;&nbsp;&nbsp;&nbsp;2338007 |
| &nbsp;&nbsp;11/13/2050 | &nbsp;&nbsp;2.550% | 1968000 | &nbsp;&nbsp;&nbsp;&nbsp;1242965 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;Merck & Co., Inc. |
| &nbsp;&nbsp;06/10/2027 | &nbsp;&nbsp;1.700% | 2175000 | &nbsp;&nbsp;&nbsp;&nbsp;1931654 |
| &nbsp;&nbsp;Roche Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Roche Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Roche Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Roche Holdings, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;12/13/2051 | &nbsp;&nbsp;2.607% | 2850000 | &nbsp;&nbsp;&nbsp;&nbsp;1856310 |
| &nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;Viatris, Inc. |
| &nbsp;&nbsp;06/22/2050 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;888000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550071 |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;Zoetis, Inc. |
| &nbsp;&nbsp;11/16/2032 | &nbsp;&nbsp;5.600% | 2712000 | &nbsp;&nbsp;&nbsp;&nbsp;2813864 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**21982035** |
| &nbsp;&nbsp;**Railroads 0.4%** | &nbsp;&nbsp;**Railroads 0.4%** | &nbsp;&nbsp;**Railroads 0.4%** | &nbsp;&nbsp;**Railroads 0.4%** |
| &nbsp;&nbsp;Burlington Northern Santa Fe LLC | &nbsp;&nbsp;Burlington Northern Santa Fe LLC | &nbsp;&nbsp;Burlington Northern Santa Fe LLC | &nbsp;&nbsp;Burlington Northern Santa Fe LLC |
| &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;4.150% | 2035000 | &nbsp;&nbsp;&nbsp;&nbsp;1739704 |
| &nbsp;&nbsp;09/15/2051 | &nbsp;&nbsp;3.300% | 1325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970494 |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. |
| &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;4.100% | 1790000 | &nbsp;&nbsp;&nbsp;&nbsp;1676750 |
| &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;Norfolk Southern Corp. |
| &nbsp;&nbsp;06/01/2053 | &nbsp;&nbsp;4.550% | 1290000 | &nbsp;&nbsp;&nbsp;&nbsp;1127185 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. |
| &nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;3.550% | 3225000 | &nbsp;&nbsp;&nbsp;&nbsp;2660628 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8174761** |
| &nbsp;&nbsp;**Retail REIT 0.2%** | &nbsp;&nbsp;**Retail REIT 0.2%** | &nbsp;&nbsp;**Retail REIT 0.2%** | &nbsp;&nbsp;**Retail REIT 0.2%** |
| &nbsp;&nbsp;Essential Properties LP | &nbsp;&nbsp;Essential Properties LP | &nbsp;&nbsp;Essential Properties LP | &nbsp;&nbsp;Essential Properties LP |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;2.950% | 2176000 | &nbsp;&nbsp;&nbsp;&nbsp;1577928 |
| &nbsp;&nbsp;National Retail Properties, Inc. | &nbsp;&nbsp;National Retail Properties, Inc. | &nbsp;&nbsp;National Retail Properties, Inc. | &nbsp;&nbsp;National Retail Properties, Inc. |
| &nbsp;&nbsp;10/15/2048 | &nbsp;&nbsp;4.800% | 1730000 | &nbsp;&nbsp;&nbsp;&nbsp;1434317 |
| &nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;Realty Income Corp. |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;3.250% | 2065000 | &nbsp;&nbsp;&nbsp;&nbsp;1790855 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4803100** |
| &nbsp;&nbsp;**Retailers 1.2%** | &nbsp;&nbsp;**Retailers 1.2%** | &nbsp;&nbsp;**Retailers 1.2%** | &nbsp;&nbsp;**Retailers 1.2%** |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;Amazon.com, Inc. |
| &nbsp;&nbsp;11/29/2024 | &nbsp;&nbsp;4.700% | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;2199030 |
| &nbsp;&nbsp;12/01/2025 | &nbsp;&nbsp;4.600% | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;2197268 |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;4.550% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;1096810 |
| &nbsp;&nbsp;04/13/2032 | &nbsp;&nbsp;3.600% | 5315000 | &nbsp;&nbsp;&nbsp;&nbsp;4875333 |
| &nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;Dick's Sporting Goods, Inc. |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;3.150% | 3139000 | &nbsp;&nbsp;&nbsp;&nbsp;2461484 |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;Home Depot, Inc. (The) |
| &nbsp;&nbsp;06/15/2047 | &nbsp;&nbsp;3.900% | 4608000 | &nbsp;&nbsp;&nbsp;&nbsp;3808365 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. |
| &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;2.625% | 4855000 | &nbsp;&nbsp;&nbsp;&nbsp;4022348 |
| &nbsp;&nbsp;04/01/2052 | &nbsp;&nbsp;4.250% | 4490000 | &nbsp;&nbsp;&nbsp;&nbsp;3595905 |
| &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;O'Reilly Automotive, Inc. |
| &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;4.700% | 1687000 | &nbsp;&nbsp;&nbsp;&nbsp;1634322 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**25890865** |
| &nbsp;&nbsp;**Technology 1.1%** | &nbsp;&nbsp;**Technology 1.1%** | &nbsp;&nbsp;**Technology 1.1%** | &nbsp;&nbsp;**Technology 1.1%** |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. |
| &nbsp;&nbsp;08/08/2029 | &nbsp;&nbsp;3.250% | 4065000 | &nbsp;&nbsp;&nbsp;&nbsp;3765879 |
| &nbsp;&nbsp;08/08/2052 | &nbsp;&nbsp;3.950% | 2295000 | &nbsp;&nbsp;&nbsp;&nbsp;1959761 |
| &nbsp;&nbsp;Broadcom, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;4.000% | 1690000 | &nbsp;&nbsp;&nbsp;&nbsp;1537937 |
| &nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;4.926% | 1933000 | &nbsp;&nbsp;&nbsp;&nbsp;1689506 |
| &nbsp;&nbsp;Dell International LLC/EMC Corp. | &nbsp;&nbsp;Dell International LLC/EMC Corp. | &nbsp;&nbsp;Dell International LLC/EMC Corp. | &nbsp;&nbsp;Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;8.100% | &nbsp;&nbsp;&nbsp;791000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886891 |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;Equinix, Inc. |
| &nbsp;&nbsp;11/18/2026 | &nbsp;&nbsp;2.900% | 3820000 | &nbsp;&nbsp;&nbsp;&nbsp;3489597 |
| &nbsp;&nbsp;Fiserv, Inc. | &nbsp;&nbsp;Fiserv, Inc. | &nbsp;&nbsp;Fiserv, Inc. | &nbsp;&nbsp;Fiserv, Inc. |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;2.650% | 2505000 | &nbsp;&nbsp;&nbsp;&nbsp;2100386 |
| &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;Intel Corp. |
| &nbsp;&nbsp;08/12/2061 | &nbsp;&nbsp;3.200% | 2753000 | &nbsp;&nbsp;&nbsp;&nbsp;1738880 |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;Micron Technology, Inc. |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;6.750% | 1705000 | &nbsp;&nbsp;&nbsp;&nbsp;1734850 |
| &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. |
| &nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;3.900% | 1770000 | &nbsp;&nbsp;&nbsp;&nbsp;1475050 |
| &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;3.850% | 1017000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831956 |
| &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;3.600% | 1555000 | &nbsp;&nbsp;&nbsp;&nbsp;1148252 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;QUALCOMM, Inc. |
| &nbsp;&nbsp;05/20/2033 | &nbsp;&nbsp;5.400% | &nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734632 |
| &nbsp;&nbsp;05/20/2053 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678391 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**23771968** |
| &nbsp;&nbsp;**Transportation Services 0.1%** | &nbsp;&nbsp;**Transportation Services 0.1%** | &nbsp;&nbsp;**Transportation Services 0.1%** | &nbsp;&nbsp;**Transportation Services 0.1%** |
| &nbsp;&nbsp;GXO Logistics, Inc. | &nbsp;&nbsp;GXO Logistics, Inc. | &nbsp;&nbsp;GXO Logistics, Inc. | &nbsp;&nbsp;GXO Logistics, Inc. |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;2.650% | 2318000 | &nbsp;&nbsp;&nbsp;&nbsp;1718221 |
| &nbsp;&nbsp;**Wireless 0.9%** | &nbsp;&nbsp;**Wireless 0.9%** | &nbsp;&nbsp;**Wireless 0.9%** | &nbsp;&nbsp;**Wireless 0.9%** |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;3.950% | 2415000 | &nbsp;&nbsp;&nbsp;&nbsp;2219416 |
| &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;7.625% | 5325000 | &nbsp;&nbsp;&nbsp;&nbsp;5513669 |
| &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;4.750% | 5483000 | &nbsp;&nbsp;&nbsp;&nbsp;5342163 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.375% | 4025000 | &nbsp;&nbsp;&nbsp;&nbsp;3546346 |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;3.500% | 2520000 | &nbsp;&nbsp;&nbsp;&nbsp;2182485 |
| &nbsp;&nbsp;04/15/2040 | &nbsp;&nbsp;4.375% | 1915000 | &nbsp;&nbsp;&nbsp;&nbsp;1643007 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**20447086** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Wirelines 0.9%** | &nbsp;&nbsp;**Wirelines 0.9%** | &nbsp;&nbsp;**Wirelines 0.9%** | &nbsp;&nbsp;**Wirelines 0.9%** |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;4.350% | 2149000 | &nbsp;&nbsp;&nbsp;&nbsp;2045166 |
| &nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;4.500% | 2386000 | &nbsp;&nbsp;&nbsp;&nbsp;2170106 |
| &nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;4.900% | 2410000 | &nbsp;&nbsp;&nbsp;&nbsp;2219337 |
| &nbsp;&nbsp;03/09/2049 | &nbsp;&nbsp;4.550% | 1480000 | &nbsp;&nbsp;&nbsp;&nbsp;1211924 |
| &nbsp;&nbsp;Level 3 Financing, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Level 3 Financing, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Level 3 Financing, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Level 3 Financing, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;4.625% | 2029000 | &nbsp;&nbsp;&nbsp;&nbsp;1693279 |
| &nbsp;&nbsp;Telecom Italia Capital SA | &nbsp;&nbsp;Telecom Italia Capital SA | &nbsp;&nbsp;Telecom Italia Capital SA | &nbsp;&nbsp;Telecom Italia Capital SA |
| &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;6.375% | 3600000 | &nbsp;&nbsp;&nbsp;&nbsp;2961322 |
| &nbsp;&nbsp;Telefonica Emisiones SAU | &nbsp;&nbsp;Telefonica Emisiones SAU | &nbsp;&nbsp;Telefonica Emisiones SAU | &nbsp;&nbsp;Telefonica Emisiones SAU |
| &nbsp;&nbsp;03/06/2048 | &nbsp;&nbsp;4.895% | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1350054 |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. |
| &nbsp;&nbsp;09/21/2028 | &nbsp;&nbsp;4.329% | 2521000 | &nbsp;&nbsp;&nbsp;&nbsp;2426674 |
| &nbsp;&nbsp;01/15/2036 | &nbsp;&nbsp;4.272% | 3420000 | &nbsp;&nbsp;&nbsp;&nbsp;3056584 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**19134446** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $700,365,923) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $700,365,923) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $700,365,923) | &nbsp;&nbsp;**615883520** |
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(f)</sup> 1.1%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(f)</sup> 1.1%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(f)</sup> 1.1%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(f)</sup> 1.1%** |
| &nbsp;&nbsp;**Chile 0.1%** | &nbsp;&nbsp;**Chile 0.1%** | &nbsp;&nbsp;**Chile 0.1%** | &nbsp;&nbsp;**Chile 0.1%** |
| &nbsp;&nbsp;Chile Government International Bond | &nbsp;&nbsp;Chile Government International Bond | &nbsp;&nbsp;Chile Government International Bond | &nbsp;&nbsp;Chile Government International Bond |
| &nbsp;&nbsp;01/31/2052 | &nbsp;&nbsp;4.000% | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1356497 |
| &nbsp;&nbsp;**Jordan 0.1%** | &nbsp;&nbsp;**Jordan 0.1%** | &nbsp;&nbsp;**Jordan 0.1%** | &nbsp;&nbsp;**Jordan 0.1%** |
| &nbsp;&nbsp;Jordan Government International Bond<sup>(b)</sup> | &nbsp;&nbsp;Jordan Government International Bond<sup>(b)</sup> | &nbsp;&nbsp;Jordan Government International Bond<sup>(b)</sup> | &nbsp;&nbsp;Jordan Government International Bond<sup>(b)</sup> |
| &nbsp;&nbsp;10/10/2047 | &nbsp;&nbsp;7.375% | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1543088 |
| &nbsp;&nbsp;**Mexico 0.2%** | &nbsp;&nbsp;**Mexico 0.2%** | &nbsp;&nbsp;**Mexico 0.2%** | &nbsp;&nbsp;**Mexico 0.2%** |
| &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos |
| &nbsp;&nbsp;01/30/2023 | &nbsp;&nbsp;3.500% | 1259000 | &nbsp;&nbsp;&nbsp;&nbsp;1255835 |
| &nbsp;&nbsp;02/16/2032 | &nbsp;&nbsp;6.700% | 4300000 | &nbsp;&nbsp;&nbsp;&nbsp;3385386 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4641221** |
| &nbsp;&nbsp;**Norway 0.0%** | &nbsp;&nbsp;**Norway 0.0%** | &nbsp;&nbsp;**Norway 0.0%** | &nbsp;&nbsp;**Norway 0.0%** |
| &nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;Equinor ASA |
| &nbsp;&nbsp;11/18/2049 | &nbsp;&nbsp;3.250% | 1590000 | &nbsp;&nbsp;&nbsp;&nbsp;1161346 |
| &nbsp;&nbsp;**Panama 0.0%** | &nbsp;&nbsp;**Panama 0.0%** | &nbsp;&nbsp;**Panama 0.0%** | &nbsp;&nbsp;**Panama 0.0%** |
| &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond |
| &nbsp;&nbsp;01/26/2036 | &nbsp;&nbsp;6.700% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1046783 |
| &nbsp;&nbsp;**Qatar 0.1%** | &nbsp;&nbsp;**Qatar 0.1%** | &nbsp;&nbsp;**Qatar 0.1%** | &nbsp;&nbsp;**Qatar 0.1%** |
| &nbsp;&nbsp;Ooredoo International Finance Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Ooredoo International Finance Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Ooredoo International Finance Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Ooredoo International Finance Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;04/08/2031 | &nbsp;&nbsp;2.625% | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;1634266 |
| &nbsp;&nbsp;**Saudi Arabia 0.4%** | &nbsp;&nbsp;**Saudi Arabia 0.4%** | &nbsp;&nbsp;**Saudi Arabia 0.4%** | &nbsp;&nbsp;**Saudi Arabia 0.4%** |
| &nbsp;&nbsp;SA Global Sukuk Ltd.<sup>(b)</sup> | &nbsp;&nbsp;SA Global Sukuk Ltd.<sup>(b)</sup> | &nbsp;&nbsp;SA Global Sukuk Ltd.<sup>(b)</sup> | &nbsp;&nbsp;SA Global Sukuk Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;06/17/2031 | &nbsp;&nbsp;2.694% | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;5982633 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(f)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(f)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(f)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(f)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Saudi Government International Bond<sup>(b)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(b)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(b)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(b)</sup> |
| &nbsp;&nbsp;10/25/2032 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;2490000 | &nbsp;&nbsp;&nbsp;&nbsp;2625141 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8607774** |
| &nbsp;&nbsp;**South Africa 0.0%** | &nbsp;&nbsp;**South Africa 0.0%** | &nbsp;&nbsp;**South Africa 0.0%** | &nbsp;&nbsp;**South Africa 0.0%** |
| &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond |
| &nbsp;&nbsp;06/22/2030 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744377 |
| &nbsp;&nbsp;**United Arab Emirates 0.1%** | &nbsp;&nbsp;**United Arab Emirates 0.1%** | &nbsp;&nbsp;**United Arab Emirates 0.1%** | &nbsp;&nbsp;**United Arab Emirates 0.1%** |
| &nbsp;&nbsp;Abu Dhabi National Energy Co. PJSC<sup>(b)</sup> | &nbsp;&nbsp;Abu Dhabi National Energy Co. PJSC<sup>(b)</sup> | &nbsp;&nbsp;Abu Dhabi National Energy Co. PJSC<sup>(b)</sup> | &nbsp;&nbsp;Abu Dhabi National Energy Co. PJSC<sup>(b)</sup> |
| &nbsp;&nbsp;04/29/2028 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;2240000 | &nbsp;&nbsp;&nbsp;&nbsp;1989528 |
| &nbsp;&nbsp;**United States 0.1%** | &nbsp;&nbsp;**United States 0.1%** | &nbsp;&nbsp;**United States 0.1%** | &nbsp;&nbsp;**United States 0.1%** |
| &nbsp;&nbsp;Antares Holdings LP<sup>(b)</sup> | &nbsp;&nbsp;Antares Holdings LP<sup>(b)</sup> | &nbsp;&nbsp;Antares Holdings LP<sup>(b)</sup> | &nbsp;&nbsp;Antares Holdings LP<sup>(b)</sup> |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;1876000 | &nbsp;&nbsp;&nbsp;&nbsp;1500798 |
| &nbsp;&nbsp;DAE Funding LLC<sup>(b)</sup> | &nbsp;&nbsp;DAE Funding LLC<sup>(b)</sup> | &nbsp;&nbsp;DAE Funding LLC<sup>(b)</sup> | &nbsp;&nbsp;DAE Funding LLC<sup>(b)</sup> |
| &nbsp;&nbsp;08/01/2024 | &nbsp;&nbsp;1.550% | &nbsp;&nbsp;1233000 | &nbsp;&nbsp;&nbsp;&nbsp;1148931 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2649729** |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $27,493,061) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $27,493,061) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $27,493,061) | &nbsp;&nbsp;**25374609** |
| &nbsp;&nbsp;**Inflation-Indexed Bonds 1.4%** | &nbsp;&nbsp;**Inflation-Indexed Bonds 1.4%** | &nbsp;&nbsp;**Inflation-Indexed Bonds 1.4%** | &nbsp;&nbsp;**Inflation-Indexed Bonds 1.4%** |
| &nbsp;&nbsp;**United States 1.4%** | &nbsp;&nbsp;**United States 1.4%** | &nbsp;&nbsp;**United States 1.4%** | &nbsp;&nbsp;**United States 1.4%** |
| &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond |
| &nbsp;&nbsp;07/15/2023 | &nbsp;&nbsp;0.375% | 16645200 | &nbsp;&nbsp;16442940 |
| &nbsp;&nbsp;01/15/2024 | &nbsp;&nbsp;0.625% | 15324480 | &nbsp;&nbsp;15000099 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**31443039** |
| &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $31,625,592) | &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $31,625,592) | &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $31,625,592) | &nbsp;&nbsp;**31443039** |
| &nbsp;&nbsp;**Municipal Bonds 1.9%** | &nbsp;&nbsp;**Municipal Bonds 1.9%** | &nbsp;&nbsp;**Municipal Bonds 1.9%** | &nbsp;&nbsp;**Municipal Bonds 1.9%** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Higher Education 0.2%** | &nbsp;&nbsp;**Higher Education 0.2%** | &nbsp;&nbsp;**Higher Education 0.2%** | &nbsp;&nbsp;**Higher Education 0.2%** |
| &nbsp;&nbsp;California State University | &nbsp;&nbsp;California State University | &nbsp;&nbsp;California State University | &nbsp;&nbsp;California State University |
| &nbsp;&nbsp;Taxable Refunding Revenue Bonds | &nbsp;&nbsp;Taxable Refunding Revenue Bonds | &nbsp;&nbsp;Taxable Refunding Revenue Bonds | &nbsp;&nbsp;Taxable Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B |
| &nbsp;&nbsp;11/01/2051 | &nbsp;&nbsp;2.975% | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;1556713 |
| &nbsp;&nbsp;Rutgers, The State University of New Jersey | &nbsp;&nbsp;Rutgers, The State University of New Jersey | &nbsp;&nbsp;Rutgers, The State University of New Jersey | &nbsp;&nbsp;Rutgers, The State University of New Jersey |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 |
| &nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;5.665% | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540230 |
| &nbsp;&nbsp;University of California | &nbsp;&nbsp;University of California | &nbsp;&nbsp;University of California | &nbsp;&nbsp;University of California |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable |
| &nbsp;&nbsp;Series 2021BJ | &nbsp;&nbsp;Series 2021BJ | &nbsp;&nbsp;Series 2021BJ | &nbsp;&nbsp;Series 2021BJ |
| &nbsp;&nbsp;05/15/2051 | &nbsp;&nbsp;3.071% | &nbsp;&nbsp;2185000 | &nbsp;&nbsp;&nbsp;&nbsp;1461877 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3558820** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Hospital 0.1%** | &nbsp;&nbsp;**Hospital 0.1%** | &nbsp;&nbsp;**Hospital 0.1%** | &nbsp;&nbsp;**Hospital 0.1%** |
| &nbsp;&nbsp;Escambia County Health Facilities Authority | &nbsp;&nbsp;Escambia County Health Facilities Authority | &nbsp;&nbsp;Escambia County Health Facilities Authority | &nbsp;&nbsp;Escambia County Health Facilities Authority |
| &nbsp;&nbsp;Taxable Refunding Revenue Bonds | &nbsp;&nbsp;Taxable Refunding Revenue Bonds | &nbsp;&nbsp;Taxable Refunding Revenue Bonds | &nbsp;&nbsp;Taxable Refunding Revenue Bonds |
| &nbsp;&nbsp;Health Care Facilities | &nbsp;&nbsp;Health Care Facilities | &nbsp;&nbsp;Health Care Facilities | &nbsp;&nbsp;Health Care Facilities |
| &nbsp;&nbsp;Series 2020 (AGM) | &nbsp;&nbsp;Series 2020 (AGM) | &nbsp;&nbsp;Series 2020 (AGM) | &nbsp;&nbsp;Series 2020 (AGM) |
| &nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;3.607% | 2170000 | &nbsp;&nbsp;1637009 |
| &nbsp;&nbsp;Regents of the University of California Medical Center | &nbsp;&nbsp;Regents of the University of California Medical Center | &nbsp;&nbsp;Regents of the University of California Medical Center | &nbsp;&nbsp;Regents of the University of California Medical Center |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable |
| &nbsp;&nbsp;Series 2020N | &nbsp;&nbsp;Series 2020N | &nbsp;&nbsp;Series 2020N | &nbsp;&nbsp;Series 2020N |
| &nbsp;&nbsp;05/15/2060 | &nbsp;&nbsp;3.256% | 1595000 | &nbsp;&nbsp;1033632 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2670641** |
| &nbsp;&nbsp;**Local General Obligation 0.1%** | &nbsp;&nbsp;**Local General Obligation 0.1%** | &nbsp;&nbsp;**Local General Obligation 0.1%** | &nbsp;&nbsp;**Local General Obligation 0.1%** |
| &nbsp;&nbsp;City of Chicago | &nbsp;&nbsp;City of Chicago | &nbsp;&nbsp;City of Chicago | &nbsp;&nbsp;City of Chicago |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable |
| &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;7.045% | &nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;654844 |
| &nbsp;&nbsp;City of Houston | &nbsp;&nbsp;City of Houston | &nbsp;&nbsp;City of Houston | &nbsp;&nbsp;City of Houston |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;03/01/2047 | &nbsp;&nbsp;3.961% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;689744 |
| &nbsp;&nbsp;Los Angeles Community College District | &nbsp;&nbsp;Los Angeles Community College District | &nbsp;&nbsp;Los Angeles Community College District | &nbsp;&nbsp;Los Angeles Community College District |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 |
| &nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;994520 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2339108** |
| &nbsp;&nbsp;**Municipal Power 0.0%** | &nbsp;&nbsp;**Municipal Power 0.0%** | &nbsp;&nbsp;**Municipal Power 0.0%** | &nbsp;&nbsp;**Municipal Power 0.0%** |
| &nbsp;&nbsp;Sacramento Municipal Utility District | &nbsp;&nbsp;Sacramento Municipal Utility District | &nbsp;&nbsp;Sacramento Municipal Utility District | &nbsp;&nbsp;Sacramento Municipal Utility District |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 |
| &nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;6.156% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;977613 |
| &nbsp;&nbsp;**Other Bond Issue 0.1%** | &nbsp;&nbsp;**Other Bond Issue 0.1%** | &nbsp;&nbsp;**Other Bond Issue 0.1%** | &nbsp;&nbsp;**Other Bond Issue 0.1%** |
| &nbsp;&nbsp;City of San Francisco Public Utilities Commission Water | &nbsp;&nbsp;City of San Francisco Public Utilities Commission Water | &nbsp;&nbsp;City of San Francisco Public Utilities Commission Water | &nbsp;&nbsp;City of San Francisco Public Utilities Commission Water |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 |
| &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;6.000% | 1050000 | &nbsp;&nbsp;1128213 |
| &nbsp;&nbsp;San Diego County Regional Airport Authority | &nbsp;&nbsp;San Diego County Regional Airport Authority | &nbsp;&nbsp;San Diego County Regional Airport Authority | &nbsp;&nbsp;San Diego County Regional Airport Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Taxable Senior Consolidated Rental Car Facility | &nbsp;&nbsp;Taxable Senior Consolidated Rental Car Facility | &nbsp;&nbsp;Taxable Senior Consolidated Rental Car Facility | &nbsp;&nbsp;Taxable Senior Consolidated Rental Car Facility |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;5.594% | &nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;883656 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2011869** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Ports 0.1%** | &nbsp;&nbsp;**Ports 0.1%** | &nbsp;&nbsp;**Ports 0.1%** | &nbsp;&nbsp;**Ports 0.1%** |
| &nbsp;&nbsp;Port Authority of New York & New Jersey | &nbsp;&nbsp;Port Authority of New York & New Jersey | &nbsp;&nbsp;Port Authority of New York & New Jersey | &nbsp;&nbsp;Port Authority of New York & New Jersey |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Consolidated 168th | &nbsp;&nbsp;Consolidated 168th | &nbsp;&nbsp;Consolidated 168th | &nbsp;&nbsp;Consolidated 168th |
| &nbsp;&nbsp;Series 2011 | &nbsp;&nbsp;Series 2011 | &nbsp;&nbsp;Series 2011 | &nbsp;&nbsp;Series 2011 |
| &nbsp;&nbsp;10/01/2051 | &nbsp;&nbsp;4.926% | 2000000 | &nbsp;&nbsp;1885599 |
| &nbsp;&nbsp;**Refunded / Escrowed 0.0%** | &nbsp;&nbsp;**Refunded / Escrowed 0.0%** | &nbsp;&nbsp;**Refunded / Escrowed 0.0%** | &nbsp;&nbsp;**Refunded / Escrowed 0.0%** |
| &nbsp;&nbsp;City of Chicago | &nbsp;&nbsp;City of Chicago | &nbsp;&nbsp;City of Chicago | &nbsp;&nbsp;City of Chicago |
| &nbsp;&nbsp;Prerefunded 01/01/23 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 01/01/23 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 01/01/23 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 01/01/23 Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable |
| &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;7.045% | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 |
| &nbsp;&nbsp;**Sales Tax 0.1%** | &nbsp;&nbsp;**Sales Tax 0.1%** | &nbsp;&nbsp;**Sales Tax 0.1%** | &nbsp;&nbsp;**Sales Tax 0.1%** |
| &nbsp;&nbsp;Santa Clara Valley Transportation Authority | &nbsp;&nbsp;Santa Clara Valley Transportation Authority | &nbsp;&nbsp;Santa Clara Valley Transportation Authority | &nbsp;&nbsp;Santa Clara Valley Transportation Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2010 (BAM) | &nbsp;&nbsp;Series 2010 (BAM) | &nbsp;&nbsp;Series 2010 (BAM) | &nbsp;&nbsp;Series 2010 (BAM) |
| &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;5.876% | 2220000 | &nbsp;&nbsp;2302916 |
| &nbsp;&nbsp;**Special Non Property Tax 0.1%** | &nbsp;&nbsp;**Special Non Property Tax 0.1%** | &nbsp;&nbsp;**Special Non Property Tax 0.1%** | &nbsp;&nbsp;**Special Non Property Tax 0.1%** |
| &nbsp;&nbsp;Missouri Highway & Transportation Commission | &nbsp;&nbsp;Missouri Highway & Transportation Commission | &nbsp;&nbsp;Missouri Highway & Transportation Commission | &nbsp;&nbsp;Missouri Highway & Transportation Commission |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 |
| &nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;5.445% | 1700000 | &nbsp;&nbsp;1753275 |
| &nbsp;&nbsp;New York State Dormitory Authority | &nbsp;&nbsp;New York State Dormitory Authority | &nbsp;&nbsp;New York State Dormitory Authority | &nbsp;&nbsp;New York State Dormitory Authority |
| &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds |
| &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable |
| &nbsp;&nbsp;Series 2019F | &nbsp;&nbsp;Series 2019F | &nbsp;&nbsp;Series 2019F | &nbsp;&nbsp;Series 2019F |
| &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;3.190% | 1265000 | &nbsp;&nbsp;&nbsp;&nbsp;931524 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2684799** |
| &nbsp;&nbsp;**State Appropriated 0.2%** | &nbsp;&nbsp;**State Appropriated 0.2%** | &nbsp;&nbsp;**State Appropriated 0.2%** | &nbsp;&nbsp;**State Appropriated 0.2%** |
| &nbsp;&nbsp;Kentucky Turnpike Authority | &nbsp;&nbsp;Kentucky Turnpike Authority | &nbsp;&nbsp;Kentucky Turnpike Authority | &nbsp;&nbsp;Kentucky Turnpike Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Series 2010B | &nbsp;&nbsp;Series 2010B | &nbsp;&nbsp;Series 2010B | &nbsp;&nbsp;Series 2010B |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;5.722% | 2050000 | &nbsp;&nbsp;2091789 |
| &nbsp;&nbsp;Michigan Strategic Fund | &nbsp;&nbsp;Michigan Strategic Fund | &nbsp;&nbsp;Michigan Strategic Fund | &nbsp;&nbsp;Michigan Strategic Fund |
| &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds |
| &nbsp;&nbsp;Flint Water Advocacy Fund | &nbsp;&nbsp;Flint Water Advocacy Fund | &nbsp;&nbsp;Flint Water Advocacy Fund | &nbsp;&nbsp;Flint Water Advocacy Fund |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;3.225% | 3550000 | &nbsp;&nbsp;2556776 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4648565** |
| &nbsp;&nbsp;**State General Obligation 0.3%** | &nbsp;&nbsp;**State General Obligation 0.3%** | &nbsp;&nbsp;**State General Obligation 0.3%** | &nbsp;&nbsp;**State General Obligation 0.3%** |
| &nbsp;&nbsp;State of California | &nbsp;&nbsp;State of California | &nbsp;&nbsp;State of California | &nbsp;&nbsp;State of California |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 |
| &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;7.300% | 3445000 | &nbsp;&nbsp;4185243 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;4.600% | 2335000 | &nbsp;&nbsp;&nbsp;&nbsp;2198095 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6383338** |
| &nbsp;&nbsp;**Tobacco 0.2%** | &nbsp;&nbsp;**Tobacco 0.2%** | &nbsp;&nbsp;**Tobacco 0.2%** | &nbsp;&nbsp;**Tobacco 0.2%** |
| &nbsp;&nbsp;Golden State Tobacco Securitization Corp. | &nbsp;&nbsp;Golden State Tobacco Securitization Corp. | &nbsp;&nbsp;Golden State Tobacco Securitization Corp. | &nbsp;&nbsp;Golden State Tobacco Securitization Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;2.746% | 4635000 | &nbsp;&nbsp;&nbsp;&nbsp;3719512 |
| &nbsp;&nbsp;**Transportation 0.1%** | &nbsp;&nbsp;**Transportation 0.1%** | &nbsp;&nbsp;**Transportation 0.1%** | &nbsp;&nbsp;**Transportation 0.1%** |
| &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Taxable Build America Bonds | &nbsp;&nbsp;Taxable Build America Bonds | &nbsp;&nbsp;Taxable Build America Bonds | &nbsp;&nbsp;Taxable Build America Bonds |
| &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 |
| &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;6.687% | 1650000 | &nbsp;&nbsp;&nbsp;&nbsp;1705556 |
| &nbsp;&nbsp;**Turnpike / Bridge / Toll Road 0.3%** | &nbsp;&nbsp;**Turnpike / Bridge / Toll Road 0.3%** | &nbsp;&nbsp;**Turnpike / Bridge / Toll Road 0.3%** | &nbsp;&nbsp;**Turnpike / Bridge / Toll Road 0.3%** |
| &nbsp;&nbsp;Bay Area Toll Authority | &nbsp;&nbsp;Bay Area Toll Authority | &nbsp;&nbsp;Bay Area Toll Authority | &nbsp;&nbsp;Bay Area Toll Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Subordinated Series 2010S-1 | &nbsp;&nbsp;Subordinated Series 2010S-1 | &nbsp;&nbsp;Subordinated Series 2010S-1 | &nbsp;&nbsp;Subordinated Series 2010S-1 |
| &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;6.918% | 1265000 | &nbsp;&nbsp;&nbsp;&nbsp;1478057 |
| &nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency | &nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency | &nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency | &nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Taxable Toll Road | &nbsp;&nbsp;Taxable Toll Road | &nbsp;&nbsp;Taxable Toll Road | &nbsp;&nbsp;Taxable Toll Road |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;01/15/2049 | &nbsp;&nbsp;4.094% | 2285000 | &nbsp;&nbsp;&nbsp;&nbsp;1725502 |
| &nbsp;&nbsp;New Jersey Turnpike Authority | &nbsp;&nbsp;New Jersey Turnpike Authority | &nbsp;&nbsp;New Jersey Turnpike Authority | &nbsp;&nbsp;New Jersey Turnpike Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Taxable Build America Bonds | &nbsp;&nbsp;Taxable Build America Bonds | &nbsp;&nbsp;Taxable Build America Bonds | &nbsp;&nbsp;Taxable Build America Bonds |
| &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 |
| &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;7.414% | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;1580533 |
| &nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission | &nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission | &nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission | &nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission |
| &nbsp;&nbsp;Taxable Refunding Revenue Bonds | &nbsp;&nbsp;Taxable Refunding Revenue Bonds | &nbsp;&nbsp;Taxable Refunding Revenue Bonds | &nbsp;&nbsp;Taxable Refunding Revenue Bonds |
| &nbsp;&nbsp;Junior Lien - Infrastructure Projects | &nbsp;&nbsp;Junior Lien - Infrastructure Projects | &nbsp;&nbsp;Junior Lien - Infrastructure Projects | &nbsp;&nbsp;Junior Lien - Infrastructure Projects |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;3.216% | 2640000 | &nbsp;&nbsp;&nbsp;&nbsp;1881884 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6665976** |
| &nbsp;&nbsp;**Water & Sewer 0.0%** | &nbsp;&nbsp;**Water & Sewer 0.0%** | &nbsp;&nbsp;**Water & Sewer 0.0%** | &nbsp;&nbsp;**Water & Sewer 0.0%** |
| &nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control | &nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control | &nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control | &nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Taxable Loan Fund-Water Quality | &nbsp;&nbsp;Taxable Loan Fund-Water Quality | &nbsp;&nbsp;Taxable Loan Fund-Water Quality | &nbsp;&nbsp;Taxable Loan Fund-Water Quality |
| &nbsp;&nbsp;Series 2010B-2 | &nbsp;&nbsp;Series 2010B-2 | &nbsp;&nbsp;Series 2010B-2 | &nbsp;&nbsp;Series 2010B-2 |
| &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;4.879% | 1160000 | &nbsp;&nbsp;&nbsp;&nbsp;1149024 |
| &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $49,356,079) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $49,356,079) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $49,356,079) | &nbsp;&nbsp;**42798336** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 23.9%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 23.9%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 23.9%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 23.9%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c)</sup> |
| &nbsp;&nbsp;12-month USD LIBOR + 1.869%<br> Cap 10.014%<br> 07/01/2036 | &nbsp;&nbsp;3.487% | &nbsp;&nbsp;&nbsp;&nbsp;630638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636016 |
| &nbsp;&nbsp;1-year CMT + 2.135%<br> Cap 10.642%<br> 10/01/2036 | &nbsp;&nbsp;4.197% | &nbsp;&nbsp;&nbsp;&nbsp;512474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521287 |
| &nbsp;&nbsp;1-year CMT + 2.256%<br> Cap 10.178%<br> 04/01/2037 | &nbsp;&nbsp;3.297% | &nbsp;&nbsp;&nbsp;&nbsp;582700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589668 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.890%<br> Cap 9.016%<br> 07/01/2041 | &nbsp;&nbsp;3.766% | &nbsp;&nbsp;&nbsp;&nbsp;179953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179857 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.650%<br> Cap 7.141%<br> 12/01/2042 | &nbsp;&nbsp;2.472% | &nbsp;&nbsp;&nbsp;&nbsp;358107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356584 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;02/01/2038-<br> 11/01/2052 | &nbsp;&nbsp;6.000% | 23228929 | &nbsp;&nbsp;23693368 |
| &nbsp;&nbsp;03/01/2042-<br> 01/01/2052 | &nbsp;&nbsp;2.500% | 32111355 | &nbsp;&nbsp;27467104 |
| &nbsp;&nbsp;05/01/2050-<br> 05/01/2052 | &nbsp;&nbsp;3.500% | 19868215 | &nbsp;&nbsp;18231118 |
| &nbsp;&nbsp;07/01/2051-<br> 02/01/2052 | &nbsp;&nbsp;3.000% | 39323345 | &nbsp;&nbsp;34699294 |
| &nbsp;&nbsp;08/01/2051 | &nbsp;&nbsp;2.000% | 26919402 | &nbsp;&nbsp;21949358 |
| &nbsp;&nbsp;08/01/2051-<br> 05/01/2052 | &nbsp;&nbsp;4.000% | 15324262 | &nbsp;&nbsp;14437403 |
| &nbsp;&nbsp;07/01/2052-<br> 08/01/2052 | &nbsp;&nbsp;5.000% | 13492390 | &nbsp;&nbsp;13332897 |
| &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association |
| &nbsp;&nbsp;12/01/2033-<br> 09/01/2037 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;648464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672860 |
| &nbsp;&nbsp;03/01/2034-<br> 05/01/2052 | &nbsp;&nbsp;3.500% | 44389742 | &nbsp;&nbsp;40882746 |
| &nbsp;&nbsp;05/01/2036-<br> 03/01/2052 | &nbsp;&nbsp;2.000% | 53913016 | &nbsp;&nbsp;46696920 |
| &nbsp;&nbsp;04/01/2039-<br> 07/01/2052 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;9844725 | &nbsp;&nbsp;&nbsp;&nbsp;9613621 |
| &nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;167516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178700 |
| &nbsp;&nbsp;08/01/2041-<br> 11/01/2059 | &nbsp;&nbsp;4.000% | 26284986 | &nbsp;&nbsp;24921721 |
| &nbsp;&nbsp;03/01/2042-<br> 05/01/2052 | &nbsp;&nbsp;2.500% | 49640967 | &nbsp;&nbsp;42473476 |
| &nbsp;&nbsp;05/01/2050-<br> 06/01/2052 | &nbsp;&nbsp;3.000% | 53195831 | &nbsp;&nbsp;47105669 |
| &nbsp;&nbsp;08/01/2052-<br> 10/01/2052 | &nbsp;&nbsp;5.000% | 36456135 | &nbsp;&nbsp;35992765 |
| &nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;9927971 | &nbsp;&nbsp;&nbsp;&nbsp;9960419 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> |
| &nbsp;&nbsp;6-month USD LIBOR + 1.565%<br> Floor 1.565%, Cap 11.176%<br> 06/01/2035 | &nbsp;&nbsp;5.136% | &nbsp;&nbsp;&nbsp;&nbsp;836731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839626 |
| &nbsp;&nbsp;6-month USD LIBOR + 1.565%<br> Floor 1.565%, Cap 11.128%<br> 06/01/2035 | &nbsp;&nbsp;5.170% | &nbsp;&nbsp;&nbsp;&nbsp;230919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231597 |
| &nbsp;&nbsp;6-month USD LIBOR + 1.565%<br> Floor 1.565%, Cap 11.282%<br> 06/01/2035 | &nbsp;&nbsp;5.248% | &nbsp;&nbsp;&nbsp;&nbsp;336928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337550 |
| &nbsp;&nbsp;6-month USD LIBOR + 1.565%<br> Floor 1.565%, Cap 11.078%<br> 06/01/2035 | &nbsp;&nbsp;5.314% | &nbsp;&nbsp;&nbsp;&nbsp;267110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267363 |
| &nbsp;&nbsp;1-year CMT + 2.153%<br> Floor 2.153%, Cap 9.618%<br> 03/01/2038 | &nbsp;&nbsp;3.848% | &nbsp;&nbsp;&nbsp;&nbsp;786356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799892 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.610%<br> Floor 1.610%, Cap 8.181%<br> 03/01/2047 | &nbsp;&nbsp;3.181% | &nbsp;&nbsp;1009272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965191 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.610%<br> Floor 1.610%, Cap 8.115%<br> 04/01/2047 | &nbsp;&nbsp;3.115% | &nbsp;&nbsp;&nbsp;&nbsp;857299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819447 |
| &nbsp;&nbsp;CMO Series 2005-106 Class UF | &nbsp;&nbsp;CMO Series 2005-106 Class UF | &nbsp;&nbsp;CMO Series 2005-106 Class UF | &nbsp;&nbsp;CMO Series 2005-106 Class UF |
| &nbsp;&nbsp;1-month USD LIBOR + 0.300%<br> Floor 0.300%, Cap 7.000%<br> 11/25/2035 | &nbsp;&nbsp;4.689% | &nbsp;&nbsp;&nbsp;&nbsp;355140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352222 |
| &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association |
| &nbsp;&nbsp;02/15/2040-<br> 06/15/2041 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;7007570 | &nbsp;&nbsp;&nbsp;&nbsp;6959272 |
| &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;441939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452337 |
| &nbsp;&nbsp;11/20/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;416166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402111 |
| &nbsp;&nbsp;04/20/2042-<br> 06/20/2051 | &nbsp;&nbsp;3.500% | 10532826 | &nbsp;&nbsp;&nbsp;&nbsp;9872590 |
| &nbsp;&nbsp;04/20/2050-<br> 07/20/2050 | &nbsp;&nbsp;3.000% | 23951716 | &nbsp;&nbsp;&nbsp;&nbsp;21534609 |
| &nbsp;&nbsp;10/20/2050 | &nbsp;&nbsp;2.000% | 33260777 | &nbsp;&nbsp;&nbsp;&nbsp;28073931 |
| &nbsp;&nbsp;11/20/2050-<br> 09/20/2051 | &nbsp;&nbsp;2.500% | 33434577 | &nbsp;&nbsp;&nbsp;&nbsp;28780425 |
| &nbsp;&nbsp;09/20/2052-<br> 12/20/2052 | &nbsp;&nbsp;5.500% | 20283662 | &nbsp;&nbsp;&nbsp;&nbsp;20417022 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $562,241,101) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $562,241,101) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $562,241,101) | &nbsp;&nbsp;**535698036** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 6.4%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 6.4%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 6.4%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 6.4%** |
| &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2019-5 Class M1 | &nbsp;&nbsp;CMO Series 2019-5 Class M1 | &nbsp;&nbsp;CMO Series 2019-5 Class M1 | &nbsp;&nbsp;CMO Series 2019-5 Class M1 |
| &nbsp;&nbsp;10/25/2049 | &nbsp;&nbsp;3.304% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4372652 |
| &nbsp;&nbsp;Arroyo Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Arroyo Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Arroyo Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Arroyo Mortgage Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 |
| &nbsp;&nbsp;04/25/2049 | &nbsp;&nbsp;4.760% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;5813086 |
| &nbsp;&nbsp;Arroyo Mortgage Trust<sup>(b)</sup> | &nbsp;&nbsp;Arroyo Mortgage Trust<sup>(b)</sup> | &nbsp;&nbsp;Arroyo Mortgage Trust<sup>(b)</sup> | &nbsp;&nbsp;Arroyo Mortgage Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 |
| &nbsp;&nbsp;03/25/2055 | &nbsp;&nbsp;4.277% | &nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp;2327154 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2006-1 Class A1 | &nbsp;&nbsp;CMO Series 2006-1 Class A1 | &nbsp;&nbsp;CMO Series 2006-1 Class A1 | &nbsp;&nbsp;CMO Series 2006-1 Class A1 |
| &nbsp;&nbsp;1-year CMT + 2.250%<br> Floor 2.250%, Cap 9.895%<br> 02/25/2036 | &nbsp;&nbsp;7.010% | &nbsp;&nbsp;&nbsp;666249 | &nbsp;&nbsp;&nbsp;&nbsp;636184 |
| &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2017-1 Class M2 | &nbsp;&nbsp;CMO Series 2017-1 Class M2 | &nbsp;&nbsp;CMO Series 2017-1 Class M2 | &nbsp;&nbsp;CMO Series 2017-1 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.350%<br> 10/25/2027 | &nbsp;&nbsp;7.739% | 1620951 | &nbsp;&nbsp;1621075 |
| &nbsp;&nbsp;CMO Series 2018-1A Class M2 | &nbsp;&nbsp;CMO Series 2018-1A Class M2 | &nbsp;&nbsp;CMO Series 2018-1A Class M2 | &nbsp;&nbsp;CMO Series 2018-1A Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 2.900%<br> 04/25/2028 | &nbsp;&nbsp;7.289% | 4765287 | &nbsp;&nbsp;4754388 |
| &nbsp;&nbsp;CMO Series 2019-3A Class M1C | &nbsp;&nbsp;CMO Series 2019-3A Class M1C | &nbsp;&nbsp;CMO Series 2019-3A Class M1C | &nbsp;&nbsp;CMO Series 2019-3A Class M1C |
| &nbsp;&nbsp;1-month USD LIBOR + 1.950%<br> Floor 1.950%<br> 07/25/2029 | &nbsp;&nbsp;6.339% | 1590000 | &nbsp;&nbsp;1575471 |
| &nbsp;&nbsp;CMO Series 2021-3A Class M1B | &nbsp;&nbsp;CMO Series 2021-3A Class M1B | &nbsp;&nbsp;CMO Series 2021-3A Class M1B | &nbsp;&nbsp;CMO Series 2021-3A Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 1.400%<br> Floor 1.400%<br> 09/25/2031 | &nbsp;&nbsp;5.328% | 9575000 | &nbsp;&nbsp;9066880 |
| &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;CHNGE Mortgage Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2022-NQM1 Class A2 | &nbsp;&nbsp;CMO Series 2022-NQM1 Class A2 | &nbsp;&nbsp;CMO Series 2022-NQM1 Class A2 | &nbsp;&nbsp;CMO Series 2022-NQM1 Class A2 |
| &nbsp;&nbsp;06/25/2067 | &nbsp;&nbsp;5.820% | 4872872 | &nbsp;&nbsp;4757430 |
| &nbsp;&nbsp;Citigroup Mortgage Loan Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2015-PS1 Class B3 | &nbsp;&nbsp;Subordinated CMO Series 2015-PS1 Class B3 | &nbsp;&nbsp;Subordinated CMO Series 2015-PS1 Class B3 | &nbsp;&nbsp;Subordinated CMO Series 2015-PS1 Class B3 |
| &nbsp;&nbsp;09/25/2042 | &nbsp;&nbsp;5.137% | 4572102 | &nbsp;&nbsp;4279624 |
| &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates<sup>(b),(d)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates<sup>(b),(d)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates<sup>(b),(d)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates<sup>(b),(d)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2020-SPT1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-SPT1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-SPT1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-SPT1 Class B2 |
| &nbsp;&nbsp;04/25/2065 | &nbsp;&nbsp;3.388% | 8000000 | &nbsp;&nbsp;5981918 |
| &nbsp;&nbsp;Credit Suisse Mortgage Capital Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2019-AFC1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-AFC1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-AFC1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-AFC1 Class B1 |
| &nbsp;&nbsp;07/25/2049 | &nbsp;&nbsp;4.065% | 5775000 | &nbsp;&nbsp;4049115 |
| &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NQM8 Class M1 | &nbsp;&nbsp;CMO Series 2021-NQM8 Class M1 | &nbsp;&nbsp;CMO Series 2021-NQM8 Class M1 | &nbsp;&nbsp;CMO Series 2021-NQM8 Class M1 |
| &nbsp;&nbsp;10/25/2066 | &nbsp;&nbsp;3.256% | 2200000 | &nbsp;&nbsp;1315344 |
| &nbsp;&nbsp;Subordinated CMO Series 2019-NQM1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-NQM1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-NQM1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-NQM1 Class B1 |
| &nbsp;&nbsp;10/25/2059 | &nbsp;&nbsp;3.890% | 6224000 | &nbsp;&nbsp;4769897 |
| &nbsp;&nbsp;Eagle Re Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2018-1 Class B1 | &nbsp;&nbsp;CMO Series 2018-1 Class B1 | &nbsp;&nbsp;CMO Series 2018-1 Class B1 | &nbsp;&nbsp;CMO Series 2018-1 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> Floor 4.000%<br> 11/25/2028 | &nbsp;&nbsp;8.389% | 3000000 | &nbsp;&nbsp;3054048 |
| &nbsp;&nbsp;CMO Series 2018-1 Class M2 | &nbsp;&nbsp;CMO Series 2018-1 Class M2 | &nbsp;&nbsp;CMO Series 2018-1 Class M2 | &nbsp;&nbsp;CMO Series 2018-1 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> Floor 3.000%<br> 11/25/2028 | &nbsp;&nbsp;7.389% | 8130000 | &nbsp;&nbsp;8140179 |
| &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Ellington Financial Mortgage Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2020-1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-1 Class B1 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;5.113% | 4962000 | &nbsp;&nbsp;4493909 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(c)</sup> | &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(c)</sup> | &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(c)</sup> | &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2014-C02 Class 2M2 | &nbsp;&nbsp;CMO Series 2014-C02 Class 2M2 | &nbsp;&nbsp;CMO Series 2014-C02 Class 2M2 | &nbsp;&nbsp;CMO Series 2014-C02 Class 2M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 2.600%<br> Floor 2.600%<br> 05/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;6.989% | &nbsp;&nbsp;&nbsp;999242 | &nbsp;&nbsp;&nbsp;&nbsp;998202 |
| &nbsp;&nbsp;CMO Series 2014-C04 Class 1M2 | &nbsp;&nbsp;CMO Series 2014-C04 Class 1M2 | &nbsp;&nbsp;CMO Series 2014-C04 Class 1M2 | &nbsp;&nbsp;CMO Series 2014-C04 Class 1M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 4.900%<br> Floor 4.900%<br> 11/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;9.289% | 1246983 | &nbsp;&nbsp;1279438 |
| &nbsp;&nbsp;CMO Series 2015-C02 Class 1M2 | &nbsp;&nbsp;CMO Series 2015-C02 Class 1M2 | &nbsp;&nbsp;CMO Series 2015-C02 Class 1M2 | &nbsp;&nbsp;CMO Series 2015-C02 Class 1M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> Floor 4.000%<br> 05/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.389% | &nbsp;&nbsp;&nbsp;624367 | &nbsp;&nbsp;&nbsp;&nbsp;627476 |
| &nbsp;&nbsp;CMO Series 2016-C01 Class 1M2 | &nbsp;&nbsp;CMO Series 2016-C01 Class 1M2 | &nbsp;&nbsp;CMO Series 2016-C01 Class 1M2 | &nbsp;&nbsp;CMO Series 2016-C01 Class 1M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 6.750%<br> Floor 6.750%<br> 08/25/2028 | &nbsp;&nbsp;11.139% | 1467113 | &nbsp;&nbsp;1531758 |
| &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(b),(c)</sup> | &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(b),(c)</sup> | &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(b),(c)</sup> | &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(b),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2015-C01 Class 1M2 | &nbsp;&nbsp;CMO Series 2015-C01 Class 1M2 | &nbsp;&nbsp;CMO Series 2015-C01 Class 1M2 | &nbsp;&nbsp;CMO Series 2015-C01 Class 1M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 4.300%<br> Floor 4.300%<br> 02/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.689% | &nbsp;&nbsp;&nbsp;202702 | &nbsp;&nbsp;&nbsp;&nbsp;209933 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust<sup>(b),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-HQA4 Class M2 | &nbsp;&nbsp;CMO Series 2020-HQA4 Class M2 | &nbsp;&nbsp;CMO Series 2020-HQA4 Class M2 | &nbsp;&nbsp;CMO Series 2020-HQA4 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.150%<br> 09/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;7.539% | &nbsp;&nbsp;&nbsp;&nbsp;24518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24519 |
| &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(b),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-HQA2 Class M2 | &nbsp;&nbsp;CMO Series 2020-HQA2 Class M2 | &nbsp;&nbsp;CMO Series 2020-HQA2 Class M2 | &nbsp;&nbsp;CMO Series 2020-HQA2 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.100%<br> 03/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;7.489% | 1669704 | &nbsp;&nbsp;1686768 |
| &nbsp;&nbsp;Home Re Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2018-1 Class M2 | &nbsp;&nbsp;CMO Series 2018-1 Class M2 | &nbsp;&nbsp;CMO Series 2018-1 Class M2 | &nbsp;&nbsp;CMO Series 2018-1 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> 10/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.389% | 5816433 | &nbsp;&nbsp;5799826 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-1 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-1 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-1 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-1 Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 2.850%<br> 10/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;6.371% | 2550000 | &nbsp;&nbsp;2539946 |
| &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2020-2 Class B3 | &nbsp;&nbsp;CMO Series 2020-2 Class B3 | &nbsp;&nbsp;CMO Series 2020-2 Class B3 | &nbsp;&nbsp;CMO Series 2020-2 Class B3 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;5.494% | 7075000 | &nbsp;&nbsp;5903103 |
| &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(d)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(d)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(d)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 2005-S2 Class 3A1 | &nbsp;&nbsp;CMO Series 2005-S2 Class 3A1 | &nbsp;&nbsp;CMO Series 2005-S2 Class 3A1 | &nbsp;&nbsp;CMO Series 2005-S2 Class 3A1 |
| &nbsp;&nbsp;02/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp;7.167% | &nbsp;&nbsp;&nbsp;182041 | &nbsp;&nbsp;&nbsp;&nbsp;169081 |
| &nbsp;&nbsp;CMO Series 2006-A4 Class 3A1 | &nbsp;&nbsp;CMO Series 2006-A4 Class 3A1 | &nbsp;&nbsp;CMO Series 2006-A4 Class 3A1 | &nbsp;&nbsp;CMO Series 2006-A4 Class 3A1 |
| &nbsp;&nbsp;06/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp;3.340% | &nbsp;&nbsp;&nbsp;906593 | &nbsp;&nbsp;&nbsp;&nbsp;647444 |
| &nbsp;&nbsp;JPMorgan Mortgage Trust | &nbsp;&nbsp;JPMorgan Mortgage Trust | &nbsp;&nbsp;JPMorgan Mortgage Trust | &nbsp;&nbsp;JPMorgan Mortgage Trust |
| &nbsp;&nbsp;CMO Series 2006-S1 Class 1A2 | &nbsp;&nbsp;CMO Series 2006-S1 Class 1A2 | &nbsp;&nbsp;CMO Series 2006-S1 Class 1A2 | &nbsp;&nbsp;CMO Series 2006-S1 Class 1A2 |
| &nbsp;&nbsp;04/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | 1896432 | &nbsp;&nbsp;1877139 |
| &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2019-LTV3 Class B4 | &nbsp;&nbsp;Subordinated CMO Series 2019-LTV3 Class B4 | &nbsp;&nbsp;Subordinated CMO Series 2019-LTV3 Class B4 | &nbsp;&nbsp;Subordinated CMO Series 2019-LTV3 Class B4 |
| &nbsp;&nbsp;03/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;4.384% | 6493167 | &nbsp;&nbsp;5424982 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;JPMorgan Wealth Management<sup>(b),(c)</sup> | &nbsp;&nbsp;JPMorgan Wealth Management<sup>(b),(c)</sup> | &nbsp;&nbsp;JPMorgan Wealth Management<sup>(b),(c)</sup> | &nbsp;&nbsp;JPMorgan Wealth Management<sup>(b),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-CL1 Class M4 | &nbsp;&nbsp;CMO Series 2021-CL1 Class M4 | &nbsp;&nbsp;CMO Series 2021-CL1 Class M4 | &nbsp;&nbsp;CMO Series 2021-CL1 Class M4 |
| &nbsp;&nbsp;30-day Average SOFR + 2.750%<br> 03/25/2051 | &nbsp;&nbsp;6.678% | 1028145 | &nbsp;&nbsp;&nbsp;&nbsp;865804 |
| &nbsp;&nbsp;MASTR Adjustable Rate Mortgages Trust<sup>(d)</sup> | &nbsp;&nbsp;MASTR Adjustable Rate Mortgages Trust<sup>(d)</sup> | &nbsp;&nbsp;MASTR Adjustable Rate Mortgages Trust<sup>(d)</sup> | &nbsp;&nbsp;MASTR Adjustable Rate Mortgages Trust<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 2004-13 Class 3A7 | &nbsp;&nbsp;CMO Series 2004-13 Class 3A7 | &nbsp;&nbsp;CMO Series 2004-13 Class 3A7 | &nbsp;&nbsp;CMO Series 2004-13 Class 3A7 |
| &nbsp;&nbsp;11/21/2034 | &nbsp;&nbsp;3.874% | &nbsp;&nbsp;&nbsp;318994 | &nbsp;&nbsp;&nbsp;&nbsp;286184 |
| &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust<sup>(d)</sup> | &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust<sup>(d)</sup> | &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust<sup>(d)</sup> | &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 2005-A2 Class A2 | &nbsp;&nbsp;CMO Series 2005-A2 Class A2 | &nbsp;&nbsp;CMO Series 2005-A2 Class A2 | &nbsp;&nbsp;CMO Series 2005-A2 Class A2 |
| &nbsp;&nbsp;02/25/2035 | &nbsp;&nbsp;3.046% | &nbsp;&nbsp;&nbsp;653177 | &nbsp;&nbsp;&nbsp;&nbsp;597444 |
| &nbsp;&nbsp;Oaktown Re V Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Oaktown Re V Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Oaktown Re V Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Oaktown Re V Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-2A Class M1B | &nbsp;&nbsp;CMO Series 2020-2A Class M1B | &nbsp;&nbsp;CMO Series 2020-2A Class M1B | &nbsp;&nbsp;CMO Series 2020-2A Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 3.600%<br> Floor 3.600%<br> 10/25/2030 | &nbsp;&nbsp;7.989% | &nbsp;&nbsp;&nbsp;359861 | &nbsp;&nbsp;&nbsp;&nbsp;359672 |
| &nbsp;&nbsp;PRKCM Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;PRKCM Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;PRKCM Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;PRKCM Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2021-AFC1 Class M1 | &nbsp;&nbsp;CMO Series 2021-AFC1 Class M1 | &nbsp;&nbsp;CMO Series 2021-AFC1 Class M1 | &nbsp;&nbsp;CMO Series 2021-AFC1 Class M1 |
| &nbsp;&nbsp;08/25/2056 | &nbsp;&nbsp;3.114% | 6966000 | &nbsp;&nbsp;4265874 |
| &nbsp;&nbsp;Radnor Re Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(b),(c)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2018-1 Class B1 | &nbsp;&nbsp;CMO Series 2018-1 Class B1 | &nbsp;&nbsp;CMO Series 2018-1 Class B1 | &nbsp;&nbsp;CMO Series 2018-1 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.800%<br> 03/25/2028 | &nbsp;&nbsp;8.189% | 3000000 | &nbsp;&nbsp;2998561 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 1.850%<br> Floor 1.850%<br> 11/25/2031 | &nbsp;&nbsp;5.371% | 3417746 | &nbsp;&nbsp;3382479 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1B | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1B | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1B | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 3.700%<br> Floor 3.700%<br> 11/25/2031 | &nbsp;&nbsp;7.221% | 3088000 | &nbsp;&nbsp;2916561 |
| &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2019-3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-3 Class B1 |
| &nbsp;&nbsp;09/25/2059 | &nbsp;&nbsp;3.810% | 4750000 | &nbsp;&nbsp;3923837 |
| &nbsp;&nbsp;STACR Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;STACR Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;STACR Trust<sup>(b),(c)</sup> | &nbsp;&nbsp;STACR Trust<sup>(b),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2018-HRP1 Class M2 | &nbsp;&nbsp;CMO Series 2018-HRP1 Class M2 | &nbsp;&nbsp;CMO Series 2018-HRP1 Class M2 | &nbsp;&nbsp;CMO Series 2018-HRP1 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 1.650%<br> 04/25/2043 | &nbsp;&nbsp;6.039% | &nbsp;&nbsp;&nbsp;236142 | &nbsp;&nbsp;&nbsp;&nbsp;235830 |
| &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(b)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(b)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(b)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2020-2 Class B2E | &nbsp;&nbsp;CMO Series 2020-2 Class B2E | &nbsp;&nbsp;CMO Series 2020-2 Class B2E | &nbsp;&nbsp;CMO Series 2020-2 Class B2E |
| &nbsp;&nbsp;04/25/2060 | &nbsp;&nbsp;3.000% | 5000000 | &nbsp;&nbsp;4072461 |
| &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2020-3 Class B1 | &nbsp;&nbsp;CMO Series 2020-3 Class B1 | &nbsp;&nbsp;CMO Series 2020-3 Class B1 | &nbsp;&nbsp;CMO Series 2020-3 Class B1 |
| &nbsp;&nbsp;04/25/2065 | &nbsp;&nbsp;4.750% | 4000000 | &nbsp;&nbsp;2954852 |
| &nbsp;&nbsp;Structured Adjustable Rate Mortgage Loan Trust<sup>(d)</sup> | &nbsp;&nbsp;Structured Adjustable Rate Mortgage Loan Trust<sup>(d)</sup> | &nbsp;&nbsp;Structured Adjustable Rate Mortgage Loan Trust<sup>(d)</sup> | &nbsp;&nbsp;Structured Adjustable Rate Mortgage Loan Trust<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 2004-8 Class 2A1 | &nbsp;&nbsp;CMO Series 2004-8 Class 2A1 | &nbsp;&nbsp;CMO Series 2004-8 Class 2A1 | &nbsp;&nbsp;CMO Series 2004-8 Class 2A1 |
| &nbsp;&nbsp;07/25/2034 | &nbsp;&nbsp;4.342% | &nbsp;&nbsp;&nbsp;585892 | &nbsp;&nbsp;&nbsp;&nbsp;563003 |
| &nbsp;&nbsp;Verus Securitization Trust<sup>(b)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(b)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(b)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-R1 Class M1 | &nbsp;&nbsp;CMO Series 2021-R1 Class M1 | &nbsp;&nbsp;CMO Series 2021-R1 Class M1 | &nbsp;&nbsp;CMO Series 2021-R1 Class M1 |
| &nbsp;&nbsp;10/25/2063 | &nbsp;&nbsp;2.338% | 3030000 | &nbsp;&nbsp;2392926 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Verus Securitization Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2022-INV1 Class A2 | &nbsp;&nbsp;CMO Series 2022-INV1 Class A2 | &nbsp;&nbsp;CMO Series 2022-INV1 Class A2 | &nbsp;&nbsp;CMO Series 2022-INV1 Class A2 |
| &nbsp;&nbsp;08/25/2067 | &nbsp;&nbsp;5.802% | &nbsp;&nbsp;4498890 | &nbsp;&nbsp;&nbsp;&nbsp;4477666 |
| &nbsp;&nbsp;Subordinated CMO Series 2019-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-4 Class B1 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;3.860% | &nbsp;&nbsp;5211000 | &nbsp;&nbsp;&nbsp;&nbsp;4086235 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-4 Class B1 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;5.046% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;3859334 |
| &nbsp;&nbsp;Vista Point Securitization Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Vista Point Securitization Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Vista Point Securitization Trust<sup>(b),(d)</sup> | &nbsp;&nbsp;Vista Point Securitization Trust<sup>(b),(d)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2020-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-2 Class B1 |
| &nbsp;&nbsp;04/25/2065 | &nbsp;&nbsp;4.900% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1649037 |
| &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust |
| &nbsp;&nbsp;CMO Series 2003-S11 Class 3A5 | &nbsp;&nbsp;CMO Series 2003-S11 Class 3A5 | &nbsp;&nbsp;CMO Series 2003-S11 Class 3A5 | &nbsp;&nbsp;CMO Series 2003-S11 Class 3A5 |
| &nbsp;&nbsp;11/25/2033 | &nbsp;&nbsp;5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77593 |
| &nbsp;&nbsp;Wells Fargo Mortgage-Backed Securities Trust | &nbsp;&nbsp;Wells Fargo Mortgage-Backed Securities Trust | &nbsp;&nbsp;Wells Fargo Mortgage-Backed Securities Trust | &nbsp;&nbsp;Wells Fargo Mortgage-Backed Securities Trust |
| &nbsp;&nbsp;CMO Series 2006-7 Class 3A1 | &nbsp;&nbsp;CMO Series 2006-7 Class 3A1 | &nbsp;&nbsp;CMO Series 2006-7 Class 3A1 | &nbsp;&nbsp;CMO Series 2006-7 Class 3A1 |
| &nbsp;&nbsp;06/25/2036 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;152269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134682 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $165,561,400) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $165,561,400) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $165,561,400) | &nbsp;&nbsp;**143828004** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 22.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations 22.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations 22.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations 22.4%** |
| &nbsp;&nbsp;U.S. Treasury<sup>(g)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(g)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(g)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(g)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;1.500% | 28000000 | &nbsp;&nbsp;&nbsp;&nbsp;26352813 |
| &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury |
| &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;3.000% | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;24164062 |
| &nbsp;&nbsp;11/15/2025 | &nbsp;&nbsp;4.500% | 27000000 | &nbsp;&nbsp;&nbsp;&nbsp;27170860 |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;4.000% | 55000000 | &nbsp;&nbsp;&nbsp;&nbsp;54656250 |
| &nbsp;&nbsp;11/30/2027 | &nbsp;&nbsp;3.875% | 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;74595703 |
| &nbsp;&nbsp;08/31/2029 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3322813 |
| &nbsp;&nbsp;09/30/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4964063 |
| &nbsp;&nbsp;11/30/2029 | &nbsp;&nbsp;3.875% | 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;29798437 |
| &nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;2.875% | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;18437500 |
| &nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;2.750% | 33000000 | &nbsp;&nbsp;&nbsp;&nbsp;30040312 |
| &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;4.125% | 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;17850000 |
| &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;5173437 |
| &nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;1.125% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1245625 |
| &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;1.375% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;1952344 |
| &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2122500 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;6766875 |
| &nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1900938 |
| &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;1788281 |
| &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;6400000 | &nbsp;&nbsp;&nbsp;&nbsp;5532000 |
| &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;5348437 |
| &nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;3.000% | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;12623437 |
| &nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;3.250% | 22000000 | &nbsp;&nbsp;&nbsp;&nbsp;19311875 |
| &nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;3.375% | 41000000 | &nbsp;&nbsp;&nbsp;&nbsp;36662969 |
| &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6300000 | &nbsp;&nbsp;&nbsp;&nbsp;6173016 |
| &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2815781 |
| &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827297 |
| &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;3.000% | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;12414844 |
| &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2353594 |
| &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;7534453 |
| &nbsp;&nbsp;05/15/2049 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;4445547 |
| &nbsp;&nbsp;08/15/2049 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;4949219 |
| &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;3637500 |
| &nbsp;&nbsp;02/15/2051 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;2427844 |
| &nbsp;&nbsp;05/15/2051 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;3244219 |
| &nbsp;&nbsp;08/15/2051 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;4606875 |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;2446172 |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;2.875% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;8053125 |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;3730781 |
| &nbsp;&nbsp;11/15/2052 | &nbsp;&nbsp;4.000% | 18400000 | &nbsp;&nbsp;&nbsp;&nbsp;18500625 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $537,690,690) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $537,690,690) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $537,690,690) | &nbsp;&nbsp;**499942423** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 1.2%** | &nbsp;&nbsp;**Money Market Funds 1.2%** | &nbsp;&nbsp;**Money Market Funds 1.2%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(h),(i)</sup> | &nbsp;&nbsp;27536031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27527770 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $27,527,004) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $27,527,004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27527770** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $2,439,838,101)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $2,439,838,101)** | &nbsp;&nbsp;**2222855696** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15026341** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**2237882037** |

---

At December 31, 2022, securities and/or cash totaling $17,893,136 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;9,590,238 CAD | &nbsp;&nbsp;&nbsp;&nbsp;7,055,827 USD | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(30905) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 1683 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;188995641 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3008324) |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 439 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90029297 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398790) |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 586 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63246797 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570041) |
| &nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | 527 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62334219 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(835976) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 222 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29817375 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1236449) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6049580) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Pay<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX North America High Yield Index, Series 38 | Goldman Sachs | 06/20/2027 | 5.000 | Quarterly | USD | 39644550 | &nbsp;&nbsp;&nbsp;(843985) |  |  |  | &nbsp;&nbsp;&nbsp;(843985) |
| &nbsp;&nbsp;Markit CDX North America High Yield Index, Series 39 | Goldman Sachs | 12/20/2027 | 5.000 | Quarterly | USD | 44150000 | &nbsp;&nbsp;&nbsp;(503315) |  |  |  | &nbsp;&nbsp;&nbsp;(503315) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | (1347300) |  |  |  | (1347300) |

---

#### Notes to Portfolio of Investments
(a) Principal amounts are denominated in United States Dollars unless otherwise noted.

(b) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section
4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $568,466,557, which represents 25.40% of
total net assets.

(c) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(d) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The
interest rate shown was the current rate as of December 31, 2022.

(e) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(f) Principal and interest may not be guaranteed by a governmental entity.

(g) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(h) The rate shown is the seven-day current annualized yield at December 31, 2022.

(i) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 48600720 | &nbsp;&nbsp;1732697607 | &nbsp;&nbsp;(1753771323) | &nbsp;&nbsp;766 | &nbsp;&nbsp;27527770 | &nbsp;&nbsp;3289 | &nbsp;&nbsp;1355816 | &nbsp;&nbsp;27536031 |

---

#### Abbreviation Legend

---

| | |
|:---|:---|
| AGM | &nbsp;&nbsp;Assured Guaranty Municipal Corporation |
| BAM | &nbsp;&nbsp;Build America Mutual Assurance Co. |
| CMO | &nbsp;&nbsp;Collateralized Mortgage Obligation |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

24 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Currency Legend
CAD Canada Dollar <br> USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234269452 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234269452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66090507 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66090507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615883520 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615883520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25374609 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25374609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inflation-Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31443039 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31443039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42798336 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42798336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535698036 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535698036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143828004 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143828004 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499942423 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499942423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 27527770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27527770 |
| &nbsp;&nbsp;Total Investments in Securities | 27527770 | &nbsp;&nbsp;&nbsp;&nbsp;2195327926 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2222855696 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30905) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;(6049580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6049580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1347300) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1347300) |
| &nbsp;&nbsp;Total | 21478190 | &nbsp;&nbsp;&nbsp;&nbsp;2193949721 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2215427911 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued) See the Portfolio of Investments for all investment classifications not indicated in the table.
**The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.**

#### Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.

26 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $2,412,311,097) | $2195327926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $27,527,004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27527770 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330239 |
| &nbsp;&nbsp;Foreign currency (cost $320,985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323609 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14523343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48966 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22668 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;2239590459 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30905 |
| &nbsp;&nbsp;Cash collateral due to broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46678 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708422 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$2237882037** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;2644182639 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(406300602) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$2237882037** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2219347758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;246747444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.99 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$18534279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.95 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84293455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3513 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85656750 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11764340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40826 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12092163 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73564587 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(244069457) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223113) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6491610) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777796 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(246860296) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(238990874) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6249554) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1347300) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(245862272) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(492722568) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(419157981)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

28 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$73564587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73914449 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(246860296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62970219 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(245862272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119514148) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(419157981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17370520 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(137963723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134005891) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1078112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(843022) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(139041835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134848913) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(139015555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21372193) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(697215371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138850586) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;2935097408 | &nbsp;&nbsp;&nbsp;&nbsp;3073947994 |
| &nbsp;&nbsp;**Net assets at end of year** | **$2237882037** | &nbsp;&nbsp;**$2935097408** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;1471973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14224157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26745015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307565641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;14446463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137963723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11869433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134005891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (28043771) | &nbsp;&nbsp;&nbsp;&nbsp;(293997166) | &nbsp;&nbsp;&nbsp;&nbsp;(40256186) | &nbsp;&nbsp;&nbsp;&nbsp;(462087935) |
| &nbsp;&nbsp;Net decrease | (12125335) | &nbsp;&nbsp;&nbsp;&nbsp;(141809286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1641738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20516403) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2083719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5233911) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(855790) |
| &nbsp;&nbsp;**Total net decrease** | **(11848240)** | &nbsp;&nbsp;&nbsp;&nbsp;**(139015555)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1715756)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(21372193)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.26 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(1.99) | &nbsp;&nbsp;(1.69) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.58) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.72 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.51) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.01 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.65 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.66) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $11.15 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.21 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(1.98) | &nbsp;&nbsp;(1.71) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.55) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.66 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.49) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.96 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.61 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.63) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $11.11 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.35) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

30 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$8.99 | (15.29%) 0.50%<sup>(c)</sup> | 3.03% | 194% | $2219348 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.26 | &nbsp;&nbsp;&nbsp;0.45% 0.49%<sup>(c)</sup> | 2.44% | 218% | $2915004 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.72 | &nbsp;&nbsp;&nbsp;8.55% 0.49%<sup>(c)</sup> | 2.12% | 226% | $3052174 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.01 | &nbsp;&nbsp;&nbsp;9.73% 0.50%<sup>(c)</sup> | 2.84% | &nbsp;&nbsp;94% | $2900664 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.65 | &nbsp;&nbsp;(1.05%) 0.48%<sup>(c)</sup> | 3.42% | 136% | $1992309 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$8.95 | (15.51%) 0.75%<sup>(c)</sup> | 2.79% | 194% | &nbsp;&nbsp;&nbsp;&nbsp;$18534 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.21 | &nbsp;&nbsp;&nbsp;0.29% 0.74%<sup>(c)</sup> | 2.18% | 218% | &nbsp;&nbsp;&nbsp;&nbsp;$20094 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.66 | &nbsp;&nbsp;&nbsp;8.24% 0.74%<sup>(c)</sup> | 1.88% | 226% | &nbsp;&nbsp;&nbsp;&nbsp;$21774 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.96 | &nbsp;&nbsp;&nbsp;9.40% 0.75%<sup>(c)</sup> | 2.58% | &nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;$18712 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.61 | &nbsp;&nbsp;(1.31%) 0.73%<sup>(c)</sup> | 3.17% | 136% | &nbsp;&nbsp;&nbsp;&nbsp;$13100 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

CTIVP® – American Century Diversified Bond Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

32 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements (continued)

December 31, 2022

assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities, to shift foreign currency exposure back to U.S. dollars, to generate total return through long and short positions versus the U.S. dollar and to generate interest rate differential yield. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

34 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.

#### Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to a credit sector, to increase or decrease its credit exposure to a specific debt securities as a protection buyer "or seller" to reduce "or increase" overall credit exposure and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements (continued)

December 31, 2022

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,347,300\* |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30905 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;6,049,580\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7427785 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

36 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777796 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;(223113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223113) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6491610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6491610) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;(223113) | &nbsp;&nbsp;&nbsp;&nbsp;(6491610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777796 | &nbsp;&nbsp;&nbsp;&nbsp;(2936927) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1347300) | &nbsp;&nbsp;&nbsp;&nbsp;(1347300) |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724068 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6249554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6249554) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724068 | &nbsp;&nbsp;&nbsp;&nbsp;(6249554) | &nbsp;&nbsp;&nbsp;&nbsp;(1347300) | &nbsp;&nbsp;&nbsp;&nbsp;(6872786) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 296249833 |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;35970328 |
| &nbsp;&nbsp;Credit default swap contracts — buy protection | 151985888 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;153899 | &nbsp;&nbsp;&nbsp;&nbsp;(88908) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

#### Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

#### Treasury inflation protected securities
The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Goldman<br> Sachs ($) <sup>(a)</sup>** | &nbsp;&nbsp;**Goldman<br> Sachs ($) <sup>(a)</sup>** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(b)</sup> | 48966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;48966 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;30905 | &nbsp;&nbsp;30905 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **48966** | &nbsp;&nbsp;**(30905)** | &nbsp;&nbsp;**18061** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;**Net amount <sup>(d)</sup>** | **48966** | &nbsp;&nbsp;**(30905)** | &nbsp;&nbsp;**18061** |

---

(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

(b) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(d) Represents the net amount due from/(to) counterparties in the event of default.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

38 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.50% to 0.34% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.48% of the Fund's average daily net assets.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Subadvisory agreement
The Investment Manager has entered into a Subadvisory Agreement with American Century Investment Management, Inc. to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

40 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | 0.54% |
| &nbsp;&nbsp;Class 2 | 0.79 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, derivative investments, tax straddles, principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred compensation and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;1070569 | (1070568) | (1) |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;110264824 | 28777011 | 139041835 | 134848913 |  | 134848913 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements (continued)

December 31, 2022

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;73331796 – (254341028) | (225081656) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;2440509567 | 7719883 | (232801539) | (225081656) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(171642227) | (82698801) | (254341028) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $4,728,023,112 and $4,978,843,937, respectively, for the year ended December 31, 2022, of which $3,898,462,620 and $3,387,451,129, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

42 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 11800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;3 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 43

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

44 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 45

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP® – American Century Diversified Bond Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP® – American Century Diversified Bond Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

46 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 47

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

48 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 49

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

50 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022 51

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

52 CTIVP® – American Century Diversified Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_219_16dd7193-d5b9-4bd9-9f58-bb53fe52f354_TOC)

#### CTIVP® – American Century Diversified Bond Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img22ef03192.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7028_12_B01_(02/23)

------

![](img9cf38b9e1.jpg)

Annual Report

December 31, 2022

![](imgfdaf3c662.jpg)

Variable Portfolio – Partners Core Bond Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_28342a3d-0ac8-4884-b855-a5be689a5501_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_28342a3d-0ac8-4884-b855-a5be689a5501_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_4829fad0-6bf1-4fcf-ba8d-4bdba99cdcd6_1)<br>| 8 |
| [Portfolio of Investments](#xx_5285dcbd-511b-4bed-a725-7f84b8b132fd_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_ccb81fe5-d45d-4bf3-82f4-621c300bd217_1)<br>| 65 |
| [Statement of Operations](#xx_ccb81fe5-d45d-4bf3-82f4-621c300bd217_2)<br>| 66 |
| [Statement of Changes in Net Assets](#xx_ccb81fe5-d45d-4bf3-82f4-621c300bd217_3)<br>| 67 |
| [Financial Highlights](#xx_e31bdf11-04fd-49f4-9add-0514b3104401_1)<br>| 68 |
| [Notes to Financial Statements](#xx_8036ae65-9c0c-4c11-b4ba-8e5f1ebbc5f5_1)<br>| 70 |
| [Report of Independent Registered Public Accounting Firm](#xx_65784855-4561-4d21-9e75-3d4c974189f4_1)<br>| 85 |
| [Trustees and Officers](#xx_a4af2d94-fd80-4921-b8d6-f076c2348bbd_1)<br>| 86 |
| [Approval of Subadvisory Agreement Amendment](#xx_a4af2d94-fd80-4921-b8d6-f076c2348bbd_6)<br>| 91 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Partners Core Bond Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a high level of current income while conserving the value of the investment for the longest period of time.

Portfolio management

#### Allspring Global Investments, LLC
Maulik Bhansali, CFA

Jarad Vasquez

#### J.P. Morgan Investment Management Inc.
Richard Figuly

Steven Lear, CFA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Andrew Norelli

Lisa Coleman, CFA

Thomas Hauser, CFA

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-13.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-13.60 | &nbsp;&nbsp;&nbsp;&nbsp;-0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to May 2017 reflects returns achieved by one or more different subadvisers. If the Fund's current subadvisers had been in place for the prior periods, results shown may have been different.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img454a9cfd3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Partners Core Bond Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;10.1 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;27.4 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;21.3 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;22.2 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;58.8 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;11.6 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;CCC rating | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;CC rating | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;C rating | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 99.68% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

*As of December 31, 2022, the Fund was managed by two independent money management firms. Allspring Global Investments, LLC (Allspring) managed 49.58% and J.P. Morgan Investment Management Inc. (JPMorgan) managed approximately 50.42% of the Fund's assets.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – Partners Core Bond Fund returned -13.60%. The Fund slightly underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -13.01% for the same time period.

Market overview

2022 was a challenging year for risk assets. A continuation of 2021's economic rebound from the COVID-19 pandemic manifested in multi-decade high inflation, which was further exacerbated due to the Russian invasion of Ukraine in February 2022. Developed market central banks pivoted quickly to deliver ultra-hawkish rhetoric and policy tightening throughout the course of the year. As the cumulative and lagged impacts of monetary policy began to spill over into the real economy by mid-year, fixed-income markets were caught between opposing forces: high/persistent inflation, which led to higher yields, and concerns around whether tighter financial conditions would weigh on economic growth, which led to a flight to quality and lower yields.

Volatility remained elevated throughout the year due to concerns that central banks would be unable to walk the fine line of tightening monetary policy to a level that would bring down inflation but still allow growth to remain positive enough to prevent a recession. Ultimately, U.S. Treasury yields rose sharply across the curve in a yield curve flattening fashion as the Federal Reserve (the Fed) continued to hike interest rates faster than expected, while all fixed-income spread sectors underperformed U.S. Treasuries on a duration-neutral basis. Within the sector components of the benchmark, all sectors delivered negative excess returns, with the credit and mortgage-backed securities (MBS) sectors leading the way.

The Fund's notable detractors during the period

Allspring

• Positioning in spread products was negative in our portion of the Fund and nearly offset the outperformance our portion of the Fund realized from mortgages during the period.

• Positioned with a small overweight to credit throughout most of the year, our credit sector overweight detracted from performance in our portion of the Fund as spreads widened dramatically.

• From a security selection perspective within credit, detractors were concentrated in the technology, insurance, energy, capital goods and U.S. bank subsectors.

• In structured products, a sector overweight to the asset-backed securities (ABS) sector was a detractor from performance during the year.

• Security selection in ABS sector detracted, resulting from positions in non-qualified mortgage residential mortgage-backed securities (RMBS) and private credit student loan ABS.

JPMorgan

• Overweight positioning across spread sectors generally detracted from returns in our portion of the Fund as spreads across all sectors widened during the year in sympathy with the softer market backdrop for risk
assets.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Overweight positioning across securitized credit sectors, such as non-agency MBS, commercial mortgage-backed securities (CMBS) and ABS, detracted from returns. Positive performance from lower spread duration ABS was
offset by negative performance from CMBS and non-agency RMBS.

• Out-of-benchmark positioning in high-yield corporate credit detracted from returns in our portion of the Fund.

• Security selection within investment-grade corporate credit and emerging markets debt detracted from returns.

The Fund's notable contributors during the period

Allspring

• Security selection in credit contributed to performance in our portion of the Fund during the period. Contributors were concentrated in the sovereigns, health care, utilities, communications and non-U.S. bank
subsectors.

• Within agency mortgages, sector positioning and security selection both led the slight outperformance. We maintained an underweight position in our portion of the Fund for most of the period, which contributed
meaningfully given the dramatic spread widening.

• Security selection and positioning in conventional 30-year and 20-year mortgages were the most notable contributors to performance.

• Positioning in credit card and auto ABS was a small contributor to performance.

• Within CMBS, sector positioning and security selection, from conduit, single-asset/single-borrower CMBS and agency CMBS, was also a small contributor.

JPMorgan

• Dynamic duration and yield curve positioning was the largest contributor to the Fund's excess return.

○ The Fund entered the year with an expectation that the yield curve would steepen. Throughout much of the course of 2022, from January through November, the Fund was generally positioned underweight duration relative
to the benchmark, by between -0.1 and -0.5 years.

○ A
large portion of the duration underweight was expressed in the 20-year part of the yield curve, as we expected higher rates in this part of the curve due to poor supply/demand and liquidity driven dynamics.

○ As the Fed delivered larger and more aggressive rate hikes than previously expected, we reduced duration in the front end of the yield curve, while remaining slightly overweight in the belly of the yield curve.

○ In November, the Fund covered its duration underweight, adding duration in the front and belly of the yield curve, as the pace of inflation slowed and concerns over a recession rose.
The Fund ended the year +0.2 years overweight duration.

• Underweight positioning to the agency MBS sector and intra-sector positioning within agency CMBS was another meaningful contributor to returns.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund is managed by multiple advisers independently of one another, which may result in contradicting trades (i.e., with no net benefit to the Fund), while increasing transaction costs. Mortgage- and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and net asset value. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. See the Fund's prospectus for more information on these and other risks.***

6 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;970.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;969.10 | &nbsp;&nbsp;&nbsp;&nbsp;1021.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

8 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 10.3%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 10.3%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 10.3%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 10.3%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Academic Loan Funding Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Academic Loan Funding Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Academic Loan Funding Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Academic Loan Funding Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2013-1A Class A | &nbsp;&nbsp;Series 2013-1A Class A | &nbsp;&nbsp;Series 2013-1A Class A | &nbsp;&nbsp;Series 2013-1A Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.800%<br> Floor 0.800%<br> 12/26/2044 | &nbsp;&nbsp;5.189% | &nbsp;&nbsp;&nbsp;534307 | &nbsp;&nbsp;&nbsp;&nbsp;500841 |
| &nbsp;&nbsp;ACC Trust<sup>(a)</sup> | &nbsp;&nbsp;ACC Trust<sup>(a)</sup> | &nbsp;&nbsp;ACC Trust<sup>(a)</sup> | &nbsp;&nbsp;ACC Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1 Class D | &nbsp;&nbsp;Series 2021-1 Class D | &nbsp;&nbsp;Series 2021-1 Class D | &nbsp;&nbsp;Series 2021-1 Class D |
| &nbsp;&nbsp;03/22/2027 | &nbsp;&nbsp;5.250% | 5200000 | &nbsp;&nbsp;5085871 |
| &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C |
| &nbsp;&nbsp;12/20/2024 | &nbsp;&nbsp;2.080% | 2150000 | &nbsp;&nbsp;2128612 |
| &nbsp;&nbsp;Ally Auto Receivables Trust | &nbsp;&nbsp;Ally Auto Receivables Trust | &nbsp;&nbsp;Ally Auto Receivables Trust | &nbsp;&nbsp;Ally Auto Receivables Trust |
| &nbsp;&nbsp;Series 2022-1 Class A3 | &nbsp;&nbsp;Series 2022-1 Class A3 | &nbsp;&nbsp;Series 2022-1 Class A3 | &nbsp;&nbsp;Series 2022-1 Class A3 |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;3.310% | 2356000 | &nbsp;&nbsp;2293494 |
| &nbsp;&nbsp;Series 2022-2 Class A4 | &nbsp;&nbsp;Series 2022-2 Class A4 | &nbsp;&nbsp;Series 2022-2 Class A4 | &nbsp;&nbsp;Series 2022-2 Class A4 |
| &nbsp;&nbsp;04/17/2028 | &nbsp;&nbsp;4.870% | 2019000 | &nbsp;&nbsp;2011182 |
| &nbsp;&nbsp;Subordinated Series 2022-3 Class A4 | &nbsp;&nbsp;Subordinated Series 2022-3 Class A4 | &nbsp;&nbsp;Subordinated Series 2022-3 Class A4 | &nbsp;&nbsp;Subordinated Series 2022-3 Class A4 |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;5.070% | 1013000 | &nbsp;&nbsp;1021072 |
| &nbsp;&nbsp;American Express Credit Account Master Trust | &nbsp;&nbsp;American Express Credit Account Master Trust | &nbsp;&nbsp;American Express Credit Account Master Trust | &nbsp;&nbsp;American Express Credit Account Master Trust |
| &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;3.750% | 4380000 | &nbsp;&nbsp;4279791 |
| &nbsp;&nbsp;Series 2022-4 Class A | &nbsp;&nbsp;Series 2022-4 Class A | &nbsp;&nbsp;Series 2022-4 Class A | &nbsp;&nbsp;Series 2022-4 Class A |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;4.950% | 3273000 | &nbsp;&nbsp;3298164 |
| &nbsp;&nbsp;American Tower Trust I<sup>(a)</sup> | &nbsp;&nbsp;American Tower Trust I<sup>(a)</sup> | &nbsp;&nbsp;American Tower Trust I<sup>(a)</sup> | &nbsp;&nbsp;American Tower Trust I<sup>(a)</sup> |
| &nbsp;&nbsp;Series 13 Class 2A | &nbsp;&nbsp;Series 13 Class 2A | &nbsp;&nbsp;Series 13 Class 2A | &nbsp;&nbsp;Series 13 Class 2A |
| &nbsp;&nbsp;03/15/2023 | &nbsp;&nbsp;3.070% | 1900000 | &nbsp;&nbsp;1889362 |
| &nbsp;&nbsp;AmeriCredit Automobile Receivables Trust | &nbsp;&nbsp;AmeriCredit Automobile Receivables Trust | &nbsp;&nbsp;AmeriCredit Automobile Receivables Trust | &nbsp;&nbsp;AmeriCredit Automobile Receivables Trust |
| &nbsp;&nbsp;Series 2022-1 Class A3 | &nbsp;&nbsp;Series 2022-1 Class A3 | &nbsp;&nbsp;Series 2022-1 Class A3 | &nbsp;&nbsp;Series 2022-1 Class A3 |
| &nbsp;&nbsp;11/18/2026 | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;&nbsp;792000 | &nbsp;&nbsp;&nbsp;&nbsp;767546 |
| &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 |
| &nbsp;&nbsp;04/18/2028 | &nbsp;&nbsp;4.380% | 1937000 | &nbsp;&nbsp;1894198 |
| &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-3A Class A | &nbsp;&nbsp;Series 2019-3A Class A | &nbsp;&nbsp;Series 2019-3A Class A | &nbsp;&nbsp;Series 2019-3A Class A |
| &nbsp;&nbsp;03/20/2026 | &nbsp;&nbsp;2.360% | 1653000 | &nbsp;&nbsp;1537561 |
| &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A |
| &nbsp;&nbsp;02/20/2028 | &nbsp;&nbsp;1.660% | 4254000 | &nbsp;&nbsp;3687590 |
| &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A |
| &nbsp;&nbsp;02/20/2027 | &nbsp;&nbsp;4.620% | 3653000 | &nbsp;&nbsp;3568308 |
| &nbsp;&nbsp;Series 2022-4A Class A | &nbsp;&nbsp;Series 2022-4A Class A | &nbsp;&nbsp;Series 2022-4A Class A | &nbsp;&nbsp;Series 2022-4A Class A |
| &nbsp;&nbsp;02/20/2029 | &nbsp;&nbsp;4.770% | 1812000 | &nbsp;&nbsp;1739819 |
| &nbsp;&nbsp;BA Credit Card Trust | &nbsp;&nbsp;BA Credit Card Trust | &nbsp;&nbsp;BA Credit Card Trust | &nbsp;&nbsp;BA Credit Card Trust |
| &nbsp;&nbsp;Series 2022-A1 Class A1 | &nbsp;&nbsp;Series 2022-A1 Class A1 | &nbsp;&nbsp;Series 2022-A1 Class A1 | &nbsp;&nbsp;Series 2022-A1 Class A1 |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;3.530% | 3861000 | &nbsp;&nbsp;3754543 |
| &nbsp;&nbsp;Series 2022-A2 Class A2 | &nbsp;&nbsp;Series 2022-A2 Class A2 | &nbsp;&nbsp;Series 2022-A2 Class A2 | &nbsp;&nbsp;Series 2022-A2 Class A2 |
| &nbsp;&nbsp;04/17/2028 | &nbsp;&nbsp;5.000% | 2779000 | &nbsp;&nbsp;2809721 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Business Jet Securities LLC<sup>(a)</sup> | &nbsp;&nbsp;Business Jet Securities LLC<sup>(a)</sup> | &nbsp;&nbsp;Business Jet Securities LLC<sup>(a)</sup> | &nbsp;&nbsp;Business Jet Securities LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;04/15/2036 | &nbsp;&nbsp;2.162% | 1762006 | &nbsp;&nbsp;1547136 |
| &nbsp;&nbsp;Subordinated Series 2021-1 Class B | &nbsp;&nbsp;Subordinated Series 2021-1 Class B | &nbsp;&nbsp;Subordinated Series 2021-1 Class B | &nbsp;&nbsp;Subordinated Series 2021-1 Class B |
| &nbsp;&nbsp;04/15/2036 | &nbsp;&nbsp;2.918% | 2237809 | &nbsp;&nbsp;1896668 |
| &nbsp;&nbsp;Subordinated Series 2022-1A Class C | &nbsp;&nbsp;Subordinated Series 2022-1A Class C | &nbsp;&nbsp;Subordinated Series 2022-1A Class C | &nbsp;&nbsp;Subordinated Series 2022-1A Class C |
| &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;6.413% | 4977002 | &nbsp;&nbsp;4617052 |
| &nbsp;&nbsp;Capital One Multi-Asset Execution Trust | &nbsp;&nbsp;Capital One Multi-Asset Execution Trust | &nbsp;&nbsp;Capital One Multi-Asset Execution Trust | &nbsp;&nbsp;Capital One Multi-Asset Execution Trust |
| &nbsp;&nbsp;Series 2021-A2 Class A2 | &nbsp;&nbsp;Series 2021-A2 Class A2 | &nbsp;&nbsp;Series 2021-A2 Class A2 | &nbsp;&nbsp;Series 2021-A2 Class A2 |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;1.390% | 2991000 | &nbsp;&nbsp;2495566 |
| &nbsp;&nbsp;Series 2022-A2 Class A | &nbsp;&nbsp;Series 2022-A2 Class A | &nbsp;&nbsp;Series 2022-A2 Class A | &nbsp;&nbsp;Series 2022-A2 Class A |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;3.490% | 2773000 | &nbsp;&nbsp;2697311 |
| &nbsp;&nbsp;Series 2022-A3 Class A | &nbsp;&nbsp;Series 2022-A3 Class A | &nbsp;&nbsp;Series 2022-A3 Class A | &nbsp;&nbsp;Series 2022-A3 Class A |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;4.950% | 2339000 | &nbsp;&nbsp;2357518 |
| &nbsp;&nbsp;Cars Net Lease Mortgage Notes<sup>(a)</sup> | &nbsp;&nbsp;Cars Net Lease Mortgage Notes<sup>(a)</sup> | &nbsp;&nbsp;Cars Net Lease Mortgage Notes<sup>(a)</sup> | &nbsp;&nbsp;Cars Net Lease Mortgage Notes<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-1A Class A3 | &nbsp;&nbsp;Series 2020-1A Class A3 | &nbsp;&nbsp;Series 2020-1A Class A3 | &nbsp;&nbsp;Series 2020-1A Class A3 |
| &nbsp;&nbsp;12/15/2050 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;&nbsp;851400 | &nbsp;&nbsp;&nbsp;&nbsp;733436 |
| &nbsp;&nbsp;Carvana Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Carvana Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Carvana Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Carvana Auto Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-3A Class D | &nbsp;&nbsp;Subordinated Series 2019-3A Class D | &nbsp;&nbsp;Subordinated Series 2019-3A Class D | &nbsp;&nbsp;Subordinated Series 2019-3A Class D |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;3.040% | 3688921 | &nbsp;&nbsp;3638752 |
| &nbsp;&nbsp;Chase Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Chase Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Chase Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Chase Auto Owner Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-AA Class A4 | &nbsp;&nbsp;Series 2022-AA Class A4 | &nbsp;&nbsp;Series 2022-AA Class A4 | &nbsp;&nbsp;Series 2022-AA Class A4 |
| &nbsp;&nbsp;03/27/2028 | &nbsp;&nbsp;3.990% | 1305000 | &nbsp;&nbsp;1259950 |
| &nbsp;&nbsp;Chase Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Chase Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Chase Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Chase Funding Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2003-2 Class 2A2 | &nbsp;&nbsp;Series 2003-2 Class 2A2 | &nbsp;&nbsp;Series 2003-2 Class 2A2 | &nbsp;&nbsp;Series 2003-2 Class 2A2 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.560%<br> Floor 0.560%<br> 02/25/2033 | &nbsp;&nbsp;4.949% | &nbsp;&nbsp;&nbsp;500782 | &nbsp;&nbsp;&nbsp;&nbsp;474893 |
| &nbsp;&nbsp;Chase Funding Trust<sup>(c)</sup> | &nbsp;&nbsp;Chase Funding Trust<sup>(c)</sup> | &nbsp;&nbsp;Chase Funding Trust<sup>(c)</sup> | &nbsp;&nbsp;Chase Funding Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2003-4 Class 1A5 | &nbsp;&nbsp;Series 2003-4 Class 1A5 | &nbsp;&nbsp;Series 2003-4 Class 1A5 | &nbsp;&nbsp;Series 2003-4 Class 1A5 |
| &nbsp;&nbsp;05/25/2033 | &nbsp;&nbsp;4.887% | &nbsp;&nbsp;&nbsp;184396 | &nbsp;&nbsp;&nbsp;&nbsp;172673 |
| &nbsp;&nbsp;Series 2003-6 Class 1A5 | &nbsp;&nbsp;Series 2003-6 Class 1A5 | &nbsp;&nbsp;Series 2003-6 Class 1A5 | &nbsp;&nbsp;Series 2003-6 Class 1A5 |
| &nbsp;&nbsp;11/25/2034 | &nbsp;&nbsp;4.888% | &nbsp;&nbsp;&nbsp;143019 | &nbsp;&nbsp;&nbsp;&nbsp;140484 |
| &nbsp;&nbsp;Chase Issuance Trust | &nbsp;&nbsp;Chase Issuance Trust | &nbsp;&nbsp;Chase Issuance Trust | &nbsp;&nbsp;Chase Issuance Trust |
| &nbsp;&nbsp;Series 2022-A1 Class A | &nbsp;&nbsp;Series 2022-A1 Class A | &nbsp;&nbsp;Series 2022-A1 Class A | &nbsp;&nbsp;Series 2022-A1 Class A |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;3.970% | &nbsp;&nbsp;&nbsp;849000 | &nbsp;&nbsp;&nbsp;&nbsp;826863 |
| &nbsp;&nbsp;College Ave Student Loans LLC<sup>(a),(b)</sup> | &nbsp;&nbsp;College Ave Student Loans LLC<sup>(a),(b)</sup> | &nbsp;&nbsp;College Ave Student Loans LLC<sup>(a),(b)</sup> | &nbsp;&nbsp;College Ave Student Loans LLC<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2017-A Class A1 | &nbsp;&nbsp;Series 2017-A Class A1 | &nbsp;&nbsp;Series 2017-A Class A1 | &nbsp;&nbsp;Series 2017-A Class A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 1.650%<br> Floor 1.650%<br> 11/26/2046 | &nbsp;&nbsp;6.039% | &nbsp;&nbsp;&nbsp;661709 | &nbsp;&nbsp;&nbsp;&nbsp;637393 |
| &nbsp;&nbsp;College Ave Student Loans LLC<sup>(a)</sup> | &nbsp;&nbsp;College Ave Student Loans LLC<sup>(a)</sup> | &nbsp;&nbsp;College Ave Student Loans LLC<sup>(a)</sup> | &nbsp;&nbsp;College Ave Student Loans LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2018-A Class A2 | &nbsp;&nbsp;Series 2018-A Class A2 | &nbsp;&nbsp;Series 2018-A Class A2 | &nbsp;&nbsp;Series 2018-A Class A2 |
| &nbsp;&nbsp;12/26/2047 | &nbsp;&nbsp;4.130% | &nbsp;&nbsp;&nbsp;400886 | &nbsp;&nbsp;&nbsp;&nbsp;382678 |
| &nbsp;&nbsp;Series 2019-A Class A2 | &nbsp;&nbsp;Series 2019-A Class A2 | &nbsp;&nbsp;Series 2019-A Class A2 | &nbsp;&nbsp;Series 2019-A Class A2 |
| &nbsp;&nbsp;12/28/2048 | &nbsp;&nbsp;3.280% | &nbsp;&nbsp;&nbsp;998826 | &nbsp;&nbsp;&nbsp;&nbsp;932865 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2021-A Class A2 | &nbsp;&nbsp;Series 2021-A Class A2 | &nbsp;&nbsp;Series 2021-A Class A2 | &nbsp;&nbsp;Series 2021-A Class A2 |
| &nbsp;&nbsp;07/25/2051 | &nbsp;&nbsp;1.600% | 2295672 | &nbsp;&nbsp;1940379 |
| &nbsp;&nbsp;Consumer Receivables Asset Investment Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Consumer Receivables Asset Investment Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Consumer Receivables Asset Investment Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Consumer Receivables Asset Investment Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-1 Class A1X | &nbsp;&nbsp;Series 2021-1 Class A1X | &nbsp;&nbsp;Series 2021-1 Class A1X | &nbsp;&nbsp;Series 2021-1 Class A1X |
| &nbsp;&nbsp;3-month USD LIBOR + 3.000%<br> Floor 3.000%<br> 03/24/2023 | &nbsp;&nbsp;8.208% | 1741690 | &nbsp;&nbsp;1741683 |
| &nbsp;&nbsp;COOF Securitization Trust Ltd.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;COOF Securitization Trust Ltd.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;COOF Securitization Trust Ltd.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;COOF Securitization Trust Ltd.<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2014-1 Class A | &nbsp;&nbsp;CMO Series 2014-1 Class A | &nbsp;&nbsp;CMO Series 2014-1 Class A | &nbsp;&nbsp;CMO Series 2014-1 Class A |
| &nbsp;&nbsp;06/25/2040 | &nbsp;&nbsp;2.783% | &nbsp;&nbsp;&nbsp;292643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19771 |
| &nbsp;&nbsp;Credit Acceptance Auto Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;0.960% | 1250000 | &nbsp;&nbsp;1198818 |
| &nbsp;&nbsp;Series 2021-3A Class B | &nbsp;&nbsp;Series 2021-3A Class B | &nbsp;&nbsp;Series 2021-3A Class B | &nbsp;&nbsp;Series 2021-3A Class B |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;1.380% | 4162000 | &nbsp;&nbsp;3808056 |
| &nbsp;&nbsp;Subordinated Series 2020-1A Class B | &nbsp;&nbsp;Subordinated Series 2020-1A Class B | &nbsp;&nbsp;Subordinated Series 2020-1A Class B | &nbsp;&nbsp;Subordinated Series 2020-1A Class B |
| &nbsp;&nbsp;04/16/2029 | &nbsp;&nbsp;2.390% | 2084529 | &nbsp;&nbsp;2073678 |
| &nbsp;&nbsp;Subordinated Series 2021-3A Class C | &nbsp;&nbsp;Subordinated Series 2021-3A Class C | &nbsp;&nbsp;Subordinated Series 2021-3A Class C | &nbsp;&nbsp;Subordinated Series 2021-3A Class C |
| &nbsp;&nbsp;09/16/2030 | &nbsp;&nbsp;1.630% | 1504000 | &nbsp;&nbsp;1365763 |
| &nbsp;&nbsp;DataBank Issuer<sup>(a)</sup> | &nbsp;&nbsp;DataBank Issuer<sup>(a)</sup> | &nbsp;&nbsp;DataBank Issuer<sup>(a)</sup> | &nbsp;&nbsp;DataBank Issuer<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 |
| &nbsp;&nbsp;02/27/2051 | &nbsp;&nbsp;2.060% | 2850000 | &nbsp;&nbsp;2468526 |
| &nbsp;&nbsp;Diamond Resorts Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Diamond Resorts Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Diamond Resorts Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Diamond Resorts Owner Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class D | &nbsp;&nbsp;Subordinated Series 2021-1A Class D | &nbsp;&nbsp;Subordinated Series 2021-1A Class D | &nbsp;&nbsp;Subordinated Series 2021-1A Class D |
| &nbsp;&nbsp;11/21/2033 | &nbsp;&nbsp;3.830% | 1917249 | &nbsp;&nbsp;1763510 |
| &nbsp;&nbsp;Discover Card Execution Note Trust | &nbsp;&nbsp;Discover Card Execution Note Trust | &nbsp;&nbsp;Discover Card Execution Note Trust | &nbsp;&nbsp;Discover Card Execution Note Trust |
| &nbsp;&nbsp;Series 2022-A3 Class A3 | &nbsp;&nbsp;Series 2022-A3 Class A3 | &nbsp;&nbsp;Series 2022-A3 Class A3 | &nbsp;&nbsp;Series 2022-A3 Class A3 |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;3.560% | 5968000 | &nbsp;&nbsp;5782812 |
| &nbsp;&nbsp;Drive Auto Receivables Trust | &nbsp;&nbsp;Drive Auto Receivables Trust | &nbsp;&nbsp;Drive Auto Receivables Trust | &nbsp;&nbsp;Drive Auto Receivables Trust |
| &nbsp;&nbsp;Subordinated Series 2020-2 Class C | &nbsp;&nbsp;Subordinated Series 2020-2 Class C | &nbsp;&nbsp;Subordinated Series 2020-2 Class C | &nbsp;&nbsp;Subordinated Series 2020-2 Class C |
| &nbsp;&nbsp;08/17/2026 | &nbsp;&nbsp;2.280% | 1139222 | &nbsp;&nbsp;1130576 |
| &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-4A Class C | &nbsp;&nbsp;Subordinated Series 2019-4A Class C | &nbsp;&nbsp;Subordinated Series 2019-4A Class C | &nbsp;&nbsp;Subordinated Series 2019-4A Class C |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;2.730% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7304 |
| &nbsp;&nbsp;Subordinated Series 2021-2A Class C | &nbsp;&nbsp;Subordinated Series 2021-2A Class C | &nbsp;&nbsp;Subordinated Series 2021-2A Class C | &nbsp;&nbsp;Subordinated Series 2021-2A Class C |
| &nbsp;&nbsp;02/16/2027 | &nbsp;&nbsp;1.100% | 2104000 | &nbsp;&nbsp;1996745 |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-3A Class E | &nbsp;&nbsp;Series 2022-3A Class E | &nbsp;&nbsp;Series 2022-3A Class E | &nbsp;&nbsp;Series 2022-3A Class E |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;9.090% | 7000000 | &nbsp;&nbsp;6569233 |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust | &nbsp;&nbsp;Exeter Automobile Receivables Trust | &nbsp;&nbsp;Exeter Automobile Receivables Trust | &nbsp;&nbsp;Exeter Automobile Receivables Trust |
| &nbsp;&nbsp;Subordinated Series 2022-2A Class D | &nbsp;&nbsp;Subordinated Series 2022-2A Class D | &nbsp;&nbsp;Subordinated Series 2022-2A Class D | &nbsp;&nbsp;Subordinated Series 2022-2A Class D |
| &nbsp;&nbsp;07/17/2028 | &nbsp;&nbsp;4.560% | 6035000 | &nbsp;&nbsp;5601405 |
| &nbsp;&nbsp;Subordinated Series 2022-5A Class D | &nbsp;&nbsp;Subordinated Series 2022-5A Class D | &nbsp;&nbsp;Subordinated Series 2022-5A Class D | &nbsp;&nbsp;Subordinated Series 2022-5A Class D |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;7.400% | 5000000 | &nbsp;&nbsp;4983920 |
| &nbsp;&nbsp;Flagship Credit Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;Flagship Credit Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;Flagship Credit Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;Flagship Credit Auto Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-4 Class D | &nbsp;&nbsp;Series 2019-4 Class D | &nbsp;&nbsp;Series 2019-4 Class D | &nbsp;&nbsp;Series 2019-4 Class D |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;3.120% | 3600000 | &nbsp;&nbsp;3443381 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Ford Credit Auto Lease Trust | &nbsp;&nbsp;Ford Credit Auto Lease Trust | &nbsp;&nbsp;Ford Credit Auto Lease Trust | &nbsp;&nbsp;Ford Credit Auto Lease Trust |
| &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;3.230% | 3804000 | &nbsp;&nbsp;3729804 |
| &nbsp;&nbsp;Series 2022-A Class A4 | &nbsp;&nbsp;Series 2022-A Class A4 | &nbsp;&nbsp;Series 2022-A Class A4 | &nbsp;&nbsp;Series 2022-A Class A4 |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;3.370% | 1830000 | &nbsp;&nbsp;1776099 |
| &nbsp;&nbsp;Ford Credit Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Ford Credit Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Ford Credit Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Ford Credit Auto Owner Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-2 Class A | &nbsp;&nbsp;Series 2020-2 Class A | &nbsp;&nbsp;Series 2020-2 Class A | &nbsp;&nbsp;Series 2020-2 Class A |
| &nbsp;&nbsp;04/15/2033 | &nbsp;&nbsp;1.060% | 1379000 | &nbsp;&nbsp;1236053 |
| &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A |
| &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;3.880% | 6426000 | &nbsp;&nbsp;6153938 |
| &nbsp;&nbsp;Ford Credit Auto Owner Trust | &nbsp;&nbsp;Ford Credit Auto Owner Trust | &nbsp;&nbsp;Ford Credit Auto Owner Trust | &nbsp;&nbsp;Ford Credit Auto Owner Trust |
| &nbsp;&nbsp;Series 2022-C Class A4 | &nbsp;&nbsp;Series 2022-C Class A4 | &nbsp;&nbsp;Series 2022-C Class A4 | &nbsp;&nbsp;Series 2022-C Class A4 |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;4.590% | 3263000 | &nbsp;&nbsp;3203209 |
| &nbsp;&nbsp;Series 2022-D Class A4 | &nbsp;&nbsp;Series 2022-D Class A4 | &nbsp;&nbsp;Series 2022-D Class A4 | &nbsp;&nbsp;Series 2022-D Class A4 |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;&nbsp;917000 | &nbsp;&nbsp;&nbsp;&nbsp;916285 |
| &nbsp;&nbsp;Foundation Finance Trust<sup>(a)</sup> | &nbsp;&nbsp;Foundation Finance Trust<sup>(a)</sup> | &nbsp;&nbsp;Foundation Finance Trust<sup>(a)</sup> | &nbsp;&nbsp;Foundation Finance Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-1A Class A | &nbsp;&nbsp;Series 2019-1A Class A | &nbsp;&nbsp;Series 2019-1A Class A | &nbsp;&nbsp;Series 2019-1A Class A |
| &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;3.860% | &nbsp;&nbsp;&nbsp;293480 | &nbsp;&nbsp;&nbsp;&nbsp;287390 |
| &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A |
| &nbsp;&nbsp;07/16/2040 | &nbsp;&nbsp;3.540% | 1463781 | &nbsp;&nbsp;1402903 |
| &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-2 Class D | &nbsp;&nbsp;Subordinated Series 2021-2 Class D | &nbsp;&nbsp;Subordinated Series 2021-2 Class D | &nbsp;&nbsp;Subordinated Series 2021-2 Class D |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;1.920% | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;785496 |
| &nbsp;&nbsp;Franklin Limited Duration Income Trust<sup>(a),(c),(e),(f)</sup> | &nbsp;&nbsp;Franklin Limited Duration Income Trust<sup>(a),(c),(e),(f)</sup> | &nbsp;&nbsp;Franklin Limited Duration Income Trust<sup>(a),(c),(e),(f)</sup> | &nbsp;&nbsp;Franklin Limited Duration Income Trust<sup>(a),(c),(e),(f)</sup> |
| &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A |
| &nbsp;&nbsp;08/15/2024 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;29432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27960 |
| &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;FREED ABS Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1CP Class B | &nbsp;&nbsp;Subordinated Series 2021-1CP Class B | &nbsp;&nbsp;Subordinated Series 2021-1CP Class B | &nbsp;&nbsp;Subordinated Series 2021-1CP Class B |
| &nbsp;&nbsp;03/20/2028 | &nbsp;&nbsp;1.410% | &nbsp;&nbsp;&nbsp;929619 | &nbsp;&nbsp;&nbsp;&nbsp;924524 |
| &nbsp;&nbsp;Subordinated Series 2021-2 Class C | &nbsp;&nbsp;Subordinated Series 2021-2 Class C | &nbsp;&nbsp;Subordinated Series 2021-2 Class C | &nbsp;&nbsp;Subordinated Series 2021-2 Class C |
| &nbsp;&nbsp;06/19/2028 | &nbsp;&nbsp;1.940% | 2300000 | &nbsp;&nbsp;2235122 |
| &nbsp;&nbsp;Subordinated Series 2021-3FP Class D | &nbsp;&nbsp;Subordinated Series 2021-3FP Class D | &nbsp;&nbsp;Subordinated Series 2021-3FP Class D | &nbsp;&nbsp;Subordinated Series 2021-3FP Class D |
| &nbsp;&nbsp;11/20/2028 | &nbsp;&nbsp;2.370% | 2230000 | &nbsp;&nbsp;2028868 |
| &nbsp;&nbsp;Subordinated Series 2022-1FP Class D | &nbsp;&nbsp;Subordinated Series 2022-1FP Class D | &nbsp;&nbsp;Subordinated Series 2022-1FP Class D | &nbsp;&nbsp;Subordinated Series 2022-1FP Class D |
| &nbsp;&nbsp;03/19/2029 | &nbsp;&nbsp;3.350% | 4150000 | &nbsp;&nbsp;3839851 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class D | &nbsp;&nbsp;Subordinated Series 2021-1A Class D | &nbsp;&nbsp;Subordinated Series 2021-1A Class D | &nbsp;&nbsp;Subordinated Series 2021-1A Class D |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;1.680% | 1200000 | &nbsp;&nbsp;1134870 |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class E | &nbsp;&nbsp;Subordinated Series 2021-1A Class E | &nbsp;&nbsp;Subordinated Series 2021-1A Class E | &nbsp;&nbsp;Subordinated Series 2021-1A Class E |
| &nbsp;&nbsp;01/18/2028 | &nbsp;&nbsp;3.140% | 7240000 | &nbsp;&nbsp;6690433 |
| &nbsp;&nbsp;Subordinated Series 2021-3A Class D | &nbsp;&nbsp;Subordinated Series 2021-3A Class D | &nbsp;&nbsp;Subordinated Series 2021-3A Class D | &nbsp;&nbsp;Subordinated Series 2021-3A Class D |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;1.480% | 8330000 | &nbsp;&nbsp;7462724 |
| &nbsp;&nbsp;GLS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-2A Class D | &nbsp;&nbsp;Subordinated Series 2021-2A Class D | &nbsp;&nbsp;Subordinated Series 2021-2A Class D | &nbsp;&nbsp;Subordinated Series 2021-2A Class D |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;1.420% | 2250000 | &nbsp;&nbsp;2067466 |
| &nbsp;&nbsp;GM Financial Automobile Leasing Trust | &nbsp;&nbsp;GM Financial Automobile Leasing Trust | &nbsp;&nbsp;GM Financial Automobile Leasing Trust | &nbsp;&nbsp;GM Financial Automobile Leasing Trust |
| &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 |
| &nbsp;&nbsp;06/20/2025 | &nbsp;&nbsp;3.420% | 1065000 | &nbsp;&nbsp;1036805 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2022-2 Class A4 | &nbsp;&nbsp;Series 2022-2 Class A4 | &nbsp;&nbsp;Series 2022-2 Class A4 | &nbsp;&nbsp;Series 2022-2 Class A4 |
| &nbsp;&nbsp;05/20/2026 | &nbsp;&nbsp;3.540% | 2113000 | &nbsp;&nbsp;2043695 |
| &nbsp;&nbsp;Series 2022-3 Class A4 | &nbsp;&nbsp;Series 2022-3 Class A4 | &nbsp;&nbsp;Series 2022-3 Class A4 | &nbsp;&nbsp;Series 2022-3 Class A4 |
| &nbsp;&nbsp;08/20/2026 | &nbsp;&nbsp;4.110% | 2739000 | &nbsp;&nbsp;2691115 |
| &nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust | &nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust | &nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust | &nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust |
| &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 |
| &nbsp;&nbsp;02/16/2027 | &nbsp;&nbsp;3.100% | 5446000 | &nbsp;&nbsp;5284039 |
| &nbsp;&nbsp;Series 2022-2 Class A4 | &nbsp;&nbsp;Series 2022-2 Class A4 | &nbsp;&nbsp;Series 2022-2 Class A4 | &nbsp;&nbsp;Series 2022-2 Class A4 |
| &nbsp;&nbsp;04/17/2028 | &nbsp;&nbsp;3.250% | 2905000 | &nbsp;&nbsp;2768499 |
| &nbsp;&nbsp;Series 2022-4 Class A3 | &nbsp;&nbsp;Series 2022-4 Class A3 | &nbsp;&nbsp;Series 2022-4 Class A3 | &nbsp;&nbsp;Series 2022-4 Class A3 |
| &nbsp;&nbsp;08/16/2027 | &nbsp;&nbsp;4.820% | 2644000 | &nbsp;&nbsp;2646422 |
| &nbsp;&nbsp;Series 2022-4 Class A4 | &nbsp;&nbsp;Series 2022-4 Class A4 | &nbsp;&nbsp;Series 2022-4 Class A4 | &nbsp;&nbsp;Series 2022-4 Class A4 |
| &nbsp;&nbsp;08/16/2028 | &nbsp;&nbsp;4.880% | 2884000 | &nbsp;&nbsp;2870213 |
| &nbsp;&nbsp;GM Financial Revolving Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;GM Financial Revolving Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;GM Financial Revolving Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;GM Financial Revolving Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A |
| &nbsp;&nbsp;10/11/2035 | &nbsp;&nbsp;5.910% | 2406000 | &nbsp;&nbsp;2351871 |
| &nbsp;&nbsp;Gold Key Resorts<sup>(a)</sup> | &nbsp;&nbsp;Gold Key Resorts<sup>(a)</sup> | &nbsp;&nbsp;Gold Key Resorts<sup>(a)</sup> | &nbsp;&nbsp;Gold Key Resorts<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2014-A Class A | &nbsp;&nbsp;Series 2014-A Class A | &nbsp;&nbsp;Series 2014-A Class A | &nbsp;&nbsp;Series 2014-A Class A |
| &nbsp;&nbsp;03/17/2031 | &nbsp;&nbsp;3.220% | &nbsp;&nbsp;&nbsp;&nbsp;18758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18434 |
| &nbsp;&nbsp;Goodgreen Trust<sup>(a)</sup> | &nbsp;&nbsp;Goodgreen Trust<sup>(a)</sup> | &nbsp;&nbsp;Goodgreen Trust<sup>(a)</sup> | &nbsp;&nbsp;Goodgreen Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2017-1A Class A | &nbsp;&nbsp;Series 2017-1A Class A | &nbsp;&nbsp;Series 2017-1A Class A | &nbsp;&nbsp;Series 2017-1A Class A |
| &nbsp;&nbsp;10/15/2052 | &nbsp;&nbsp;3.740% | &nbsp;&nbsp;&nbsp;169427 | &nbsp;&nbsp;&nbsp;&nbsp;156945 |
| &nbsp;&nbsp;Series 2017-2A Class A | &nbsp;&nbsp;Series 2017-2A Class A | &nbsp;&nbsp;Series 2017-2A Class A | &nbsp;&nbsp;Series 2017-2A Class A |
| &nbsp;&nbsp;10/15/2053 | &nbsp;&nbsp;3.260% | &nbsp;&nbsp;&nbsp;880602 | &nbsp;&nbsp;&nbsp;&nbsp;791152 |
| &nbsp;&nbsp;Series 2019-2A Class A | &nbsp;&nbsp;Series 2019-2A Class A | &nbsp;&nbsp;Series 2019-2A Class A | &nbsp;&nbsp;Series 2019-2A Class A |
| &nbsp;&nbsp;04/15/2055 | &nbsp;&nbsp;2.760% | 1203677 | &nbsp;&nbsp;1035112 |
| &nbsp;&nbsp;Goodgreen Trust<sup>(a),(e),(f)</sup> | &nbsp;&nbsp;Goodgreen Trust<sup>(a),(e),(f)</sup> | &nbsp;&nbsp;Goodgreen Trust<sup>(a),(e),(f)</sup> | &nbsp;&nbsp;Goodgreen Trust<sup>(a),(e),(f)</sup> |
| &nbsp;&nbsp;Series 2017-R1A Class R | &nbsp;&nbsp;Series 2017-R1A Class R | &nbsp;&nbsp;Series 2017-R1A Class R | &nbsp;&nbsp;Series 2017-R1A Class R |
| &nbsp;&nbsp;10/20/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;790829 | &nbsp;&nbsp;&nbsp;&nbsp;636142 |
| &nbsp;&nbsp;HERO Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;HERO Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;HERO Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;HERO Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2016-3A Class A1 | &nbsp;&nbsp;Series 2016-3A Class A1 | &nbsp;&nbsp;Series 2016-3A Class A1 | &nbsp;&nbsp;Series 2016-3A Class A1 |
| &nbsp;&nbsp;09/20/2042 | &nbsp;&nbsp;3.080% | &nbsp;&nbsp;&nbsp;292646 | &nbsp;&nbsp;&nbsp;&nbsp;273583 |
| &nbsp;&nbsp;Series 2017-1A Class A2 | &nbsp;&nbsp;Series 2017-1A Class A2 | &nbsp;&nbsp;Series 2017-1A Class A2 | &nbsp;&nbsp;Series 2017-1A Class A2 |
| &nbsp;&nbsp;09/20/2047 | &nbsp;&nbsp;4.460% | &nbsp;&nbsp;&nbsp;455434 | &nbsp;&nbsp;&nbsp;&nbsp;431330 |
| &nbsp;&nbsp;Series 2017-3A Class A2 | &nbsp;&nbsp;Series 2017-3A Class A2 | &nbsp;&nbsp;Series 2017-3A Class A2 | &nbsp;&nbsp;Series 2017-3A Class A2 |
| &nbsp;&nbsp;09/20/2048 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;&nbsp;596912 | &nbsp;&nbsp;&nbsp;&nbsp;551264 |
| &nbsp;&nbsp;Hertz Vehicle Financing III LLC<sup>(a)</sup> | &nbsp;&nbsp;Hertz Vehicle Financing III LLC<sup>(a)</sup> | &nbsp;&nbsp;Hertz Vehicle Financing III LLC<sup>(a)</sup> | &nbsp;&nbsp;Hertz Vehicle Financing III LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A |
| &nbsp;&nbsp;06/25/2026 | &nbsp;&nbsp;1.990% | 5050000 | &nbsp;&nbsp;4624745 |
| &nbsp;&nbsp;Hertz Vehicle Financing III LP<sup>(a)</sup> | &nbsp;&nbsp;Hertz Vehicle Financing III LP<sup>(a)</sup> | &nbsp;&nbsp;Hertz Vehicle Financing III LP<sup>(a)</sup> | &nbsp;&nbsp;Hertz Vehicle Financing III LP<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A |
| &nbsp;&nbsp;12/27/2027 | &nbsp;&nbsp;1.680% | 2318000 | &nbsp;&nbsp;2007708 |
| &nbsp;&nbsp;Hertz Vehicle Financing LLC<sup>(a)</sup> | &nbsp;&nbsp;Hertz Vehicle Financing LLC<sup>(a)</sup> | &nbsp;&nbsp;Hertz Vehicle Financing LLC<sup>(a)</sup> | &nbsp;&nbsp;Hertz Vehicle Financing LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-2A Class A | &nbsp;&nbsp;Series 2022-2A Class A | &nbsp;&nbsp;Series 2022-2A Class A | &nbsp;&nbsp;Series 2022-2A Class A |
| &nbsp;&nbsp;06/26/2028 | &nbsp;&nbsp;2.330% | 4542000 | &nbsp;&nbsp;3980454 |
| &nbsp;&nbsp;Series 2022-4A Class A | &nbsp;&nbsp;Series 2022-4A Class A | &nbsp;&nbsp;Series 2022-4A Class A | &nbsp;&nbsp;Series 2022-4A Class A |
| &nbsp;&nbsp;09/25/2026 | &nbsp;&nbsp;3.730% | 2253000 | &nbsp;&nbsp;2153315 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2022-5A Class A | &nbsp;&nbsp;Series 2022-5A Class A | &nbsp;&nbsp;Series 2022-5A Class A | &nbsp;&nbsp;Series 2022-5A Class A |
| &nbsp;&nbsp;09/25/2028 | &nbsp;&nbsp;3.890% | 4542000 | &nbsp;&nbsp;4167179 |
| &nbsp;&nbsp;HGI CRE CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;HGI CRE CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;HGI CRE CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;HGI CRE CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2022-FL3 Class D | &nbsp;&nbsp;Series 2022-FL3 Class D | &nbsp;&nbsp;Series 2022-FL3 Class D | &nbsp;&nbsp;Series 2022-FL3 Class D |
| &nbsp;&nbsp;30-day Average SOFR + 3.750%<br> Floor 3.750%<br> 04/19/2037 | &nbsp;&nbsp;7.558% | 3998500 | &nbsp;&nbsp;3677466 |
| &nbsp;&nbsp;Hilton Grand Vacations Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton Grand Vacations Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton Grand Vacations Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton Grand Vacations Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2017-AA Class A | &nbsp;&nbsp;Series 2017-AA Class A | &nbsp;&nbsp;Series 2017-AA Class A | &nbsp;&nbsp;Series 2017-AA Class A |
| &nbsp;&nbsp;12/26/2028 | &nbsp;&nbsp;2.660% | &nbsp;&nbsp;&nbsp;156896 | &nbsp;&nbsp;&nbsp;&nbsp;152846 |
| &nbsp;&nbsp;Honda Auto Receivables Owner Trust | &nbsp;&nbsp;Honda Auto Receivables Owner Trust | &nbsp;&nbsp;Honda Auto Receivables Owner Trust | &nbsp;&nbsp;Honda Auto Receivables Owner Trust |
| &nbsp;&nbsp;Series 2022-2 Class A4 | &nbsp;&nbsp;Series 2022-2 Class A4 | &nbsp;&nbsp;Series 2022-2 Class A4 | &nbsp;&nbsp;Series 2022-2 Class A4 |
| &nbsp;&nbsp;12/18/2028 | &nbsp;&nbsp;3.760% | 1247000 | &nbsp;&nbsp;1188991 |
| &nbsp;&nbsp;Hyundai Auto Lease Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Hyundai Auto Lease Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Hyundai Auto Lease Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Hyundai Auto Lease Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-C Class A4 | &nbsp;&nbsp;Series 2022-C Class A4 | &nbsp;&nbsp;Series 2022-C Class A4 | &nbsp;&nbsp;Series 2022-C Class A4 |
| &nbsp;&nbsp;08/17/2026 | &nbsp;&nbsp;4.480% | 2675000 | &nbsp;&nbsp;2632920 |
| &nbsp;&nbsp;Hyundai Auto Receivables Trust | &nbsp;&nbsp;Hyundai Auto Receivables Trust | &nbsp;&nbsp;Hyundai Auto Receivables Trust | &nbsp;&nbsp;Hyundai Auto Receivables Trust |
| &nbsp;&nbsp;Series 2021-C Class A4 | &nbsp;&nbsp;Series 2021-C Class A4 | &nbsp;&nbsp;Series 2021-C Class A4 | &nbsp;&nbsp;Series 2021-C Class A4 |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;1.030% | 1650000 | &nbsp;&nbsp;1478447 |
| &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;2.220% | 3070000 | &nbsp;&nbsp;2924025 |
| &nbsp;&nbsp;Series 2022-C Class A3 | &nbsp;&nbsp;Series 2022-C Class A3 | &nbsp;&nbsp;Series 2022-C Class A3 | &nbsp;&nbsp;Series 2022-C Class A3 |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;5.390% | 2288000 | &nbsp;&nbsp;2313025 |
| &nbsp;&nbsp;Series 2022-C Class A4 | &nbsp;&nbsp;Series 2022-C Class A4 | &nbsp;&nbsp;Series 2022-C Class A4 | &nbsp;&nbsp;Series 2022-C Class A4 |
| &nbsp;&nbsp;10/16/2028 | &nbsp;&nbsp;5.520% | 2123000 | &nbsp;&nbsp;2146365 |
| &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-REV1 Class C | &nbsp;&nbsp;Series 2020-REV1 Class C | &nbsp;&nbsp;Series 2020-REV1 Class C | &nbsp;&nbsp;Series 2020-REV1 Class C |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;7.699% | 3708000 | &nbsp;&nbsp;3599430 |
| &nbsp;&nbsp;Subordinated Series 2021-A Class B | &nbsp;&nbsp;Subordinated Series 2021-A Class B | &nbsp;&nbsp;Subordinated Series 2021-A Class B | &nbsp;&nbsp;Subordinated Series 2021-A Class B |
| &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;1.460% | 2103685 | &nbsp;&nbsp;2086493 |
| &nbsp;&nbsp;Subordinated Series 2021-A Class C | &nbsp;&nbsp;Subordinated Series 2021-A Class C | &nbsp;&nbsp;Subordinated Series 2021-A Class C | &nbsp;&nbsp;Subordinated Series 2021-A Class C |
| &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;2.750% | 3805000 | &nbsp;&nbsp;3599724 |
| &nbsp;&nbsp;Subordinated Series 2021-B Class B | &nbsp;&nbsp;Subordinated Series 2021-B Class B | &nbsp;&nbsp;Subordinated Series 2021-B Class B | &nbsp;&nbsp;Subordinated Series 2021-B Class B |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;1.680% | 4852000 | &nbsp;&nbsp;4641747 |
| &nbsp;&nbsp;Lendmark Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Lendmark Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Lendmark Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Lendmark Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-2A Class D | &nbsp;&nbsp;Subordinated Series 2019-2A Class D | &nbsp;&nbsp;Subordinated Series 2019-2A Class D | &nbsp;&nbsp;Subordinated Series 2019-2A Class D |
| &nbsp;&nbsp;04/20/2028 | &nbsp;&nbsp;5.240% | 4300000 | &nbsp;&nbsp;3745084 |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B |
| &nbsp;&nbsp;11/20/2031 | &nbsp;&nbsp;2.470% | 1625000 | &nbsp;&nbsp;1314374 |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C |
| &nbsp;&nbsp;11/20/2031 | &nbsp;&nbsp;3.410% | 5000000 | &nbsp;&nbsp;4029373 |
| &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a),(e),(f)</sup> | &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a),(e),(f)</sup> | &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a),(e),(f)</sup> | &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a),(e),(f)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;2.330% | 7381000 | &nbsp;&nbsp;6757651 |
| &nbsp;&nbsp;LPMS<sup>(a),(e),(f)</sup> | &nbsp;&nbsp;LPMS<sup>(a),(e),(f)</sup> | &nbsp;&nbsp;LPMS<sup>(a),(e),(f)</sup> | &nbsp;&nbsp;LPMS<sup>(a),(e),(f)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class B | &nbsp;&nbsp;Series 2021-1A Class B | &nbsp;&nbsp;Series 2021-1A Class B | &nbsp;&nbsp;Series 2021-1A Class B |
| &nbsp;&nbsp;04/15/2041 | &nbsp;&nbsp;3.966% | 7000000 | &nbsp;&nbsp;6824180 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Mariner Finance Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Mariner Finance Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Mariner Finance Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Mariner Finance Issuance Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-AA Class B | &nbsp;&nbsp;Series 2019-AA Class B | &nbsp;&nbsp;Series 2019-AA Class B | &nbsp;&nbsp;Series 2019-AA Class B |
| &nbsp;&nbsp;07/20/2032 | &nbsp;&nbsp;3.510% | 2115000 | &nbsp;&nbsp;2027039 |
| &nbsp;&nbsp;Series 2019-AA Class C | &nbsp;&nbsp;Series 2019-AA Class C | &nbsp;&nbsp;Series 2019-AA Class C | &nbsp;&nbsp;Series 2019-AA Class C |
| &nbsp;&nbsp;07/20/2032 | &nbsp;&nbsp;4.010% | 5560000 | &nbsp;&nbsp;5148022 |
| &nbsp;&nbsp;Series 2019-AA Class D | &nbsp;&nbsp;Series 2019-AA Class D | &nbsp;&nbsp;Series 2019-AA Class D | &nbsp;&nbsp;Series 2019-AA Class D |
| &nbsp;&nbsp;07/20/2032 | &nbsp;&nbsp;5.440% | 6000000 | &nbsp;&nbsp;5341159 |
| &nbsp;&nbsp;Subordinated Series 2022-AA Class D | &nbsp;&nbsp;Subordinated Series 2022-AA Class D | &nbsp;&nbsp;Subordinated Series 2022-AA Class D | &nbsp;&nbsp;Subordinated Series 2022-AA Class D |
| &nbsp;&nbsp;10/20/2037 | &nbsp;&nbsp;9.100% | 3650000 | &nbsp;&nbsp;3755534 |
| &nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust | &nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust | &nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust | &nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust |
| &nbsp;&nbsp;Series 2022-1 Class A4 | &nbsp;&nbsp;Series 2022-1 Class A4 | &nbsp;&nbsp;Series 2022-1 Class A4 | &nbsp;&nbsp;Series 2022-1 Class A4 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;5.250% | 2122000 | &nbsp;&nbsp;2111904 |
| &nbsp;&nbsp;Mercury Financial Credit Card Master Trust<sup>(a)</sup> | &nbsp;&nbsp;Mercury Financial Credit Card Master Trust<sup>(a)</sup> | &nbsp;&nbsp;Mercury Financial Credit Card Master Trust<sup>(a)</sup> | &nbsp;&nbsp;Mercury Financial Credit Card Master Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;03/20/2026 | &nbsp;&nbsp;1.540% | 2470000 | &nbsp;&nbsp;2364560 |
| &nbsp;&nbsp;Mid-State Capital Corp. Trust<sup>(a)</sup> | &nbsp;&nbsp;Mid-State Capital Corp. Trust<sup>(a)</sup> | &nbsp;&nbsp;Mid-State Capital Corp. Trust<sup>(a)</sup> | &nbsp;&nbsp;Mid-State Capital Corp. Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2006-1 Class M1 | &nbsp;&nbsp;Series 2006-1 Class M1 | &nbsp;&nbsp;Series 2006-1 Class M1 | &nbsp;&nbsp;Series 2006-1 Class M1 |
| &nbsp;&nbsp;10/15/2040 | &nbsp;&nbsp;6.083% | &nbsp;&nbsp;&nbsp;601589 | &nbsp;&nbsp;&nbsp;&nbsp;582473 |
| &nbsp;&nbsp;Mission Lane Credit Card Master Trust<sup>(a)</sup> | &nbsp;&nbsp;Mission Lane Credit Card Master Trust<sup>(a)</sup> | &nbsp;&nbsp;Mission Lane Credit Card Master Trust<sup>(a)</sup> | &nbsp;&nbsp;Mission Lane Credit Card Master Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;1.590% | 4395000 | &nbsp;&nbsp;4241397 |
| &nbsp;&nbsp;Navient Private Education Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Navient Private Education Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Navient Private Education Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Navient Private Education Loan Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2016-AA Class A2B | &nbsp;&nbsp;Series 2016-AA Class A2B | &nbsp;&nbsp;Series 2016-AA Class A2B | &nbsp;&nbsp;Series 2016-AA Class A2B |
| &nbsp;&nbsp;1-month USD LIBOR + 2.150%<br> 12/15/2045 | &nbsp;&nbsp;6.468% | 1497021 | &nbsp;&nbsp;1509904 |
| &nbsp;&nbsp;Navient Private Education Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Navient Private Education Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Navient Private Education Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Navient Private Education Loan Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-IA Class A1A | &nbsp;&nbsp;Series 2020-IA Class A1A | &nbsp;&nbsp;Series 2020-IA Class A1A | &nbsp;&nbsp;Series 2020-IA Class A1A |
| &nbsp;&nbsp;04/15/2069 | &nbsp;&nbsp;1.330% | 4101442 | &nbsp;&nbsp;3473877 |
| &nbsp;&nbsp;Navient Private Education Refi Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Navient Private Education Refi Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Navient Private Education Refi Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Navient Private Education Refi Loan Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2018-A Class A2 | &nbsp;&nbsp;Series 2018-A Class A2 | &nbsp;&nbsp;Series 2018-A Class A2 | &nbsp;&nbsp;Series 2018-A Class A2 |
| &nbsp;&nbsp;02/18/2042 | &nbsp;&nbsp;3.190% | &nbsp;&nbsp;&nbsp;&nbsp;32214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31768 |
| &nbsp;&nbsp;Series 2018-CA Class A2 | &nbsp;&nbsp;Series 2018-CA Class A2 | &nbsp;&nbsp;Series 2018-CA Class A2 | &nbsp;&nbsp;Series 2018-CA Class A2 |
| &nbsp;&nbsp;06/16/2042 | &nbsp;&nbsp;3.520% | &nbsp;&nbsp;&nbsp;&nbsp;83812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81753 |
| &nbsp;&nbsp;Series 2018-DA Class A2A | &nbsp;&nbsp;Series 2018-DA Class A2A | &nbsp;&nbsp;Series 2018-DA Class A2A | &nbsp;&nbsp;Series 2018-DA Class A2A |
| &nbsp;&nbsp;12/15/2059 | &nbsp;&nbsp;4.000% | 1842597 | &nbsp;&nbsp;1759630 |
| &nbsp;&nbsp;Series 2019-A Class A2A | &nbsp;&nbsp;Series 2019-A Class A2A | &nbsp;&nbsp;Series 2019-A Class A2A | &nbsp;&nbsp;Series 2019-A Class A2A |
| &nbsp;&nbsp;01/15/2043 | &nbsp;&nbsp;3.420% | 1067699 | &nbsp;&nbsp;1016708 |
| &nbsp;&nbsp;Series 2019-CA Class A2 | &nbsp;&nbsp;Series 2019-CA Class A2 | &nbsp;&nbsp;Series 2019-CA Class A2 | &nbsp;&nbsp;Series 2019-CA Class A2 |
| &nbsp;&nbsp;02/15/2068 | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;&nbsp;703671 | &nbsp;&nbsp;&nbsp;&nbsp;663721 |
| &nbsp;&nbsp;Series 2019-D Class A2A | &nbsp;&nbsp;Series 2019-D Class A2A | &nbsp;&nbsp;Series 2019-D Class A2A | &nbsp;&nbsp;Series 2019-D Class A2A |
| &nbsp;&nbsp;12/15/2059 | &nbsp;&nbsp;3.010% | 2100263 | &nbsp;&nbsp;1943813 |
| &nbsp;&nbsp;Series 2019-FA Class A2 | &nbsp;&nbsp;Series 2019-FA Class A2 | &nbsp;&nbsp;Series 2019-FA Class A2 | &nbsp;&nbsp;Series 2019-FA Class A2 |
| &nbsp;&nbsp;08/15/2068 | &nbsp;&nbsp;2.600% | 1557615 | &nbsp;&nbsp;1443661 |
| &nbsp;&nbsp;Series 2020-BA Class A2 | &nbsp;&nbsp;Series 2020-BA Class A2 | &nbsp;&nbsp;Series 2020-BA Class A2 | &nbsp;&nbsp;Series 2020-BA Class A2 |
| &nbsp;&nbsp;01/15/2069 | &nbsp;&nbsp;2.120% | &nbsp;&nbsp;&nbsp;859570 | &nbsp;&nbsp;&nbsp;&nbsp;778993 |
| &nbsp;&nbsp;Series 2020-EA Class A | &nbsp;&nbsp;Series 2020-EA Class A | &nbsp;&nbsp;Series 2020-EA Class A | &nbsp;&nbsp;Series 2020-EA Class A |
| &nbsp;&nbsp;05/15/2069 | &nbsp;&nbsp;1.690% | 4162539 | &nbsp;&nbsp;3667371 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2020-GA Class A | &nbsp;&nbsp;Series 2020-GA Class A | &nbsp;&nbsp;Series 2020-GA Class A | &nbsp;&nbsp;Series 2020-GA Class A |
| &nbsp;&nbsp;09/16/2069 | &nbsp;&nbsp;1.170% | 1920483 | &nbsp;&nbsp;1653341 |
| &nbsp;&nbsp;Series 2020-HA Class A | &nbsp;&nbsp;Series 2020-HA Class A | &nbsp;&nbsp;Series 2020-HA Class A | &nbsp;&nbsp;Series 2020-HA Class A |
| &nbsp;&nbsp;01/15/2069 | &nbsp;&nbsp;1.310% | 1259475 | &nbsp;&nbsp;1117578 |
| &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A |
| &nbsp;&nbsp;05/15/2069 | &nbsp;&nbsp;0.840% | 3014287 | &nbsp;&nbsp;2604745 |
| &nbsp;&nbsp;Series 2021-BA Class A | &nbsp;&nbsp;Series 2021-BA Class A | &nbsp;&nbsp;Series 2021-BA Class A | &nbsp;&nbsp;Series 2021-BA Class A |
| &nbsp;&nbsp;07/15/2069 | &nbsp;&nbsp;0.940% | &nbsp;&nbsp;&nbsp;842178 | &nbsp;&nbsp;&nbsp;&nbsp;709667 |
| &nbsp;&nbsp;Series 2021-CA Class A | &nbsp;&nbsp;Series 2021-CA Class A | &nbsp;&nbsp;Series 2021-CA Class A | &nbsp;&nbsp;Series 2021-CA Class A |
| &nbsp;&nbsp;10/15/2069 | &nbsp;&nbsp;1.060% | 3221666 | &nbsp;&nbsp;2732003 |
| &nbsp;&nbsp;Series 2021-EA Class A | &nbsp;&nbsp;Series 2021-EA Class A | &nbsp;&nbsp;Series 2021-EA Class A | &nbsp;&nbsp;Series 2021-EA Class A |
| &nbsp;&nbsp;12/16/2069 | &nbsp;&nbsp;0.970% | 5333634 | &nbsp;&nbsp;4506088 |
| &nbsp;&nbsp;Series 2021-FA Class A | &nbsp;&nbsp;Series 2021-FA Class A | &nbsp;&nbsp;Series 2021-FA Class A | &nbsp;&nbsp;Series 2021-FA Class A |
| &nbsp;&nbsp;02/18/2070 | &nbsp;&nbsp;1.110% | 2755881 | &nbsp;&nbsp;2326787 |
| &nbsp;&nbsp;Series 2021-GA Class A | &nbsp;&nbsp;Series 2021-GA Class A | &nbsp;&nbsp;Series 2021-GA Class A | &nbsp;&nbsp;Series 2021-GA Class A |
| &nbsp;&nbsp;04/15/2070 | &nbsp;&nbsp;1.580% | 1927385 | &nbsp;&nbsp;1647374 |
| &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A |
| &nbsp;&nbsp;07/15/2070 | &nbsp;&nbsp;2.230% | 6666272 | &nbsp;&nbsp;5784353 |
| &nbsp;&nbsp;Navient Student Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Navient Student Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Navient Student Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Navient Student Loan Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-BA Class A2A | &nbsp;&nbsp;Series 2019-BA Class A2A | &nbsp;&nbsp;Series 2019-BA Class A2A | &nbsp;&nbsp;Series 2019-BA Class A2A |
| &nbsp;&nbsp;12/15/2059 | &nbsp;&nbsp;3.390% | 1592289 | &nbsp;&nbsp;1501719 |
| &nbsp;&nbsp;Series 2021-3A Class A1A | &nbsp;&nbsp;Series 2021-3A Class A1A | &nbsp;&nbsp;Series 2021-3A Class A1A | &nbsp;&nbsp;Series 2021-3A Class A1A |
| &nbsp;&nbsp;08/25/2070 | &nbsp;&nbsp;1.770% | 3038269 | &nbsp;&nbsp;2601489 |
| &nbsp;&nbsp;Nelnet Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Nelnet Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Nelnet Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Nelnet Student Loan Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2004-3 Class A5 | &nbsp;&nbsp;Series 2004-3 Class A5 | &nbsp;&nbsp;Series 2004-3 Class A5 | &nbsp;&nbsp;Series 2004-3 Class A5 |
| &nbsp;&nbsp;3-month USD LIBOR + 0.180%<br> Floor 0.180%<br> 10/27/2036 | &nbsp;&nbsp;4.538% | &nbsp;&nbsp;&nbsp;832296 | &nbsp;&nbsp;&nbsp;&nbsp;808474 |
| &nbsp;&nbsp;Series 2004-4 Class A5 | &nbsp;&nbsp;Series 2004-4 Class A5 | &nbsp;&nbsp;Series 2004-4 Class A5 | &nbsp;&nbsp;Series 2004-4 Class A5 |
| &nbsp;&nbsp;3-month USD LIBOR + 0.160%<br> Floor 0.160%<br> 01/25/2037 | &nbsp;&nbsp;4.518% | 1504921 | &nbsp;&nbsp;1472921 |
| &nbsp;&nbsp;Series 2005-1 Class A5 | &nbsp;&nbsp;Series 2005-1 Class A5 | &nbsp;&nbsp;Series 2005-1 Class A5 | &nbsp;&nbsp;Series 2005-1 Class A5 |
| &nbsp;&nbsp;3-month USD LIBOR + 0.110%<br> Floor 0.110%<br> 10/25/2033 | &nbsp;&nbsp;4.468% | 1420506 | &nbsp;&nbsp;1370638 |
| &nbsp;&nbsp;Series 2005-2 Class A5 | &nbsp;&nbsp;Series 2005-2 Class A5 | &nbsp;&nbsp;Series 2005-2 Class A5 | &nbsp;&nbsp;Series 2005-2 Class A5 |
| &nbsp;&nbsp;3-month USD LIBOR + 0.100%<br> Floor 0.100%<br> 03/23/2037 | &nbsp;&nbsp;4.853% | 3444094 | &nbsp;&nbsp;3340601 |
| &nbsp;&nbsp;Series 2005-3 Class A5 | &nbsp;&nbsp;Series 2005-3 Class A5 | &nbsp;&nbsp;Series 2005-3 Class A5 | &nbsp;&nbsp;Series 2005-3 Class A5 |
| &nbsp;&nbsp;3-month USD LIBOR + 0.120%<br> Floor 0.120%<br> 12/24/2035 | &nbsp;&nbsp;4.873% | 4190966 | &nbsp;&nbsp;4060599 |
| &nbsp;&nbsp;Series 2005-4 Class A4 | &nbsp;&nbsp;Series 2005-4 Class A4 | &nbsp;&nbsp;Series 2005-4 Class A4 | &nbsp;&nbsp;Series 2005-4 Class A4 |
| &nbsp;&nbsp;3-month USD LIBOR + 0.180%<br> Floor 0.180%<br> 03/22/2032 | &nbsp;&nbsp;4.933% | &nbsp;&nbsp;&nbsp;336487 | &nbsp;&nbsp;&nbsp;&nbsp;327084 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Nissan Auto Lease Trust | &nbsp;&nbsp;Nissan Auto Lease Trust | &nbsp;&nbsp;Nissan Auto Lease Trust | &nbsp;&nbsp;Nissan Auto Lease Trust |
| &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;3.810% | 3654000 | &nbsp;&nbsp;3591408 |
| &nbsp;&nbsp;Nissan Auto Receivables Owner Trust | &nbsp;&nbsp;Nissan Auto Receivables Owner Trust | &nbsp;&nbsp;Nissan Auto Receivables Owner Trust | &nbsp;&nbsp;Nissan Auto Receivables Owner Trust |
| &nbsp;&nbsp;Series 2022-B Class A4 | &nbsp;&nbsp;Series 2022-B Class A4 | &nbsp;&nbsp;Series 2022-B Class A4 | &nbsp;&nbsp;Series 2022-B Class A4 |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;4.450% | 2256000 | &nbsp;&nbsp;2205737 |
| &nbsp;&nbsp;Octane Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Octane Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Octane Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Octane Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B |
| &nbsp;&nbsp;04/20/2027 | &nbsp;&nbsp;1.530% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;640058 |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C |
| &nbsp;&nbsp;11/20/2028 | &nbsp;&nbsp;2.230% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;545889 |
| &nbsp;&nbsp;Oportun Funding XIV LLC<sup>(a)</sup> | &nbsp;&nbsp;Oportun Funding XIV LLC<sup>(a)</sup> | &nbsp;&nbsp;Oportun Funding XIV LLC<sup>(a)</sup> | &nbsp;&nbsp;Oportun Funding XIV LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A |
| &nbsp;&nbsp;03/08/2028 | &nbsp;&nbsp;1.210% | 1385000 | &nbsp;&nbsp;1282671 |
| &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2022-A Class C | &nbsp;&nbsp;Subordinated Series 2022-A Class C | &nbsp;&nbsp;Subordinated Series 2022-A Class C | &nbsp;&nbsp;Subordinated Series 2022-A Class C |
| &nbsp;&nbsp;06/09/2031 | &nbsp;&nbsp;7.400% | 5250000 | &nbsp;&nbsp;4783751 |
| &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1 Class B | &nbsp;&nbsp;Series 2021-1 Class B | &nbsp;&nbsp;Series 2021-1 Class B | &nbsp;&nbsp;Series 2021-1 Class B |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;2.130% | 4498146 | &nbsp;&nbsp;4089063 |
| &nbsp;&nbsp;PenFed Auto Receivables Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;PenFed Auto Receivables Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;PenFed Auto Receivables Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;PenFed Auto Receivables Owner Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;3.960% | 1929000 | &nbsp;&nbsp;1892243 |
| &nbsp;&nbsp;Series 2022-A Class A4 | &nbsp;&nbsp;Series 2022-A Class A4 | &nbsp;&nbsp;Series 2022-A Class A4 | &nbsp;&nbsp;Series 2022-A Class A4 |
| &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;4.180% | &nbsp;&nbsp;&nbsp;948000 | &nbsp;&nbsp;&nbsp;&nbsp;931674 |
| &nbsp;&nbsp;Regional Management Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Regional Management Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Regional Management Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Regional Management Issuance Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-2 Class D | &nbsp;&nbsp;Subordinated Series 2021-2 Class D | &nbsp;&nbsp;Subordinated Series 2021-2 Class D | &nbsp;&nbsp;Subordinated Series 2021-2 Class D |
| &nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;4.940% | 4300000 | &nbsp;&nbsp;3239706 |
| &nbsp;&nbsp;Renew<sup>(a)</sup> | &nbsp;&nbsp;Renew<sup>(a)</sup> | &nbsp;&nbsp;Renew<sup>(a)</sup> | &nbsp;&nbsp;Renew<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2017-1A Class A | &nbsp;&nbsp;Series 2017-1A Class A | &nbsp;&nbsp;Series 2017-1A Class A | &nbsp;&nbsp;Series 2017-1A Class A |
| &nbsp;&nbsp;09/20/2052 | &nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;217070 | &nbsp;&nbsp;&nbsp;&nbsp;196271 |
| &nbsp;&nbsp;Santander Drive Auto Receivables Trust | &nbsp;&nbsp;Santander Drive Auto Receivables Trust | &nbsp;&nbsp;Santander Drive Auto Receivables Trust | &nbsp;&nbsp;Santander Drive Auto Receivables Trust |
| &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;2.980% | 5746000 | &nbsp;&nbsp;5615346 |
| &nbsp;&nbsp;Series 2022-3 Class A3 | &nbsp;&nbsp;Series 2022-3 Class A3 | &nbsp;&nbsp;Series 2022-3 Class A3 | &nbsp;&nbsp;Series 2022-3 Class A3 |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;3.400% | 1914000 | &nbsp;&nbsp;1881717 |
| &nbsp;&nbsp;Series 2022-4 Class A3 | &nbsp;&nbsp;Series 2022-4 Class A3 | &nbsp;&nbsp;Series 2022-4 Class A3 | &nbsp;&nbsp;Series 2022-4 Class A3 |
| &nbsp;&nbsp;02/16/2027 | &nbsp;&nbsp;4.140% | 2778000 | &nbsp;&nbsp;2729058 |
| &nbsp;&nbsp;Series 2022-5 Class A3 | &nbsp;&nbsp;Series 2022-5 Class A3 | &nbsp;&nbsp;Series 2022-5 Class A3 | &nbsp;&nbsp;Series 2022-5 Class A3 |
| &nbsp;&nbsp;08/17/2026 | &nbsp;&nbsp;4.110% | 2298000 | &nbsp;&nbsp;2251411 |
| &nbsp;&nbsp;Series 2022-6 Class A3 | &nbsp;&nbsp;Series 2022-6 Class A3 | &nbsp;&nbsp;Series 2022-6 Class A3 | &nbsp;&nbsp;Series 2022-6 Class A3 |
| &nbsp;&nbsp;11/16/2026 | &nbsp;&nbsp;4.490% | 4756000 | &nbsp;&nbsp;4683741 |
| &nbsp;&nbsp;Series 2022-7 Class A3 | &nbsp;&nbsp;Series 2022-7 Class A3 | &nbsp;&nbsp;Series 2022-7 Class A3 | &nbsp;&nbsp;Series 2022-7 Class A3 |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;5.750% | 1536000 | &nbsp;&nbsp;1550168 |
| &nbsp;&nbsp;SART<sup>(f)</sup> | &nbsp;&nbsp;SART<sup>(f)</sup> | &nbsp;&nbsp;SART<sup>(f)</sup> | &nbsp;&nbsp;SART<sup>(f)</sup> |
| &nbsp;&nbsp;Series 2017-1 Class X | &nbsp;&nbsp;Series 2017-1 Class X | &nbsp;&nbsp;Series 2017-1 Class X | &nbsp;&nbsp;Series 2017-1 Class X |
| &nbsp;&nbsp;11/17/2025 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;507626 | &nbsp;&nbsp;&nbsp;&nbsp;482245 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;SART<sup>(a),(f)</sup> | &nbsp;&nbsp;SART<sup>(a),(f)</sup> | &nbsp;&nbsp;SART<sup>(a),(f)</sup> | &nbsp;&nbsp;SART<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Series 2018-1 Class A | &nbsp;&nbsp;Series 2018-1 Class A | &nbsp;&nbsp;Series 2018-1 Class A | &nbsp;&nbsp;Series 2018-1 Class A |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;699737 | &nbsp;&nbsp;&nbsp;&nbsp;657753 |
| &nbsp;&nbsp;SCF Equipment Leasing LLC<sup>(a)</sup> | &nbsp;&nbsp;SCF Equipment Leasing LLC<sup>(a)</sup> | &nbsp;&nbsp;SCF Equipment Leasing LLC<sup>(a)</sup> | &nbsp;&nbsp;SCF Equipment Leasing LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class F | &nbsp;&nbsp;Subordinated Series 2021-1A Class F | &nbsp;&nbsp;Subordinated Series 2021-1A Class F | &nbsp;&nbsp;Subordinated Series 2021-1A Class F |
| &nbsp;&nbsp;08/20/2032 | &nbsp;&nbsp;5.520% | 5000000 | &nbsp;&nbsp;4555407 |
| &nbsp;&nbsp;Subordinated Series 2022-2A Class E | &nbsp;&nbsp;Subordinated Series 2022-2A Class E | &nbsp;&nbsp;Subordinated Series 2022-2A Class E | &nbsp;&nbsp;Subordinated Series 2022-2A Class E |
| &nbsp;&nbsp;06/20/2035 | &nbsp;&nbsp;6.500% | 4484000 | &nbsp;&nbsp;3458641 |
| &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-2A Class D | &nbsp;&nbsp;Subordinated Series 2020-2A Class D | &nbsp;&nbsp;Subordinated Series 2020-2A Class D | &nbsp;&nbsp;Subordinated Series 2020-2A Class D |
| &nbsp;&nbsp;07/20/2037 | &nbsp;&nbsp;6.590% | 4546396 | &nbsp;&nbsp;4347531 |
| &nbsp;&nbsp;SLC Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;SLC Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;SLC Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;SLC Student Loan Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2010-1 Class A | &nbsp;&nbsp;Series 2010-1 Class A | &nbsp;&nbsp;Series 2010-1 Class A | &nbsp;&nbsp;Series 2010-1 Class A |
| &nbsp;&nbsp;3-month USD LIBOR + 0.875%<br> Floor 0.875%<br> 11/25/2042 | &nbsp;&nbsp;5.574% | &nbsp;&nbsp;&nbsp;345506 | &nbsp;&nbsp;&nbsp;&nbsp;343001 |
| &nbsp;&nbsp;SMB Private Education Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SMB Private Education Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SMB Private Education Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SMB Private Education Loan Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2016-B Class A2B | &nbsp;&nbsp;Series 2016-B Class A2B | &nbsp;&nbsp;Series 2016-B Class A2B | &nbsp;&nbsp;Series 2016-B Class A2B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.450%<br> 02/17/2032 | &nbsp;&nbsp;5.768% | &nbsp;&nbsp;&nbsp;400832 | &nbsp;&nbsp;&nbsp;&nbsp;397916 |
| &nbsp;&nbsp;Series 2016-C Class A2B | &nbsp;&nbsp;Series 2016-C Class A2B | &nbsp;&nbsp;Series 2016-C Class A2B | &nbsp;&nbsp;Series 2016-C Class A2B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.100%<br> Floor 1.100%<br> 09/15/2034 | &nbsp;&nbsp;5.418% | &nbsp;&nbsp;&nbsp;548877 | &nbsp;&nbsp;&nbsp;&nbsp;546710 |
| &nbsp;&nbsp;Series 2021-C Class A2 | &nbsp;&nbsp;Series 2021-C Class A2 | &nbsp;&nbsp;Series 2021-C Class A2 | &nbsp;&nbsp;Series 2021-C Class A2 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.800%<br> Floor 0.800%<br> 01/15/2053 | &nbsp;&nbsp;5.118% | 3689008 | &nbsp;&nbsp;3496915 |
| &nbsp;&nbsp;Series 2022-D Class A1B | &nbsp;&nbsp;Series 2022-D Class A1B | &nbsp;&nbsp;Series 2022-D Class A1B | &nbsp;&nbsp;Series 2022-D Class A1B |
| &nbsp;&nbsp;30-day Average SOFR + 1.800%<br> Floor 1.800%<br> 10/15/2058 | &nbsp;&nbsp;5.018% | 2301803 | &nbsp;&nbsp;2293368 |
| &nbsp;&nbsp;SMB Private Education Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;SMB Private Education Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;SMB Private Education Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;SMB Private Education Loan Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2018-A Class A2A | &nbsp;&nbsp;Series 2018-A Class A2A | &nbsp;&nbsp;Series 2018-A Class A2A | &nbsp;&nbsp;Series 2018-A Class A2A |
| &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;3.500% | 4331297 | &nbsp;&nbsp;4193307 |
| &nbsp;&nbsp;Series 2018-C Class A2A | &nbsp;&nbsp;Series 2018-C Class A2A | &nbsp;&nbsp;Series 2018-C Class A2A | &nbsp;&nbsp;Series 2018-C Class A2A |
| &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;3.630% | 1543376 | &nbsp;&nbsp;1454010 |
| &nbsp;&nbsp;Series 2019-A Class A2A | &nbsp;&nbsp;Series 2019-A Class A2A | &nbsp;&nbsp;Series 2019-A Class A2A | &nbsp;&nbsp;Series 2019-A Class A2A |
| &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;3.440% | 3094040 | &nbsp;&nbsp;2985389 |
| &nbsp;&nbsp;Series 2020-BA Class A1A | &nbsp;&nbsp;Series 2020-BA Class A1A | &nbsp;&nbsp;Series 2020-BA Class A1A | &nbsp;&nbsp;Series 2020-BA Class A1A |
| &nbsp;&nbsp;07/15/2053 | &nbsp;&nbsp;1.290% | 1564919 | &nbsp;&nbsp;1411830 |
| &nbsp;&nbsp;Series 2020-PTA Class A2A | &nbsp;&nbsp;Series 2020-PTA Class A2A | &nbsp;&nbsp;Series 2020-PTA Class A2A | &nbsp;&nbsp;Series 2020-PTA Class A2A |
| &nbsp;&nbsp;09/15/2054 | &nbsp;&nbsp;1.600% | 2423698 | &nbsp;&nbsp;2153052 |
| &nbsp;&nbsp;Series 2020-PTB Class A2A | &nbsp;&nbsp;Series 2020-PTB Class A2A | &nbsp;&nbsp;Series 2020-PTB Class A2A | &nbsp;&nbsp;Series 2020-PTB Class A2A |
| &nbsp;&nbsp;09/15/2054 | &nbsp;&nbsp;1.600% | 6855503 | &nbsp;&nbsp;6077545 |
| &nbsp;&nbsp;Series 2021-A Class APT1 | &nbsp;&nbsp;Series 2021-A Class APT1 | &nbsp;&nbsp;Series 2021-A Class APT1 | &nbsp;&nbsp;Series 2021-A Class APT1 |
| &nbsp;&nbsp;01/15/2053 | &nbsp;&nbsp;1.070% | 5520170 | &nbsp;&nbsp;4726142 |
| &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A |
| &nbsp;&nbsp;07/17/2051 | &nbsp;&nbsp;1.310% | 1549052 | &nbsp;&nbsp;1385842 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2021-D Class A1A | &nbsp;&nbsp;Series 2021-D Class A1A | &nbsp;&nbsp;Series 2021-D Class A1A | &nbsp;&nbsp;Series 2021-D Class A1A |
| &nbsp;&nbsp;03/17/2053 | &nbsp;&nbsp;&nbsp;&nbsp;1.340% | 4217768 | &nbsp;&nbsp;3726343 |
| &nbsp;&nbsp;Series 2021-E Class A1A | &nbsp;&nbsp;Series 2021-E Class A1A | &nbsp;&nbsp;Series 2021-E Class A1A | &nbsp;&nbsp;Series 2021-E Class A1A |
| &nbsp;&nbsp;02/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;1.680% | 3009090 | &nbsp;&nbsp;2710576 |
| &nbsp;&nbsp;Series 2022-C Class A1A | &nbsp;&nbsp;Series 2022-C Class A1A | &nbsp;&nbsp;Series 2022-C Class A1A | &nbsp;&nbsp;Series 2022-C Class A1A |
| &nbsp;&nbsp;05/16/2050 | &nbsp;&nbsp;&nbsp;&nbsp;4.480% | 1697492 | &nbsp;&nbsp;1633927 |
| &nbsp;&nbsp;SoFi Professional Loan Program LLC<sup>(a)</sup> | &nbsp;&nbsp;SoFi Professional Loan Program LLC<sup>(a)</sup> | &nbsp;&nbsp;SoFi Professional Loan Program LLC<sup>(a)</sup> | &nbsp;&nbsp;SoFi Professional Loan Program LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2017-D Class A2FX | &nbsp;&nbsp;Series 2017-D Class A2FX | &nbsp;&nbsp;Series 2017-D Class A2FX | &nbsp;&nbsp;Series 2017-D Class A2FX |
| &nbsp;&nbsp;09/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp;2.650% | &nbsp;&nbsp;&nbsp;126167 | &nbsp;&nbsp;&nbsp;&nbsp;120656 |
| &nbsp;&nbsp;Series 2017-E Class A2B | &nbsp;&nbsp;Series 2017-E Class A2B | &nbsp;&nbsp;Series 2017-E Class A2B | &nbsp;&nbsp;Series 2017-E Class A2B |
| &nbsp;&nbsp;11/26/2040 | &nbsp;&nbsp;&nbsp;&nbsp;2.720% | &nbsp;&nbsp;&nbsp;175289 | &nbsp;&nbsp;&nbsp;&nbsp;173964 |
| &nbsp;&nbsp;SoFi Professional Loan Program Trust<sup>(a)</sup> | &nbsp;&nbsp;SoFi Professional Loan Program Trust<sup>(a)</sup> | &nbsp;&nbsp;SoFi Professional Loan Program Trust<sup>(a)</sup> | &nbsp;&nbsp;SoFi Professional Loan Program Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-C Class AFX | &nbsp;&nbsp;Series 2020-C Class AFX | &nbsp;&nbsp;Series 2020-C Class AFX | &nbsp;&nbsp;Series 2020-C Class AFX |
| &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;1.950% | &nbsp;&nbsp;&nbsp;287420 | &nbsp;&nbsp;&nbsp;&nbsp;261025 |
| &nbsp;&nbsp;Series 2021-A Class AFX | &nbsp;&nbsp;Series 2021-A Class AFX | &nbsp;&nbsp;Series 2021-A Class AFX | &nbsp;&nbsp;Series 2021-A Class AFX |
| &nbsp;&nbsp;08/17/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1.030% | &nbsp;&nbsp;&nbsp;970075 | &nbsp;&nbsp;&nbsp;&nbsp;768101 |
| &nbsp;&nbsp;Series 2021-B Class AFX | &nbsp;&nbsp;Series 2021-B Class AFX | &nbsp;&nbsp;Series 2021-B Class AFX | &nbsp;&nbsp;Series 2021-B Class AFX |
| &nbsp;&nbsp;02/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;1.140% | 2221779 | &nbsp;&nbsp;1753808 |
| &nbsp;&nbsp;Synchrony Card Funding LLC | &nbsp;&nbsp;Synchrony Card Funding LLC | &nbsp;&nbsp;Synchrony Card Funding LLC | &nbsp;&nbsp;Synchrony Card Funding LLC |
| &nbsp;&nbsp;Series 2022-A1 Class A | &nbsp;&nbsp;Series 2022-A1 Class A | &nbsp;&nbsp;Series 2022-A1 Class A | &nbsp;&nbsp;Series 2022-A1 Class A |
| &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.370% | 3302000 | &nbsp;&nbsp;3177535 |
| &nbsp;&nbsp;Series 2022-A2 Class A | &nbsp;&nbsp;Series 2022-A2 Class A | &nbsp;&nbsp;Series 2022-A2 Class A | &nbsp;&nbsp;Series 2022-A2 Class A |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.860% | 2830000 | &nbsp;&nbsp;2760494 |
| &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1.210% | 1372161 | &nbsp;&nbsp;1349814 |
| &nbsp;&nbsp;Series 2022-2A Class A | &nbsp;&nbsp;Series 2022-2A Class A | &nbsp;&nbsp;Series 2022-2A Class A | &nbsp;&nbsp;Series 2022-2A Class A |
| &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.060% | 2954914 | &nbsp;&nbsp;2903058 |
| &nbsp;&nbsp;T-Mobile US Trust<sup>(a)</sup> | &nbsp;&nbsp;T-Mobile US Trust<sup>(a)</sup> | &nbsp;&nbsp;T-Mobile US Trust<sup>(a)</sup> | &nbsp;&nbsp;T-Mobile US Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A |
| &nbsp;&nbsp;05/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.910% | 3521000 | &nbsp;&nbsp;3507910 |
| &nbsp;&nbsp;Toyota Auto Loan Extended Note Trust<sup>(a)</sup> | &nbsp;&nbsp;Toyota Auto Loan Extended Note Trust<sup>(a)</sup> | &nbsp;&nbsp;Toyota Auto Loan Extended Note Trust<sup>(a)</sup> | &nbsp;&nbsp;Toyota Auto Loan Extended Note Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A |
| &nbsp;&nbsp;04/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp;3.820% | 2281000 | &nbsp;&nbsp;2181796 |
| &nbsp;&nbsp;Toyota Auto Receivables Owner Trust | &nbsp;&nbsp;Toyota Auto Receivables Owner Trust | &nbsp;&nbsp;Toyota Auto Receivables Owner Trust | &nbsp;&nbsp;Toyota Auto Receivables Owner Trust |
| &nbsp;&nbsp;Series 2022-B Class A4 | &nbsp;&nbsp;Series 2022-B Class A4 | &nbsp;&nbsp;Series 2022-B Class A4 | &nbsp;&nbsp;Series 2022-B Class A4 |
| &nbsp;&nbsp;08/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;3.110% | 2166000 | &nbsp;&nbsp;2041544 |
| &nbsp;&nbsp;Series 2022-C Class A4 | &nbsp;&nbsp;Series 2022-C Class A4 | &nbsp;&nbsp;Series 2022-C Class A4 | &nbsp;&nbsp;Series 2022-C Class A4 |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.770% | 2089000 | &nbsp;&nbsp;1993125 |
| &nbsp;&nbsp;Series 2022-D Class A4 | &nbsp;&nbsp;Series 2022-D Class A4 | &nbsp;&nbsp;Series 2022-D Class A4 | &nbsp;&nbsp;Series 2022-D Class A4 |
| &nbsp;&nbsp;04/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.430% | 1158000 | &nbsp;&nbsp;1165459 |
| &nbsp;&nbsp;Triton Container Finance VIII LLC<sup>(a)</sup> | &nbsp;&nbsp;Triton Container Finance VIII LLC<sup>(a)</sup> | &nbsp;&nbsp;Triton Container Finance VIII LLC<sup>(a)</sup> | &nbsp;&nbsp;Triton Container Finance VIII LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A |
| &nbsp;&nbsp;09/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;2.110% | 1203420 | &nbsp;&nbsp;1032738 |
| &nbsp;&nbsp;United Auto Credit Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;United Auto Credit Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;United Auto Credit Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;United Auto Credit Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-2 Class E | &nbsp;&nbsp;Series 2022-2 Class E | &nbsp;&nbsp;Series 2022-2 Class E | &nbsp;&nbsp;Series 2022-2 Class E |
| &nbsp;&nbsp;04/10/2029 | &nbsp;&nbsp;10.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;966466 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-ST4 Class A | &nbsp;&nbsp;Series 2021-ST4 Class A | &nbsp;&nbsp;Series 2021-ST4 Class A | &nbsp;&nbsp;Series 2021-ST4 Class A |
| &nbsp;&nbsp;07/20/2027 | &nbsp;&nbsp;2.000% | 2546090 | &nbsp;&nbsp;&nbsp;&nbsp;2354386 |
| &nbsp;&nbsp;Series 2021-ST8 Class A | &nbsp;&nbsp;Series 2021-ST8 Class A | &nbsp;&nbsp;Series 2021-ST8 Class A | &nbsp;&nbsp;Series 2021-ST8 Class A |
| &nbsp;&nbsp;10/20/2029 | &nbsp;&nbsp;1.750% | 2612405 | &nbsp;&nbsp;&nbsp;&nbsp;2424419 |
| &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A |
| &nbsp;&nbsp;03/20/2031 | &nbsp;&nbsp;0.870% | &nbsp;&nbsp;&nbsp;107613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107371 |
| &nbsp;&nbsp;Series 2021-1 Class B | &nbsp;&nbsp;Series 2021-1 Class B | &nbsp;&nbsp;Series 2021-1 Class B | &nbsp;&nbsp;Series 2021-1 Class B |
| &nbsp;&nbsp;03/20/2031 | &nbsp;&nbsp;1.890% | 1336000 | &nbsp;&nbsp;&nbsp;&nbsp;1302837 |
| &nbsp;&nbsp;US Auto Funding<sup>(a)</sup> | &nbsp;&nbsp;US Auto Funding<sup>(a)</sup> | &nbsp;&nbsp;US Auto Funding<sup>(a)</sup> | &nbsp;&nbsp;US Auto Funding<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B |
| &nbsp;&nbsp;03/17/2025 | &nbsp;&nbsp;1.490% | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;2175880 |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C |
| &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;2.200% | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5751187 |
| &nbsp;&nbsp;US Auto Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;US Auto Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;US Auto Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;US Auto Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2022-1A Class D | &nbsp;&nbsp;Subordinated Series 2022-1A Class D | &nbsp;&nbsp;Subordinated Series 2022-1A Class D | &nbsp;&nbsp;Subordinated Series 2022-1A Class D |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;9.140% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4632954 |
| &nbsp;&nbsp;Verizon Master Trust | &nbsp;&nbsp;Verizon Master Trust | &nbsp;&nbsp;Verizon Master Trust | &nbsp;&nbsp;Verizon Master Trust |
| &nbsp;&nbsp;Series 2022-2 Class A | &nbsp;&nbsp;Series 2022-2 Class A | &nbsp;&nbsp;Series 2022-2 Class A | &nbsp;&nbsp;Series 2022-2 Class A |
| &nbsp;&nbsp;07/20/2028 | &nbsp;&nbsp;1.530% | 1761000 | &nbsp;&nbsp;&nbsp;&nbsp;1643857 |
| &nbsp;&nbsp;Verizon Master Trust<sup>(c)</sup> | &nbsp;&nbsp;Verizon Master Trust<sup>(c)</sup> | &nbsp;&nbsp;Verizon Master Trust<sup>(c)</sup> | &nbsp;&nbsp;Verizon Master Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2022-4 Class A | &nbsp;&nbsp;Series 2022-4 Class A | &nbsp;&nbsp;Series 2022-4 Class A | &nbsp;&nbsp;Series 2022-4 Class A |
| &nbsp;&nbsp;11/20/2028 | &nbsp;&nbsp;3.400% | 3777000 | &nbsp;&nbsp;&nbsp;&nbsp;3658648 |
| &nbsp;&nbsp;Series 2022-6 Class A | &nbsp;&nbsp;Series 2022-6 Class A | &nbsp;&nbsp;Series 2022-6 Class A | &nbsp;&nbsp;Series 2022-6 Class A |
| &nbsp;&nbsp;01/22/2029 | &nbsp;&nbsp;3.670% | 3392000 | &nbsp;&nbsp;&nbsp;&nbsp;3285370 |
| &nbsp;&nbsp;Veros Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Veros Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Veros Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Veros Auto Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1 Class B | &nbsp;&nbsp;Subordinated Series 2021-1 Class B | &nbsp;&nbsp;Subordinated Series 2021-1 Class B | &nbsp;&nbsp;Subordinated Series 2021-1 Class B |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;1.490% | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;2641643 |
| &nbsp;&nbsp;VM Debt LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;VM Debt LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;VM Debt LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;VM Debt LLC<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Series 2019-1 Class A1A | &nbsp;&nbsp;Series 2019-1 Class A1A | &nbsp;&nbsp;Series 2019-1 Class A1A | &nbsp;&nbsp;Series 2019-1 Class A1A |
| &nbsp;&nbsp;07/18/2027 | &nbsp;&nbsp;7.460% | 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;8160930 |
| &nbsp;&nbsp;VSE Voi Mortgage LLC<sup>(a)</sup> | &nbsp;&nbsp;VSE Voi Mortgage LLC<sup>(a)</sup> | &nbsp;&nbsp;VSE Voi Mortgage LLC<sup>(a)</sup> | &nbsp;&nbsp;VSE Voi Mortgage LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2018-A Class A | &nbsp;&nbsp;Series 2018-A Class A | &nbsp;&nbsp;Series 2018-A Class A | &nbsp;&nbsp;Series 2018-A Class A |
| &nbsp;&nbsp;02/20/2036 | &nbsp;&nbsp;3.560% | &nbsp;&nbsp;&nbsp;252064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243854 |
| &nbsp;&nbsp;World Omni Automobile Lease Securitization Trust | &nbsp;&nbsp;World Omni Automobile Lease Securitization Trust | &nbsp;&nbsp;World Omni Automobile Lease Securitization Trust | &nbsp;&nbsp;World Omni Automobile Lease Securitization Trust |
| &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 | &nbsp;&nbsp;Series 2022-A Class A3 |
| &nbsp;&nbsp;02/18/2025 | &nbsp;&nbsp;3.210% | 2042000 | &nbsp;&nbsp;&nbsp;&nbsp;2003728 |
| &nbsp;&nbsp;Series 2022-A Class A4 | &nbsp;&nbsp;Series 2022-A Class A4 | &nbsp;&nbsp;Series 2022-A Class A4 | &nbsp;&nbsp;Series 2022-A Class A4 |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;3.340% | 1203000 | &nbsp;&nbsp;&nbsp;&nbsp;1168492 |
| &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $530,239,131) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $530,239,131) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $530,239,131) | &nbsp;&nbsp;**497878790** |
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 5.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 5.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 5.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 5.6%** |
| &nbsp;&nbsp;Fannie Mae Multifamily REMIC Trust<sup>(c)</sup> | &nbsp;&nbsp;Fannie Mae Multifamily REMIC Trust<sup>(c)</sup> | &nbsp;&nbsp;Fannie Mae Multifamily REMIC Trust<sup>(c)</sup> | &nbsp;&nbsp;Fannie Mae Multifamily REMIC Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2022-M10 Class A2 | &nbsp;&nbsp;Series 2022-M10 Class A2 | &nbsp;&nbsp;Series 2022-M10 Class A2 | &nbsp;&nbsp;Series 2022-M10 Class A2 |
| &nbsp;&nbsp;01/25/2032 | &nbsp;&nbsp;1.938% | 7800000 | &nbsp;&nbsp;&nbsp;&nbsp;6342753 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Fannie Mae Multifamily REMIC Trust | &nbsp;&nbsp;Fannie Mae Multifamily REMIC Trust | &nbsp;&nbsp;Fannie Mae Multifamily REMIC Trust | &nbsp;&nbsp;Fannie Mae Multifamily REMIC Trust |
| &nbsp;&nbsp;Series 2022-M1S Class A2 | &nbsp;&nbsp;Series 2022-M1S Class A2 | &nbsp;&nbsp;Series 2022-M1S Class A2 | &nbsp;&nbsp;Series 2022-M1S Class A2 |
| &nbsp;&nbsp;04/25/2032 | &nbsp;&nbsp;2.081% | &nbsp;&nbsp;8700000 | &nbsp;&nbsp;7161105 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
| &nbsp;&nbsp;Series 2017 K065 Class A2 | &nbsp;&nbsp;Series 2017 K065 Class A2 | &nbsp;&nbsp;Series 2017 K065 Class A2 | &nbsp;&nbsp;Series 2017 K065 Class A2 |
| &nbsp;&nbsp;04/25/2027 | &nbsp;&nbsp;3.243% | &nbsp;&nbsp;1408000 | &nbsp;&nbsp;1326368 |
| &nbsp;&nbsp;Series 2017 K065 Class AM | &nbsp;&nbsp;Series 2017 K065 Class AM | &nbsp;&nbsp;Series 2017 K065 Class AM | &nbsp;&nbsp;Series 2017 K065 Class AM |
| &nbsp;&nbsp;05/25/2027 | &nbsp;&nbsp;3.326% | &nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;717616 |
| &nbsp;&nbsp;Series 2017 K066 Class A2 | &nbsp;&nbsp;Series 2017 K066 Class A2 | &nbsp;&nbsp;Series 2017 K066 Class A2 | &nbsp;&nbsp;Series 2017 K066 Class A2 |
| &nbsp;&nbsp;06/25/2027 | &nbsp;&nbsp;3.117% | &nbsp;&nbsp;1858000 | &nbsp;&nbsp;1757342 |
| &nbsp;&nbsp;Series K144 (FHLMC) | &nbsp;&nbsp;Series K144 (FHLMC) | &nbsp;&nbsp;Series K144 (FHLMC) | &nbsp;&nbsp;Series K144 (FHLMC) |
| &nbsp;&nbsp;04/25/2032 | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;2320000 | &nbsp;&nbsp;1960035 |
| &nbsp;&nbsp;Series K145 Class A2 (FHLMC) | &nbsp;&nbsp;Series K145 Class A2 (FHLMC) | &nbsp;&nbsp;Series K145 Class A2 (FHLMC) | &nbsp;&nbsp;Series K145 Class A2 (FHLMC) |
| &nbsp;&nbsp;06/25/2055 | &nbsp;&nbsp;2.580% | &nbsp;&nbsp;2320000 | &nbsp;&nbsp;1980452 |
| &nbsp;&nbsp;Series K145 Class AM (FHLMC) | &nbsp;&nbsp;Series K145 Class AM (FHLMC) | &nbsp;&nbsp;Series K145 Class AM (FHLMC) | &nbsp;&nbsp;Series K145 Class AM (FHLMC) |
| &nbsp;&nbsp;06/25/2055 | &nbsp;&nbsp;2.580% | &nbsp;&nbsp;8250000 | &nbsp;&nbsp;6995624 |
| &nbsp;&nbsp;Series K146 Class A2 (FHLMC) | &nbsp;&nbsp;Series K146 Class A2 (FHLMC) | &nbsp;&nbsp;Series K146 Class A2 (FHLMC) | &nbsp;&nbsp;Series K146 Class A2 (FHLMC) |
| &nbsp;&nbsp;06/25/2032 | &nbsp;&nbsp;2.920% | 10324000 | &nbsp;&nbsp;9073192 |
| &nbsp;&nbsp;Series KS07 Class A2 | &nbsp;&nbsp;Series KS07 Class A2 | &nbsp;&nbsp;Series KS07 Class A2 | &nbsp;&nbsp;Series KS07 Class A2 |
| &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;2.735% | &nbsp;&nbsp;3600000 | &nbsp;&nbsp;3424774 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2017-K070 Class A2 | &nbsp;&nbsp;Series 2017-K070 Class A2 | &nbsp;&nbsp;Series 2017-K070 Class A2 | &nbsp;&nbsp;Series 2017-K070 Class A2 |
| &nbsp;&nbsp;11/25/2027 | &nbsp;&nbsp;3.303% | &nbsp;&nbsp;1311000 | &nbsp;&nbsp;1246289 |
| &nbsp;&nbsp;Series K081 Class A2 | &nbsp;&nbsp;Series K081 Class A2 | &nbsp;&nbsp;Series K081 Class A2 | &nbsp;&nbsp;Series K081 Class A2 |
| &nbsp;&nbsp;08/25/2028 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;2245000 | &nbsp;&nbsp;2180269 |
| &nbsp;&nbsp;Series K147 Class A2 (FHLMC) | &nbsp;&nbsp;Series K147 Class A2 (FHLMC) | &nbsp;&nbsp;Series K147 Class A2 (FHLMC) | &nbsp;&nbsp;Series K147 Class A2 (FHLMC) |
| &nbsp;&nbsp;06/25/2032 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4424000 | &nbsp;&nbsp;3913562 |
| &nbsp;&nbsp;Series KG07 Class A2 (FHLMC) | &nbsp;&nbsp;Series KG07 Class A2 (FHLMC) | &nbsp;&nbsp;Series KG07 Class A2 (FHLMC) | &nbsp;&nbsp;Series KG07 Class A2 (FHLMC) |
| &nbsp;&nbsp;08/25/2032 | &nbsp;&nbsp;3.123% | &nbsp;&nbsp;2313000 | &nbsp;&nbsp;2063532 |
| &nbsp;&nbsp;Series W5FX Class AFX | &nbsp;&nbsp;Series W5FX Class AFX | &nbsp;&nbsp;Series W5FX Class AFX | &nbsp;&nbsp;Series W5FX Class AFX |
| &nbsp;&nbsp;04/25/2028 | &nbsp;&nbsp;3.214% | &nbsp;&nbsp;1256000 | &nbsp;&nbsp;1165152 |
| &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association |
| &nbsp;&nbsp;12/01/2025 | &nbsp;&nbsp;3.765% | &nbsp;&nbsp;6535680 | &nbsp;&nbsp;6398092 |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;2434313 | &nbsp;&nbsp;2421637 |
| &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;3.240% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1426451 |
| &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;3.710% | &nbsp;&nbsp;2888300 | &nbsp;&nbsp;2794556 |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;3.340% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;956632 |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;2.910% | &nbsp;&nbsp;3282100 | &nbsp;&nbsp;3080748 |
| &nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;2.430% | &nbsp;&nbsp;2307670 | &nbsp;&nbsp;2114659 |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;2.370% | &nbsp;&nbsp;4550000 | &nbsp;&nbsp;4153377 |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1949870 | &nbsp;&nbsp;1832503 |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;3.570% | &nbsp;&nbsp;2787000 | &nbsp;&nbsp;2650717 |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;1.800% | &nbsp;&nbsp;7300000 | &nbsp;&nbsp;6291556 |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;549586 | &nbsp;&nbsp;&nbsp;&nbsp;544375 |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;3.740% | &nbsp;&nbsp;1515000 | &nbsp;&nbsp;1455271 |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;3.121% | &nbsp;&nbsp;2227408 | &nbsp;&nbsp;2075563 |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;2.570% | &nbsp;&nbsp;2526033 | &nbsp;&nbsp;2251978 |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;2.920% | &nbsp;&nbsp;2684309 | &nbsp;&nbsp;2438726 |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;935591 |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;3.420% | &nbsp;&nbsp;8944364 | &nbsp;&nbsp;8380404 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;4812000 | &nbsp;&nbsp;&nbsp;&nbsp;4397081 |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;4413472 | &nbsp;&nbsp;&nbsp;&nbsp;4253840 |
| &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;3.260% | &nbsp;&nbsp;6236000 | &nbsp;&nbsp;&nbsp;&nbsp;5695341 |
| &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;2.730% | &nbsp;&nbsp;2534671 | &nbsp;&nbsp;&nbsp;&nbsp;2214319 |
| &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;2.730% | &nbsp;&nbsp;1825000 | &nbsp;&nbsp;&nbsp;&nbsp;1590210 |
| &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;2.780% | &nbsp;&nbsp;2159816 | &nbsp;&nbsp;&nbsp;&nbsp;1910047 |
| &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;2.970% | &nbsp;&nbsp;1569953 | &nbsp;&nbsp;&nbsp;&nbsp;1408213 |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;2.990% | &nbsp;&nbsp;2908808 | &nbsp;&nbsp;&nbsp;&nbsp;2610236 |
| &nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;3.090% | &nbsp;&nbsp;5565000 | &nbsp;&nbsp;&nbsp;&nbsp;4972989 |
| &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;3.540% | &nbsp;&nbsp;7921000 | &nbsp;&nbsp;&nbsp;&nbsp;7356070 |
| &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;4.180% | &nbsp;&nbsp;6605000 | &nbsp;&nbsp;&nbsp;&nbsp;6418328 |
| &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;4.230% | &nbsp;&nbsp;3995273 | &nbsp;&nbsp;&nbsp;&nbsp;3906812 |
| &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;4.705% | &nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;3446852 |
| &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;4.830% | &nbsp;&nbsp;4717000 | &nbsp;&nbsp;&nbsp;&nbsp;4830566 |
| &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;2.430% | &nbsp;&nbsp;1333671 | &nbsp;&nbsp;&nbsp;&nbsp;1121234 |
| &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1641279 | &nbsp;&nbsp;&nbsp;&nbsp;1379456 |
| &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;3.330% | &nbsp;&nbsp;2386142 | &nbsp;&nbsp;&nbsp;&nbsp;2099301 |
| &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;2.880% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4039962 |
| &nbsp;&nbsp;Series 2015-M10 Class A2 | &nbsp;&nbsp;Series 2015-M10 Class A2 | &nbsp;&nbsp;Series 2015-M10 Class A2 | &nbsp;&nbsp;Series 2015-M10 Class A2 |
| &nbsp;&nbsp;04/25/2027 | &nbsp;&nbsp;3.092% | &nbsp;&nbsp;8126570 | &nbsp;&nbsp;&nbsp;&nbsp;7683440 |
| &nbsp;&nbsp;Series 2017-M5 Class A2 | &nbsp;&nbsp;Series 2017-M5 Class A2 | &nbsp;&nbsp;Series 2017-M5 Class A2 | &nbsp;&nbsp;Series 2017-M5 Class A2 |
| &nbsp;&nbsp;04/25/2029 | &nbsp;&nbsp;3.176% | &nbsp;&nbsp;1576093 | &nbsp;&nbsp;&nbsp;&nbsp;1459643 |
| &nbsp;&nbsp;Series 2017-T1 Class A | &nbsp;&nbsp;Series 2017-T1 Class A | &nbsp;&nbsp;Series 2017-T1 Class A | &nbsp;&nbsp;Series 2017-T1 Class A |
| &nbsp;&nbsp;06/25/2027 | &nbsp;&nbsp;2.898% | &nbsp;&nbsp;2763164 | &nbsp;&nbsp;&nbsp;&nbsp;2586026 |
| &nbsp;&nbsp;Series 2021-M3 Class 1A1 | &nbsp;&nbsp;Series 2021-M3 Class 1A1 | &nbsp;&nbsp;Series 2021-M3 Class 1A1 | &nbsp;&nbsp;Series 2021-M3 Class 1A1 |
| &nbsp;&nbsp;11/25/2033 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;3578368 | &nbsp;&nbsp;&nbsp;&nbsp;3366296 |
| &nbsp;&nbsp;Series 2022-M13 Class A2 | &nbsp;&nbsp;Series 2022-M13 Class A2 | &nbsp;&nbsp;Series 2022-M13 Class A2 | &nbsp;&nbsp;Series 2022-M13 Class A2 |
| &nbsp;&nbsp;06/25/2032 | &nbsp;&nbsp;2.593% | 13271000 | &nbsp;&nbsp;11490176 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> |
| &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;5.888% | &nbsp;&nbsp;&nbsp;&nbsp;364578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359347 |
| &nbsp;&nbsp;CMO Series 2013-M13 Class A2 | &nbsp;&nbsp;CMO Series 2013-M13 Class A2 | &nbsp;&nbsp;CMO Series 2013-M13 Class A2 | &nbsp;&nbsp;CMO Series 2013-M13 Class A2 |
| &nbsp;&nbsp;04/25/2023 | &nbsp;&nbsp;2.517% | &nbsp;&nbsp;&nbsp;&nbsp;518071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512405 |
| &nbsp;&nbsp;CMO Series 2014-M3 Class A2 | &nbsp;&nbsp;CMO Series 2014-M3 Class A2 | &nbsp;&nbsp;CMO Series 2014-M3 Class A2 | &nbsp;&nbsp;CMO Series 2014-M3 Class A2 |
| &nbsp;&nbsp;01/25/2024 | &nbsp;&nbsp;3.501% | &nbsp;&nbsp;&nbsp;&nbsp;382259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375284 |
| &nbsp;&nbsp;CMO Series 2015-M11 Class A2 | &nbsp;&nbsp;CMO Series 2015-M11 Class A2 | &nbsp;&nbsp;CMO Series 2015-M11 Class A2 | &nbsp;&nbsp;CMO Series 2015-M11 Class A2 |
| &nbsp;&nbsp;04/25/2025 | &nbsp;&nbsp;2.854% | &nbsp;&nbsp;1807851 | &nbsp;&nbsp;&nbsp;&nbsp;1737590 |
| &nbsp;&nbsp;Series 2017-M12 Class A2 | &nbsp;&nbsp;Series 2017-M12 Class A2 | &nbsp;&nbsp;Series 2017-M12 Class A2 | &nbsp;&nbsp;Series 2017-M12 Class A2 |
| &nbsp;&nbsp;06/25/2027 | &nbsp;&nbsp;3.062% | &nbsp;&nbsp;1660350 | &nbsp;&nbsp;&nbsp;&nbsp;1557172 |
| &nbsp;&nbsp;Series 2017-M7 Class A2 | &nbsp;&nbsp;Series 2017-M7 Class A2 | &nbsp;&nbsp;Series 2017-M7 Class A2 | &nbsp;&nbsp;Series 2017-M7 Class A2 |
| &nbsp;&nbsp;02/25/2027 | &nbsp;&nbsp;2.961% | &nbsp;&nbsp;&nbsp;&nbsp;491345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462498 |
| &nbsp;&nbsp;Series 2018-M10 Class A2 | &nbsp;&nbsp;Series 2018-M10 Class A2 | &nbsp;&nbsp;Series 2018-M10 Class A2 | &nbsp;&nbsp;Series 2018-M10 Class A2 |
| &nbsp;&nbsp;07/25/2028 | &nbsp;&nbsp;3.358% | &nbsp;&nbsp;2683000 | &nbsp;&nbsp;&nbsp;&nbsp;2557981 |
| &nbsp;&nbsp;Series 2018-M3 Class A2 | &nbsp;&nbsp;Series 2018-M3 Class A2 | &nbsp;&nbsp;Series 2018-M3 Class A2 | &nbsp;&nbsp;Series 2018-M3 Class A2 |
| &nbsp;&nbsp;02/25/2030 | &nbsp;&nbsp;3.069% | &nbsp;&nbsp;&nbsp;&nbsp;929775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853214 |
| &nbsp;&nbsp;Series 2018-M4 Class A2 | &nbsp;&nbsp;Series 2018-M4 Class A2 | &nbsp;&nbsp;Series 2018-M4 Class A2 | &nbsp;&nbsp;Series 2018-M4 Class A2 |
| &nbsp;&nbsp;03/25/2028 | &nbsp;&nbsp;3.056% | &nbsp;&nbsp;1319931 | &nbsp;&nbsp;&nbsp;&nbsp;1228700 |
| &nbsp;&nbsp;Series 2022-M3 Class A2 | &nbsp;&nbsp;Series 2022-M3 Class A2 | &nbsp;&nbsp;Series 2022-M3 Class A2 | &nbsp;&nbsp;Series 2022-M3 Class A2 |
| &nbsp;&nbsp;11/25/2031 | &nbsp;&nbsp;1.707% | 16900000 | &nbsp;&nbsp;13296597 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c),(d)</sup> |
| &nbsp;&nbsp;Series 2021-M3 Class X1 | &nbsp;&nbsp;Series 2021-M3 Class X1 | &nbsp;&nbsp;Series 2021-M3 Class X1 | &nbsp;&nbsp;Series 2021-M3 Class X1 |
| &nbsp;&nbsp;11/25/2033 | &nbsp;&nbsp;1.943% | 36192966 | &nbsp;&nbsp;&nbsp;&nbsp;3234486 |
| &nbsp;&nbsp;Freddie Mac Multiclass Certificates<sup>(c),(d)</sup> | &nbsp;&nbsp;Freddie Mac Multiclass Certificates<sup>(c),(d)</sup> | &nbsp;&nbsp;Freddie Mac Multiclass Certificates<sup>(c),(d)</sup> | &nbsp;&nbsp;Freddie Mac Multiclass Certificates<sup>(c),(d)</sup> |
| &nbsp;&nbsp;Series 2021-P011 Class X1 | &nbsp;&nbsp;Series 2021-P011 Class X1 | &nbsp;&nbsp;Series 2021-P011 Class X1 | &nbsp;&nbsp;Series 2021-P011 Class X1 |
| &nbsp;&nbsp;09/25/2045 | &nbsp;&nbsp;1.793% | 20828680 | &nbsp;&nbsp;&nbsp;&nbsp;2603389 |
| &nbsp;&nbsp;Freddie Mac Multifamily Certificates | &nbsp;&nbsp;Freddie Mac Multifamily Certificates | &nbsp;&nbsp;Freddie Mac Multifamily Certificates | &nbsp;&nbsp;Freddie Mac Multifamily Certificates |
| &nbsp;&nbsp;Series K153 Class A2 | &nbsp;&nbsp;Series K153 Class A2 | &nbsp;&nbsp;Series K153 Class A2 | &nbsp;&nbsp;Series K153 Class A2 |
| &nbsp;&nbsp;01/25/2033 | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;5800000 | &nbsp;&nbsp;&nbsp;&nbsp;5451915 |
| &nbsp;&nbsp;Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-MN1 Class M2 | &nbsp;&nbsp;Series 2021-MN1 Class M2 | &nbsp;&nbsp;Series 2021-MN1 Class M2 | &nbsp;&nbsp;Series 2021-MN1 Class M2 |
| &nbsp;&nbsp;3-month Term SOFR + 3.750%<br> 01/25/2051 | &nbsp;&nbsp;7.297% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893074 |
| &nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates<sup>(c)</sup> |
| &nbsp;&nbsp;Series K-150 Class A2 | &nbsp;&nbsp;Series K-150 Class A2 | &nbsp;&nbsp;Series K-150 Class A2 | &nbsp;&nbsp;Series K-150 Class A2 |
| &nbsp;&nbsp;09/25/2032 | &nbsp;&nbsp;3.710% | 13100000 | &nbsp;&nbsp;12276002 |
| &nbsp;&nbsp;Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(d)</sup> | &nbsp;&nbsp;Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(d)</sup> | &nbsp;&nbsp;Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(d)</sup> | &nbsp;&nbsp;Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(d)</sup> |
| &nbsp;&nbsp;Series KL05 Class X1P (FHLMC) | &nbsp;&nbsp;Series KL05 Class X1P (FHLMC) | &nbsp;&nbsp;Series KL05 Class X1P (FHLMC) | &nbsp;&nbsp;Series KL05 Class X1P (FHLMC) |
| &nbsp;&nbsp;06/25/2029 | &nbsp;&nbsp;0.892% | 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;3668452 |
| &nbsp;&nbsp;FREMF Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;FREMF Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;FREMF Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;FREMF Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Subordinated Series 2015-K44 Class B | &nbsp;&nbsp;Subordinated Series 2015-K44 Class B | &nbsp;&nbsp;Subordinated Series 2015-K44 Class B | &nbsp;&nbsp;Subordinated Series 2015-K44 Class B |
| &nbsp;&nbsp;01/25/2048 | &nbsp;&nbsp;3.719% | &nbsp;&nbsp;3410000 | &nbsp;&nbsp;&nbsp;&nbsp;3244014 |
| &nbsp;&nbsp;Subordinated Series 2016-K59 Class B | &nbsp;&nbsp;Subordinated Series 2016-K59 Class B | &nbsp;&nbsp;Subordinated Series 2016-K59 Class B | &nbsp;&nbsp;Subordinated Series 2016-K59 Class B |
| &nbsp;&nbsp;11/25/2049 | &nbsp;&nbsp;3.579% | &nbsp;&nbsp;2383000 | &nbsp;&nbsp;&nbsp;&nbsp;2288120 |
| &nbsp;&nbsp;Subordinated Series 2016-K722 Class B | &nbsp;&nbsp;Subordinated Series 2016-K722 Class B | &nbsp;&nbsp;Subordinated Series 2016-K722 Class B | &nbsp;&nbsp;Subordinated Series 2016-K722 Class B |
| &nbsp;&nbsp;07/25/2049 | &nbsp;&nbsp;3.949% | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1389793 |
| &nbsp;&nbsp;Subordinated Series 2019-K92 Class B | &nbsp;&nbsp;Subordinated Series 2019-K92 Class B | &nbsp;&nbsp;Subordinated Series 2019-K92 Class B | &nbsp;&nbsp;Subordinated Series 2019-K92 Class B |
| &nbsp;&nbsp;05/25/2052 | &nbsp;&nbsp;4.198% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5413771 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(b)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2013-H08 Class FA | &nbsp;&nbsp;CMO Series 2013-H08 Class FA | &nbsp;&nbsp;CMO Series 2013-H08 Class FA | &nbsp;&nbsp;CMO Series 2013-H08 Class FA |
| &nbsp;&nbsp;1-month USD LIBOR + 0.350%<br> Floor 0.350%, Cap 10.550%<br> 03/20/2063 | &nbsp;&nbsp;4.192% | &nbsp;&nbsp;&nbsp;&nbsp;545438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540517 |
| &nbsp;&nbsp;CMO Series 2015-H15 Class FJ | &nbsp;&nbsp;CMO Series 2015-H15 Class FJ | &nbsp;&nbsp;CMO Series 2015-H15 Class FJ | &nbsp;&nbsp;CMO Series 2015-H15 Class FJ |
| &nbsp;&nbsp;1-month USD LIBOR + 0.440%<br> Floor 0.440%, Cap 11.000%<br> 06/20/2065 | &nbsp;&nbsp;4.282% | &nbsp;&nbsp;2183787 | &nbsp;&nbsp;&nbsp;&nbsp;2160906 |
| &nbsp;&nbsp;CMO Series 2015-H16 Class FG | &nbsp;&nbsp;CMO Series 2015-H16 Class FG | &nbsp;&nbsp;CMO Series 2015-H16 Class FG | &nbsp;&nbsp;CMO Series 2015-H16 Class FG |
| &nbsp;&nbsp;1-month USD LIBOR + 0.440%<br> Floor 0.440%, Cap 11.000%<br> 07/20/2065 | &nbsp;&nbsp;4.282% | &nbsp;&nbsp;2050083 | &nbsp;&nbsp;&nbsp;&nbsp;2026302 |
| &nbsp;&nbsp;CMO Series 2015-H16 Class FL | &nbsp;&nbsp;CMO Series 2015-H16 Class FL | &nbsp;&nbsp;CMO Series 2015-H16 Class FL | &nbsp;&nbsp;CMO Series 2015-H16 Class FL |
| &nbsp;&nbsp;1-month USD LIBOR + 0.440%<br> Floor 0.440%, Cap 11.000%<br> 07/20/2065 | &nbsp;&nbsp;4.282% | &nbsp;&nbsp;1139076 | &nbsp;&nbsp;&nbsp;&nbsp;1126262 |
| &nbsp;&nbsp;CMO Series 2015-H18 Class FA | &nbsp;&nbsp;CMO Series 2015-H18 Class FA | &nbsp;&nbsp;CMO Series 2015-H18 Class FA | &nbsp;&nbsp;CMO Series 2015-H18 Class FA |
| &nbsp;&nbsp;1-month USD LIBOR + 0.450%<br> Floor 0.450%, Cap 11.000%<br> 06/20/2065 | &nbsp;&nbsp;4.292% | &nbsp;&nbsp;&nbsp;&nbsp;502354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497736 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2014-168 Class VB | &nbsp;&nbsp;CMO Series 2014-168 Class VB | &nbsp;&nbsp;CMO Series 2014-168 Class VB | &nbsp;&nbsp;CMO Series 2014-168 Class VB |
| &nbsp;&nbsp;06/16/2047 | &nbsp;&nbsp;3.420% | 1026382 | &nbsp;&nbsp;&nbsp;&nbsp;1021716 |
| &nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-01 Class M10 | &nbsp;&nbsp;Subordinated Series 2020-01 Class M10 | &nbsp;&nbsp;Subordinated Series 2020-01 Class M10 | &nbsp;&nbsp;Subordinated Series 2020-01 Class M10 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 3.750%<br> 03/25/2050 | &nbsp;&nbsp;8.139% | 6008000 | &nbsp;&nbsp;&nbsp;&nbsp;5548651 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $289,018,022) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $289,018,022) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $289,018,022) | &nbsp;&nbsp;**270073233** |
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 6.0%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 6.0%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 6.0%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 6.0%** |
| &nbsp;&nbsp;3650R Commercial Mortgage Trust | &nbsp;&nbsp;3650R Commercial Mortgage Trust | &nbsp;&nbsp;3650R Commercial Mortgage Trust | &nbsp;&nbsp;3650R Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2021-PF1 Class A5 | &nbsp;&nbsp;Series 2021-PF1 Class A5 | &nbsp;&nbsp;Series 2021-PF1 Class A5 | &nbsp;&nbsp;Series 2021-PF1 Class A5 |
| &nbsp;&nbsp;11/15/2054 | &nbsp;&nbsp;2.522% | 1397000 | &nbsp;&nbsp;&nbsp;&nbsp;1136139 |
| &nbsp;&nbsp;American Homes 4 Rent Trust<sup>(a)</sup> | &nbsp;&nbsp;American Homes 4 Rent Trust<sup>(a)</sup> | &nbsp;&nbsp;American Homes 4 Rent Trust<sup>(a)</sup> | &nbsp;&nbsp;American Homes 4 Rent Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2014-SFR2 Class A | &nbsp;&nbsp;Series 2014-SFR2 Class A | &nbsp;&nbsp;Series 2014-SFR2 Class A | &nbsp;&nbsp;Series 2014-SFR2 Class A |
| &nbsp;&nbsp;10/17/2036 | &nbsp;&nbsp;3.786% | 2230161 | &nbsp;&nbsp;&nbsp;&nbsp;2132834 |
| &nbsp;&nbsp;Series 2014-SFR2 Class E | &nbsp;&nbsp;Series 2014-SFR2 Class E | &nbsp;&nbsp;Series 2014-SFR2 Class E | &nbsp;&nbsp;Series 2014-SFR2 Class E |
| &nbsp;&nbsp;10/17/2036 | &nbsp;&nbsp;6.231% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486262 |
| &nbsp;&nbsp;Series 2014-SFR3 Class A | &nbsp;&nbsp;Series 2014-SFR3 Class A | &nbsp;&nbsp;Series 2014-SFR3 Class A | &nbsp;&nbsp;Series 2014-SFR3 Class A |
| &nbsp;&nbsp;12/17/2036 | &nbsp;&nbsp;3.678% | &nbsp;&nbsp;&nbsp;982054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941341 |
| &nbsp;&nbsp;Series 2014-SFR3 Class E | &nbsp;&nbsp;Series 2014-SFR3 Class E | &nbsp;&nbsp;Series 2014-SFR3 Class E | &nbsp;&nbsp;Series 2014-SFR3 Class E |
| &nbsp;&nbsp;12/17/2036 | &nbsp;&nbsp;6.418% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982810 |
| &nbsp;&nbsp;Series 2015-SFR1 Class A | &nbsp;&nbsp;Series 2015-SFR1 Class A | &nbsp;&nbsp;Series 2015-SFR1 Class A | &nbsp;&nbsp;Series 2015-SFR1 Class A |
| &nbsp;&nbsp;04/17/2052 | &nbsp;&nbsp;3.467% | 1071619 | &nbsp;&nbsp;&nbsp;&nbsp;1011183 |
| &nbsp;&nbsp;Series 2015-SFR1 Class E | &nbsp;&nbsp;Series 2015-SFR1 Class E | &nbsp;&nbsp;Series 2015-SFR1 Class E | &nbsp;&nbsp;Series 2015-SFR1 Class E |
| &nbsp;&nbsp;04/17/2052 | &nbsp;&nbsp;5.639% | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;1111084 |
| &nbsp;&nbsp;Subordinated Series 2014-SFR3 Class C | &nbsp;&nbsp;Subordinated Series 2014-SFR3 Class C | &nbsp;&nbsp;Subordinated Series 2014-SFR3 Class C | &nbsp;&nbsp;Subordinated Series 2014-SFR3 Class C |
| &nbsp;&nbsp;12/17/2036 | &nbsp;&nbsp;4.596% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194474 |
| &nbsp;&nbsp;Subordinated Series 2015-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2015-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2015-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2015-SFR2 Class D |
| &nbsp;&nbsp;10/17/2045 | &nbsp;&nbsp;5.036% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1907012 |
| &nbsp;&nbsp;Subordinated Series 2015-SFR2 Class E | &nbsp;&nbsp;Subordinated Series 2015-SFR2 Class E | &nbsp;&nbsp;Subordinated Series 2015-SFR2 Class E | &nbsp;&nbsp;Subordinated Series 2015-SFR2 Class E |
| &nbsp;&nbsp;10/17/2045 | &nbsp;&nbsp;6.070% | 1820000 | &nbsp;&nbsp;&nbsp;&nbsp;1766871 |
| &nbsp;&nbsp;AMSR Trust<sup>(a)</sup> | &nbsp;&nbsp;AMSR Trust<sup>(a)</sup> | &nbsp;&nbsp;AMSR Trust<sup>(a)</sup> | &nbsp;&nbsp;AMSR Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-SFR5 Class D | &nbsp;&nbsp;Series 2020-SFR5 Class D | &nbsp;&nbsp;Series 2020-SFR5 Class D | &nbsp;&nbsp;Series 2020-SFR5 Class D |
| &nbsp;&nbsp;11/17/2037 | &nbsp;&nbsp;2.180% | 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;3306792 |
| &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class C | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class C | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class C | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class C |
| &nbsp;&nbsp;07/17/2037 | &nbsp;&nbsp;2.533% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3623026 |
| &nbsp;&nbsp;Subordinated Series 2020-SFR3 Class E1 | &nbsp;&nbsp;Subordinated Series 2020-SFR3 Class E1 | &nbsp;&nbsp;Subordinated Series 2020-SFR3 Class E1 | &nbsp;&nbsp;Subordinated Series 2020-SFR3 Class E1 |
| &nbsp;&nbsp;09/17/2037 | &nbsp;&nbsp;2.556% | 3600000 | &nbsp;&nbsp;&nbsp;&nbsp;3206591 |
| &nbsp;&nbsp;Subordinated Series 2020-SFR4 Class E2 | &nbsp;&nbsp;Subordinated Series 2020-SFR4 Class E2 | &nbsp;&nbsp;Subordinated Series 2020-SFR4 Class E2 | &nbsp;&nbsp;Subordinated Series 2020-SFR4 Class E2 |
| &nbsp;&nbsp;11/17/2037 | &nbsp;&nbsp;2.456% | 4275000 | &nbsp;&nbsp;&nbsp;&nbsp;3724350 |
| &nbsp;&nbsp;Subordinated Series 2020-SFR5 Class F | &nbsp;&nbsp;Subordinated Series 2020-SFR5 Class F | &nbsp;&nbsp;Subordinated Series 2020-SFR5 Class F | &nbsp;&nbsp;Subordinated Series 2020-SFR5 Class F |
| &nbsp;&nbsp;11/17/2037 | &nbsp;&nbsp;2.686% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4361871 |
| &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class D | &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class D |
| &nbsp;&nbsp;08/17/2026 | &nbsp;&nbsp;2.278% | 4800000 | &nbsp;&nbsp;&nbsp;&nbsp;4128621 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class E1 | &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class E1 | &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class E1 | &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class E1 |
| &nbsp;&nbsp;08/17/2026 | &nbsp;&nbsp;2.477% | 5200000 | &nbsp;&nbsp;4475616 |
| &nbsp;&nbsp;Subordinated Series 2021-SFR3 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR3 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR3 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR3 Class E2 |
| &nbsp;&nbsp;10/17/2038 | &nbsp;&nbsp;2.427% | 3845000 | &nbsp;&nbsp;3216756 |
| &nbsp;&nbsp;Subordinated Series 2022-SFR1 Class F | &nbsp;&nbsp;Subordinated Series 2022-SFR1 Class F | &nbsp;&nbsp;Subordinated Series 2022-SFR1 Class F | &nbsp;&nbsp;Subordinated Series 2022-SFR1 Class F |
| &nbsp;&nbsp;03/17/2039 | &nbsp;&nbsp;6.021% | 8500000 | &nbsp;&nbsp;7533824 |
| &nbsp;&nbsp;AMSR Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;AMSR Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;AMSR Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;AMSR Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Series 2021-SFR1 Class E1 | &nbsp;&nbsp;Series 2021-SFR1 Class E1 | &nbsp;&nbsp;Series 2021-SFR1 Class E1 | &nbsp;&nbsp;Series 2021-SFR1 Class E1 |
| &nbsp;&nbsp;06/17/2038 | &nbsp;&nbsp;2.751% | 2250000 | &nbsp;&nbsp;1741884 |
| &nbsp;&nbsp;Series 2021-SFR1 Class E2 | &nbsp;&nbsp;Series 2021-SFR1 Class E2 | &nbsp;&nbsp;Series 2021-SFR1 Class E2 | &nbsp;&nbsp;Series 2021-SFR1 Class E2 |
| &nbsp;&nbsp;06/17/2038 | &nbsp;&nbsp;2.900% | 2250000 | &nbsp;&nbsp;1739811 |
| &nbsp;&nbsp;AREIT Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;AREIT Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;AREIT Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;AREIT Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-CRE5 Class C | &nbsp;&nbsp;Series 2021-CRE5 Class C | &nbsp;&nbsp;Series 2021-CRE5 Class C | &nbsp;&nbsp;Series 2021-CRE5 Class C |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> Floor 2.250%<br> 08/17/2026 | &nbsp;&nbsp;6.589% | 8000000 | &nbsp;&nbsp;7451394 |
| &nbsp;&nbsp;BANK<sup>(c)</sup> | &nbsp;&nbsp;BANK<sup>(c)</sup> | &nbsp;&nbsp;BANK<sup>(c)</sup> | &nbsp;&nbsp;BANK<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2022-BNK44 Class A5 | &nbsp;&nbsp;Series 2022-BNK44 Class A5 | &nbsp;&nbsp;Series 2022-BNK44 Class A5 | &nbsp;&nbsp;Series 2022-BNK44 Class A5 |
| &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;5.746% | 2095000 | &nbsp;&nbsp;2181353 |
| &nbsp;&nbsp;Barclays Commercial Mortgage Trust | &nbsp;&nbsp;Barclays Commercial Mortgage Trust | &nbsp;&nbsp;Barclays Commercial Mortgage Trust | &nbsp;&nbsp;Barclays Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2019-C3 Class A3 | &nbsp;&nbsp;Series 2019-C3 Class A3 | &nbsp;&nbsp;Series 2019-C3 Class A3 | &nbsp;&nbsp;Series 2019-C3 Class A3 |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;3.319% | 2208000 | &nbsp;&nbsp;1989289 |
| &nbsp;&nbsp;BBCMS Mortgage Trust | &nbsp;&nbsp;BBCMS Mortgage Trust | &nbsp;&nbsp;BBCMS Mortgage Trust | &nbsp;&nbsp;BBCMS Mortgage Trust |
| &nbsp;&nbsp;Series 2018-C2 Class ASB | &nbsp;&nbsp;Series 2018-C2 Class ASB | &nbsp;&nbsp;Series 2018-C2 Class ASB | &nbsp;&nbsp;Series 2018-C2 Class ASB |
| &nbsp;&nbsp;12/15/2051 | &nbsp;&nbsp;4.236% | &nbsp;&nbsp;&nbsp;643000 | &nbsp;&nbsp;&nbsp;&nbsp;619011 |
| &nbsp;&nbsp;BBCMS Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;BBCMS Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;BBCMS Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;BBCMS Mortgage Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2022-C18 Class A5 | &nbsp;&nbsp;Series 2022-C18 Class A5 | &nbsp;&nbsp;Series 2022-C18 Class A5 | &nbsp;&nbsp;Series 2022-C18 Class A5 |
| &nbsp;&nbsp;12/15/2055 | &nbsp;&nbsp;5.710% | &nbsp;&nbsp;&nbsp;886000 | &nbsp;&nbsp;&nbsp;&nbsp;926421 |
| &nbsp;&nbsp;BB-UBS Trust<sup>(a)</sup> | &nbsp;&nbsp;BB-UBS Trust<sup>(a)</sup> | &nbsp;&nbsp;BB-UBS Trust<sup>(a)</sup> | &nbsp;&nbsp;BB-UBS Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2012-SHOW Class A | &nbsp;&nbsp;Series 2012-SHOW Class A | &nbsp;&nbsp;Series 2012-SHOW Class A | &nbsp;&nbsp;Series 2012-SHOW Class A |
| &nbsp;&nbsp;11/05/2036 | &nbsp;&nbsp;3.430% | 3700000 | &nbsp;&nbsp;3442822 |
| &nbsp;&nbsp;Bear Stearns Commercial Mortgage Securities Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Bear Stearns Commercial Mortgage Securities Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Bear Stearns Commercial Mortgage Securities Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Bear Stearns Commercial Mortgage Securities Trust<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2007-T26 Class X1 | &nbsp;&nbsp;CMO Series 2007-T26 Class X1 | &nbsp;&nbsp;CMO Series 2007-T26 Class X1 | &nbsp;&nbsp;CMO Series 2007-T26 Class X1 |
| &nbsp;&nbsp;01/12/2045 | &nbsp;&nbsp;0.951% | &nbsp;&nbsp;&nbsp;&nbsp;68526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Benchmark Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Benchmark Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Benchmark Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Benchmark Mortgage Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2022-B35 Class A5 | &nbsp;&nbsp;Series 2022-B35 Class A5 | &nbsp;&nbsp;Series 2022-B35 Class A5 | &nbsp;&nbsp;Series 2022-B35 Class A5 |
| &nbsp;&nbsp;05/15/2055 | &nbsp;&nbsp;4.594% | &nbsp;&nbsp;&nbsp;719000 | &nbsp;&nbsp;&nbsp;&nbsp;687736 |
| &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-VOLT Class A | &nbsp;&nbsp;Series 2021-VOLT Class A | &nbsp;&nbsp;Series 2021-VOLT Class A | &nbsp;&nbsp;Series 2021-VOLT Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.700%<br> Floor 0.700%<br> 09/15/2036 | &nbsp;&nbsp;5.018% | 6056000 | &nbsp;&nbsp;5833567 |
| &nbsp;&nbsp;Series 2021-XL2 Class A | &nbsp;&nbsp;Series 2021-XL2 Class A | &nbsp;&nbsp;Series 2021-XL2 Class A | &nbsp;&nbsp;Series 2021-XL2 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.689%<br> Floor 0.689%<br> 10/15/2038 | &nbsp;&nbsp;5.006% | 2785706 | &nbsp;&nbsp;2677407 |
| &nbsp;&nbsp;Camden Property Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Camden Property Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Camden Property Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Camden Property Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Series 2016-SFR1 Class A | &nbsp;&nbsp;Series 2016-SFR1 Class A | &nbsp;&nbsp;Series 2016-SFR1 Class A | &nbsp;&nbsp;Series 2016-SFR1 Class A |
| &nbsp;&nbsp;12/05/2026 | &nbsp;&nbsp;5.000% | 4595976 | &nbsp;&nbsp;4554612 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CFCRE Commercial Mortgage Trust | &nbsp;&nbsp;CFCRE Commercial Mortgage Trust | &nbsp;&nbsp;CFCRE Commercial Mortgage Trust | &nbsp;&nbsp;CFCRE Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2017-C8 Class ASB | &nbsp;&nbsp;Series 2017-C8 Class ASB | &nbsp;&nbsp;Series 2017-C8 Class ASB | &nbsp;&nbsp;Series 2017-C8 Class ASB |
| &nbsp;&nbsp;06/15/2050 | &nbsp;&nbsp;3.367% | &nbsp;&nbsp;&nbsp;776081 | &nbsp;&nbsp;&nbsp;&nbsp;744989 |
| &nbsp;&nbsp;Citigroup Commercial Mortgage Trust | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2020-GC46 Class A5 | &nbsp;&nbsp;Series 2020-GC46 Class A5 | &nbsp;&nbsp;Series 2020-GC46 Class A5 | &nbsp;&nbsp;Series 2020-GC46 Class A5 |
| &nbsp;&nbsp;02/15/2053 | &nbsp;&nbsp;2.717% | 6215000 | &nbsp;&nbsp;5246141 |
| &nbsp;&nbsp;Citigroup Commercial Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2022-GC48 Class A5 | &nbsp;&nbsp;Series 2022-GC48 Class A5 | &nbsp;&nbsp;Series 2022-GC48 Class A5 | &nbsp;&nbsp;Series 2022-GC48 Class A5 |
| &nbsp;&nbsp;05/15/2054 | &nbsp;&nbsp;4.580% | 1743000 | &nbsp;&nbsp;1677585 |
| &nbsp;&nbsp;Citigroup/Deutsche Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Citigroup/Deutsche Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Citigroup/Deutsche Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Citigroup/Deutsche Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2006-CD2 Class X | &nbsp;&nbsp;CMO Series 2006-CD2 Class X | &nbsp;&nbsp;CMO Series 2006-CD2 Class X | &nbsp;&nbsp;CMO Series 2006-CD2 Class X |
| &nbsp;&nbsp;01/15/2046 | &nbsp;&nbsp;0.023% | &nbsp;&nbsp;&nbsp;825238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Comm Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Comm Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Comm Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Comm Mortgage Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2013-CR13 Class A4 | &nbsp;&nbsp;Series 2013-CR13 Class A4 | &nbsp;&nbsp;Series 2013-CR13 Class A4 | &nbsp;&nbsp;Series 2013-CR13 Class A4 |
| &nbsp;&nbsp;11/10/2046 | &nbsp;&nbsp;4.194% | &nbsp;&nbsp;&nbsp;943000 | &nbsp;&nbsp;&nbsp;&nbsp;926459 |
| &nbsp;&nbsp;COMM Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2013-CR10 Class A4 | &nbsp;&nbsp;Series 2013-CR10 Class A4 | &nbsp;&nbsp;Series 2013-CR10 Class A4 | &nbsp;&nbsp;Series 2013-CR10 Class A4 |
| &nbsp;&nbsp;08/10/2046 | &nbsp;&nbsp;4.210% | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35756 |
| &nbsp;&nbsp;COMM Mortgage Trust | &nbsp;&nbsp;COMM Mortgage Trust | &nbsp;&nbsp;COMM Mortgage Trust | &nbsp;&nbsp;COMM Mortgage Trust |
| &nbsp;&nbsp;Series 2013-CR11 Class A4 | &nbsp;&nbsp;Series 2013-CR11 Class A4 | &nbsp;&nbsp;Series 2013-CR11 Class A4 | &nbsp;&nbsp;Series 2013-CR11 Class A4 |
| &nbsp;&nbsp;08/10/2050 | &nbsp;&nbsp;4.258% | 6921000 | &nbsp;&nbsp;6807957 |
| &nbsp;&nbsp;Series 2013-CR6 Class A4 | &nbsp;&nbsp;Series 2013-CR6 Class A4 | &nbsp;&nbsp;Series 2013-CR6 Class A4 | &nbsp;&nbsp;Series 2013-CR6 Class A4 |
| &nbsp;&nbsp;03/10/2046 | &nbsp;&nbsp;3.101% | 1608392 | &nbsp;&nbsp;1603227 |
| &nbsp;&nbsp;Series 2014-UBS4 Class A4 | &nbsp;&nbsp;Series 2014-UBS4 Class A4 | &nbsp;&nbsp;Series 2014-UBS4 Class A4 | &nbsp;&nbsp;Series 2014-UBS4 Class A4 |
| &nbsp;&nbsp;08/10/2047 | &nbsp;&nbsp;3.420% | 1700000 | &nbsp;&nbsp;1643944 |
| &nbsp;&nbsp;Series 2015-LC19 Class A3 | &nbsp;&nbsp;Series 2015-LC19 Class A3 | &nbsp;&nbsp;Series 2015-LC19 Class A3 | &nbsp;&nbsp;Series 2015-LC19 Class A3 |
| &nbsp;&nbsp;02/10/2048 | &nbsp;&nbsp;2.922% | 4425760 | &nbsp;&nbsp;4245006 |
| &nbsp;&nbsp;Series 2015-LC23 Class A3 | &nbsp;&nbsp;Series 2015-LC23 Class A3 | &nbsp;&nbsp;Series 2015-LC23 Class A3 | &nbsp;&nbsp;Series 2015-LC23 Class A3 |
| &nbsp;&nbsp;10/10/2048 | &nbsp;&nbsp;3.521% | 1565000 | &nbsp;&nbsp;1485152 |
| &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Series 2018-HOME Class A | &nbsp;&nbsp;Series 2018-HOME Class A | &nbsp;&nbsp;Series 2018-HOME Class A | &nbsp;&nbsp;Series 2018-HOME Class A |
| &nbsp;&nbsp;04/10/2033 | &nbsp;&nbsp;3.815% | 3125000 | &nbsp;&nbsp;2837689 |
| &nbsp;&nbsp;COMM Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-CBM Class A2 | &nbsp;&nbsp;Series 2020-CBM Class A2 | &nbsp;&nbsp;Series 2020-CBM Class A2 | &nbsp;&nbsp;Series 2020-CBM Class A2 |
| &nbsp;&nbsp;02/10/2037 | &nbsp;&nbsp;2.896% | 4000000 | &nbsp;&nbsp;3668447 |
| &nbsp;&nbsp;Subordinated Series 2020-CBM Class C | &nbsp;&nbsp;Subordinated Series 2020-CBM Class C | &nbsp;&nbsp;Subordinated Series 2020-CBM Class C | &nbsp;&nbsp;Subordinated Series 2020-CBM Class C |
| &nbsp;&nbsp;02/10/2037 | &nbsp;&nbsp;3.402% | 3480000 | &nbsp;&nbsp;3119211 |
| &nbsp;&nbsp;Commercial Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Commercial Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Commercial Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Commercial Mortgage Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2013-300P Class A1 | &nbsp;&nbsp;Series 2013-300P Class A1 | &nbsp;&nbsp;Series 2013-300P Class A1 | &nbsp;&nbsp;Series 2013-300P Class A1 |
| &nbsp;&nbsp;08/10/2030 | &nbsp;&nbsp;4.353% | 2000000 | &nbsp;&nbsp;1933780 |
| &nbsp;&nbsp;Commercial Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Commercial Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Commercial Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Commercial Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Series 2013-SFS Class A2 | &nbsp;&nbsp;Series 2013-SFS Class A2 | &nbsp;&nbsp;Series 2013-SFS Class A2 | &nbsp;&nbsp;Series 2013-SFS Class A2 |
| &nbsp;&nbsp;04/12/2035 | &nbsp;&nbsp;2.987% | &nbsp;&nbsp;&nbsp;624000 | &nbsp;&nbsp;&nbsp;&nbsp;615960 |
| &nbsp;&nbsp;Commercial Mortgage Trust | &nbsp;&nbsp;Commercial Mortgage Trust | &nbsp;&nbsp;Commercial Mortgage Trust | &nbsp;&nbsp;Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2014-CR19 Class ASB | &nbsp;&nbsp;Series 2014-CR19 Class ASB | &nbsp;&nbsp;Series 2014-CR19 Class ASB | &nbsp;&nbsp;Series 2014-CR19 Class ASB |
| &nbsp;&nbsp;08/10/2047 | &nbsp;&nbsp;3.499% | &nbsp;&nbsp;&nbsp;381838 | &nbsp;&nbsp;&nbsp;&nbsp;373874 |
| &nbsp;&nbsp;Series 2014-UBS2 Class A5 | &nbsp;&nbsp;Series 2014-UBS2 Class A5 | &nbsp;&nbsp;Series 2014-UBS2 Class A5 | &nbsp;&nbsp;Series 2014-UBS2 Class A5 |
| &nbsp;&nbsp;03/10/2047 | &nbsp;&nbsp;3.961% | 1396375 | &nbsp;&nbsp;1364687 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2015-CR25 Class A4 | &nbsp;&nbsp;Series 2015-CR25 Class A4 | &nbsp;&nbsp;Series 2015-CR25 Class A4 | &nbsp;&nbsp;Series 2015-CR25 Class A4 |
| &nbsp;&nbsp;08/10/2048 | &nbsp;&nbsp;&nbsp;&nbsp;3.759% | 2187000 | &nbsp;&nbsp;2082242 |
| &nbsp;&nbsp;CoreVest American Finance Trust<sup>(a)</sup> | &nbsp;&nbsp;CoreVest American Finance Trust<sup>(a)</sup> | &nbsp;&nbsp;CoreVest American Finance Trust<sup>(a)</sup> | &nbsp;&nbsp;CoreVest American Finance Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-3 Class A | &nbsp;&nbsp;Series 2019-3 Class A | &nbsp;&nbsp;Series 2019-3 Class A | &nbsp;&nbsp;Series 2019-3 Class A |
| &nbsp;&nbsp;10/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;2.705% | 1253443 | &nbsp;&nbsp;1189041 |
| &nbsp;&nbsp;Subordinated Series 2019-1 Class B | &nbsp;&nbsp;Subordinated Series 2019-1 Class B | &nbsp;&nbsp;Subordinated Series 2019-1 Class B | &nbsp;&nbsp;Subordinated Series 2019-1 Class B |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;3.880% | 1960000 | &nbsp;&nbsp;1897758 |
| &nbsp;&nbsp;CSAIL Commercial Mortgage Trust | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2019-C16 Class A2 | &nbsp;&nbsp;Series 2019-C16 Class A2 | &nbsp;&nbsp;Series 2019-C16 Class A2 | &nbsp;&nbsp;Series 2019-C16 Class A2 |
| &nbsp;&nbsp;06/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;3.067% | 1046000 | &nbsp;&nbsp;&nbsp;&nbsp;914235 |
| &nbsp;&nbsp;Series 2021-C20 Class A3 | &nbsp;&nbsp;Series 2021-C20 Class A3 | &nbsp;&nbsp;Series 2021-C20 Class A3 | &nbsp;&nbsp;Series 2021-C20 Class A3 |
| &nbsp;&nbsp;03/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;2.805% | &nbsp;&nbsp;&nbsp;856000 | &nbsp;&nbsp;&nbsp;&nbsp;712611 |
| &nbsp;&nbsp;EQUS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;EQUS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;EQUS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;EQUS Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-EQAZ Class A | &nbsp;&nbsp;Series 2021-EQAZ Class A | &nbsp;&nbsp;Series 2021-EQAZ Class A | &nbsp;&nbsp;Series 2021-EQAZ Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.755%<br> Floor 0.755%<br> 10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;5.073% | 2370952 | &nbsp;&nbsp;2282159 |
| &nbsp;&nbsp;FirstKey Homes Trust<sup>(a)</sup> | &nbsp;&nbsp;FirstKey Homes Trust<sup>(a)</sup> | &nbsp;&nbsp;FirstKey Homes Trust<sup>(a)</sup> | &nbsp;&nbsp;FirstKey Homes Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-SFR1 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR1 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR1 Class D | &nbsp;&nbsp;Subordinated Series 2020-SFR1 Class D |
| &nbsp;&nbsp;08/17/2037 | &nbsp;&nbsp;&nbsp;&nbsp;2.241% | 3600000 | &nbsp;&nbsp;3215081 |
| &nbsp;&nbsp;Subordinated Series 2021-SFR1 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR1 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR1 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR1 Class E2 |
| &nbsp;&nbsp;08/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;2.489% | 6000000 | &nbsp;&nbsp;5004897 |
| &nbsp;&nbsp;Subordinated Series 2021-SFR1 Class F1 | &nbsp;&nbsp;Subordinated Series 2021-SFR1 Class F1 | &nbsp;&nbsp;Subordinated Series 2021-SFR1 Class F1 | &nbsp;&nbsp;Subordinated Series 2021-SFR1 Class F1 |
| &nbsp;&nbsp;08/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;3.238% | 4800000 | &nbsp;&nbsp;4047664 |
| &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class E2 |
| &nbsp;&nbsp;09/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;2.358% | 5600000 | &nbsp;&nbsp;4601177 |
| &nbsp;&nbsp;Subordinated Series 2022-SFR2 Class E1 | &nbsp;&nbsp;Subordinated Series 2022-SFR2 Class E1 | &nbsp;&nbsp;Subordinated Series 2022-SFR2 Class E1 | &nbsp;&nbsp;Subordinated Series 2022-SFR2 Class E1 |
| &nbsp;&nbsp;07/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 6800000 | &nbsp;&nbsp;5891918 |
| &nbsp;&nbsp;Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-MN1 Class M1 | &nbsp;&nbsp;Series 2021-MN1 Class M1 | &nbsp;&nbsp;Series 2021-MN1 Class M1 | &nbsp;&nbsp;Series 2021-MN1 Class M1 |
| &nbsp;&nbsp;30-day Average SOFR + 3.000%<br> 01/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;5.928% | 3152052 | &nbsp;&nbsp;2949815 |
| &nbsp;&nbsp;Series 2021-MN2 Class M2 | &nbsp;&nbsp;Series 2021-MN2 Class M2 | &nbsp;&nbsp;Series 2021-MN2 Class M2 | &nbsp;&nbsp;Series 2021-MN2 Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 3.350%<br> 07/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;6.897% | 7250000 | &nbsp;&nbsp;6260400 |
| &nbsp;&nbsp;Series 2022-MN4 Class M1 | &nbsp;&nbsp;Series 2022-MN4 Class M1 | &nbsp;&nbsp;Series 2022-MN4 Class M1 | &nbsp;&nbsp;Series 2022-MN4 Class M1 |
| &nbsp;&nbsp;30-day Average SOFR + 4.250%<br> 05/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp;8.194% | 3975560 | &nbsp;&nbsp;3913164 |
| &nbsp;&nbsp;Series 2022-MN4 Class M2 | &nbsp;&nbsp;Series 2022-MN4 Class M2 | &nbsp;&nbsp;Series 2022-MN4 Class M2 | &nbsp;&nbsp;Series 2022-MN4 Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 6.500%<br> 05/25/2052 | &nbsp;&nbsp;10.444% | 2500000 | &nbsp;&nbsp;2456160 |
| &nbsp;&nbsp;FREMF Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;FREMF Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;FREMF Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;FREMF Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Series 2020-K737 Class B | &nbsp;&nbsp;Series 2020-K737 Class B | &nbsp;&nbsp;Series 2020-K737 Class B | &nbsp;&nbsp;Series 2020-K737 Class B |
| &nbsp;&nbsp;01/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp;3.305% | 4000000 | &nbsp;&nbsp;3653796 |
| &nbsp;&nbsp;FRTKL<sup>(a)</sup> | &nbsp;&nbsp;FRTKL<sup>(a)</sup> | &nbsp;&nbsp;FRTKL<sup>(a)</sup> | &nbsp;&nbsp;FRTKL<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2021-SFR1 Class E1 | &nbsp;&nbsp;Subordinated CMO Series 2021-SFR1 Class E1 | &nbsp;&nbsp;Subordinated CMO Series 2021-SFR1 Class E1 | &nbsp;&nbsp;Subordinated CMO Series 2021-SFR1 Class E1 |
| &nbsp;&nbsp;09/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;2.372% | 3709000 | &nbsp;&nbsp;3084650 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-SFR1 Class E2 | &nbsp;&nbsp;Subordinated CMO Series 2021-SFR1 Class E2 | &nbsp;&nbsp;Subordinated CMO Series 2021-SFR1 Class E2 | &nbsp;&nbsp;Subordinated CMO Series 2021-SFR1 Class E2 |
| &nbsp;&nbsp;09/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;2.522% | 2781000 | &nbsp;&nbsp;2306459 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Subordinated Series 2021-SFR1 Class F | &nbsp;&nbsp;Subordinated Series 2021-SFR1 Class F | &nbsp;&nbsp;Subordinated Series 2021-SFR1 Class F | &nbsp;&nbsp;Subordinated Series 2021-SFR1 Class F |
| &nbsp;&nbsp;09/17/2038 | &nbsp;&nbsp;3.171% | 4400000 | &nbsp;&nbsp;3610583 |
| &nbsp;&nbsp;GS Mortgage Securities Trust | &nbsp;&nbsp;GS Mortgage Securities Trust | &nbsp;&nbsp;GS Mortgage Securities Trust | &nbsp;&nbsp;GS Mortgage Securities Trust |
| &nbsp;&nbsp;Series 2013-GC14 Class A5 | &nbsp;&nbsp;Series 2013-GC14 Class A5 | &nbsp;&nbsp;Series 2013-GC14 Class A5 | &nbsp;&nbsp;Series 2013-GC14 Class A5 |
| &nbsp;&nbsp;08/10/2046 | &nbsp;&nbsp;4.243% | 1209000 | &nbsp;&nbsp;1197021 |
| &nbsp;&nbsp;Series 2014-GC18 Class A4 | &nbsp;&nbsp;Series 2014-GC18 Class A4 | &nbsp;&nbsp;Series 2014-GC18 Class A4 | &nbsp;&nbsp;Series 2014-GC18 Class A4 |
| &nbsp;&nbsp;01/10/2047 | &nbsp;&nbsp;4.074% | 3217000 | &nbsp;&nbsp;3147701 |
| &nbsp;&nbsp;Series 2015-GC32 Class A3 | &nbsp;&nbsp;Series 2015-GC32 Class A3 | &nbsp;&nbsp;Series 2015-GC32 Class A3 | &nbsp;&nbsp;Series 2015-GC32 Class A3 |
| &nbsp;&nbsp;07/10/2048 | &nbsp;&nbsp;3.498% | 1028451 | &nbsp;&nbsp;&nbsp;&nbsp;980827 |
| &nbsp;&nbsp;Series 2015-GC32 Class AAB | &nbsp;&nbsp;Series 2015-GC32 Class AAB | &nbsp;&nbsp;Series 2015-GC32 Class AAB | &nbsp;&nbsp;Series 2015-GC32 Class AAB |
| &nbsp;&nbsp;07/10/2048 | &nbsp;&nbsp;3.513% | 3688869 | &nbsp;&nbsp;3576778 |
| &nbsp;&nbsp;Series 2020-GC47 Class A5 | &nbsp;&nbsp;Series 2020-GC47 Class A5 | &nbsp;&nbsp;Series 2020-GC47 Class A5 | &nbsp;&nbsp;Series 2020-GC47 Class A5 |
| &nbsp;&nbsp;05/12/2053 | &nbsp;&nbsp;2.377% | &nbsp;&nbsp;&nbsp;978000 | &nbsp;&nbsp;&nbsp;&nbsp;799746 |
| &nbsp;&nbsp;Series 2020-GSA2 Class A4 | &nbsp;&nbsp;Series 2020-GSA2 Class A4 | &nbsp;&nbsp;Series 2020-GSA2 Class A4 | &nbsp;&nbsp;Series 2020-GSA2 Class A4 |
| &nbsp;&nbsp;12/12/2053 | &nbsp;&nbsp;1.721% | 3042000 | &nbsp;&nbsp;2386396 |
| &nbsp;&nbsp;Impact Funding Affordable Multifamily Housing Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Impact Funding Affordable Multifamily Housing Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Impact Funding Affordable Multifamily Housing Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Impact Funding Affordable Multifamily Housing Mortgage Loan Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2010-1 Class A1 | &nbsp;&nbsp;Series 2010-1 Class A1 | &nbsp;&nbsp;Series 2010-1 Class A1 | &nbsp;&nbsp;Series 2010-1 Class A1 |
| &nbsp;&nbsp;01/25/2051 | &nbsp;&nbsp;5.314% | 1384921 | &nbsp;&nbsp;1348381 |
| &nbsp;&nbsp;Independence Plaza Trust<sup>(a)</sup> | &nbsp;&nbsp;Independence Plaza Trust<sup>(a)</sup> | &nbsp;&nbsp;Independence Plaza Trust<sup>(a)</sup> | &nbsp;&nbsp;Independence Plaza Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2018-INDP Class A | &nbsp;&nbsp;Series 2018-INDP Class A | &nbsp;&nbsp;Series 2018-INDP Class A | &nbsp;&nbsp;Series 2018-INDP Class A |
| &nbsp;&nbsp;07/10/2035 | &nbsp;&nbsp;3.763% | 2060000 | &nbsp;&nbsp;1923341 |
| &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust |
| &nbsp;&nbsp;Series 2013-C12 Class A5 | &nbsp;&nbsp;Series 2013-C12 Class A5 | &nbsp;&nbsp;Series 2013-C12 Class A5 | &nbsp;&nbsp;Series 2013-C12 Class A5 |
| &nbsp;&nbsp;07/15/2045 | &nbsp;&nbsp;3.664% | 1929000 | &nbsp;&nbsp;1892729 |
| &nbsp;&nbsp;Series 2013-C17 Class A4 | &nbsp;&nbsp;Series 2013-C17 Class A4 | &nbsp;&nbsp;Series 2013-C17 Class A4 | &nbsp;&nbsp;Series 2013-C17 Class A4 |
| &nbsp;&nbsp;01/15/2047 | &nbsp;&nbsp;4.199% | &nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;595183 |
| &nbsp;&nbsp;Series 2014-C23 Class A4 | &nbsp;&nbsp;Series 2014-C23 Class A4 | &nbsp;&nbsp;Series 2014-C23 Class A4 | &nbsp;&nbsp;Series 2014-C23 Class A4 |
| &nbsp;&nbsp;09/15/2047 | &nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;485836 | &nbsp;&nbsp;&nbsp;&nbsp;469617 |
| &nbsp;&nbsp;Series 2015-C28 Class A3 | &nbsp;&nbsp;Series 2015-C28 Class A3 | &nbsp;&nbsp;Series 2015-C28 Class A3 | &nbsp;&nbsp;Series 2015-C28 Class A3 |
| &nbsp;&nbsp;10/15/2048 | &nbsp;&nbsp;2.912% | 2443579 | &nbsp;&nbsp;2305908 |
| &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(c),(d)</sup> | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(c),(d)</sup> | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(c),(d)</sup> | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2006-CB15 Class X1 | &nbsp;&nbsp;CMO Series 2006-CB15 Class X1 | &nbsp;&nbsp;CMO Series 2006-CB15 Class X1 | &nbsp;&nbsp;CMO Series 2006-CB15 Class X1 |
| &nbsp;&nbsp;06/12/2043 | &nbsp;&nbsp;0.296% | &nbsp;&nbsp;&nbsp;873932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047 |
| &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust |
| &nbsp;&nbsp;Series 2013-C16 Class A4 | &nbsp;&nbsp;Series 2013-C16 Class A4 | &nbsp;&nbsp;Series 2013-C16 Class A4 | &nbsp;&nbsp;Series 2013-C16 Class A4 |
| &nbsp;&nbsp;12/15/2046 | &nbsp;&nbsp;4.166% | 2645000 | &nbsp;&nbsp;2607690 |
| &nbsp;&nbsp;KGS-Alpha SBA COOF Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;KGS-Alpha SBA COOF Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;KGS-Alpha SBA COOF Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;KGS-Alpha SBA COOF Trust<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2012-2 Class A | &nbsp;&nbsp;CMO Series 2012-2 Class A | &nbsp;&nbsp;CMO Series 2012-2 Class A | &nbsp;&nbsp;CMO Series 2012-2 Class A |
| &nbsp;&nbsp;08/25/2038 | &nbsp;&nbsp;0.716% | &nbsp;&nbsp;&nbsp;826427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12895 |
| &nbsp;&nbsp;CMO Series 2013-2 Class A | &nbsp;&nbsp;CMO Series 2013-2 Class A | &nbsp;&nbsp;CMO Series 2013-2 Class A | &nbsp;&nbsp;CMO Series 2013-2 Class A |
| &nbsp;&nbsp;03/25/2039 | &nbsp;&nbsp;1.620% | 1327719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38828 |
| &nbsp;&nbsp;CMO Series 2014-2 Class A | &nbsp;&nbsp;CMO Series 2014-2 Class A | &nbsp;&nbsp;CMO Series 2014-2 Class A | &nbsp;&nbsp;CMO Series 2014-2 Class A |
| &nbsp;&nbsp;04/25/2040 | &nbsp;&nbsp;3.162% | &nbsp;&nbsp;&nbsp;344521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21834 |
| &nbsp;&nbsp;Ladder Capital Commercial Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Commercial Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Commercial Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Ladder Capital Commercial Mortgage Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2013-GCP Class A2 | &nbsp;&nbsp;Series 2013-GCP Class A2 | &nbsp;&nbsp;Series 2013-GCP Class A2 | &nbsp;&nbsp;Series 2013-GCP Class A2 |
| &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;3.985% | 1535000 | &nbsp;&nbsp;1367037 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Med Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Med Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Med Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Med Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-MDLN Class A | &nbsp;&nbsp;Series 2021-MDLN Class A | &nbsp;&nbsp;Series 2021-MDLN Class A | &nbsp;&nbsp;Series 2021-MDLN Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.950%<br> Floor 0.950%<br> 11/15/2038 | &nbsp;&nbsp;5.268% | 3683000 | &nbsp;&nbsp;3544448 |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2006-T21 Class X | &nbsp;&nbsp;CMO Series 2006-T21 Class X | &nbsp;&nbsp;CMO Series 2006-T21 Class X | &nbsp;&nbsp;CMO Series 2006-T21 Class X |
| &nbsp;&nbsp;10/12/2052 | &nbsp;&nbsp;0.062% | 1795157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(c)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(c)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(c)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2018-L1 Class A4 | &nbsp;&nbsp;Series 2018-L1 Class A4 | &nbsp;&nbsp;Series 2018-L1 Class A4 | &nbsp;&nbsp;Series 2018-L1 Class A4 |
| &nbsp;&nbsp;10/15/2051 | &nbsp;&nbsp;4.407% | &nbsp;&nbsp;&nbsp;888000 | &nbsp;&nbsp;&nbsp;&nbsp;839563 |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust | &nbsp;&nbsp;Morgan Stanley Capital I Trust | &nbsp;&nbsp;Morgan Stanley Capital I Trust | &nbsp;&nbsp;Morgan Stanley Capital I Trust |
| &nbsp;&nbsp;Series 2019-L2 Class A3 | &nbsp;&nbsp;Series 2019-L2 Class A3 | &nbsp;&nbsp;Series 2019-L2 Class A3 | &nbsp;&nbsp;Series 2019-L2 Class A3 |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;3.806% | 1425000 | &nbsp;&nbsp;1300878 |
| &nbsp;&nbsp;Series 2020-HR8 Class A3 | &nbsp;&nbsp;Series 2020-HR8 Class A3 | &nbsp;&nbsp;Series 2020-HR8 Class A3 | &nbsp;&nbsp;Series 2020-HR8 Class A3 |
| &nbsp;&nbsp;07/15/2053 | &nbsp;&nbsp;1.790% | 1424000 | &nbsp;&nbsp;1130954 |
| &nbsp;&nbsp;MRCD MARK Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;MRCD MARK Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;MRCD MARK Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;MRCD MARK Mortgage Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-PARK Class A | &nbsp;&nbsp;Series 2019-PARK Class A | &nbsp;&nbsp;Series 2019-PARK Class A | &nbsp;&nbsp;Series 2019-PARK Class A |
| &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;2.718% | 4000000 | &nbsp;&nbsp;3676780 |
| &nbsp;&nbsp;Series 2019-PARK Class D | &nbsp;&nbsp;Series 2019-PARK Class D | &nbsp;&nbsp;Series 2019-PARK Class D | &nbsp;&nbsp;Series 2019-PARK Class D |
| &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;2.718% | 2375000 | &nbsp;&nbsp;2104951 |
| &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2022-SFR1 Class E1 | &nbsp;&nbsp;Subordinated Series 2022-SFR1 Class E1 | &nbsp;&nbsp;Subordinated Series 2022-SFR1 Class E1 | &nbsp;&nbsp;Subordinated Series 2022-SFR1 Class E1 |
| &nbsp;&nbsp;02/17/2039 | &nbsp;&nbsp;3.550% | 7036000 | &nbsp;&nbsp;6107309 |
| &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-SFR5 Class E1 | &nbsp;&nbsp;Series 2021-SFR5 Class E1 | &nbsp;&nbsp;Series 2021-SFR5 Class E1 | &nbsp;&nbsp;Series 2021-SFR5 Class E1 |
| &nbsp;&nbsp;07/17/2038 | &nbsp;&nbsp;2.209% | 8435000 | &nbsp;&nbsp;7023884 |
| &nbsp;&nbsp;Series 2021-SFR6 Class E1 | &nbsp;&nbsp;Series 2021-SFR6 Class E1 | &nbsp;&nbsp;Series 2021-SFR6 Class E1 | &nbsp;&nbsp;Series 2021-SFR6 Class E1 |
| &nbsp;&nbsp;07/17/2038 | &nbsp;&nbsp;2.425% | 5000000 | &nbsp;&nbsp;4203182 |
| &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR2 Class E2 |
| &nbsp;&nbsp;04/19/2038 | &nbsp;&nbsp;2.647% | 4750000 | &nbsp;&nbsp;4013971 |
| &nbsp;&nbsp;Subordinated Series 2021-SFR5 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR5 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR5 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR5 Class E2 |
| &nbsp;&nbsp;07/17/2038 | &nbsp;&nbsp;2.359% | 4730000 | &nbsp;&nbsp;3916685 |
| &nbsp;&nbsp;Subordinated Series 2021-SFR7 Class E1 | &nbsp;&nbsp;Subordinated Series 2021-SFR7 Class E1 | &nbsp;&nbsp;Subordinated Series 2021-SFR7 Class E1 | &nbsp;&nbsp;Subordinated Series 2021-SFR7 Class E1 |
| &nbsp;&nbsp;08/17/2040 | &nbsp;&nbsp;2.591% | 2500000 | &nbsp;&nbsp;1924183 |
| &nbsp;&nbsp;Subordinated Series 2021-SFR8 Class D | &nbsp;&nbsp;Subordinated Series 2021-SFR8 Class D | &nbsp;&nbsp;Subordinated Series 2021-SFR8 Class D | &nbsp;&nbsp;Subordinated Series 2021-SFR8 Class D |
| &nbsp;&nbsp;10/17/2038 | &nbsp;&nbsp;2.082% | 6000000 | &nbsp;&nbsp;4936391 |
| &nbsp;&nbsp;Subordinated Series 2021-SFR9 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR9 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR9 Class E2 | &nbsp;&nbsp;Subordinated Series 2021-SFR9 Class E2 |
| &nbsp;&nbsp;11/17/2040 | &nbsp;&nbsp;3.010% | 2899000 | &nbsp;&nbsp;2260798 |
| &nbsp;&nbsp;Subordinated Series 2022-SFR1 Class F | &nbsp;&nbsp;Subordinated Series 2022-SFR1 Class F | &nbsp;&nbsp;Subordinated Series 2022-SFR1 Class F | &nbsp;&nbsp;Subordinated Series 2022-SFR1 Class F |
| &nbsp;&nbsp;02/17/2041 | &nbsp;&nbsp;4.880% | 7000000 | &nbsp;&nbsp;5316620 |
| &nbsp;&nbsp;Subordinated Series 2022-SFR3 Class F | &nbsp;&nbsp;Subordinated Series 2022-SFR3 Class F | &nbsp;&nbsp;Subordinated Series 2022-SFR3 Class F | &nbsp;&nbsp;Subordinated Series 2022-SFR3 Class F |
| &nbsp;&nbsp;04/17/2039 | &nbsp;&nbsp;6.600% | 5560000 | &nbsp;&nbsp;4952208 |
| &nbsp;&nbsp;Progress Residential Trust<sup>(a),(g)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a),(g)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a),(g)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a),(g)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class GREG | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class GREG | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class GREG | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class GREG |
| &nbsp;&nbsp;06/17/2037 | &nbsp;&nbsp;0.000% | 5154026 | &nbsp;&nbsp;4248832 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Progress Residential Trust | &nbsp;&nbsp;Progress Residential Trust | &nbsp;&nbsp;Progress Residential Trust | &nbsp;&nbsp;Progress Residential Trust |
| &nbsp;&nbsp;Subordinated Series 2022-SFR2 Class E1 | &nbsp;&nbsp;Subordinated Series 2022-SFR2 Class E1 | &nbsp;&nbsp;Subordinated Series 2022-SFR2 Class E1 | &nbsp;&nbsp;Subordinated Series 2022-SFR2 Class E1 |
| &nbsp;&nbsp;04/17/2027 | &nbsp;&nbsp;4.550% | 3100000 | &nbsp;&nbsp;&nbsp;&nbsp;2650033 |
| &nbsp;&nbsp;RBS Commercial Funding, Inc., Trust<sup>(a)</sup> | &nbsp;&nbsp;RBS Commercial Funding, Inc., Trust<sup>(a)</sup> | &nbsp;&nbsp;RBS Commercial Funding, Inc., Trust<sup>(a)</sup> | &nbsp;&nbsp;RBS Commercial Funding, Inc., Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2013-SMV Class A | &nbsp;&nbsp;Series 2013-SMV Class A | &nbsp;&nbsp;Series 2013-SMV Class A | &nbsp;&nbsp;Series 2013-SMV Class A |
| &nbsp;&nbsp;03/11/2031 | &nbsp;&nbsp;3.260% | &nbsp;&nbsp;&nbsp;797000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792168 |
| &nbsp;&nbsp;SLG Office Trust<sup>(a)</sup> | &nbsp;&nbsp;SLG Office Trust<sup>(a)</sup> | &nbsp;&nbsp;SLG Office Trust<sup>(a)</sup> | &nbsp;&nbsp;SLG Office Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-OVA Class A | &nbsp;&nbsp;Series 2021-OVA Class A | &nbsp;&nbsp;Series 2021-OVA Class A | &nbsp;&nbsp;Series 2021-OVA Class A |
| &nbsp;&nbsp;07/15/2041 | &nbsp;&nbsp;2.585% | 5710000 | &nbsp;&nbsp;&nbsp;&nbsp;4579312 |
| &nbsp;&nbsp;Starwood Waypoint Homes Trust<sup>(e),(f)</sup> | &nbsp;&nbsp;Starwood Waypoint Homes Trust<sup>(e),(f)</sup> | &nbsp;&nbsp;Starwood Waypoint Homes Trust<sup>(e),(f)</sup> | &nbsp;&nbsp;Starwood Waypoint Homes Trust<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Series 2019-STL Class A | &nbsp;&nbsp;Series 2019-STL Class A | &nbsp;&nbsp;Series 2019-STL Class A | &nbsp;&nbsp;Series 2019-STL Class A |
| &nbsp;&nbsp;10/11/2026 | &nbsp;&nbsp;7.250% | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;2213750 |
| &nbsp;&nbsp;TPI Re-REMIC Trust<sup>(a),(g)</sup> | &nbsp;&nbsp;TPI Re-REMIC Trust<sup>(a),(g)</sup> | &nbsp;&nbsp;TPI Re-REMIC Trust<sup>(a),(g)</sup> | &nbsp;&nbsp;TPI Re-REMIC Trust<sup>(a),(g)</sup> |
| &nbsp;&nbsp;Series 2022-FRR1 Class DK33 | &nbsp;&nbsp;Series 2022-FRR1 Class DK33 | &nbsp;&nbsp;Series 2022-FRR1 Class DK33 | &nbsp;&nbsp;Series 2022-FRR1 Class DK33 |
| &nbsp;&nbsp;07/25/2046 | &nbsp;&nbsp;0.000% | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3250974 |
| &nbsp;&nbsp;Series 2022-FRR1 Class DK34 | &nbsp;&nbsp;Series 2022-FRR1 Class DK34 | &nbsp;&nbsp;Series 2022-FRR1 Class DK34 | &nbsp;&nbsp;Series 2022-FRR1 Class DK34 |
| &nbsp;&nbsp;07/25/2046 | &nbsp;&nbsp;0.000% | 7175000 | &nbsp;&nbsp;&nbsp;&nbsp;6664497 |
| &nbsp;&nbsp;Series 2022-FRR1 Class DK35 | &nbsp;&nbsp;Series 2022-FRR1 Class DK35 | &nbsp;&nbsp;Series 2022-FRR1 Class DK35 | &nbsp;&nbsp;Series 2022-FRR1 Class DK35 |
| &nbsp;&nbsp;08/25/2046 | &nbsp;&nbsp;0.000% | 2639000 | &nbsp;&nbsp;&nbsp;&nbsp;2451234 |
| &nbsp;&nbsp;UBS-Barclays Commercial Mortgage Trust | &nbsp;&nbsp;UBS-Barclays Commercial Mortgage Trust | &nbsp;&nbsp;UBS-Barclays Commercial Mortgage Trust | &nbsp;&nbsp;UBS-Barclays Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2013-C6 Class A4 | &nbsp;&nbsp;Series 2013-C6 Class A4 | &nbsp;&nbsp;Series 2013-C6 Class A4 | &nbsp;&nbsp;Series 2013-C6 Class A4 |
| &nbsp;&nbsp;04/10/2046 | &nbsp;&nbsp;3.244% | &nbsp;&nbsp;&nbsp;577670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568053 |
| &nbsp;&nbsp;Wachovia Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Wachovia Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Wachovia Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Wachovia Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2004-C12 Class | &nbsp;&nbsp;CMO Series 2004-C12 Class | &nbsp;&nbsp;CMO Series 2004-C12 Class | &nbsp;&nbsp;CMO Series 2004-C12 Class |
| &nbsp;&nbsp;07/15/2041 | &nbsp;&nbsp;0.662% | &nbsp;&nbsp;&nbsp;771174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652 |
| &nbsp;&nbsp;CMO Series 2006-C24 Class XC | &nbsp;&nbsp;CMO Series 2006-C24 Class XC | &nbsp;&nbsp;CMO Series 2006-C24 Class XC | &nbsp;&nbsp;CMO Series 2006-C24 Class XC |
| &nbsp;&nbsp;03/15/2045 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;428166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-SAVE Class A | &nbsp;&nbsp;Series 2021-SAVE Class A | &nbsp;&nbsp;Series 2021-SAVE Class A | &nbsp;&nbsp;Series 2021-SAVE Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.150%<br> Floor 1.150%<br> 02/15/2040 | &nbsp;&nbsp;5.468% | 2368002 | &nbsp;&nbsp;&nbsp;&nbsp;2211315 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $325,275,591) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $325,275,591) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $325,275,591) | &nbsp;&nbsp;**293056032** |
| &nbsp;&nbsp;**Convertible Bonds 0.0%** | &nbsp;&nbsp;**Convertible Bonds 0.0%** | &nbsp;&nbsp;**Convertible Bonds 0.0%** | &nbsp;&nbsp;**Convertible Bonds 0.0%** |
| &nbsp;&nbsp;**Banking 0.0%** | &nbsp;&nbsp;**Banking 0.0%** | &nbsp;&nbsp;**Banking 0.0%** | &nbsp;&nbsp;**Banking 0.0%** |
| &nbsp;&nbsp;ING Groep NV<sup>(h)</sup> | &nbsp;&nbsp;ING Groep NV<sup>(h)</sup> | &nbsp;&nbsp;ING Groep NV<sup>(h)</sup> | &nbsp;&nbsp;ING Groep NV<sup>(h)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;3.875% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1095055 |
| &nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;Westpac Banking Corp. |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;07/24/2039 | &nbsp;&nbsp;4.421% | &nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286326 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1381381** |
| &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $1,846,000) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $1,846,000) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $1,846,000) | &nbsp;&nbsp;&nbsp;&nbsp;**1381381** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes 27.9%** | &nbsp;&nbsp;**Corporate Bonds & Notes 27.9%** | &nbsp;&nbsp;**Corporate Bonds & Notes 27.9%** | &nbsp;&nbsp;**Corporate Bonds & Notes 27.9%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Aerospace & Defense 0.5%** | &nbsp;&nbsp;**Aerospace & Defense 0.5%** | &nbsp;&nbsp;**Aerospace & Defense 0.5%** | &nbsp;&nbsp;**Aerospace & Defense 0.5%** |
| &nbsp;&nbsp;Airbus Group SE<sup>(a)</sup> | &nbsp;&nbsp;Airbus Group SE<sup>(a)</sup> | &nbsp;&nbsp;Airbus Group SE<sup>(a)</sup> | &nbsp;&nbsp;Airbus Group SE<sup>(a)</sup> |
| &nbsp;&nbsp;04/10/2027 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;&nbsp;409000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380244 |
| &nbsp;&nbsp;04/10/2047 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122330 |
| &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;1.900% | &nbsp;&nbsp;&nbsp;417000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322879 |
| &nbsp;&nbsp;09/15/2050 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137107 |
| &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) |
| &nbsp;&nbsp;02/04/2026 | &nbsp;&nbsp;2.196% | 3213000 | &nbsp;&nbsp;&nbsp;&nbsp;2920365 |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;3.100% | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1598271 |
| &nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;5.040% | &nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489826 |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;998000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893308 |
| &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;3.250% | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789849 |
| &nbsp;&nbsp;02/01/2050 | &nbsp;&nbsp;3.750% | 1856000 | &nbsp;&nbsp;&nbsp;&nbsp;1279344 |
| &nbsp;&nbsp;05/01/2060 | &nbsp;&nbsp;5.930% | 2411000 | &nbsp;&nbsp;&nbsp;&nbsp;2213954 |
| &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;Lockheed Martin Corp. |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;5.100% | 2364000 | &nbsp;&nbsp;&nbsp;&nbsp;2421194 |
| &nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381063 |
| &nbsp;&nbsp;11/15/2054 | &nbsp;&nbsp;5.700% | 1891000 | &nbsp;&nbsp;&nbsp;&nbsp;2005381 |
| &nbsp;&nbsp;11/15/2063 | &nbsp;&nbsp;5.900% | &nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp;&nbsp;&nbsp;1020710 |
| &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;Northrop Grumman Corp. |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;4.400% | 3027000 | &nbsp;&nbsp;&nbsp;&nbsp;2912211 |
| &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;Raytheon Technologies Corp. |
| &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171163 |
| &nbsp;&nbsp;04/15/2047 | &nbsp;&nbsp;4.350% | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154420 |
| &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415044 |
| &nbsp;&nbsp;11/30/2029 | &nbsp;&nbsp;9.375% | &nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177044 |
| &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677001 |
| &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643253 |
| &nbsp;&nbsp;United Technologies Corp. | &nbsp;&nbsp;United Technologies Corp. | &nbsp;&nbsp;United Technologies Corp. | &nbsp;&nbsp;United Technologies Corp. |
| &nbsp;&nbsp;11/16/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;378000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362248 |
| &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;153000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137691 |
| &nbsp;&nbsp;05/15/2045 | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165933 |
| &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350405 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**23142238** |
| &nbsp;&nbsp;**Agencies 0.0%** | &nbsp;&nbsp;**Agencies 0.0%** | &nbsp;&nbsp;**Agencies 0.0%** | &nbsp;&nbsp;**Agencies 0.0%** |
| &nbsp;&nbsp;Crowley Conro LLC | &nbsp;&nbsp;Crowley Conro LLC | &nbsp;&nbsp;Crowley Conro LLC | &nbsp;&nbsp;Crowley Conro LLC |
| &nbsp;&nbsp;08/15/2043 | &nbsp;&nbsp;4.181% | &nbsp;&nbsp;&nbsp;634214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621492 |
| &nbsp;&nbsp;**Airlines 0.4%** | &nbsp;&nbsp;**Airlines 0.4%** | &nbsp;&nbsp;**Airlines 0.4%** | &nbsp;&nbsp;**Airlines 0.4%** |
| &nbsp;&nbsp;Air Canada Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Air Canada Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Air Canada Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Air Canada Pass-Through Trust<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;4.125% | 1368090 | &nbsp;&nbsp;&nbsp;&nbsp;1241286 |
| &nbsp;&nbsp;Series 2017-1 Class A | &nbsp;&nbsp;Series 2017-1 Class A | &nbsp;&nbsp;Series 2017-1 Class A | &nbsp;&nbsp;Series 2017-1 Class A |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;432589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340178 |
| &nbsp;&nbsp;Series 2017-1 Class AA | &nbsp;&nbsp;Series 2017-1 Class AA | &nbsp;&nbsp;Series 2017-1 Class AA | &nbsp;&nbsp;Series 2017-1 Class AA |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;&nbsp;305357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258297 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;American Airlines Pass-Through Trust | &nbsp;&nbsp;American Airlines Pass-Through Trust | &nbsp;&nbsp;American Airlines Pass-Through Trust | &nbsp;&nbsp;American Airlines Pass-Through Trust |
| &nbsp;&nbsp;Series 2016-3 Class AA | &nbsp;&nbsp;Series 2016-3 Class AA | &nbsp;&nbsp;Series 2016-3 Class AA | &nbsp;&nbsp;Series 2016-3 Class AA |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;3.000% | 1266655 | &nbsp;&nbsp;&nbsp;&nbsp;1095696 |
| &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/20/2026 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865496 |
| &nbsp;&nbsp;04/20/2029 | &nbsp;&nbsp;5.750% | 2545000 | &nbsp;&nbsp;&nbsp;&nbsp;2328319 |
| &nbsp;&nbsp;British Airways Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;British Airways Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;British Airways Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;British Airways Pass-Through Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2018-1 Class A | &nbsp;&nbsp;Series 2018-1 Class A | &nbsp;&nbsp;Series 2018-1 Class A | &nbsp;&nbsp;Series 2018-1 Class A |
| &nbsp;&nbsp;09/20/2031 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;478198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401951 |
| &nbsp;&nbsp;Series 2018-1 Class AA | &nbsp;&nbsp;Series 2018-1 Class AA | &nbsp;&nbsp;Series 2018-1 Class AA | &nbsp;&nbsp;Series 2018-1 Class AA |
| &nbsp;&nbsp;09/20/2031 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;&nbsp;344590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312627 |
| &nbsp;&nbsp;Series 2019-1 Class AA | &nbsp;&nbsp;Series 2019-1 Class AA | &nbsp;&nbsp;Series 2019-1 Class AA | &nbsp;&nbsp;Series 2019-1 Class AA |
| &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;&nbsp;583328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495421 |
| &nbsp;&nbsp;Continental Airlines Pass-Through Trust | &nbsp;&nbsp;Continental Airlines Pass-Through Trust | &nbsp;&nbsp;Continental Airlines Pass-Through Trust | &nbsp;&nbsp;Continental Airlines Pass-Through Trust |
| &nbsp;&nbsp;10/29/2024 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;99915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95041 |
| &nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;10/20/2028 | &nbsp;&nbsp;4.750% | 4999000 | &nbsp;&nbsp;&nbsp;&nbsp;4708604 |
| &nbsp;&nbsp;Spirit Airlines Pass-Through Trust | &nbsp;&nbsp;Spirit Airlines Pass-Through Trust | &nbsp;&nbsp;Spirit Airlines Pass-Through Trust | &nbsp;&nbsp;Spirit Airlines Pass-Through Trust |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;230667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191399 |
| &nbsp;&nbsp;United Airlines Pass-Through Trust | &nbsp;&nbsp;United Airlines Pass-Through Trust | &nbsp;&nbsp;United Airlines Pass-Through Trust | &nbsp;&nbsp;United Airlines Pass-Through Trust |
| &nbsp;&nbsp;Series 2016-2 Class A | &nbsp;&nbsp;Series 2016-2 Class A | &nbsp;&nbsp;Series 2016-2 Class A | &nbsp;&nbsp;Series 2016-2 Class A |
| &nbsp;&nbsp;04/07/2030 | &nbsp;&nbsp;3.100% | 1037323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804760 |
| &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;United Airlines, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;4.375% | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968629 |
| &nbsp;&nbsp;United Airlines, Inc. Pass-Through Trust | &nbsp;&nbsp;United Airlines, Inc. Pass-Through Trust | &nbsp;&nbsp;United Airlines, Inc. Pass-Through Trust | &nbsp;&nbsp;United Airlines, Inc. Pass-Through Trust |
| &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;182742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168447 |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;&nbsp;224631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203397 |
| &nbsp;&nbsp;Series 2016-1 Class AA | &nbsp;&nbsp;Series 2016-1 Class AA | &nbsp;&nbsp;Series 2016-1 Class AA | &nbsp;&nbsp;Series 2016-1 Class AA |
| &nbsp;&nbsp;07/07/2028 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;&nbsp;588936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520615 |
| &nbsp;&nbsp;Series 2016-1 Class B | &nbsp;&nbsp;Series 2016-1 Class B | &nbsp;&nbsp;Series 2016-1 Class B | &nbsp;&nbsp;Series 2016-1 Class B |
| &nbsp;&nbsp;01/07/2026 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;&nbsp;&nbsp;80510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72017 |
| &nbsp;&nbsp;Series 2018-1 Class A | &nbsp;&nbsp;Series 2018-1 Class A | &nbsp;&nbsp;Series 2018-1 Class A | &nbsp;&nbsp;Series 2018-1 Class A |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;3.700% | 1452359 | &nbsp;&nbsp;&nbsp;&nbsp;1201528 |
| &nbsp;&nbsp;Series 2018-1 Class AA | &nbsp;&nbsp;Series 2018-1 Class AA | &nbsp;&nbsp;Series 2018-1 Class AA | &nbsp;&nbsp;Series 2018-1 Class AA |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;663473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570597 |
| &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A |
| &nbsp;&nbsp;08/25/2031 | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;&nbsp;774110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637499 |
| &nbsp;&nbsp;Series 2019-1 Class AA | &nbsp;&nbsp;Series 2019-1 Class AA | &nbsp;&nbsp;Series 2019-1 Class AA | &nbsp;&nbsp;Series 2019-1 Class AA |
| &nbsp;&nbsp;08/25/2031 | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;&nbsp;865992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763261 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**18245065** |
| &nbsp;&nbsp;**Apartment REIT 0.2%** | &nbsp;&nbsp;**Apartment REIT 0.2%** | &nbsp;&nbsp;**Apartment REIT 0.2%** | &nbsp;&nbsp;**Apartment REIT 0.2%** |
| &nbsp;&nbsp;American Homes 4 Rent LP | &nbsp;&nbsp;American Homes 4 Rent LP | &nbsp;&nbsp;American Homes 4 Rent LP | &nbsp;&nbsp;American Homes 4 Rent LP |
| &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;3.625% | 1631000 | &nbsp;&nbsp;&nbsp;&nbsp;1366390 |
| &nbsp;&nbsp;04/15/2052 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;731000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540102 |
| &nbsp;&nbsp;ERP Operating LP | &nbsp;&nbsp;ERP Operating LP | &nbsp;&nbsp;ERP Operating LP | &nbsp;&nbsp;ERP Operating LP |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154293 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Essex Portfolio LP | &nbsp;&nbsp;Essex Portfolio LP | &nbsp;&nbsp;Essex Portfolio LP | &nbsp;&nbsp;Essex Portfolio LP |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;1.700% | 2134000 | &nbsp;&nbsp;1779930 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;1.650% | &nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;228648 |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;&nbsp;841000 | &nbsp;&nbsp;&nbsp;&nbsp;665241 |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;233136 |
| &nbsp;&nbsp;Invitation Homes Operating Partnership LP | &nbsp;&nbsp;Invitation Homes Operating Partnership LP | &nbsp;&nbsp;Invitation Homes Operating Partnership LP | &nbsp;&nbsp;Invitation Homes Operating Partnership LP |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;208137 |
| &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;4.150% | 1620000 | &nbsp;&nbsp;1413966 |
| &nbsp;&nbsp;Mid-America Apartments LP | &nbsp;&nbsp;Mid-America Apartments LP | &nbsp;&nbsp;Mid-America Apartments LP | &nbsp;&nbsp;Mid-America Apartments LP |
| &nbsp;&nbsp;10/15/2023 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;836000 | &nbsp;&nbsp;&nbsp;&nbsp;829637 |
| &nbsp;&nbsp;11/15/2025 | &nbsp;&nbsp;4.000% | 1001000 | &nbsp;&nbsp;&nbsp;&nbsp;972649 |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;&nbsp;818000 | &nbsp;&nbsp;&nbsp;&nbsp;773169 |
| &nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;UDR, Inc. |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;&nbsp;363000 | &nbsp;&nbsp;&nbsp;&nbsp;333681 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp;163107 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95984 |
| &nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp;&nbsp;&nbsp;197553 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**9955623** |
| &nbsp;&nbsp;**Automotive 0.7%** | &nbsp;&nbsp;**Automotive 0.7%** | &nbsp;&nbsp;**Automotive 0.7%** | &nbsp;&nbsp;**Automotive 0.7%** |
| &nbsp;&nbsp;Adient Global Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adient Global Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adient Global Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adient Global Holdings Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;4.875% | 1055000 | &nbsp;&nbsp;&nbsp;&nbsp;981835 |
| &nbsp;&nbsp;Allison Transmission, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Allison Transmission, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Allison Transmission, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Allison Transmission, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;5.875% | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;967117 |
| &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;6.500% | 1805000 | &nbsp;&nbsp;1636474 |
| &nbsp;&nbsp;BMW US Capital LLC<sup>(a)</sup> | &nbsp;&nbsp;BMW US Capital LLC<sup>(a)</sup> | &nbsp;&nbsp;BMW US Capital LLC<sup>(a)</sup> | &nbsp;&nbsp;BMW US Capital LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2023 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;240202 |
| &nbsp;&nbsp;Clarios Global LP<sup>(a)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(a)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(a)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;741000 | &nbsp;&nbsp;&nbsp;&nbsp;744534 |
| &nbsp;&nbsp;Daimler Trucks Finance North America LLC<sup>(a)</sup> | &nbsp;&nbsp;Daimler Trucks Finance North America LLC<sup>(a)</sup> | &nbsp;&nbsp;Daimler Trucks Finance North America LLC<sup>(a)</sup> | &nbsp;&nbsp;Daimler Trucks Finance North America LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/07/2025 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;383784 |
| &nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;Dana, Inc. |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;5.625% | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;964303 |
| &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. |
| &nbsp;&nbsp;01/15/2043 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp;&nbsp;&nbsp;131675 |
| &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;3.375% | 2205000 | &nbsp;&nbsp;1997233 |
| &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;4.389% | 1685000 | &nbsp;&nbsp;1576134 |
| &nbsp;&nbsp;08/10/2026 | &nbsp;&nbsp;2.700% | 1569000 | &nbsp;&nbsp;1362517 |
| &nbsp;&nbsp;01/09/2027 | &nbsp;&nbsp;4.271% | &nbsp;&nbsp;&nbsp;201000 | &nbsp;&nbsp;&nbsp;&nbsp;182238 |
| &nbsp;&nbsp;08/17/2027 | &nbsp;&nbsp;4.125% | 2245000 | &nbsp;&nbsp;2006140 |
| &nbsp;&nbsp;02/10/2029 | &nbsp;&nbsp;2.900% | 1547000 | &nbsp;&nbsp;1234984 |
| &nbsp;&nbsp;05/03/2029 | &nbsp;&nbsp;5.113% | 2055000 | &nbsp;&nbsp;1863623 |
| &nbsp;&nbsp;06/17/2031 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;551113 |
| &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;5.400% | 2227000 | &nbsp;&nbsp;2129795 |
| &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;5.600% | &nbsp;&nbsp;&nbsp;456000 | &nbsp;&nbsp;&nbsp;&nbsp;425239 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;General Motors Financial Co., Inc. | &nbsp;&nbsp;General Motors Financial Co., Inc. | &nbsp;&nbsp;General Motors Financial Co., Inc. | &nbsp;&nbsp;General Motors Financial Co., Inc. |
| &nbsp;&nbsp;10/15/2024 | &nbsp;&nbsp;1.200% | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768845 |
| &nbsp;&nbsp;04/07/2025 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188363 |
| &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;714000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629443 |
| &nbsp;&nbsp;01/08/2031 | &nbsp;&nbsp;2.350% | &nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360268 |
| &nbsp;&nbsp;06/10/2031 | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307574 |
| &nbsp;&nbsp;01/12/2032 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;&nbsp;914000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717930 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) |
| &nbsp;&nbsp;05/31/2025 | &nbsp;&nbsp;9.500% | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398138 |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525514 |
| &nbsp;&nbsp;04/30/2031 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415466 |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568780 |
| &nbsp;&nbsp;Hyundai Capital America<sup>(a)</sup> | &nbsp;&nbsp;Hyundai Capital America<sup>(a)</sup> | &nbsp;&nbsp;Hyundai Capital America<sup>(a)</sup> | &nbsp;&nbsp;Hyundai Capital America<sup>(a)</sup> |
| &nbsp;&nbsp;01/08/2024 | &nbsp;&nbsp;0.800% | &nbsp;&nbsp;&nbsp;748000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712230 |
| &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;1.800% | &nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187313 |
| &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;1.300% | 2262000 | &nbsp;&nbsp;&nbsp;&nbsp;1980524 |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;1.500% | 1710000 | &nbsp;&nbsp;&nbsp;&nbsp;1486832 |
| &nbsp;&nbsp;02/10/2027 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282524 |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186439 |
| &nbsp;&nbsp;01/10/2028 | &nbsp;&nbsp;1.800% | &nbsp;&nbsp;&nbsp;331000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271166 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690128 |
| &nbsp;&nbsp;Nissan Motor Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Nissan Motor Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Nissan Motor Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Nissan Motor Co., Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;09/17/2027 | &nbsp;&nbsp;4.345% | &nbsp;&nbsp;&nbsp;762000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690608 |
| &nbsp;&nbsp;09/17/2030 | &nbsp;&nbsp;4.810% | &nbsp;&nbsp;&nbsp;454000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385597 |
| &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;556000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544053 |
| &nbsp;&nbsp;Toyota Motor Credit Corp. | &nbsp;&nbsp;Toyota Motor Credit Corp. | &nbsp;&nbsp;Toyota Motor Credit Corp. | &nbsp;&nbsp;Toyota Motor Credit Corp. |
| &nbsp;&nbsp;11/10/2027 | &nbsp;&nbsp;5.450% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563001 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**32239676** |
| &nbsp;&nbsp;**Banking 7.5%** | &nbsp;&nbsp;**Banking 7.5%** | &nbsp;&nbsp;**Banking 7.5%** | &nbsp;&nbsp;**Banking 7.5%** |
| &nbsp;&nbsp;ABN AMRO Bank NV<sup>(a),(h)</sup> | &nbsp;&nbsp;ABN AMRO Bank NV<sup>(a),(h)</sup> | &nbsp;&nbsp;ABN AMRO Bank NV<sup>(a),(h)</sup> | &nbsp;&nbsp;ABN AMRO Bank NV<sup>(a),(h)</sup> |
| &nbsp;&nbsp;12/13/2029 | &nbsp;&nbsp;2.470% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486251 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;03/13/2037 | &nbsp;&nbsp;3.324% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726761 |
| &nbsp;&nbsp;AIB Group PLC<sup>(a)</sup> | &nbsp;&nbsp;AIB Group PLC<sup>(a)</sup> | &nbsp;&nbsp;AIB Group PLC<sup>(a)</sup> | &nbsp;&nbsp;AIB Group PLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/12/2023 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;577000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570548 |
| &nbsp;&nbsp;AIB Group PLC<sup>(a),(h)</sup> | &nbsp;&nbsp;AIB Group PLC<sup>(a),(h)</sup> | &nbsp;&nbsp;AIB Group PLC<sup>(a),(h)</sup> | &nbsp;&nbsp;AIB Group PLC<sup>(a),(h)</sup> |
| &nbsp;&nbsp;04/10/2025 | &nbsp;&nbsp;4.263% | &nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633964 |
| &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;American Express Co. |
| &nbsp;&nbsp;11/05/2027 | &nbsp;&nbsp;5.850% | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1246729 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;12/05/2024 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165626 |
| &nbsp;&nbsp;ANZ New Zealand International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;ANZ New Zealand International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;ANZ New Zealand International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;ANZ New Zealand International Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;02/13/2030 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;&nbsp;298000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246407 |
| &nbsp;&nbsp;ASB Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp;ASB Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp;ASB Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp;ASB Bank Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/23/2024 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;293000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284518 |
| &nbsp;&nbsp;Australia & New Zealand Banking Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Australia & New Zealand Banking Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Australia & New Zealand Banking Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Australia & New Zealand Banking Group Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/19/2026 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216542 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;Banco Santander SA |
| &nbsp;&nbsp;05/28/2025 | &nbsp;&nbsp;2.746% | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374504 |
| &nbsp;&nbsp;08/18/2025 | &nbsp;&nbsp;5.147% | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198069 |
| &nbsp;&nbsp;03/25/2026 | &nbsp;&nbsp;1.849% | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355162 |
| &nbsp;&nbsp;08/18/2027 | &nbsp;&nbsp;5.294% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2926700 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;12/03/2030 | &nbsp;&nbsp;2.749% | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153137 |
| &nbsp;&nbsp;Banco Santander SA<sup>(h)</sup> | &nbsp;&nbsp;Banco Santander SA<sup>(h)</sup> | &nbsp;&nbsp;Banco Santander SA<sup>(h)</sup> | &nbsp;&nbsp;Banco Santander SA<sup>(h)</sup> |
| &nbsp;&nbsp;09/14/2027 | &nbsp;&nbsp;1.722% | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170967 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;11/22/2032 | &nbsp;&nbsp;3.225% | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1211322 |
| &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> |
| &nbsp;&nbsp;07/23/2024 | &nbsp;&nbsp;3.864% | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247784 |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;3.093% | &nbsp;&nbsp;&nbsp;&nbsp;737000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706093 |
| &nbsp;&nbsp;12/06/2025 | &nbsp;&nbsp;1.530% | &nbsp;&nbsp;7885000 | &nbsp;&nbsp;&nbsp;&nbsp;7273866 |
| &nbsp;&nbsp;03/11/2027 | &nbsp;&nbsp;1.658% | &nbsp;&nbsp;6741000 | &nbsp;&nbsp;&nbsp;&nbsp;5956869 |
| &nbsp;&nbsp;07/22/2027 | &nbsp;&nbsp;1.734% | &nbsp;&nbsp;6109000 | &nbsp;&nbsp;&nbsp;&nbsp;5354747 |
| &nbsp;&nbsp;02/04/2028 | &nbsp;&nbsp;2.551% | &nbsp;&nbsp;1545000 | &nbsp;&nbsp;&nbsp;&nbsp;1372095 |
| &nbsp;&nbsp;04/24/2028 | &nbsp;&nbsp;3.705% | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1668127 |
| &nbsp;&nbsp;12/20/2028 | &nbsp;&nbsp;3.419% | &nbsp;&nbsp;5067000 | &nbsp;&nbsp;&nbsp;&nbsp;4595929 |
| &nbsp;&nbsp;02/13/2031 | &nbsp;&nbsp;2.496% | &nbsp;&nbsp;1689000 | &nbsp;&nbsp;&nbsp;&nbsp;1372154 |
| &nbsp;&nbsp;07/23/2031 | &nbsp;&nbsp;1.898% | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549725 |
| &nbsp;&nbsp;04/22/2032 | &nbsp;&nbsp;2.687% | 14431000 | &nbsp;&nbsp;11545842 |
| &nbsp;&nbsp;10/20/2032 | &nbsp;&nbsp;2.572% | &nbsp;&nbsp;5315000 | &nbsp;&nbsp;&nbsp;&nbsp;4169379 |
| &nbsp;&nbsp;02/04/2033 | &nbsp;&nbsp;2.972% | &nbsp;&nbsp;2190000 | &nbsp;&nbsp;&nbsp;&nbsp;1765830 |
| &nbsp;&nbsp;07/22/2033 | &nbsp;&nbsp;5.015% | &nbsp;&nbsp;1964000 | &nbsp;&nbsp;&nbsp;&nbsp;1863406 |
| &nbsp;&nbsp;06/19/2041 | &nbsp;&nbsp;2.676% | &nbsp;&nbsp;4775000 | &nbsp;&nbsp;&nbsp;&nbsp;3226104 |
| &nbsp;&nbsp;Bank of America NA | &nbsp;&nbsp;Bank of America NA | &nbsp;&nbsp;Bank of America NA | &nbsp;&nbsp;Bank of America NA |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;10/15/2036 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358840 |
| &nbsp;&nbsp;Bank of Montreal<sup>(h)</sup> | &nbsp;&nbsp;Bank of Montreal<sup>(h)</sup> | &nbsp;&nbsp;Bank of Montreal<sup>(h)</sup> | &nbsp;&nbsp;Bank of Montreal<sup>(h)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;3.803% | &nbsp;&nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175336 |
| &nbsp;&nbsp;Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;Bank of New York Mellon Corp. (The) |
| &nbsp;&nbsp;08/16/2023 | &nbsp;&nbsp;2.200% | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368871 |
| &nbsp;&nbsp;Bank of Nova Scotia (The) | &nbsp;&nbsp;Bank of Nova Scotia (The) | &nbsp;&nbsp;Bank of Nova Scotia (The) | &nbsp;&nbsp;Bank of Nova Scotia (The) |
| &nbsp;&nbsp;04/11/2025 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;1108228 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;12/16/2025 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255078 |
| &nbsp;&nbsp;Banque Federative du Credit Mutuel SA<sup>(a)</sup> | &nbsp;&nbsp;Banque Federative du Credit Mutuel SA<sup>(a)</sup> | &nbsp;&nbsp;Banque Federative du Credit Mutuel SA<sup>(a)</sup> | &nbsp;&nbsp;Banque Federative du Credit Mutuel SA<sup>(a)</sup> |
| &nbsp;&nbsp;07/20/2023 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297694 |
| &nbsp;&nbsp;07/13/2025 | &nbsp;&nbsp;4.524% | &nbsp;&nbsp;2260000 | &nbsp;&nbsp;&nbsp;&nbsp;2220462 |
| &nbsp;&nbsp;10/04/2026 | &nbsp;&nbsp;1.604% | &nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648196 |
| &nbsp;&nbsp;Barclays PLC<sup>(h)</sup> | &nbsp;&nbsp;Barclays PLC<sup>(h)</sup> | &nbsp;&nbsp;Barclays PLC<sup>(h)</sup> | &nbsp;&nbsp;Barclays PLC<sup>(h)</sup> |
| &nbsp;&nbsp;12/10/2024 | &nbsp;&nbsp;1.007% | &nbsp;&nbsp;&nbsp;&nbsp;577000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549296 |
| &nbsp;&nbsp;08/09/2026 | &nbsp;&nbsp;5.304% | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685259 |
| &nbsp;&nbsp;11/02/2028 | &nbsp;&nbsp;7.385% | &nbsp;&nbsp;4701000 | &nbsp;&nbsp;&nbsp;&nbsp;4889692 |
| &nbsp;&nbsp;11/02/2033 | &nbsp;&nbsp;7.437% | &nbsp;&nbsp;2819000 | &nbsp;&nbsp;&nbsp;&nbsp;2967730 |
| &nbsp;&nbsp;BBVA USA | &nbsp;&nbsp;BBVA USA | &nbsp;&nbsp;BBVA USA | &nbsp;&nbsp;BBVA USA |
| &nbsp;&nbsp;08/27/2024 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294529 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;BNP Paribas SA<sup>(a),(h)</sup> | &nbsp;&nbsp;BNP Paribas SA<sup>(a),(h)</sup> | &nbsp;&nbsp;BNP Paribas SA<sup>(a),(h)</sup> | &nbsp;&nbsp;BNP Paribas SA<sup>(a),(h)</sup> |
| &nbsp;&nbsp;06/09/2026 | &nbsp;&nbsp;2.219% | &nbsp;&nbsp;&nbsp;289000 | &nbsp;&nbsp;&nbsp;&nbsp;266266 |
| &nbsp;&nbsp;01/13/2027 | &nbsp;&nbsp;1.323% | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;201011 |
| &nbsp;&nbsp;01/13/2031 | &nbsp;&nbsp;3.052% | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;280897 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;08/12/2035 | &nbsp;&nbsp;2.588% | &nbsp;&nbsp;&nbsp;488000 | &nbsp;&nbsp;&nbsp;&nbsp;357829 |
| &nbsp;&nbsp;BPCE SA<sup>(a)</sup> | &nbsp;&nbsp;BPCE SA<sup>(a)</sup> | &nbsp;&nbsp;BPCE SA<sup>(a)</sup> | &nbsp;&nbsp;BPCE SA<sup>(a)</sup> |
| &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;&nbsp;401000 | &nbsp;&nbsp;&nbsp;&nbsp;351463 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;07/11/2024 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;291417 |
| &nbsp;&nbsp;BPCE SA<sup>(a),(h)</sup> | &nbsp;&nbsp;BPCE SA<sup>(a),(h)</sup> | &nbsp;&nbsp;BPCE SA<sup>(a),(h)</sup> | &nbsp;&nbsp;BPCE SA<sup>(a),(h)</sup> |
| &nbsp;&nbsp;10/06/2026 | &nbsp;&nbsp;1.652% | &nbsp;&nbsp;&nbsp;284000 | &nbsp;&nbsp;&nbsp;&nbsp;252452 |
| &nbsp;&nbsp;01/20/2032 | &nbsp;&nbsp;2.277% | &nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;641367 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;10/19/2032 | &nbsp;&nbsp;3.116% | 1900000 | &nbsp;&nbsp;1385166 |
| &nbsp;&nbsp;BPCE SA | &nbsp;&nbsp;BPCE SA | &nbsp;&nbsp;BPCE SA | &nbsp;&nbsp;BPCE SA |
| &nbsp;&nbsp;12/02/2026 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;656408 |
| &nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;Capital One Financial Corp. |
| &nbsp;&nbsp;01/29/2024 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;&nbsp;367000 | &nbsp;&nbsp;&nbsp;&nbsp;362377 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;10/29/2025 | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;231009 |
| &nbsp;&nbsp;Capital One Financial Corp.<sup>(h)</sup> | &nbsp;&nbsp;Capital One Financial Corp.<sup>(h)</sup> | &nbsp;&nbsp;Capital One Financial Corp.<sup>(h)</sup> | &nbsp;&nbsp;Capital One Financial Corp.<sup>(h)</sup> |
| &nbsp;&nbsp;11/02/2027 | &nbsp;&nbsp;1.878% | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;393509 |
| &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> |
| &nbsp;&nbsp;04/24/2025 | &nbsp;&nbsp;3.352% | &nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;625305 |
| &nbsp;&nbsp;05/24/2025 | &nbsp;&nbsp;4.140% | &nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;718849 |
| &nbsp;&nbsp;01/25/2026 | &nbsp;&nbsp;2.014% | 5025000 | &nbsp;&nbsp;4653057 |
| &nbsp;&nbsp;04/08/2026 | &nbsp;&nbsp;3.106% | 2000000 | &nbsp;&nbsp;1891679 |
| &nbsp;&nbsp;09/29/2026 | &nbsp;&nbsp;5.610% | 2511000 | &nbsp;&nbsp;2517928 |
| &nbsp;&nbsp;06/09/2027 | &nbsp;&nbsp;1.462% | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;902705 |
| &nbsp;&nbsp;02/24/2028 | &nbsp;&nbsp;3.070% | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;622599 |
| &nbsp;&nbsp;05/24/2028 | &nbsp;&nbsp;4.658% | &nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;464107 |
| &nbsp;&nbsp;07/24/2028 | &nbsp;&nbsp;3.668% | 1140000 | &nbsp;&nbsp;1047010 |
| &nbsp;&nbsp;04/23/2029 | &nbsp;&nbsp;4.075% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;461097 |
| &nbsp;&nbsp;03/20/2030 | &nbsp;&nbsp;3.980% | 1300000 | &nbsp;&nbsp;1173933 |
| &nbsp;&nbsp;01/29/2031 | &nbsp;&nbsp;2.666% | 2000000 | &nbsp;&nbsp;1640857 |
| &nbsp;&nbsp;11/03/2032 | &nbsp;&nbsp;2.520% | 2275000 | &nbsp;&nbsp;1766358 |
| &nbsp;&nbsp;05/24/2033 | &nbsp;&nbsp;4.910% | 2400000 | &nbsp;&nbsp;2249937 |
| &nbsp;&nbsp;11/17/2033 | &nbsp;&nbsp;6.270% | 4646000 | &nbsp;&nbsp;4794419 |
| &nbsp;&nbsp;01/24/2039 | &nbsp;&nbsp;3.878% | 1735000 | &nbsp;&nbsp;1435876 |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;Citigroup, Inc. |
| &nbsp;&nbsp;12/01/2025 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;796826 |
| &nbsp;&nbsp;10/21/2026 | &nbsp;&nbsp;3.200% | 1616000 | &nbsp;&nbsp;1497973 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;230252 |
| &nbsp;&nbsp;Citizens Bank NA | &nbsp;&nbsp;Citizens Bank NA | &nbsp;&nbsp;Citizens Bank NA | &nbsp;&nbsp;Citizens Bank NA |
| &nbsp;&nbsp;03/29/2023 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;249313 |
| &nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;Citizens Financial Group, Inc. |
| &nbsp;&nbsp;02/06/2030 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp;151185 |
| &nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;Comerica, Inc. |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;223686 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Commonwealth Bank of Australia<sup>(a)</sup> | &nbsp;&nbsp;Commonwealth Bank of Australia<sup>(a)</sup> | &nbsp;&nbsp;Commonwealth Bank of Australia<sup>(a)</sup> | &nbsp;&nbsp;Commonwealth Bank of Australia<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;03/11/2041 | &nbsp;&nbsp;3.305% | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;360126 |
| &nbsp;&nbsp;Cooperatieve Rabobank UA<sup>(a),(h)</sup> | &nbsp;&nbsp;Cooperatieve Rabobank UA<sup>(a),(h)</sup> | &nbsp;&nbsp;Cooperatieve Rabobank UA<sup>(a),(h)</sup> | &nbsp;&nbsp;Cooperatieve Rabobank UA<sup>(a),(h)</sup> |
| &nbsp;&nbsp;04/06/2028 | &nbsp;&nbsp;3.649% | 4923000 | &nbsp;&nbsp;4547002 |
| &nbsp;&nbsp;04/06/2033 | &nbsp;&nbsp;3.758% | 3016000 | &nbsp;&nbsp;2576199 |
| &nbsp;&nbsp;Cooperatieve Rabobank UA | &nbsp;&nbsp;Cooperatieve Rabobank UA | &nbsp;&nbsp;Cooperatieve Rabobank UA | &nbsp;&nbsp;Cooperatieve Rabobank UA |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;08/04/2025 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;589000 | &nbsp;&nbsp;&nbsp;&nbsp;574723 |
| &nbsp;&nbsp;07/21/2026 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;712000 | &nbsp;&nbsp;&nbsp;&nbsp;670545 |
| &nbsp;&nbsp;Credit Agricole SA<sup>(a),(h)</sup> | &nbsp;&nbsp;Credit Agricole SA<sup>(a),(h)</sup> | &nbsp;&nbsp;Credit Agricole SA<sup>(a),(h)</sup> | &nbsp;&nbsp;Credit Agricole SA<sup>(a),(h)</sup> |
| &nbsp;&nbsp;06/16/2026 | &nbsp;&nbsp;1.907% | 1130000 | &nbsp;&nbsp;1030304 |
| &nbsp;&nbsp;01/26/2027 | &nbsp;&nbsp;1.247% | 1790000 | &nbsp;&nbsp;1567719 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;01/10/2033 | &nbsp;&nbsp;4.000% | 1634000 | &nbsp;&nbsp;1423669 |
| &nbsp;&nbsp;Credit Agricole SA<sup>(a)</sup> | &nbsp;&nbsp;Credit Agricole SA<sup>(a)</sup> | &nbsp;&nbsp;Credit Agricole SA<sup>(a)</sup> | &nbsp;&nbsp;Credit Agricole SA<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;03/17/2025 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;328233 |
| &nbsp;&nbsp;01/14/2030 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;561080 |
| &nbsp;&nbsp;01/11/2041 | &nbsp;&nbsp;2.811% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;155491 |
| &nbsp;&nbsp;Credit Suisse AG | &nbsp;&nbsp;Credit Suisse AG | &nbsp;&nbsp;Credit Suisse AG | &nbsp;&nbsp;Credit Suisse AG |
| &nbsp;&nbsp;04/09/2025 | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;834485 |
| &nbsp;&nbsp;Credit Suisse Group AG<sup>(a),(h)</sup> | &nbsp;&nbsp;Credit Suisse Group AG<sup>(a),(h)</sup> | &nbsp;&nbsp;Credit Suisse Group AG<sup>(a),(h)</sup> | &nbsp;&nbsp;Credit Suisse Group AG<sup>(a),(h)</sup> |
| &nbsp;&nbsp;09/11/2025 | &nbsp;&nbsp;2.593% | &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;682002 |
| &nbsp;&nbsp;06/05/2026 | &nbsp;&nbsp;2.193% | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;495498 |
| &nbsp;&nbsp;02/02/2027 | &nbsp;&nbsp;1.305% | 1390000 | &nbsp;&nbsp;1105634 |
| &nbsp;&nbsp;01/12/2029 | &nbsp;&nbsp;3.869% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;199845 |
| &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;9.016% | 3350000 | &nbsp;&nbsp;3446164 |
| &nbsp;&nbsp;Credit Suisse Group Funding Guernsey Ltd. | &nbsp;&nbsp;Credit Suisse Group Funding Guernsey Ltd. | &nbsp;&nbsp;Credit Suisse Group Funding Guernsey Ltd. | &nbsp;&nbsp;Credit Suisse Group Funding Guernsey Ltd. |
| &nbsp;&nbsp;06/09/2023 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;633091 |
| &nbsp;&nbsp;03/26/2025 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;225765 |
| &nbsp;&nbsp;Deutsche Bank AG<sup>(h)</sup> | &nbsp;&nbsp;Deutsche Bank AG<sup>(h)</sup> | &nbsp;&nbsp;Deutsche Bank AG<sup>(h)</sup> | &nbsp;&nbsp;Deutsche Bank AG<sup>(h)</sup> |
| &nbsp;&nbsp;11/24/2026 | &nbsp;&nbsp;2.129% | &nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp;&nbsp;&nbsp;833590 |
| &nbsp;&nbsp;01/07/2028 | &nbsp;&nbsp;2.552% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;212840 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;01/07/2033 | &nbsp;&nbsp;3.742% | 4088000 | &nbsp;&nbsp;2926523 |
| &nbsp;&nbsp;Deutsche Bank AG/New York<sup>(h)</sup> | &nbsp;&nbsp;Deutsche Bank AG/New York<sup>(h)</sup> | &nbsp;&nbsp;Deutsche Bank AG/New York<sup>(h)</sup> | &nbsp;&nbsp;Deutsche Bank AG/New York<sup>(h)</sup> |
| &nbsp;&nbsp;09/18/2024 | &nbsp;&nbsp;2.222% | 1995000 | &nbsp;&nbsp;1926364 |
| &nbsp;&nbsp;DNB Bank ASA<sup>(a),(h)</sup> | &nbsp;&nbsp;DNB Bank ASA<sup>(a),(h)</sup> | &nbsp;&nbsp;DNB Bank ASA<sup>(a),(h)</sup> | &nbsp;&nbsp;DNB Bank ASA<sup>(a),(h)</sup> |
| &nbsp;&nbsp;03/30/2028 | &nbsp;&nbsp;1.605% | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;579316 |
| &nbsp;&nbsp;Federation des Caisses Desjardins du Quebec<sup>(a)</sup> | &nbsp;&nbsp;Federation des Caisses Desjardins du Quebec<sup>(a)</sup> | &nbsp;&nbsp;Federation des Caisses Desjardins du Quebec<sup>(a)</sup> | &nbsp;&nbsp;Federation des Caisses Desjardins du Quebec<sup>(a)</sup> |
| &nbsp;&nbsp;02/10/2025 | &nbsp;&nbsp;2.050% | &nbsp;&nbsp;&nbsp;682000 | &nbsp;&nbsp;&nbsp;&nbsp;634449 |
| &nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;Fifth Third Bancorp |
| &nbsp;&nbsp;01/25/2024 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp;176365 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> |
| &nbsp;&nbsp;09/10/2024 | &nbsp;&nbsp;0.657% | 4254000 | &nbsp;&nbsp;4093353 |
| &nbsp;&nbsp;10/21/2024 | &nbsp;&nbsp;0.925% | 6316000 | &nbsp;&nbsp;6064763 |
| &nbsp;&nbsp;09/29/2025 | &nbsp;&nbsp;3.272% | &nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp;290419 |
| &nbsp;&nbsp;03/09/2027 | &nbsp;&nbsp;1.431% | 2635000 | &nbsp;&nbsp;2305502 |
| &nbsp;&nbsp;10/21/2027 | &nbsp;&nbsp;1.948% | 2105000 | &nbsp;&nbsp;1837077 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;02/24/2028 | &nbsp;&nbsp;2.640% | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1512543 |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;3.615% | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714932 |
| &nbsp;&nbsp;06/05/2028 | &nbsp;&nbsp;3.691% | &nbsp;&nbsp;1301000 | &nbsp;&nbsp;&nbsp;&nbsp;1208587 |
| &nbsp;&nbsp;04/22/2032 | &nbsp;&nbsp;2.615% | &nbsp;&nbsp;7705000 | &nbsp;&nbsp;&nbsp;&nbsp;6140245 |
| &nbsp;&nbsp;07/21/2032 | &nbsp;&nbsp;2.383% | &nbsp;&nbsp;3630000 | &nbsp;&nbsp;&nbsp;&nbsp;2813957 |
| &nbsp;&nbsp;02/24/2033 | &nbsp;&nbsp;3.102% | &nbsp;&nbsp;2270000 | &nbsp;&nbsp;&nbsp;&nbsp;1851050 |
| &nbsp;&nbsp;02/24/2043 | &nbsp;&nbsp;3.436% | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147377 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) |
| &nbsp;&nbsp;01/23/2025 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190613 |
| &nbsp;&nbsp;11/16/2026 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845479 |
| &nbsp;&nbsp;01/26/2027 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;&nbsp;723000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688399 |
| &nbsp;&nbsp;02/07/2030 | &nbsp;&nbsp;2.600% | &nbsp;&nbsp;&nbsp;&nbsp;546000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455776 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;10/21/2025 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177044 |
| &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> |
| &nbsp;&nbsp;05/18/2024 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222082 |
| &nbsp;&nbsp;11/03/2026 | &nbsp;&nbsp;7.336% | &nbsp;&nbsp;4878000 | &nbsp;&nbsp;&nbsp;&nbsp;5073387 |
| &nbsp;&nbsp;11/22/2027 | &nbsp;&nbsp;2.251% | &nbsp;&nbsp;2215000 | &nbsp;&nbsp;&nbsp;&nbsp;1918774 |
| &nbsp;&nbsp;03/13/2028 | &nbsp;&nbsp;4.041% | &nbsp;&nbsp;1007000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928754 |
| &nbsp;&nbsp;08/11/2028 | &nbsp;&nbsp;5.210% | &nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;1974168 |
| &nbsp;&nbsp;09/22/2028 | &nbsp;&nbsp;2.013% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2086418 |
| &nbsp;&nbsp;11/03/2028 | &nbsp;&nbsp;7.390% | &nbsp;&nbsp;2767000 | &nbsp;&nbsp;&nbsp;&nbsp;2904044 |
| &nbsp;&nbsp;08/17/2029 | &nbsp;&nbsp;2.206% | &nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;1074201 |
| &nbsp;&nbsp;08/18/2031 | &nbsp;&nbsp;2.357% | &nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp;1087811 |
| &nbsp;&nbsp;05/24/2032 | &nbsp;&nbsp;2.804% | &nbsp;&nbsp;3240000 | &nbsp;&nbsp;&nbsp;&nbsp;2501033 |
| &nbsp;&nbsp;11/22/2032 | &nbsp;&nbsp;2.871% | &nbsp;&nbsp;1830000 | &nbsp;&nbsp;&nbsp;&nbsp;1401368 |
| &nbsp;&nbsp;08/11/2033 | &nbsp;&nbsp;5.402% | &nbsp;&nbsp;&nbsp;&nbsp;922000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856471 |
| &nbsp;&nbsp;ING Groep NV<sup>(h)</sup> | &nbsp;&nbsp;ING Groep NV<sup>(h)</sup> | &nbsp;&nbsp;ING Groep NV<sup>(h)</sup> | &nbsp;&nbsp;ING Groep NV<sup>(h)</sup> |
| &nbsp;&nbsp;03/28/2026 | &nbsp;&nbsp;3.869% | &nbsp;&nbsp;&nbsp;&nbsp;298000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286047 |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;1.726% | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242233 |
| &nbsp;&nbsp;ING Groep NV<sup>(a),(h)</sup> | &nbsp;&nbsp;ING Groep NV<sup>(a),(h)</sup> | &nbsp;&nbsp;ING Groep NV<sup>(a),(h)</sup> | &nbsp;&nbsp;ING Groep NV<sup>(a),(h)</sup> |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;1.400% | &nbsp;&nbsp;&nbsp;&nbsp;317000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284708 |
| &nbsp;&nbsp;Intesa Sanpaolo SpA<sup>(a),(h)</sup> | &nbsp;&nbsp;Intesa Sanpaolo SpA<sup>(a),(h)</sup> | &nbsp;&nbsp;Intesa Sanpaolo SpA<sup>(a),(h)</sup> | &nbsp;&nbsp;Intesa Sanpaolo SpA<sup>(a),(h)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;2956000 | &nbsp;&nbsp;&nbsp;&nbsp;1916891 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> |
| &nbsp;&nbsp;12/10/2025 | &nbsp;&nbsp;1.561% | 12437000 | &nbsp;&nbsp;11507614 |
| &nbsp;&nbsp;11/19/2026 | &nbsp;&nbsp;1.045% | &nbsp;&nbsp;2635000 | &nbsp;&nbsp;&nbsp;&nbsp;2326521 |
| &nbsp;&nbsp;02/04/2027 | &nbsp;&nbsp;1.040% | &nbsp;&nbsp;8502000 | &nbsp;&nbsp;&nbsp;&nbsp;7403289 |
| &nbsp;&nbsp;04/22/2027 | &nbsp;&nbsp;1.578% | &nbsp;&nbsp;2103000 | &nbsp;&nbsp;&nbsp;&nbsp;1850950 |
| &nbsp;&nbsp;09/22/2027 | &nbsp;&nbsp;1.470% | &nbsp;&nbsp;2115000 | &nbsp;&nbsp;&nbsp;&nbsp;1828119 |
| &nbsp;&nbsp;04/26/2028 | &nbsp;&nbsp;4.323% | &nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;1320335 |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;2.182% | &nbsp;&nbsp;2603000 | &nbsp;&nbsp;&nbsp;&nbsp;2272348 |
| &nbsp;&nbsp;06/14/2030 | &nbsp;&nbsp;4.565% | &nbsp;&nbsp;2147000 | &nbsp;&nbsp;&nbsp;&nbsp;2027340 |
| &nbsp;&nbsp;07/25/2033 | &nbsp;&nbsp;4.912% | &nbsp;&nbsp;1778000 | &nbsp;&nbsp;&nbsp;&nbsp;1691413 |
| &nbsp;&nbsp;Lloyds Banking Group PLC<sup>(h)</sup> | &nbsp;&nbsp;Lloyds Banking Group PLC<sup>(h)</sup> | &nbsp;&nbsp;Lloyds Banking Group PLC<sup>(h)</sup> | &nbsp;&nbsp;Lloyds Banking Group PLC<sup>(h)</sup> |
| &nbsp;&nbsp;03/18/2026 | &nbsp;&nbsp;3.511% | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275694 |
| &nbsp;&nbsp;08/11/2026 | &nbsp;&nbsp;4.716% | &nbsp;&nbsp;3689000 | &nbsp;&nbsp;&nbsp;&nbsp;3603626 |
| &nbsp;&nbsp;05/11/2027 | &nbsp;&nbsp;1.627% | &nbsp;&nbsp;&nbsp;&nbsp;356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307903 |
| &nbsp;&nbsp;08/11/2033 | &nbsp;&nbsp;4.976% | &nbsp;&nbsp;2081000 | &nbsp;&nbsp;&nbsp;&nbsp;1908506 |
| &nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;Lloyds Banking Group PLC |
| &nbsp;&nbsp;03/22/2028 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371007 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;12/10/2025 | &nbsp;&nbsp;4.582% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;289731 |
| &nbsp;&nbsp;Macquarie Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Macquarie Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Macquarie Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Macquarie Bank Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/29/2025 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;327000 | &nbsp;&nbsp;&nbsp;&nbsp;318183 |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;357302 |
| &nbsp;&nbsp;Macquarie Bank Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;Macquarie Bank Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;Macquarie Bank Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;Macquarie Bank Ltd.<sup>(a),(h)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;03/03/2036 | &nbsp;&nbsp;3.052% | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;203145 |
| &nbsp;&nbsp;Macquarie Group Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;Macquarie Group Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;Macquarie Group Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;Macquarie Group Ltd.<sup>(a),(h)</sup> |
| &nbsp;&nbsp;01/12/2027 | &nbsp;&nbsp;1.340% | &nbsp;&nbsp;&nbsp;196000 | &nbsp;&nbsp;&nbsp;&nbsp;170308 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;5.033% | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;368175 |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |
| &nbsp;&nbsp;07/26/2023 | &nbsp;&nbsp;3.761% | &nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;226230 |
| &nbsp;&nbsp;09/13/2023 | &nbsp;&nbsp;2.527% | &nbsp;&nbsp;&nbsp;384000 | &nbsp;&nbsp;&nbsp;&nbsp;376369 |
| &nbsp;&nbsp;03/07/2024 | &nbsp;&nbsp;3.407% | &nbsp;&nbsp;&nbsp;257000 | &nbsp;&nbsp;&nbsp;&nbsp;251310 |
| &nbsp;&nbsp;02/25/2025 | &nbsp;&nbsp;2.193% | &nbsp;&nbsp;&nbsp;709000 | &nbsp;&nbsp;&nbsp;&nbsp;663807 |
| &nbsp;&nbsp;07/17/2030 | &nbsp;&nbsp;2.048% | &nbsp;&nbsp;&nbsp;549000 | &nbsp;&nbsp;&nbsp;&nbsp;433203 |
| &nbsp;&nbsp;07/18/2039 | &nbsp;&nbsp;3.751% | &nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;&nbsp;195979 |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc.<sup>(h)</sup> |
| &nbsp;&nbsp;09/12/2025 | &nbsp;&nbsp;5.063% | 3535000 | &nbsp;&nbsp;3512496 |
| &nbsp;&nbsp;07/20/2027 | &nbsp;&nbsp;1.538% | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;364655 |
| &nbsp;&nbsp;07/20/2032 | &nbsp;&nbsp;2.309% | 1771000 | &nbsp;&nbsp;1365561 |
| &nbsp;&nbsp;07/20/2033 | &nbsp;&nbsp;5.133% | 1258000 | &nbsp;&nbsp;1202678 |
| &nbsp;&nbsp;Mizuho Financial Group, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Mizuho Financial Group, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Mizuho Financial Group, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Mizuho Financial Group, Inc.<sup>(h)</sup> |
| &nbsp;&nbsp;05/25/2026 | &nbsp;&nbsp;2.226% | &nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp;360777 |
| &nbsp;&nbsp;05/22/2027 | &nbsp;&nbsp;1.234% | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;333269 |
| &nbsp;&nbsp;09/13/2028 | &nbsp;&nbsp;5.414% | 1165000 | &nbsp;&nbsp;1164045 |
| &nbsp;&nbsp;09/13/2030 | &nbsp;&nbsp;2.869% | &nbsp;&nbsp;&nbsp;219000 | &nbsp;&nbsp;&nbsp;&nbsp;182825 |
| &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> |
| &nbsp;&nbsp;01/25/2024 | &nbsp;&nbsp;0.529% | &nbsp;&nbsp;&nbsp;523000 | &nbsp;&nbsp;&nbsp;&nbsp;519773 |
| &nbsp;&nbsp;01/22/2025 | &nbsp;&nbsp;0.791% | 5420000 | &nbsp;&nbsp;5132924 |
| &nbsp;&nbsp;04/17/2025 | &nbsp;&nbsp;3.620% | &nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;833965 |
| &nbsp;&nbsp;05/30/2025 | &nbsp;&nbsp;0.790% | 5476000 | &nbsp;&nbsp;5102364 |
| &nbsp;&nbsp;10/21/2025 | &nbsp;&nbsp;0.864% | &nbsp;&nbsp;&nbsp;467000 | &nbsp;&nbsp;&nbsp;&nbsp;429262 |
| &nbsp;&nbsp;04/28/2026 | &nbsp;&nbsp;2.188% | 1680000 | &nbsp;&nbsp;1559044 |
| &nbsp;&nbsp;12/10/2026 | &nbsp;&nbsp;0.985% | 4322000 | &nbsp;&nbsp;3793000 |
| &nbsp;&nbsp;07/20/2027 | &nbsp;&nbsp;1.512% | 3306000 | &nbsp;&nbsp;2871108 |
| &nbsp;&nbsp;04/20/2028 | &nbsp;&nbsp;4.210% | 2952000 | &nbsp;&nbsp;2803937 |
| &nbsp;&nbsp;07/22/2028 | &nbsp;&nbsp;3.591% | &nbsp;&nbsp;&nbsp;889000 | &nbsp;&nbsp;&nbsp;&nbsp;817120 |
| &nbsp;&nbsp;01/24/2029 | &nbsp;&nbsp;3.772% | &nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp;304777 |
| &nbsp;&nbsp;01/23/2030 | &nbsp;&nbsp;4.431% | 1547000 | &nbsp;&nbsp;1444239 |
| &nbsp;&nbsp;02/13/2032 | &nbsp;&nbsp;1.794% | 4653000 | &nbsp;&nbsp;3487655 |
| &nbsp;&nbsp;04/28/2032 | &nbsp;&nbsp;1.928% | 5000000 | &nbsp;&nbsp;3777706 |
| &nbsp;&nbsp;10/20/2032 | &nbsp;&nbsp;2.511% | 1380000 | &nbsp;&nbsp;1078589 |
| &nbsp;&nbsp;01/21/2033 | &nbsp;&nbsp;2.943% | &nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;236012 |
| &nbsp;&nbsp;10/18/2033 | &nbsp;&nbsp;6.342% | 4641000 | &nbsp;&nbsp;4855347 |
| &nbsp;&nbsp;04/22/2039 | &nbsp;&nbsp;4.457% | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;188800 |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Morgan Stanley |
| &nbsp;&nbsp;07/23/2025 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;684044 |
| &nbsp;&nbsp;01/27/2045 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;144523 |
| &nbsp;&nbsp;National Australia Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp;National Australia Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp;National Australia Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp;National Australia Bank Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;08/21/2030 | &nbsp;&nbsp;2.332% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;759511 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;National Australia Bank Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;National Australia Bank Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;National Australia Bank Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;National Australia Bank Ltd.<sup>(a),(h)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;08/02/2034 | &nbsp;&nbsp;3.933% | &nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;787724 |
| &nbsp;&nbsp;Nationwide Building Society<sup>(a)</sup> | &nbsp;&nbsp;Nationwide Building Society<sup>(a)</sup> | &nbsp;&nbsp;Nationwide Building Society<sup>(a)</sup> | &nbsp;&nbsp;Nationwide Building Society<sup>(a)</sup> |
| &nbsp;&nbsp;08/28/2025 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp;180384 |
| &nbsp;&nbsp;NatWest Group PLC<sup>(h)</sup> | &nbsp;&nbsp;NatWest Group PLC<sup>(h)</sup> | &nbsp;&nbsp;NatWest Group PLC<sup>(h)</sup> | &nbsp;&nbsp;NatWest Group PLC<sup>(h)</sup> |
| &nbsp;&nbsp;11/10/2026 | &nbsp;&nbsp;7.472% | &nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;890293 |
| &nbsp;&nbsp;NatWest Markets PLC<sup>(a)</sup> | &nbsp;&nbsp;NatWest Markets PLC<sup>(a)</sup> | &nbsp;&nbsp;NatWest Markets PLC<sup>(a)</sup> | &nbsp;&nbsp;NatWest Markets PLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/29/2026 | &nbsp;&nbsp;1.600% | 1530000 | &nbsp;&nbsp;1328258 |
| &nbsp;&nbsp;Nordea Bank Abp<sup>(a)</sup> | &nbsp;&nbsp;Nordea Bank Abp<sup>(a)</sup> | &nbsp;&nbsp;Nordea Bank Abp<sup>(a)</sup> | &nbsp;&nbsp;Nordea Bank Abp<sup>(a)</sup> |
| &nbsp;&nbsp;09/22/2027 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;200907 |
| &nbsp;&nbsp;Northern Trust Corp.<sup>(h)</sup> | &nbsp;&nbsp;Northern Trust Corp.<sup>(h)</sup> | &nbsp;&nbsp;Northern Trust Corp.<sup>(h)</sup> | &nbsp;&nbsp;Northern Trust Corp.<sup>(h)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/08/2032 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp;&nbsp;210314 |
| &nbsp;&nbsp;PNC Bank NA | &nbsp;&nbsp;PNC Bank NA | &nbsp;&nbsp;PNC Bank NA | &nbsp;&nbsp;PNC Bank NA |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;01/30/2023 | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;284561 |
| &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(h)</sup> |
| &nbsp;&nbsp;10/28/2033 | &nbsp;&nbsp;6.037% | 2796000 | &nbsp;&nbsp;2922609 |
| &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;Royal Bank of Canada |
| &nbsp;&nbsp;10/05/2023 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;337675 |
| &nbsp;&nbsp;08/03/2027 | &nbsp;&nbsp;4.240% | 2865000 | &nbsp;&nbsp;2793877 |
| &nbsp;&nbsp;Royal Bank of Scotland Group PLC<sup>(h)</sup> | &nbsp;&nbsp;Royal Bank of Scotland Group PLC<sup>(h)</sup> | &nbsp;&nbsp;Royal Bank of Scotland Group PLC<sup>(h)</sup> | &nbsp;&nbsp;Royal Bank of Scotland Group PLC<sup>(h)</sup> |
| &nbsp;&nbsp;03/22/2025 | &nbsp;&nbsp;4.269% | &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;332065 |
| &nbsp;&nbsp;05/22/2028 | &nbsp;&nbsp;3.073% | &nbsp;&nbsp;&nbsp;576000 | &nbsp;&nbsp;&nbsp;&nbsp;514457 |
| &nbsp;&nbsp;05/08/2030 | &nbsp;&nbsp;4.445% | &nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp;188833 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;3.754% | &nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp;253296 |
| &nbsp;&nbsp;Royal Bank of Scotland Group PLC | &nbsp;&nbsp;Royal Bank of Scotland Group PLC | &nbsp;&nbsp;Royal Bank of Scotland Group PLC | &nbsp;&nbsp;Royal Bank of Scotland Group PLC |
| &nbsp;&nbsp;04/05/2026 | &nbsp;&nbsp;4.800% | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;366666 |
| &nbsp;&nbsp;Santander UK Group Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;Santander UK Group Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;Santander UK Group Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;Santander UK Group Holdings PLC<sup>(h)</sup> |
| &nbsp;&nbsp;11/21/2026 | &nbsp;&nbsp;6.833% | 3721000 | &nbsp;&nbsp;3772356 |
| &nbsp;&nbsp;06/14/2027 | &nbsp;&nbsp;1.673% | 2071000 | &nbsp;&nbsp;1756174 |
| &nbsp;&nbsp;01/11/2028 | &nbsp;&nbsp;2.469% | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;359214 |
| &nbsp;&nbsp;Santander UK Group Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;Santander UK Group Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;Santander UK Group Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;Santander UK Group Holdings PLC<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/15/2025 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;613970 |
| &nbsp;&nbsp;Societe Generale SA<sup>(a)</sup> | &nbsp;&nbsp;Societe Generale SA<sup>(a)</sup> | &nbsp;&nbsp;Societe Generale SA<sup>(a)</sup> | &nbsp;&nbsp;Societe Generale SA<sup>(a)</sup> |
| &nbsp;&nbsp;01/22/2025 | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp;805854 |
| &nbsp;&nbsp;01/22/2030 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;288555 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;04/14/2025 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;864031 |
| &nbsp;&nbsp;Societe Generale SA<sup>(a),(h)</sup> | &nbsp;&nbsp;Societe Generale SA<sup>(a),(h)</sup> | &nbsp;&nbsp;Societe Generale SA<sup>(a),(h)</sup> | &nbsp;&nbsp;Societe Generale SA<sup>(a),(h)</sup> |
| &nbsp;&nbsp;12/14/2026 | &nbsp;&nbsp;1.488% | 2401000 | &nbsp;&nbsp;2092206 |
| &nbsp;&nbsp;01/19/2028 | &nbsp;&nbsp;2.797% | 1910000 | &nbsp;&nbsp;1668449 |
| &nbsp;&nbsp;06/09/2032 | &nbsp;&nbsp;2.889% | 1240000 | &nbsp;&nbsp;&nbsp;&nbsp;954503 |
| &nbsp;&nbsp;SouthTrust Bank | &nbsp;&nbsp;SouthTrust Bank | &nbsp;&nbsp;SouthTrust Bank | &nbsp;&nbsp;SouthTrust Bank |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;7.690% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;260978 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Standard Chartered PLC<sup>(a),(h)</sup> | &nbsp;&nbsp;Standard Chartered PLC<sup>(a),(h)</sup> | &nbsp;&nbsp;Standard Chartered PLC<sup>(a),(h)</sup> | &nbsp;&nbsp;Standard Chartered PLC<sup>(a),(h)</sup> |
| &nbsp;&nbsp;11/16/2025 | &nbsp;&nbsp;7.776% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;722065 |
| &nbsp;&nbsp;01/30/2026 | &nbsp;&nbsp;2.819% | &nbsp;&nbsp;&nbsp;494000 | &nbsp;&nbsp;&nbsp;&nbsp;459556 |
| &nbsp;&nbsp;01/14/2027 | &nbsp;&nbsp;1.456% | &nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;399564 |
| &nbsp;&nbsp;11/16/2028 | &nbsp;&nbsp;7.767% | 1600000 | &nbsp;&nbsp;1695454 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;4.866% | &nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;209975 |
| &nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. |
| &nbsp;&nbsp;07/08/2025 | &nbsp;&nbsp;1.474% | &nbsp;&nbsp;&nbsp;563000 | &nbsp;&nbsp;&nbsp;&nbsp;513044 |
| &nbsp;&nbsp;07/14/2026 | &nbsp;&nbsp;2.632% | &nbsp;&nbsp;&nbsp;201000 | &nbsp;&nbsp;&nbsp;&nbsp;184095 |
| &nbsp;&nbsp;10/19/2026 | &nbsp;&nbsp;3.010% | &nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;275250 |
| &nbsp;&nbsp;07/16/2029 | &nbsp;&nbsp;3.040% | &nbsp;&nbsp;&nbsp;769000 | &nbsp;&nbsp;&nbsp;&nbsp;667118 |
| &nbsp;&nbsp;SunTrust Bank | &nbsp;&nbsp;SunTrust Bank | &nbsp;&nbsp;SunTrust Bank | &nbsp;&nbsp;SunTrust Bank |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;188124 |
| &nbsp;&nbsp;SunTrust Banks, Inc. | &nbsp;&nbsp;SunTrust Banks, Inc. | &nbsp;&nbsp;SunTrust Banks, Inc. | &nbsp;&nbsp;SunTrust Banks, Inc. |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;191000 | &nbsp;&nbsp;&nbsp;&nbsp;186988 |
| &nbsp;&nbsp;Truist Financial Corp.<sup>(h)</sup> | &nbsp;&nbsp;Truist Financial Corp.<sup>(h)</sup> | &nbsp;&nbsp;Truist Financial Corp.<sup>(h)</sup> | &nbsp;&nbsp;Truist Financial Corp.<sup>(h)</sup> |
| &nbsp;&nbsp;10/28/2033 | &nbsp;&nbsp;6.123% | 1309000 | &nbsp;&nbsp;1375638 |
| &nbsp;&nbsp;U.S. Bancorp | &nbsp;&nbsp;U.S. Bancorp | &nbsp;&nbsp;U.S. Bancorp | &nbsp;&nbsp;U.S. Bancorp |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;04/27/2026 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;&nbsp;251000 | &nbsp;&nbsp;&nbsp;&nbsp;237286 |
| &nbsp;&nbsp;UBS Group AG<sup>(a),(h)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(a),(h)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(a),(h)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(a),(h)</sup> |
| &nbsp;&nbsp;01/30/2027 | &nbsp;&nbsp;1.364% | &nbsp;&nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp;313654 |
| &nbsp;&nbsp;08/05/2027 | &nbsp;&nbsp;4.703% | 5567000 | &nbsp;&nbsp;5390892 |
| &nbsp;&nbsp;08/10/2027 | &nbsp;&nbsp;1.494% | 3564000 | &nbsp;&nbsp;3065546 |
| &nbsp;&nbsp;05/12/2028 | &nbsp;&nbsp;4.751% | 1880000 | &nbsp;&nbsp;1801094 |
| &nbsp;&nbsp;08/13/2030 | &nbsp;&nbsp;3.126% | 4930000 | &nbsp;&nbsp;4163416 |
| &nbsp;&nbsp;02/11/2033 | &nbsp;&nbsp;2.746% | 2500000 | &nbsp;&nbsp;1933920 |
| &nbsp;&nbsp;08/05/2033 | &nbsp;&nbsp;4.988% | &nbsp;&nbsp;&nbsp;914000 | &nbsp;&nbsp;&nbsp;&nbsp;846155 |
| &nbsp;&nbsp;02/11/2043 | &nbsp;&nbsp;3.179% | &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;351663 |
| &nbsp;&nbsp;UBS Group Funding Switzerland AG<sup>(a)</sup> | &nbsp;&nbsp;UBS Group Funding Switzerland AG<sup>(a)</sup> | &nbsp;&nbsp;UBS Group Funding Switzerland AG<sup>(a)</sup> | &nbsp;&nbsp;UBS Group Funding Switzerland AG<sup>(a)</sup> |
| &nbsp;&nbsp;09/24/2025 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;399000 | &nbsp;&nbsp;&nbsp;&nbsp;388346 |
| &nbsp;&nbsp;UniCredit SpA<sup>(a),(h)</sup> | &nbsp;&nbsp;UniCredit SpA<sup>(a),(h)</sup> | &nbsp;&nbsp;UniCredit SpA<sup>(a),(h)</sup> | &nbsp;&nbsp;UniCredit SpA<sup>(a),(h)</sup> |
| &nbsp;&nbsp;09/22/2026 | &nbsp;&nbsp;2.569% | 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;969192 |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;Wells Fargo & Co. |
| &nbsp;&nbsp;09/29/2025 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;682000 | &nbsp;&nbsp;&nbsp;&nbsp;656043 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;06/03/2026 | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;256047 |
| &nbsp;&nbsp;06/14/2046 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;190166 |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> |
| &nbsp;&nbsp;02/11/2026 | &nbsp;&nbsp;2.164% | &nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp;254754 |
| &nbsp;&nbsp;04/25/2026 | &nbsp;&nbsp;3.908% | &nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;830412 |
| &nbsp;&nbsp;06/17/2027 | &nbsp;&nbsp;3.196% | 1727000 | &nbsp;&nbsp;1603217 |
| &nbsp;&nbsp;03/24/2028 | &nbsp;&nbsp;3.526% | 8873000 | &nbsp;&nbsp;8225961 |
| &nbsp;&nbsp;06/02/2028 | &nbsp;&nbsp;2.393% | &nbsp;&nbsp;&nbsp;491000 | &nbsp;&nbsp;&nbsp;&nbsp;433021 |
| &nbsp;&nbsp;07/25/2028 | &nbsp;&nbsp;4.808% | &nbsp;&nbsp;&nbsp;928000 | &nbsp;&nbsp;&nbsp;&nbsp;904642 |
| &nbsp;&nbsp;02/11/2031 | &nbsp;&nbsp;2.572% | 2845000 | &nbsp;&nbsp;2353058 |
| &nbsp;&nbsp;07/25/2033 | &nbsp;&nbsp;4.897% | 2530000 | &nbsp;&nbsp;2395936 |
| &nbsp;&nbsp;04/30/2041 | &nbsp;&nbsp;3.068% | 4687000 | &nbsp;&nbsp;3350677 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;Westpac Banking Corp. |
| &nbsp;&nbsp;05/13/2026 | &nbsp;&nbsp;2.850% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159203 |
| &nbsp;&nbsp;11/20/2028 | &nbsp;&nbsp;1.953% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170316 |
| &nbsp;&nbsp;Westpac Banking Corp.<sup>(h)</sup> | &nbsp;&nbsp;Westpac Banking Corp.<sup>(h)</sup> | &nbsp;&nbsp;Westpac Banking Corp.<sup>(h)</sup> | &nbsp;&nbsp;Westpac Banking Corp.<sup>(h)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;02/04/2030 | &nbsp;&nbsp;2.894% | 1630000 | &nbsp;&nbsp;&nbsp;&nbsp;1494364 |
| &nbsp;&nbsp;11/23/2031 | &nbsp;&nbsp;4.322% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562340 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**364107832** |
| &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.1%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.1%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.1%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.1%** |
| &nbsp;&nbsp;Blackstone Holdings Finance Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Blackstone Holdings Finance Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Blackstone Holdings Finance Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Blackstone Holdings Finance Co. LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/22/2033 | &nbsp;&nbsp;6.200% | 2801000 | &nbsp;&nbsp;&nbsp;&nbsp;2824206 |
| &nbsp;&nbsp;Brookfield Finance LLC | &nbsp;&nbsp;Brookfield Finance LLC | &nbsp;&nbsp;Brookfield Finance LLC | &nbsp;&nbsp;Brookfield Finance LLC |
| &nbsp;&nbsp;04/15/2050 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133796 |
| &nbsp;&nbsp;Brookfield Finance, Inc. | &nbsp;&nbsp;Brookfield Finance, Inc. | &nbsp;&nbsp;Brookfield Finance, Inc. | &nbsp;&nbsp;Brookfield Finance, Inc. |
| &nbsp;&nbsp;03/29/2029 | &nbsp;&nbsp;4.850% | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367684 |
| &nbsp;&nbsp;09/20/2047 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60772 |
| &nbsp;&nbsp;Invesco Finance PLC | &nbsp;&nbsp;Invesco Finance PLC | &nbsp;&nbsp;Invesco Finance PLC | &nbsp;&nbsp;Invesco Finance PLC |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185285 |
| &nbsp;&nbsp;LPL Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;LPL Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;LPL Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;LPL Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430745 |
| &nbsp;&nbsp;LSEGA Financing PLC<sup>(a)</sup> | &nbsp;&nbsp;LSEGA Financing PLC<sup>(a)</sup> | &nbsp;&nbsp;LSEGA Financing PLC<sup>(a)</sup> | &nbsp;&nbsp;LSEGA Financing PLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/06/2028 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;721000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614048 |
| &nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;Nomura Holdings, Inc. |
| &nbsp;&nbsp;01/16/2025 | &nbsp;&nbsp;2.648% | &nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334343 |
| &nbsp;&nbsp;07/16/2030 | &nbsp;&nbsp;2.679% | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232017 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5182896** |
| &nbsp;&nbsp;**Building Materials 0.1%** | &nbsp;&nbsp;**Building Materials 0.1%** | &nbsp;&nbsp;**Building Materials 0.1%** | &nbsp;&nbsp;**Building Materials 0.1%** |
| &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788975 |
| &nbsp;&nbsp;Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Builders FirstSource, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;4.250% | 1280000 | &nbsp;&nbsp;&nbsp;&nbsp;1042081 |
| &nbsp;&nbsp;Cemex SAB de CV<sup>(a)</sup> | &nbsp;&nbsp;Cemex SAB de CV<sup>(a)</sup> | &nbsp;&nbsp;Cemex SAB de CV<sup>(a)</sup> | &nbsp;&nbsp;Cemex SAB de CV<sup>(a)</sup> |
| &nbsp;&nbsp;07/11/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169241 |
| &nbsp;&nbsp;CRH America Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CRH America Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CRH America Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CRH America Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/09/2027 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;311000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288970 |
| &nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;Masco Corp. |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310441 |
| &nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187426 |
| &nbsp;&nbsp;PGT Innovations, Inc.<sup>(a)</sup> | &nbsp;&nbsp;PGT Innovations, Inc.<sup>(a)</sup> | &nbsp;&nbsp;PGT Innovations, Inc.<sup>(a)</sup> | &nbsp;&nbsp;PGT Innovations, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657546 |
| &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562745 |
| &nbsp;&nbsp;Standard Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;4.750% | 1590000 | &nbsp;&nbsp;&nbsp;&nbsp;1430821 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Summit Materials LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Summit Materials LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Summit Materials LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Summit Materials LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;5.250% | 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;950261 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6388507** |
| &nbsp;&nbsp;**Cable and Satellite 1.0%** | &nbsp;&nbsp;**Cable and Satellite 1.0%** | &nbsp;&nbsp;**Cable and Satellite 1.0%** | &nbsp;&nbsp;**Cable and Satellite 1.0%** |
| &nbsp;&nbsp;Altice Financing SA<sup>(a)</sup> | &nbsp;&nbsp;Altice Financing SA<sup>(a)</sup> | &nbsp;&nbsp;Altice Financing SA<sup>(a)</sup> | &nbsp;&nbsp;Altice Financing SA<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;484908 |
| &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;5.125% | 1215000 | &nbsp;&nbsp;1133737 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;5.375% | 4990000 | &nbsp;&nbsp;4510587 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;4.750% | 4595000 | &nbsp;&nbsp;3968646 |
| &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;4.250% | 1160000 | &nbsp;&nbsp;&nbsp;&nbsp;931335 |
| &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital |
| &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;286000 | &nbsp;&nbsp;&nbsp;&nbsp;240320 |
| &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;488000 | &nbsp;&nbsp;&nbsp;&nbsp;320918 |
| &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;3.500% | 4129000 | &nbsp;&nbsp;2667758 |
| &nbsp;&nbsp;03/01/2050 | &nbsp;&nbsp;4.800% | &nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp;286838 |
| &nbsp;&nbsp;04/01/2051 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;261764 |
| &nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;611800 |
| &nbsp;&nbsp;Comcast Corp. | &nbsp;&nbsp;Comcast Corp. | &nbsp;&nbsp;Comcast Corp. | &nbsp;&nbsp;Comcast Corp. |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;201987 |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;5.350% | 1867000 | &nbsp;&nbsp;1908317 |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;2.650% | 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;880679 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;1.500% | 1109000 | &nbsp;&nbsp;&nbsp;&nbsp;863440 |
| &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;5.500% | 4746000 | &nbsp;&nbsp;4940792 |
| &nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;369510 |
| &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;3.900% | 2000000 | &nbsp;&nbsp;1733944 |
| &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;170168 |
| &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;259000 | &nbsp;&nbsp;&nbsp;&nbsp;213846 |
| &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;3.999% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;135413 |
| &nbsp;&nbsp;02/01/2050 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;132028 |
| &nbsp;&nbsp;11/01/2051 | &nbsp;&nbsp;2.887% | 1087000 | &nbsp;&nbsp;&nbsp;&nbsp;703469 |
| &nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;4.049% | 1058000 | &nbsp;&nbsp;&nbsp;&nbsp;851233 |
| &nbsp;&nbsp;11/01/2056 | &nbsp;&nbsp;2.937% | 2445000 | &nbsp;&nbsp;1533567 |
| &nbsp;&nbsp;11/01/2063 | &nbsp;&nbsp;2.987% | 1342000 | &nbsp;&nbsp;&nbsp;&nbsp;817109 |
| &nbsp;&nbsp;Cox Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cox Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cox Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cox Communications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;1.800% | &nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp;304286 |
| &nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;173942 |
| &nbsp;&nbsp;CSC Holdings LLC | &nbsp;&nbsp;CSC Holdings LLC | &nbsp;&nbsp;CSC Holdings LLC | &nbsp;&nbsp;CSC Holdings LLC |
| &nbsp;&nbsp;06/01/2024 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;904138 |
| &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;6.500% | 2847000 | &nbsp;&nbsp;2335895 |
| &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;5.875% | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;919190 |
| &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. |
| &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;5.875% | 2105000 | &nbsp;&nbsp;1963328 |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;7.750% | 2380000 | &nbsp;&nbsp;1920675 |
| &nbsp;&nbsp;Hughes Satellite Systems Corp. | &nbsp;&nbsp;Hughes Satellite Systems Corp. | &nbsp;&nbsp;Hughes Satellite Systems Corp. | &nbsp;&nbsp;Hughes Satellite Systems Corp. |
| &nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;6.625% | 1185000 | &nbsp;&nbsp;1106097 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;5.000% | 1855000 | &nbsp;&nbsp;&nbsp;&nbsp;1716508 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690166 |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;5.500% | 1235000 | &nbsp;&nbsp;&nbsp;&nbsp;1128297 |
| &nbsp;&nbsp;TCI Communications, Inc. | &nbsp;&nbsp;TCI Communications, Inc. | &nbsp;&nbsp;TCI Communications, Inc. | &nbsp;&nbsp;TCI Communications, Inc. |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453412 |
| &nbsp;&nbsp;Time Warner Cable LLC | &nbsp;&nbsp;Time Warner Cable LLC | &nbsp;&nbsp;Time Warner Cable LLC | &nbsp;&nbsp;Time Warner Cable LLC |
| &nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;6.550% | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194401 |
| &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454366 |
| &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2024 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952773 |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651967 |
| &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Virgin Media Secured Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817788 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**47561342** |
| &nbsp;&nbsp;**Chemicals 0.4%** | &nbsp;&nbsp;**Chemicals 0.4%** | &nbsp;&nbsp;**Chemicals 0.4%** | &nbsp;&nbsp;**Chemicals 0.4%** |
| &nbsp;&nbsp;Air Liquide Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Air Liquide Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Air Liquide Finance SA<sup>(a)</sup> | &nbsp;&nbsp;Air Liquide Finance SA<sup>(a)</sup> |
| &nbsp;&nbsp;09/27/2023 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308289 |
| &nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;Air Products & Chemicals, Inc. |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;1.850% | &nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504132 |
| &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614757 |
| &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;4.750% | 1435000 | &nbsp;&nbsp;&nbsp;&nbsp;1326044 |
| &nbsp;&nbsp;Braskem Idesa SAPI<sup>(a)</sup> | &nbsp;&nbsp;Braskem Idesa SAPI<sup>(a)</sup> | &nbsp;&nbsp;Braskem Idesa SAPI<sup>(a)</sup> | &nbsp;&nbsp;Braskem Idesa SAPI<sup>(a)</sup> |
| &nbsp;&nbsp;02/20/2032 | &nbsp;&nbsp;6.990% | &nbsp;&nbsp;&nbsp;247000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176542 |
| &nbsp;&nbsp;Chemours Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Chemours Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Chemours Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Chemours Co. (The)<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;5.750% | 1595000 | &nbsp;&nbsp;&nbsp;&nbsp;1432177 |
| &nbsp;&nbsp;Chevron Phillips Chemical Co. LLC /LP<sup>(a)</sup> | &nbsp;&nbsp;Chevron Phillips Chemical Co. LLC /LP<sup>(a)</sup> | &nbsp;&nbsp;Chevron Phillips Chemical Co. LLC /LP<sup>(a)</sup> | &nbsp;&nbsp;Chevron Phillips Chemical Co. LLC /LP<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2025 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345377 |
| &nbsp;&nbsp;CVR Partners LP/Nitrogen Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;CVR Partners LP/Nitrogen Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;CVR Partners LP/Nitrogen Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;CVR Partners LP/Nitrogen Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736912 |
| &nbsp;&nbsp;Dow Chemical Co. (The) | &nbsp;&nbsp;Dow Chemical Co. (The) | &nbsp;&nbsp;Dow Chemical Co. (The) | &nbsp;&nbsp;Dow Chemical Co. (The) |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;7.375% | 2155000 | &nbsp;&nbsp;&nbsp;&nbsp;2395370 |
| &nbsp;&nbsp;05/15/2053 | &nbsp;&nbsp;6.900% | &nbsp;&nbsp;&nbsp;887000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967601 |
| &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;3.875% | 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;1246231 |
| &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(a)</sup> | &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(a)</sup> | &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(a)</sup> | &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895464 |
| &nbsp;&nbsp;International Flavors & Fragrances, Inc.<sup>(a)</sup> | &nbsp;&nbsp;International Flavors & Fragrances, Inc.<sup>(a)</sup> | &nbsp;&nbsp;International Flavors & Fragrances, Inc.<sup>(a)</sup> | &nbsp;&nbsp;International Flavors & Fragrances, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;1.832% | &nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253168 |
| &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;3.268% | &nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122593 |
| &nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;3.468% | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264873 |
| &nbsp;&nbsp;LYB International Finance III LLC | &nbsp;&nbsp;LYB International Finance III LLC | &nbsp;&nbsp;LYB International Finance III LLC | &nbsp;&nbsp;LYB International Finance III LLC |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328968 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Nutrien Ltd. | &nbsp;&nbsp;Nutrien Ltd. | &nbsp;&nbsp;Nutrien Ltd. | &nbsp;&nbsp;Nutrien Ltd. |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145665 |
| &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206097 |
| &nbsp;&nbsp;04/01/2049 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197208 |
| &nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;Olin Corp. |
| &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431436 |
| &nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;PPG Industries, Inc. |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;1.200% | &nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188821 |
| &nbsp;&nbsp;Rohm and Haas Co. | &nbsp;&nbsp;Rohm and Haas Co. | &nbsp;&nbsp;Rohm and Haas Co. | &nbsp;&nbsp;Rohm and Haas Co. |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;7.850% | 1127000 | &nbsp;&nbsp;&nbsp;&nbsp;1255195 |
| &nbsp;&nbsp;Trinseo Materials Operating SCA/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Trinseo Materials Operating SCA/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Trinseo Materials Operating SCA/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Trinseo Materials Operating SCA/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2025 | &nbsp;&nbsp;5.375% | 1210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996440 |
| &nbsp;&nbsp;Union Carbide Corp. | &nbsp;&nbsp;Union Carbide Corp. | &nbsp;&nbsp;Union Carbide Corp. | &nbsp;&nbsp;Union Carbide Corp. |
| &nbsp;&nbsp;10/01/2096 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;1045754 |
| &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2024 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795502 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**17180616** |
| &nbsp;&nbsp;**Construction Machinery 0.3%** | &nbsp;&nbsp;**Construction Machinery 0.3%** | &nbsp;&nbsp;**Construction Machinery 0.3%** | &nbsp;&nbsp;**Construction Machinery 0.3%** |
| &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.500% | 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950943 |
| &nbsp;&nbsp;John Deere Capital Corp. | &nbsp;&nbsp;John Deere Capital Corp. | &nbsp;&nbsp;John Deere Capital Corp. | &nbsp;&nbsp;John Deere Capital Corp. |
| &nbsp;&nbsp;03/08/2027 | &nbsp;&nbsp;2.350% | 2119000 | &nbsp;&nbsp;&nbsp;&nbsp;1932805 |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;4.150% | 4460000 | &nbsp;&nbsp;&nbsp;&nbsp;4378829 |
| &nbsp;&nbsp;10/11/2029 | &nbsp;&nbsp;4.850% | 1558000 | &nbsp;&nbsp;&nbsp;&nbsp;1558573 |
| &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. | &nbsp;&nbsp;United Rentals North America, Inc. |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;4.875% | 2150000 | &nbsp;&nbsp;&nbsp;&nbsp;2037148 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718470 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.875% | 1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887887 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**12464655** |
| &nbsp;&nbsp;**Consumer Cyclical Services 0.2%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.2%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.2%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.2%** |
| &nbsp;&nbsp;ADT Security Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp;ADT Security Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp;ADT Security Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp;ADT Security Corp. (The)<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493372 |
| &nbsp;&nbsp;Allied Universal Holdco LLC/Finance Corp./Atlas Luxco 4 Sarl<sup>(a)</sup> | &nbsp;&nbsp;Allied Universal Holdco LLC/Finance Corp./Atlas Luxco 4 Sarl<sup>(a)</sup> | &nbsp;&nbsp;Allied Universal Holdco LLC/Finance Corp./Atlas Luxco 4 Sarl<sup>(a)</sup> | &nbsp;&nbsp;Allied Universal Holdco LLC/Finance Corp./Atlas Luxco 4 Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770378 |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752081 |
| &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.250% | 1295000 | &nbsp;&nbsp;&nbsp;&nbsp;1015690 |
| &nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;Booking Holdings, Inc. |
| &nbsp;&nbsp;03/15/2023 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319596 |
| &nbsp;&nbsp;Ford Foundation (The) | &nbsp;&nbsp;Ford Foundation (The) | &nbsp;&nbsp;Ford Foundation (The) | &nbsp;&nbsp;Ford Foundation (The) |
| &nbsp;&nbsp;06/01/2070 | &nbsp;&nbsp;2.815% | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260525 |
| &nbsp;&nbsp;Garda World Security Corp<sup>(a)</sup> | &nbsp;&nbsp;Garda World Security Corp<sup>(a)</sup> | &nbsp;&nbsp;Garda World Security Corp<sup>(a)</sup> | &nbsp;&nbsp;Garda World Security Corp<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;4.625% | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928586 |
| &nbsp;&nbsp;Prime Security Services Borrower LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prime Security Services Borrower LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prime Security Services Borrower LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prime Security Services Borrower LLC/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;5.750% | 1980000 | &nbsp;&nbsp;&nbsp;&nbsp;1907906 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;Service Corp. International |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922554 |
| &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;7.500% | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981343 |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986405 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**9338436** |
| &nbsp;&nbsp;**Consumer Products 0.4%** | &nbsp;&nbsp;**Consumer Products 0.4%** | &nbsp;&nbsp;**Consumer Products 0.4%** | &nbsp;&nbsp;**Consumer Products 0.4%** |
| &nbsp;&nbsp;ACCO Brands Corp.<sup>(a)</sup> | &nbsp;&nbsp;ACCO Brands Corp.<sup>(a)</sup> | &nbsp;&nbsp;ACCO Brands Corp.<sup>(a)</sup> | &nbsp;&nbsp;ACCO Brands Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;4.250% | 1285000 | &nbsp;&nbsp;&nbsp;&nbsp;1060634 |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689981 |
| &nbsp;&nbsp;Central Garden & Pet Co. | &nbsp;&nbsp;Central Garden & Pet Co. | &nbsp;&nbsp;Central Garden & Pet Co. | &nbsp;&nbsp;Central Garden & Pet Co. |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;4.125% | 1255000 | &nbsp;&nbsp;&nbsp;&nbsp;1032759 |
| &nbsp;&nbsp;Edgewell Personal Care Co.<sup>(a)</sup> | &nbsp;&nbsp;Edgewell Personal Care Co.<sup>(a)</sup> | &nbsp;&nbsp;Edgewell Personal Care Co.<sup>(a)</sup> | &nbsp;&nbsp;Edgewell Personal Care Co.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;5.500% | 1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987679 |
| &nbsp;&nbsp;Energizer Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Energizer Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Energizer Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Energizer Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;4.750% | 1745000 | &nbsp;&nbsp;&nbsp;&nbsp;1518670 |
| &nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC | &nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC | &nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC | &nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC |
| &nbsp;&nbsp;03/24/2027 | &nbsp;&nbsp;3.375% | 2130000 | &nbsp;&nbsp;&nbsp;&nbsp;1984575 |
| &nbsp;&nbsp;03/24/2029 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;847000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762024 |
| &nbsp;&nbsp;03/24/2032 | &nbsp;&nbsp;3.625% | 3190000 | &nbsp;&nbsp;&nbsp;&nbsp;2810498 |
| &nbsp;&nbsp;03/24/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239869 |
| &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566919 |
| &nbsp;&nbsp;Mead Johnson Nutrition Co. | &nbsp;&nbsp;Mead Johnson Nutrition Co. | &nbsp;&nbsp;Mead Johnson Nutrition Co. | &nbsp;&nbsp;Mead Johnson Nutrition Co. |
| &nbsp;&nbsp;06/01/2044 | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314043 |
| &nbsp;&nbsp;Natura Cosmeticos SA<sup>(a)</sup> | &nbsp;&nbsp;Natura Cosmeticos SA<sup>(a)</sup> | &nbsp;&nbsp;Natura Cosmeticos SA<sup>(a)</sup> | &nbsp;&nbsp;Natura Cosmeticos SA<sup>(a)</sup> |
| &nbsp;&nbsp;05/03/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244998 |
| &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;6.625% | 1080000 | &nbsp;&nbsp;&nbsp;&nbsp;1065968 |
| &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812333 |
| &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;4.500% | 1635000 | &nbsp;&nbsp;&nbsp;&nbsp;1324445 |
| &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.000% | 1465000 | &nbsp;&nbsp;&nbsp;&nbsp;1281486 |
| &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;4.000% | 1370000 | &nbsp;&nbsp;&nbsp;&nbsp;1150305 |
| &nbsp;&nbsp;Valvoline, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Valvoline, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Valvoline, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Valvoline, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804952 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**18652138** |
| &nbsp;&nbsp;**Diversified Manufacturing 0.3%** | &nbsp;&nbsp;**Diversified Manufacturing 0.3%** | &nbsp;&nbsp;**Diversified Manufacturing 0.3%** | &nbsp;&nbsp;**Diversified Manufacturing 0.3%** |
| &nbsp;&nbsp;Amsted Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Amsted Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Amsted Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Amsted Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811908 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;BWX Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BWX Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BWX Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BWX Technologies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632827 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472224 |
| &nbsp;&nbsp;Eaton Corp. | &nbsp;&nbsp;Eaton Corp. | &nbsp;&nbsp;Eaton Corp. | &nbsp;&nbsp;Eaton Corp. |
| &nbsp;&nbsp;04/01/2024 | &nbsp;&nbsp;7.625% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175350 |
| &nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;Griffon Corp. |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;5.750% | 1440000 | &nbsp;&nbsp;&nbsp;&nbsp;1316854 |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;Honeywell International, Inc. |
| &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;5.000% | 2849000 | &nbsp;&nbsp;&nbsp;&nbsp;2904470 |
| &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;4.125% | 1365000 | &nbsp;&nbsp;&nbsp;&nbsp;1136722 |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;Parker-Hannifin Corp. |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;4.250% | 2577000 | &nbsp;&nbsp;&nbsp;&nbsp;2504120 |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;4.500% | 1718000 | &nbsp;&nbsp;&nbsp;&nbsp;1652165 |
| &nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;Roper Technologies, Inc. |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;1.400% | &nbsp;&nbsp;&nbsp;569000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482517 |
| &nbsp;&nbsp;06/30/2030 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193481 |
| &nbsp;&nbsp;TriMas Corp.<sup>(a)</sup> | &nbsp;&nbsp;TriMas Corp.<sup>(a)</sup> | &nbsp;&nbsp;TriMas Corp.<sup>(a)</sup> | &nbsp;&nbsp;TriMas Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636004 |
| &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702738 |
| &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;7.250% | 1805000 | &nbsp;&nbsp;&nbsp;&nbsp;1830006 |
| &nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;WW Grainger, Inc. |
| &nbsp;&nbsp;06/15/2045 | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181818 |
| &nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;Xylem, Inc. |
| &nbsp;&nbsp;01/30/2031 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142908 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**15776112** |
| &nbsp;&nbsp;**Electric 2.0%** | &nbsp;&nbsp;**Electric 2.0%** | &nbsp;&nbsp;**Electric 2.0%** | &nbsp;&nbsp;**Electric 2.0%** |
| &nbsp;&nbsp;AEP Transmission Co. LLC | &nbsp;&nbsp;AEP Transmission Co. LLC | &nbsp;&nbsp;AEP Transmission Co. LLC | &nbsp;&nbsp;AEP Transmission Co. LLC |
| &nbsp;&nbsp;09/15/2049 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305275 |
| &nbsp;&nbsp;08/15/2051 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381982 |
| &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;1.375% | &nbsp;&nbsp;&nbsp;957000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852713 |
| &nbsp;&nbsp;Alabama Power Co. | &nbsp;&nbsp;Alabama Power Co. | &nbsp;&nbsp;Alabama Power Co. | &nbsp;&nbsp;Alabama Power Co. |
| &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;5.700% | &nbsp;&nbsp;&nbsp;159000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162052 |
| &nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74397 |
| &nbsp;&nbsp;07/15/2051 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248586 |
| &nbsp;&nbsp;Alexander Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Alexander Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Alexander Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Alexander Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2023 | &nbsp;&nbsp;1.841% | 1567000 | &nbsp;&nbsp;&nbsp;&nbsp;1481061 |
| &nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;Ameren Corp. |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;1.950% | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211206 |
| &nbsp;&nbsp;American Transmission Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Transmission Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Transmission Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;American Transmission Systems, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;&nbsp;589000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484390 |
| &nbsp;&nbsp;Ausgrid Finance Pty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Ausgrid Finance Pty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Ausgrid Finance Pty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Ausgrid Finance Pty Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2023 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845351 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Baltimore Gas and Electric Co. | &nbsp;&nbsp;Baltimore Gas and Electric Co. | &nbsp;&nbsp;Baltimore Gas and Electric Co. | &nbsp;&nbsp;Baltimore Gas and Electric Co. |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;2.250% | 1264000 | &nbsp;&nbsp;1025361 |
| &nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;376000 | &nbsp;&nbsp;&nbsp;&nbsp;282431 |
| &nbsp;&nbsp;Berkshire Hathaway Energy Co. | &nbsp;&nbsp;Berkshire Hathaway Energy Co. | &nbsp;&nbsp;Berkshire Hathaway Energy Co. | &nbsp;&nbsp;Berkshire Hathaway Energy Co. |
| &nbsp;&nbsp;11/15/2023 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp;329219 |
| &nbsp;&nbsp;02/01/2025 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;176577 |
| &nbsp;&nbsp;Berkshire Hathaway Energy Co.<sup>(a)</sup> | &nbsp;&nbsp;Berkshire Hathaway Energy Co.<sup>(a)</sup> | &nbsp;&nbsp;Berkshire Hathaway Energy Co.<sup>(a)</sup> | &nbsp;&nbsp;Berkshire Hathaway Energy Co.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;&nbsp;173223 |
| &nbsp;&nbsp;Calpine Corp.<sup>(a)</sup> | &nbsp;&nbsp;Calpine Corp.<sup>(a)</sup> | &nbsp;&nbsp;Calpine Corp.<sup>(a)</sup> | &nbsp;&nbsp;Calpine Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;343333 |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.500% | 1115000 | &nbsp;&nbsp;&nbsp;&nbsp;996521 |
| &nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | &nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | &nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | &nbsp;&nbsp;CenterPoint Energy Houston Electric LLC |
| &nbsp;&nbsp;03/01/2052 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;933000 | &nbsp;&nbsp;&nbsp;&nbsp;720334 |
| &nbsp;&nbsp;Commonwealth Edison Co. | &nbsp;&nbsp;Commonwealth Edison Co. | &nbsp;&nbsp;Commonwealth Edison Co. | &nbsp;&nbsp;Commonwealth Edison Co. |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp;183997 |
| &nbsp;&nbsp;Connecticut Light & Power Co. (The) | &nbsp;&nbsp;Connecticut Light & Power Co. (The) | &nbsp;&nbsp;Connecticut Light & Power Co. (The) | &nbsp;&nbsp;Connecticut Light & Power Co. (The) |
| &nbsp;&nbsp;04/01/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;197154 |
| &nbsp;&nbsp;Consumers Energy Co. | &nbsp;&nbsp;Consumers Energy Co. | &nbsp;&nbsp;Consumers Energy Co. | &nbsp;&nbsp;Consumers Energy Co. |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp;356940 |
| &nbsp;&nbsp;05/01/2060 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;723000 | &nbsp;&nbsp;&nbsp;&nbsp;410812 |
| &nbsp;&nbsp;08/31/2064 | &nbsp;&nbsp;4.350% | &nbsp;&nbsp;&nbsp;547000 | &nbsp;&nbsp;&nbsp;&nbsp;433609 |
| &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;Dominion Energy, Inc. |
| &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;5.375% | 2787000 | &nbsp;&nbsp;2769154 |
| &nbsp;&nbsp;DTE Electric Co. | &nbsp;&nbsp;DTE Electric Co. | &nbsp;&nbsp;DTE Electric Co. | &nbsp;&nbsp;DTE Electric Co. |
| &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;&nbsp;364000 | &nbsp;&nbsp;&nbsp;&nbsp;286901 |
| &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;645541 |
| &nbsp;&nbsp;03/01/2050 | &nbsp;&nbsp;2.950% | 1475000 | &nbsp;&nbsp;1011833 |
| &nbsp;&nbsp;03/01/2052 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;525909 |
| &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;1.050% | &nbsp;&nbsp;&nbsp;756000 | &nbsp;&nbsp;&nbsp;&nbsp;684957 |
| &nbsp;&nbsp;Duke Energy Carolinas LLC | &nbsp;&nbsp;Duke Energy Carolinas LLC | &nbsp;&nbsp;Duke Energy Carolinas LLC | &nbsp;&nbsp;Duke Energy Carolinas LLC |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;218186 |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;718757 |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;2.850% | 1569000 | &nbsp;&nbsp;1325578 |
| &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;313000 | &nbsp;&nbsp;&nbsp;&nbsp;270869 |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;3.550% | 1143000 | &nbsp;&nbsp;&nbsp;&nbsp;863468 |
| &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;4.300% | 2222000 | &nbsp;&nbsp;2143203 |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;754875 |
| &nbsp;&nbsp;09/01/2046 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;194473 |
| &nbsp;&nbsp;06/15/2051 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;183220 |
| &nbsp;&nbsp;Duke Energy Florida LLC | &nbsp;&nbsp;Duke Energy Florida LLC | &nbsp;&nbsp;Duke Energy Florida LLC | &nbsp;&nbsp;Duke Energy Florida LLC |
| &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;2.400% | 1260000 | &nbsp;&nbsp;1026033 |
| &nbsp;&nbsp;Duke Energy Indiana LLC | &nbsp;&nbsp;Duke Energy Indiana LLC | &nbsp;&nbsp;Duke Energy Indiana LLC | &nbsp;&nbsp;Duke Energy Indiana LLC |
| &nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp;146247 |
| &nbsp;&nbsp;04/01/2050 | &nbsp;&nbsp;2.750% | 1905000 | &nbsp;&nbsp;1201200 |
| &nbsp;&nbsp;Duke Energy Ohio, Inc. | &nbsp;&nbsp;Duke Energy Ohio, Inc. | &nbsp;&nbsp;Duke Energy Ohio, Inc. | &nbsp;&nbsp;Duke Energy Ohio, Inc. |
| &nbsp;&nbsp;02/01/2049 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;243095 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

28 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Duke Energy Progress LLC | &nbsp;&nbsp;Duke Energy Progress LLC | &nbsp;&nbsp;Duke Energy Progress LLC | &nbsp;&nbsp;Duke Energy Progress LLC |
| &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;5.700% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;299238 |
| &nbsp;&nbsp;10/15/2046 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;323000 | &nbsp;&nbsp;&nbsp;&nbsp;247156 |
| &nbsp;&nbsp;09/15/2047 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;226088 |
| &nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;2.500% | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;771693 |
| &nbsp;&nbsp;Duquesne Light Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Duquesne Light Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Duquesne Light Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Duquesne Light Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;3.616% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;623467 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;2.532% | &nbsp;&nbsp;&nbsp;373000 | &nbsp;&nbsp;&nbsp;&nbsp;296389 |
| &nbsp;&nbsp;EDP Finance BV<sup>(a)</sup> | &nbsp;&nbsp;EDP Finance BV<sup>(a)</sup> | &nbsp;&nbsp;EDP Finance BV<sup>(a)</sup> | &nbsp;&nbsp;EDP Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;10/11/2027 | &nbsp;&nbsp;6.300% | 1027000 | &nbsp;&nbsp;1056352 |
| &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;466800 |
| &nbsp;&nbsp;Enel Chile SA | &nbsp;&nbsp;Enel Chile SA | &nbsp;&nbsp;Enel Chile SA | &nbsp;&nbsp;Enel Chile SA |
| &nbsp;&nbsp;06/12/2028 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;&nbsp;145108 |
| &nbsp;&nbsp;Enel Finance International NV<sup>(a)</sup> | &nbsp;&nbsp;Enel Finance International NV<sup>(a)</sup> | &nbsp;&nbsp;Enel Finance International NV<sup>(a)</sup> | &nbsp;&nbsp;Enel Finance International NV<sup>(a)</sup> |
| &nbsp;&nbsp;04/06/2028 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;294708 |
| &nbsp;&nbsp;07/12/2028 | &nbsp;&nbsp;1.875% | 1636000 | &nbsp;&nbsp;1300039 |
| &nbsp;&nbsp;07/12/2031 | &nbsp;&nbsp;2.250% | 1764000 | &nbsp;&nbsp;1292515 |
| &nbsp;&nbsp;Entergy Arkansas LLC | &nbsp;&nbsp;Entergy Arkansas LLC | &nbsp;&nbsp;Entergy Arkansas LLC | &nbsp;&nbsp;Entergy Arkansas LLC |
| &nbsp;&nbsp;06/15/2051 | &nbsp;&nbsp;2.650% | 1453000 | &nbsp;&nbsp;&nbsp;&nbsp;891577 |
| &nbsp;&nbsp;Entergy Arkansas, Inc. | &nbsp;&nbsp;Entergy Arkansas, Inc. | &nbsp;&nbsp;Entergy Arkansas, Inc. | &nbsp;&nbsp;Entergy Arkansas, Inc. |
| &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;295129 |
| &nbsp;&nbsp;Entergy Louisiana LLC | &nbsp;&nbsp;Entergy Louisiana LLC | &nbsp;&nbsp;Entergy Louisiana LLC | &nbsp;&nbsp;Entergy Louisiana LLC |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;3.050% | &nbsp;&nbsp;&nbsp;472000 | &nbsp;&nbsp;&nbsp;&nbsp;404137 |
| &nbsp;&nbsp;03/15/2051 | &nbsp;&nbsp;2.900% | &nbsp;&nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp;136931 |
| &nbsp;&nbsp;Entergy Texas, Inc. | &nbsp;&nbsp;Entergy Texas, Inc. | &nbsp;&nbsp;Entergy Texas, Inc. | &nbsp;&nbsp;Entergy Texas, Inc. |
| &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;1.750% | 1609000 | &nbsp;&nbsp;1259587 |
| &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;1.400% | &nbsp;&nbsp;&nbsp;718000 | &nbsp;&nbsp;&nbsp;&nbsp;630899 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;&nbsp;232000 | &nbsp;&nbsp;&nbsp;&nbsp;228866 |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;1.650% | 1435000 | &nbsp;&nbsp;1116188 |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;318000 | &nbsp;&nbsp;&nbsp;&nbsp;276530 |
| &nbsp;&nbsp;Exelon Generation Co. LLC | &nbsp;&nbsp;Exelon Generation Co. LLC | &nbsp;&nbsp;Exelon Generation Co. LLC | &nbsp;&nbsp;Exelon Generation Co. LLC |
| &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;5.600% | 1590000 | &nbsp;&nbsp;1531829 |
| &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(a)</sup> | &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(a)</sup> | &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(a)</sup> | &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2049 | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;736698 |
| &nbsp;&nbsp;Florida Power & Light Co. | &nbsp;&nbsp;Florida Power & Light Co. | &nbsp;&nbsp;Florida Power & Light Co. | &nbsp;&nbsp;Florida Power & Light Co. |
| &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;5.400% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;591137 |
| &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;3.950% | 1114000 | &nbsp;&nbsp;&nbsp;&nbsp;925067 |
| &nbsp;&nbsp;Fortis, Inc. | &nbsp;&nbsp;Fortis, Inc. | &nbsp;&nbsp;Fortis, Inc. | &nbsp;&nbsp;Fortis, Inc. |
| &nbsp;&nbsp;10/04/2026 | &nbsp;&nbsp;3.055% | &nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;575919 |
| &nbsp;&nbsp;ITC Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;ITC Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;ITC Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;ITC Holdings Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;09/22/2027 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;&nbsp;428000 | &nbsp;&nbsp;&nbsp;&nbsp;422828 |
| &nbsp;&nbsp;05/14/2030 | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;448223 |
| &nbsp;&nbsp;Jersey Central Power & Light Co.<sup>(a)</sup> | &nbsp;&nbsp;Jersey Central Power & Light Co.<sup>(a)</sup> | &nbsp;&nbsp;Jersey Central Power & Light Co.<sup>(a)</sup> | &nbsp;&nbsp;Jersey Central Power & Light Co.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;250951 |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;2.750% | 1388000 | &nbsp;&nbsp;1114669 |
| &nbsp;&nbsp;Jersey Central Power & Light Co. | &nbsp;&nbsp;Jersey Central Power & Light Co. | &nbsp;&nbsp;Jersey Central Power & Light Co. | &nbsp;&nbsp;Jersey Central Power & Light Co. |
| &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;6.150% | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;146249 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Kansas City Power & Light Co. | &nbsp;&nbsp;Kansas City Power & Light Co. | &nbsp;&nbsp;Kansas City Power & Light Co. | &nbsp;&nbsp;Kansas City Power & Light Co. |
| &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;718798 |
| &nbsp;&nbsp;06/15/2047 | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;324898 |
| &nbsp;&nbsp;Metropolitan Edison Co.<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Edison Co.<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Edison Co.<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Edison Co.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.300% | 1485000 | &nbsp;&nbsp;1391047 |
| &nbsp;&nbsp;MidAmerican Energy Co. | &nbsp;&nbsp;MidAmerican Energy Co. | &nbsp;&nbsp;MidAmerican Energy Co. | &nbsp;&nbsp;MidAmerican Energy Co. |
| &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;623187 |
| &nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;2.700% | 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;705026 |
| &nbsp;&nbsp;Mid-Atlantic Interstate Transmission LLC<sup>(a)</sup> | &nbsp;&nbsp;Mid-Atlantic Interstate Transmission LLC<sup>(a)</sup> | &nbsp;&nbsp;Mid-Atlantic Interstate Transmission LLC<sup>(a)</sup> | &nbsp;&nbsp;Mid-Atlantic Interstate Transmission LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.100% | 1545000 | &nbsp;&nbsp;1453462 |
| &nbsp;&nbsp;Mississippi Power Co. | &nbsp;&nbsp;Mississippi Power Co. | &nbsp;&nbsp;Mississippi Power Co. | &nbsp;&nbsp;Mississippi Power Co. |
| &nbsp;&nbsp;03/30/2028 | &nbsp;&nbsp;3.950% | 1514000 | &nbsp;&nbsp;1420457 |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;581000 | &nbsp;&nbsp;&nbsp;&nbsp;472330 |
| &nbsp;&nbsp;07/30/2051 | &nbsp;&nbsp;3.100% | 1515000 | &nbsp;&nbsp;&nbsp;&nbsp;968345 |
| &nbsp;&nbsp;Nevada Power Co. | &nbsp;&nbsp;Nevada Power Co. | &nbsp;&nbsp;Nevada Power Co. | &nbsp;&nbsp;Nevada Power Co. |
| &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;6.650% | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;245592 |
| &nbsp;&nbsp;09/15/2040 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;546000 | &nbsp;&nbsp;&nbsp;&nbsp;522338 |
| &nbsp;&nbsp;New England Power Co.<sup>(a)</sup> | &nbsp;&nbsp;New England Power Co.<sup>(a)</sup> | &nbsp;&nbsp;New England Power Co.<sup>(a)</sup> | &nbsp;&nbsp;New England Power Co.<sup>(a)</sup> |
| &nbsp;&nbsp;12/05/2047 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;&nbsp;128822 |
| &nbsp;&nbsp;Niagara Mohawk Power Corp.<sup>(a)</sup> | &nbsp;&nbsp;Niagara Mohawk Power Corp.<sup>(a)</sup> | &nbsp;&nbsp;Niagara Mohawk Power Corp.<sup>(a)</sup> | &nbsp;&nbsp;Niagara Mohawk Power Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;4.278% | &nbsp;&nbsp;&nbsp;753000 | &nbsp;&nbsp;&nbsp;&nbsp;650226 |
| &nbsp;&nbsp;Northern States Power Co. | &nbsp;&nbsp;Northern States Power Co. | &nbsp;&nbsp;Northern States Power Co. | &nbsp;&nbsp;Northern States Power Co. |
| &nbsp;&nbsp;04/01/2052 | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;612717 |
| &nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;399795 |
| &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/02/2025 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;293000 | &nbsp;&nbsp;&nbsp;&nbsp;261114 |
| &nbsp;&nbsp;12/02/2027 | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;796252 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;515667 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;534514 |
| &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;NRG Energy, Inc. |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp;106283 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.750% | 1415000 | &nbsp;&nbsp;1329365 |
| &nbsp;&nbsp;NSTAR Electric Co. | &nbsp;&nbsp;NSTAR Electric Co. | &nbsp;&nbsp;NSTAR Electric Co. | &nbsp;&nbsp;NSTAR Electric Co. |
| &nbsp;&nbsp;06/01/2051 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;&nbsp;779000 | &nbsp;&nbsp;&nbsp;&nbsp;540317 |
| &nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;4.550% | 1026000 | &nbsp;&nbsp;&nbsp;&nbsp;936659 |
| &nbsp;&nbsp;09/15/2052 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;&nbsp;447000 | &nbsp;&nbsp;&nbsp;&nbsp;433954 |
| &nbsp;&nbsp;Ohio Power Co. | &nbsp;&nbsp;Ohio Power Co. | &nbsp;&nbsp;Ohio Power Co. | &nbsp;&nbsp;Ohio Power Co. |
| &nbsp;&nbsp;10/01/2051 | &nbsp;&nbsp;2.900% | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;781430 |
| &nbsp;&nbsp;Oklahoma Gas and Electric Co. | &nbsp;&nbsp;Oklahoma Gas and Electric Co. | &nbsp;&nbsp;Oklahoma Gas and Electric Co. | &nbsp;&nbsp;Oklahoma Gas and Electric Co. |
| &nbsp;&nbsp;05/26/2023 | &nbsp;&nbsp;0.553% | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29421 |
| &nbsp;&nbsp;Oncor Electric Delivery Co. LLC | &nbsp;&nbsp;Oncor Electric Delivery Co. LLC | &nbsp;&nbsp;Oncor Electric Delivery Co. LLC | &nbsp;&nbsp;Oncor Electric Delivery Co. LLC |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;160752 |
| &nbsp;&nbsp;Oncor Electric Delivery Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Oncor Electric Delivery Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Oncor Electric Delivery Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Oncor Electric Delivery Co. LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2032 | &nbsp;&nbsp;4.550% | 1300000 | &nbsp;&nbsp;1272402 |
| &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. |
| &nbsp;&nbsp;11/15/2023 | &nbsp;&nbsp;1.700% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;387051 |
| &nbsp;&nbsp;02/16/2024 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;838738 |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;654562 |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;399983 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;&nbsp;676000 | &nbsp;&nbsp;&nbsp;&nbsp;578816 |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;340514 |
| &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;&nbsp;734000 | &nbsp;&nbsp;&nbsp;&nbsp;549640 |
| &nbsp;&nbsp;04/15/2042 | &nbsp;&nbsp;4.450% | 2609000 | &nbsp;&nbsp;1948244 |
| &nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp;122080 |
| &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;330655 |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;3.950% | 1997000 | &nbsp;&nbsp;1352120 |
| &nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;4.950% | 2643000 | &nbsp;&nbsp;2070674 |
| &nbsp;&nbsp;PacifiCorp | &nbsp;&nbsp;PacifiCorp | &nbsp;&nbsp;PacifiCorp | &nbsp;&nbsp;PacifiCorp |
| &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;212537 |
| &nbsp;&nbsp;02/15/2050 | &nbsp;&nbsp;4.150% | 1577000 | &nbsp;&nbsp;1302515 |
| &nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;5.350% | 1393000 | &nbsp;&nbsp;1393479 |
| &nbsp;&nbsp;PECO Energy Co. | &nbsp;&nbsp;PECO Energy Co. | &nbsp;&nbsp;PECO Energy Co. | &nbsp;&nbsp;PECO Energy Co. |
| &nbsp;&nbsp;06/15/2050 | &nbsp;&nbsp;2.800% | &nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;323476 |
| &nbsp;&nbsp;09/15/2051 | &nbsp;&nbsp;2.850% | 1524000 | &nbsp;&nbsp;1011414 |
| &nbsp;&nbsp;Pennsylvania Electric Co.<sup>(a)</sup> | &nbsp;&nbsp;Pennsylvania Electric Co.<sup>(a)</sup> | &nbsp;&nbsp;Pennsylvania Electric Co.<sup>(a)</sup> | &nbsp;&nbsp;Pennsylvania Electric Co.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;3.250% | 1374000 | &nbsp;&nbsp;1236312 |
| &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;816000 | &nbsp;&nbsp;&nbsp;&nbsp;746700 |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;555082 |
| &nbsp;&nbsp;Potomac Electric Power Co. | &nbsp;&nbsp;Potomac Electric Power Co. | &nbsp;&nbsp;Potomac Electric Power Co. | &nbsp;&nbsp;Potomac Electric Power Co. |
| &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;7.900% | &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;192296 |
| &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;211097 |
| &nbsp;&nbsp;Public Service Co. of Colorado | &nbsp;&nbsp;Public Service Co. of Colorado | &nbsp;&nbsp;Public Service Co. of Colorado | &nbsp;&nbsp;Public Service Co. of Colorado |
| &nbsp;&nbsp;01/15/2051 | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;325731 |
| &nbsp;&nbsp;Public Service Co. of New Hampshire | &nbsp;&nbsp;Public Service Co. of New Hampshire | &nbsp;&nbsp;Public Service Co. of New Hampshire | &nbsp;&nbsp;Public Service Co. of New Hampshire |
| &nbsp;&nbsp;11/01/2023 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp;299066 |
| &nbsp;&nbsp;Public Service Co. of Oklahoma | &nbsp;&nbsp;Public Service Co. of Oklahoma | &nbsp;&nbsp;Public Service Co. of Oklahoma | &nbsp;&nbsp;Public Service Co. of Oklahoma |
| &nbsp;&nbsp;08/15/2051 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;568364 |
| &nbsp;&nbsp;Public Service Electric and Gas Co. | &nbsp;&nbsp;Public Service Electric and Gas Co. | &nbsp;&nbsp;Public Service Electric and Gas Co. | &nbsp;&nbsp;Public Service Electric and Gas Co. |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;1.900% | 1695000 | &nbsp;&nbsp;1351540 |
| &nbsp;&nbsp;05/01/2050 | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;449229 |
| &nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;2.050% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;195582 |
| &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;1.600% | &nbsp;&nbsp;&nbsp;973000 | &nbsp;&nbsp;&nbsp;&nbsp;755909 |
| &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;2.450% | 1094000 | &nbsp;&nbsp;&nbsp;&nbsp;876269 |
| &nbsp;&nbsp;Puget Sound Energy, Inc. | &nbsp;&nbsp;Puget Sound Energy, Inc. | &nbsp;&nbsp;Puget Sound Energy, Inc. | &nbsp;&nbsp;Puget Sound Energy, Inc. |
| &nbsp;&nbsp;09/15/2051 | &nbsp;&nbsp;2.893% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;513351 |
| &nbsp;&nbsp;San Diego Gas & Electric Co. | &nbsp;&nbsp;San Diego Gas & Electric Co. | &nbsp;&nbsp;San Diego Gas & Electric Co. | &nbsp;&nbsp;San Diego Gas & Electric Co. |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;718843 |
| &nbsp;&nbsp;08/15/2051 | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;363688 |
| &nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;Southern California Edison Co. |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;3.700% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;968554 |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;186745 |
| &nbsp;&nbsp;01/15/2036 | &nbsp;&nbsp;5.550% | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;124731 |
| &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;5.950% | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;212074 |
| &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;952000 | &nbsp;&nbsp;&nbsp;&nbsp;760548 |
| &nbsp;&nbsp;Southern Power Co. | &nbsp;&nbsp;Southern Power Co. | &nbsp;&nbsp;Southern Power Co. | &nbsp;&nbsp;Southern Power Co. |
| &nbsp;&nbsp;09/15/2041 | &nbsp;&nbsp;5.150% | &nbsp;&nbsp;&nbsp;398000 | &nbsp;&nbsp;&nbsp;&nbsp;359177 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Southwestern Electric Power Co. | &nbsp;&nbsp;Southwestern Electric Power Co. | &nbsp;&nbsp;Southwestern Electric Power Co. | &nbsp;&nbsp;Southwestern Electric Power Co. |
| &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;&nbsp;428000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326713 |
| &nbsp;&nbsp;Southwestern Public Service Co. | &nbsp;&nbsp;Southwestern Public Service Co. | &nbsp;&nbsp;Southwestern Public Service Co. | &nbsp;&nbsp;Southwestern Public Service Co. |
| &nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;338000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295642 |
| &nbsp;&nbsp;Toledo Edison Co. (The) | &nbsp;&nbsp;Toledo Edison Co. (The) | &nbsp;&nbsp;Toledo Edison Co. (The) | &nbsp;&nbsp;Toledo Edison Co. (The) |
| &nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;6.150% | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211705 |
| &nbsp;&nbsp;Trans-Allegheny Interstate Line Co.<sup>(a)</sup> | &nbsp;&nbsp;Trans-Allegheny Interstate Line Co.<sup>(a)</sup> | &nbsp;&nbsp;Trans-Allegheny Interstate Line Co.<sup>(a)</sup> | &nbsp;&nbsp;Trans-Allegheny Interstate Line Co.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;597000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577243 |
| &nbsp;&nbsp;Union Electric Co. | &nbsp;&nbsp;Union Electric Co. | &nbsp;&nbsp;Union Electric Co. | &nbsp;&nbsp;Union Electric Co. |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;&nbsp;286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266392 |
| &nbsp;&nbsp;04/01/2052 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186696 |
| &nbsp;&nbsp;Virginia Electric and Power Co. | &nbsp;&nbsp;Virginia Electric and Power Co. | &nbsp;&nbsp;Virginia Electric and Power Co. | &nbsp;&nbsp;Virginia Electric and Power Co. |
| &nbsp;&nbsp;03/15/2023 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126469 |
| &nbsp;&nbsp;11/15/2051 | &nbsp;&nbsp;2.950% | 1264000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837616 |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835999 |
| &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;5.625% | 1860000 | &nbsp;&nbsp;&nbsp;&nbsp;1776354 |
| &nbsp;&nbsp;07/31/2027 | &nbsp;&nbsp;5.000% | 1185000 | &nbsp;&nbsp;&nbsp;&nbsp;1102771 |
| &nbsp;&nbsp;Wisconsin Electric Power Co. | &nbsp;&nbsp;Wisconsin Electric Power Co. | &nbsp;&nbsp;Wisconsin Electric Power Co. | &nbsp;&nbsp;Wisconsin Electric Power Co. |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183099 |
| &nbsp;&nbsp;09/30/2032 | &nbsp;&nbsp;4.750% | 1268000 | &nbsp;&nbsp;&nbsp;&nbsp;1245939 |
| &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. |
| &nbsp;&nbsp;09/15/2041 | &nbsp;&nbsp;4.800% | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78426 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**97066610** |
| &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** |
| &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599682 |
| &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852584 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318894 |
| &nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;Republic Services, Inc. |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;1.450% | &nbsp;&nbsp;&nbsp;378000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290289 |
| &nbsp;&nbsp;Stericycle, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Stericycle, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Stericycle, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Stericycle, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694003 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2755452** |
| &nbsp;&nbsp;**Finance Companies 0.6%** | &nbsp;&nbsp;**Finance Companies 0.6%** | &nbsp;&nbsp;**Finance Companies 0.6%** | &nbsp;&nbsp;**Finance Companies 0.6%** |
| &nbsp;&nbsp;AerCap Ireland Capital DAC/Global Aviation Trust | &nbsp;&nbsp;AerCap Ireland Capital DAC/Global Aviation Trust | &nbsp;&nbsp;AerCap Ireland Capital DAC/Global Aviation Trust | &nbsp;&nbsp;AerCap Ireland Capital DAC/Global Aviation Trust |
| &nbsp;&nbsp;07/03/2023 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495763 |
| &nbsp;&nbsp;09/15/2023 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982633 |
| &nbsp;&nbsp;10/29/2023 | &nbsp;&nbsp;1.150% | 5104000 | &nbsp;&nbsp;&nbsp;&nbsp;4910529 |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950485 |
| &nbsp;&nbsp;08/14/2024 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203417 |
| &nbsp;&nbsp;10/29/2024 | &nbsp;&nbsp;1.650% | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203157 |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;6.500% | 1285000 | &nbsp;&nbsp;&nbsp;&nbsp;1305379 |
| &nbsp;&nbsp;04/03/2026 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383490 |
| &nbsp;&nbsp;10/29/2026 | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166166 |
| &nbsp;&nbsp;10/29/2028 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197233 |
| &nbsp;&nbsp;01/30/2032 | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175796 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

30 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;Air Lease Corp. |
| &nbsp;&nbsp;07/03/2023 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338071 |
| &nbsp;&nbsp;09/15/2023 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173774 |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208913 |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485688 |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;749000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693520 |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191511 |
| &nbsp;&nbsp;Aviation Capital Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Aviation Capital Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Aviation Capital Group LLC<sup>(a)</sup> | &nbsp;&nbsp;Aviation Capital Group LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2023 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346348 |
| &nbsp;&nbsp;12/15/2024 | &nbsp;&nbsp;5.500% | 1222000 | &nbsp;&nbsp;&nbsp;&nbsp;1198849 |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775964 |
| &nbsp;&nbsp;Avolon Holdings Funding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Avolon Holdings Funding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Avolon Holdings Funding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Avolon Holdings Funding Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;2.875% | 1904000 | &nbsp;&nbsp;&nbsp;&nbsp;1759111 |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;5.500% | 2935000 | &nbsp;&nbsp;&nbsp;&nbsp;2793136 |
| &nbsp;&nbsp;02/21/2026 | &nbsp;&nbsp;2.125% | &nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629337 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753083 |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720743 |
| &nbsp;&nbsp;11/18/2027 | &nbsp;&nbsp;2.528% | 2445000 | &nbsp;&nbsp;&nbsp;&nbsp;1973882 |
| &nbsp;&nbsp;Blackstone Secured Lending Fund | &nbsp;&nbsp;Blackstone Secured Lending Fund | &nbsp;&nbsp;Blackstone Secured Lending Fund | &nbsp;&nbsp;Blackstone Secured Lending Fund |
| &nbsp;&nbsp;07/14/2023 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948084 |
| &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. |
| &nbsp;&nbsp;03/25/2024 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767618 |
| &nbsp;&nbsp;Owl Rock Capital Corp. III | &nbsp;&nbsp;Owl Rock Capital Corp. III | &nbsp;&nbsp;Owl Rock Capital Corp. III | &nbsp;&nbsp;Owl Rock Capital Corp. III |
| &nbsp;&nbsp;04/13/2027 | &nbsp;&nbsp;3.125% | 1154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955341 |
| &nbsp;&nbsp;Park Aerospace Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Park Aerospace Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Park Aerospace Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Park Aerospace Holdings Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2023 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174562 |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185687 |
| &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;3.625% | 1705000 | &nbsp;&nbsp;&nbsp;&nbsp;1352862 |
| &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. |
| &nbsp;&nbsp;03/15/2025 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230724 |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;7.125% | 1580000 | &nbsp;&nbsp;&nbsp;&nbsp;1502294 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**29133150** |
| &nbsp;&nbsp;**Food and Beverage 0.7%** | &nbsp;&nbsp;**Food and Beverage 0.7%** | &nbsp;&nbsp;**Food and Beverage 0.7%** | &nbsp;&nbsp;**Food and Beverage 0.7%** |
| &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. |
| &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;4.700% | 4268000 | &nbsp;&nbsp;&nbsp;&nbsp;4023754 |
| &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;4.900% | 5255000 | &nbsp;&nbsp;&nbsp;&nbsp;4808846 |
| &nbsp;&nbsp;Anheuser-Busch InBev Finance, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Finance, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Finance, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Finance, Inc. |
| &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26908 |
| &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. |
| &nbsp;&nbsp;04/15/2038 | &nbsp;&nbsp;4.375% | 2520000 | &nbsp;&nbsp;&nbsp;&nbsp;2265601 |
| &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;4.350% | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446267 |
| &nbsp;&nbsp;10/06/2048 | &nbsp;&nbsp;4.439% | &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389440 |
| &nbsp;&nbsp;Aramark Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Aramark Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Aramark Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Aramark Services, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638650 |
| &nbsp;&nbsp;Bunge Ltd. Finance Corp. | &nbsp;&nbsp;Bunge Ltd. Finance Corp. | &nbsp;&nbsp;Bunge Ltd. Finance Corp. | &nbsp;&nbsp;Bunge Ltd. Finance Corp. |
| &nbsp;&nbsp;08/17/2025 | &nbsp;&nbsp;1.630% | &nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888730 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;Campbell Soup Co. |
| &nbsp;&nbsp;04/24/2030 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170221 |
| &nbsp;&nbsp;04/24/2050 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168555 |
| &nbsp;&nbsp;Cargill, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cargill, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cargill, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cargill, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2023 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139638 |
| &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331802 |
| &nbsp;&nbsp;04/22/2052 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139211 |
| &nbsp;&nbsp;Central American Bottling Corp/CBC Bottling Holdco SL/Beliv Holdco SL<sup>(a)</sup> | &nbsp;&nbsp;Central American Bottling Corp/CBC Bottling Holdco SL/Beliv Holdco SL<sup>(a)</sup> | &nbsp;&nbsp;Central American Bottling Corp/CBC Bottling Holdco SL/Beliv Holdco SL<sup>(a)</sup> | &nbsp;&nbsp;Central American Bottling Corp/CBC Bottling Holdco SL/Beliv Holdco SL<sup>(a)</sup> |
| &nbsp;&nbsp;04/27/2029 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392113 |
| &nbsp;&nbsp;Coca-Cola Femsa SAB de CV | &nbsp;&nbsp;Coca-Cola Femsa SAB de CV | &nbsp;&nbsp;Coca-Cola Femsa SAB de CV | &nbsp;&nbsp;Coca-Cola Femsa SAB de CV |
| &nbsp;&nbsp;01/22/2030 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294384 |
| &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;1.850% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758530 |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;5.250% | 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985139 |
| &nbsp;&nbsp;Diageo Capital PLC | &nbsp;&nbsp;Diageo Capital PLC | &nbsp;&nbsp;Diageo Capital PLC | &nbsp;&nbsp;Diageo Capital PLC |
| &nbsp;&nbsp;09/29/2025 | &nbsp;&nbsp;1.375% | &nbsp;&nbsp;&nbsp;348000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319253 |
| &nbsp;&nbsp;10/24/2027 | &nbsp;&nbsp;5.300% | 2339000 | &nbsp;&nbsp;&nbsp;&nbsp;2393701 |
| &nbsp;&nbsp;01/24/2033 | &nbsp;&nbsp;5.500% | 2428000 | &nbsp;&nbsp;&nbsp;&nbsp;2539384 |
| &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV |
| &nbsp;&nbsp;01/16/2050 | &nbsp;&nbsp;3.500% | 1270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889364 |
| &nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;Keurig Dr Pepper, Inc. |
| &nbsp;&nbsp;05/25/2025 | &nbsp;&nbsp;4.417% | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59376 |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;3.430% | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126004 |
| &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lamb Weston Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.875% | 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;1038062 |
| &nbsp;&nbsp;MARB BondCo PLC<sup>(a)</sup> | &nbsp;&nbsp;MARB BondCo PLC<sup>(a)</sup> | &nbsp;&nbsp;MARB BondCo PLC<sup>(a)</sup> | &nbsp;&nbsp;MARB BondCo PLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/29/2031 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386095 |
| &nbsp;&nbsp;Mondelez International, Inc. | &nbsp;&nbsp;Mondelez International, Inc. | &nbsp;&nbsp;Mondelez International, Inc. | &nbsp;&nbsp;Mondelez International, Inc. |
| &nbsp;&nbsp;05/04/2025 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380022 |
| &nbsp;&nbsp;Nestle Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nestle Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nestle Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nestle Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;4.125% | 1407000 | &nbsp;&nbsp;&nbsp;&nbsp;1374509 |
| &nbsp;&nbsp;01/15/2053 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;&nbsp;956000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903201 |
| &nbsp;&nbsp;Performance Food Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Performance Food Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Performance Food Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Performance Food Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;5.500% | 1220000 | &nbsp;&nbsp;&nbsp;&nbsp;1158956 |
| &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526777 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789405 |
| &nbsp;&nbsp;Tyson Foods, Inc. | &nbsp;&nbsp;Tyson Foods, Inc. | &nbsp;&nbsp;Tyson Foods, Inc. | &nbsp;&nbsp;Tyson Foods, Inc. |
| &nbsp;&nbsp;08/15/2044 | &nbsp;&nbsp;5.150% | &nbsp;&nbsp;&nbsp;281000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260718 |
| &nbsp;&nbsp;Viterra Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Viterra Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Viterra Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Viterra Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;04/21/2032 | &nbsp;&nbsp;5.250% | 2682000 | &nbsp;&nbsp;&nbsp;&nbsp;2350955 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**32363571** |
| &nbsp;&nbsp;**Gaming 0.2%** | &nbsp;&nbsp;**Gaming 0.2%** | &nbsp;&nbsp;**Gaming 0.2%** | &nbsp;&nbsp;**Gaming 0.2%** |
| &nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;Boyd Gaming Corp. |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237445 |
| &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;6.250% | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;1002109 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;GLP Capital LP/Financing II, Inc. | &nbsp;&nbsp;GLP Capital LP/Financing II, Inc. | &nbsp;&nbsp;GLP Capital LP/Financing II, Inc. | &nbsp;&nbsp;GLP Capital LP/Financing II, Inc. |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;&nbsp;822000 | &nbsp;&nbsp;&nbsp;&nbsp;776052 |
| &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;312369 |
| &nbsp;&nbsp;MGM Resorts International | &nbsp;&nbsp;MGM Resorts International | &nbsp;&nbsp;MGM Resorts International | &nbsp;&nbsp;MGM Resorts International |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;5.500% | 1620000 | &nbsp;&nbsp;1505758 |
| &nbsp;&nbsp;Sands China Ltd. | &nbsp;&nbsp;Sands China Ltd. | &nbsp;&nbsp;Sands China Ltd. | &nbsp;&nbsp;Sands China Ltd. |
| &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;650007 |
| &nbsp;&nbsp;Station Casinos LLC<sup>(a)</sup> | &nbsp;&nbsp;Station Casinos LLC<sup>(a)</sup> | &nbsp;&nbsp;Station Casinos LLC<sup>(a)</sup> | &nbsp;&nbsp;Station Casinos LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;551067 |
| &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;4.250% | 1170000 | &nbsp;&nbsp;1091862 |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;628292 |
| &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;4.625% | 1125000 | &nbsp;&nbsp;1023648 |
| &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;681284 |
| &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;706905 |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;690360 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**9857158** |
| &nbsp;&nbsp;**Health Care 1.1%** | &nbsp;&nbsp;**Health Care 1.1%** | &nbsp;&nbsp;**Health Care 1.1%** | &nbsp;&nbsp;**Health Care 1.1%** |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;Abbott Laboratories |
| &nbsp;&nbsp;11/30/2036 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;294149 |
| &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.500% | 1415000 | &nbsp;&nbsp;1343307 |
| &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;766953 |
| &nbsp;&nbsp;Advocate Health & Hospitals Corp. | &nbsp;&nbsp;Advocate Health & Hospitals Corp. | &nbsp;&nbsp;Advocate Health & Hospitals Corp. | &nbsp;&nbsp;Advocate Health & Hospitals Corp. |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;2.211% | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;193577 |
| &nbsp;&nbsp;Ascension Health | &nbsp;&nbsp;Ascension Health | &nbsp;&nbsp;Ascension Health | &nbsp;&nbsp;Ascension Health |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;2.532% | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;292142 |
| &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;4.625% | 1400000 | &nbsp;&nbsp;1271246 |
| &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. |
| &nbsp;&nbsp;12/15/2024 | &nbsp;&nbsp;3.734% | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42898 |
| &nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;Boston Scientific Corp. |
| &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75370 |
| &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;862039 |
| &nbsp;&nbsp;Children's Hospital Corp. (The) | &nbsp;&nbsp;Children's Hospital Corp. (The) | &nbsp;&nbsp;Children's Hospital Corp. (The) | &nbsp;&nbsp;Children's Hospital Corp. (The) |
| &nbsp;&nbsp;02/01/2050 | &nbsp;&nbsp;2.585% | &nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;413000 |
| &nbsp;&nbsp;Children's Hospital/DC | &nbsp;&nbsp;Children's Hospital/DC | &nbsp;&nbsp;Children's Hospital/DC | &nbsp;&nbsp;Children's Hospital/DC |
| &nbsp;&nbsp;07/15/2050 | &nbsp;&nbsp;2.928% | &nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;471632 |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;5.625% | 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;939536 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;6.000% | 1250000 | &nbsp;&nbsp;1046259 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. |
| &nbsp;&nbsp;02/25/2026 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;&nbsp;194144 |
| &nbsp;&nbsp;07/15/2046 | &nbsp;&nbsp;4.800% | &nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;195987 |
| &nbsp;&nbsp;03/15/2050 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;394000 | &nbsp;&nbsp;&nbsp;&nbsp;279563 |
| &nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;CommonSpirit Health |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;1.547% | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;607466 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;2.782% | &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;551035 |
| &nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;3.910% | &nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;488069 |
| &nbsp;&nbsp;Cottage Health Obligated Group | &nbsp;&nbsp;Cottage Health Obligated Group | &nbsp;&nbsp;Cottage Health Obligated Group | &nbsp;&nbsp;Cottage Health Obligated Group |
| &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;3.304% | &nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;434499 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;854531 |
| &nbsp;&nbsp;07/20/2035 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;278000 | &nbsp;&nbsp;&nbsp;&nbsp;263846 |
| &nbsp;&nbsp;03/25/2038 | &nbsp;&nbsp;4.780% | &nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;907108 |
| &nbsp;&nbsp;03/25/2048 | &nbsp;&nbsp;5.050% | 2035000 | &nbsp;&nbsp;1836931 |
| &nbsp;&nbsp;CVS Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;CVS Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;CVS Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;CVS Pass-Through Trust<sup>(a)</sup> |
| &nbsp;&nbsp;10/10/2025 | &nbsp;&nbsp;6.204% | &nbsp;&nbsp;&nbsp;&nbsp;75788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75528 |
| &nbsp;&nbsp;01/10/2032 | &nbsp;&nbsp;7.507% | &nbsp;&nbsp;&nbsp;&nbsp;89160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93516 |
| &nbsp;&nbsp;01/10/2034 | &nbsp;&nbsp;5.926% | &nbsp;&nbsp;&nbsp;631231 | &nbsp;&nbsp;&nbsp;&nbsp;618317 |
| &nbsp;&nbsp;01/10/2036 | &nbsp;&nbsp;4.704% | 1567801 | &nbsp;&nbsp;1435638 |
| &nbsp;&nbsp;08/11/2036 | &nbsp;&nbsp;4.163% | &nbsp;&nbsp;&nbsp;137402 | &nbsp;&nbsp;&nbsp;&nbsp;122049 |
| &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;Danaher Corp. |
| &nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;2.600% | 1009000 | &nbsp;&nbsp;&nbsp;&nbsp;645900 |
| &nbsp;&nbsp;12/10/2051 | &nbsp;&nbsp;2.800% | &nbsp;&nbsp;&nbsp;676000 | &nbsp;&nbsp;&nbsp;&nbsp;449749 |
| &nbsp;&nbsp;DaVita, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DaVita, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DaVita, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DaVita, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;4.625% | 2070000 | &nbsp;&nbsp;1668240 |
| &nbsp;&nbsp;DH Europe Finance II Sarl | &nbsp;&nbsp;DH Europe Finance II Sarl | &nbsp;&nbsp;DH Europe Finance II Sarl | &nbsp;&nbsp;DH Europe Finance II Sarl |
| &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;2.200% | 2325000 | &nbsp;&nbsp;2213702 |
| &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;Encompass Health Corp. |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;798917 |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;761782 |
| &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;180332 |
| &nbsp;&nbsp;Hackensack Meridian Health, Inc. | &nbsp;&nbsp;Hackensack Meridian Health, Inc. | &nbsp;&nbsp;Hackensack Meridian Health, Inc. | &nbsp;&nbsp;Hackensack Meridian Health, Inc. |
| &nbsp;&nbsp;09/01/2050 | &nbsp;&nbsp;2.875% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;637209 |
| &nbsp;&nbsp;Hartford HealthCare Corp. | &nbsp;&nbsp;Hartford HealthCare Corp. | &nbsp;&nbsp;Hartford HealthCare Corp. | &nbsp;&nbsp;Hartford HealthCare Corp. |
| &nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;3.447% | 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;951162 |
| &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;5.875% | 1125000 | &nbsp;&nbsp;1132194 |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;5.250% | 1700000 | &nbsp;&nbsp;1680125 |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;5.625% | 3810000 | &nbsp;&nbsp;3791580 |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;5.875% | 2545000 | &nbsp;&nbsp;2548700 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.125% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;912903 |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98086 |
| &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;588331 |
| &nbsp;&nbsp;06/15/2047 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;369176 |
| &nbsp;&nbsp;07/15/2051 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65837 |
| &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;4.625% | 4353000 | &nbsp;&nbsp;3409020 |
| &nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;3.250% | 1480000 | &nbsp;&nbsp;1278128 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

32 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;5.000% | 1628000 | &nbsp;&nbsp;&nbsp;&nbsp;1553434 |
| &nbsp;&nbsp;Memorial Health Services | &nbsp;&nbsp;Memorial Health Services | &nbsp;&nbsp;Memorial Health Services | &nbsp;&nbsp;Memorial Health Services |
| &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;3.447% | 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880271 |
| &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;3.875% | 1515000 | &nbsp;&nbsp;&nbsp;&nbsp;1221027 |
| &nbsp;&nbsp;MultiCare Health System | &nbsp;&nbsp;MultiCare Health System | &nbsp;&nbsp;MultiCare Health System | &nbsp;&nbsp;MultiCare Health System |
| &nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;2.803% | &nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336522 |
| &nbsp;&nbsp;NYU Langone Hospitals | &nbsp;&nbsp;NYU Langone Hospitals | &nbsp;&nbsp;NYU Langone Hospitals | &nbsp;&nbsp;NYU Langone Hospitals |
| &nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;3.380% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366711 |
| &nbsp;&nbsp;Owens & Minor, Inc. | &nbsp;&nbsp;Owens & Minor, Inc. | &nbsp;&nbsp;Owens & Minor, Inc. | &nbsp;&nbsp;Owens & Minor, Inc. |
| &nbsp;&nbsp;12/15/2024 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834613 |
| &nbsp;&nbsp;Providence St Joseph Health Obligated Group | &nbsp;&nbsp;Providence St Joseph Health Obligated Group | &nbsp;&nbsp;Providence St Joseph Health Obligated Group | &nbsp;&nbsp;Providence St Joseph Health Obligated Group |
| &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;2.746% | &nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286613 |
| &nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;Quest Diagnostics, Inc. |
| &nbsp;&nbsp;06/30/2031 | &nbsp;&nbsp;2.800% | &nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149840 |
| &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;6.250% | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1344710 |
| &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;5.125% | 2860000 | &nbsp;&nbsp;&nbsp;&nbsp;2668765 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532473 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;Thermo Fisher Scientific, Inc. |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725056 |
| &nbsp;&nbsp;10/15/2041 | &nbsp;&nbsp;2.800% | 1361000 | &nbsp;&nbsp;&nbsp;&nbsp;1002986 |
| &nbsp;&nbsp;Universal Health Services, Inc. | &nbsp;&nbsp;Universal Health Services, Inc. | &nbsp;&nbsp;Universal Health Services, Inc. | &nbsp;&nbsp;Universal Health Services, Inc. |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20671 |
| &nbsp;&nbsp;Yale-New Haven Health Services Corp. | &nbsp;&nbsp;Yale-New Haven Health Services Corp. | &nbsp;&nbsp;Yale-New Haven Health Services Corp. | &nbsp;&nbsp;Yale-New Haven Health Services Corp. |
| &nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;2.496% | &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560894 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**53635994** |
| &nbsp;&nbsp;**Healthcare Insurance 0.5%** | &nbsp;&nbsp;**Healthcare Insurance 0.5%** | &nbsp;&nbsp;**Healthcare Insurance 0.5%** | &nbsp;&nbsp;**Healthcare Insurance 0.5%** |
| &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. |
| &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;201000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214715 |
| &nbsp;&nbsp;08/15/2047 | &nbsp;&nbsp;3.875% | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923199 |
| &nbsp;&nbsp;Anthem, Inc. | &nbsp;&nbsp;Anthem, Inc. | &nbsp;&nbsp;Anthem, Inc. | &nbsp;&nbsp;Anthem, Inc. |
| &nbsp;&nbsp;12/01/2024 | &nbsp;&nbsp;3.350% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339729 |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;4.101% | &nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184987 |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80952 |
| &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;4.250% | 1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981305 |
| &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;4.625% | 2305000 | &nbsp;&nbsp;&nbsp;&nbsp;2113567 |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;3.375% | 2085000 | &nbsp;&nbsp;&nbsp;&nbsp;1764629 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;3.000% | 1905000 | &nbsp;&nbsp;&nbsp;&nbsp;1560681 |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;792000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619640 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;&nbsp;219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209139 |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;5.250% | 1422000 | &nbsp;&nbsp;&nbsp;&nbsp;1455741 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.000% | 1303000 | &nbsp;&nbsp;&nbsp;&nbsp;1244166 |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;5.300% | 2369000 | &nbsp;&nbsp;&nbsp;&nbsp;2446624 |
| &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;5.350% | 3929000 | &nbsp;&nbsp;&nbsp;&nbsp;4069478 |
| &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;4.625% | 1559000 | &nbsp;&nbsp;&nbsp;&nbsp;1510695 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;247000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202558 |
| &nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;648000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472079 |
| &nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;3.050% | &nbsp;&nbsp;&nbsp;446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336027 |
| &nbsp;&nbsp;05/15/2051 | &nbsp;&nbsp;3.250% | 1888000 | &nbsp;&nbsp;&nbsp;&nbsp;1360753 |
| &nbsp;&nbsp;02/15/2053 | &nbsp;&nbsp;5.875% | 2825000 | &nbsp;&nbsp;&nbsp;&nbsp;3067219 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**25157883** |
| &nbsp;&nbsp;**Healthcare REIT 0.0%** | &nbsp;&nbsp;**Healthcare REIT 0.0%** | &nbsp;&nbsp;**Healthcare REIT 0.0%** | &nbsp;&nbsp;**Healthcare REIT 0.0%** |
| &nbsp;&nbsp;HCP, Inc. | &nbsp;&nbsp;HCP, Inc. | &nbsp;&nbsp;HCP, Inc. | &nbsp;&nbsp;HCP, Inc. |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213498 |
| &nbsp;&nbsp;MPT Operating Partnership LP/Finance Corp. | &nbsp;&nbsp;MPT Operating Partnership LP/Finance Corp. | &nbsp;&nbsp;MPT Operating Partnership LP/Finance Corp. | &nbsp;&nbsp;MPT Operating Partnership LP/Finance Corp. |
| &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658466 |
| &nbsp;&nbsp;Sabra Health Care LP | &nbsp;&nbsp;Sabra Health Care LP | &nbsp;&nbsp;Sabra Health Care LP | &nbsp;&nbsp;Sabra Health Care LP |
| &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327850 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1199814** |
| &nbsp;&nbsp;**Home Construction 0.0%** | &nbsp;&nbsp;**Home Construction 0.0%** | &nbsp;&nbsp;**Home Construction 0.0%** | &nbsp;&nbsp;**Home Construction 0.0%** |
| &nbsp;&nbsp;Weekley Homes LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Weekley Homes LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Weekley Homes LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Weekley Homes LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;4.875% | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862028 |
| &nbsp;&nbsp;**Independent Energy 0.4%** | &nbsp;&nbsp;**Independent Energy 0.4%** | &nbsp;&nbsp;**Independent Energy 0.4%** | &nbsp;&nbsp;**Independent Energy 0.4%** |
| &nbsp;&nbsp;Aker BP ASA<sup>(a)</sup> | &nbsp;&nbsp;Aker BP ASA<sup>(a)</sup> | &nbsp;&nbsp;Aker BP ASA<sup>(a)</sup> | &nbsp;&nbsp;Aker BP ASA<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248099 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.000% | 1081000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950082 |
| &nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;8.375% | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;1332979 |
| &nbsp;&nbsp;Baytex Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp;Baytex Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp;Baytex Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp;Baytex Energy Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595015 |
| &nbsp;&nbsp;Chesapeake Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp;Chesapeake Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp;Chesapeake Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp;Chesapeake Energy Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2026 | &nbsp;&nbsp;5.500% | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;1153478 |
| &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766079 |
| &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;6.750% | 1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979587 |
| &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;ConocoPhillips Co. |
| &nbsp;&nbsp;03/15/2062 | &nbsp;&nbsp;4.025% | &nbsp;&nbsp;&nbsp;488000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389536 |
| &nbsp;&nbsp;Gulfport Energy Corp. | &nbsp;&nbsp;Gulfport Energy Corp. | &nbsp;&nbsp;Gulfport Energy Corp. | &nbsp;&nbsp;Gulfport Energy Corp. |
| &nbsp;&nbsp;05/17/2026 | &nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777567 |
| &nbsp;&nbsp;Gulfport Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp;Gulfport Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp;Gulfport Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp;Gulfport Energy Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;05/17/2026 | &nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153532 |
| &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;5.750% | 1185000 | &nbsp;&nbsp;&nbsp;&nbsp;1058878 |
| &nbsp;&nbsp;Lundin Energy Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Lundin Energy Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Lundin Energy Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Lundin Energy Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;2.000% | 2647000 | &nbsp;&nbsp;&nbsp;&nbsp;2342676 |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;3.100% | 2513000 | &nbsp;&nbsp;&nbsp;&nbsp;2060642 |
| &nbsp;&nbsp;Marathon Oil Corp. | &nbsp;&nbsp;Marathon Oil Corp. | &nbsp;&nbsp;Marathon Oil Corp. | &nbsp;&nbsp;Marathon Oil Corp. |
| &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;6.600% | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149468 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;8.500% | &nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794515 |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;6.625% | 1065000 | &nbsp;&nbsp;&nbsp;&nbsp;1100449 |
| &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;7.875% | &nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783667 |
| &nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;Pioneer Natural Resources Co. |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;1.900% | &nbsp;&nbsp;&nbsp;436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342122 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;2.150% | 1266000 | &nbsp;&nbsp;&nbsp;&nbsp;1004071 |
| &nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;Range Resources Corp. |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;4.875% | 1440000 | &nbsp;&nbsp;&nbsp;&nbsp;1372550 |
| &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877148 |
| &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. |
| &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;7.750% | 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;1109938 |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;5.375% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926226 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**21268304** |
| &nbsp;&nbsp;**Integrated Energy 0.5%** | &nbsp;&nbsp;**Integrated Energy 0.5%** | &nbsp;&nbsp;**Integrated Energy 0.5%** | &nbsp;&nbsp;**Integrated Energy 0.5%** |
| &nbsp;&nbsp;BP Capital Markets America, Inc. | &nbsp;&nbsp;BP Capital Markets America, Inc. | &nbsp;&nbsp;BP Capital Markets America, Inc. | &nbsp;&nbsp;BP Capital Markets America, Inc. |
| &nbsp;&nbsp;02/11/2026 | &nbsp;&nbsp;3.410% | &nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170124 |
| &nbsp;&nbsp;08/10/2030 | &nbsp;&nbsp;1.749% | &nbsp;&nbsp;&nbsp;689000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549685 |
| &nbsp;&nbsp;01/12/2032 | &nbsp;&nbsp;2.721% | 4174000 | &nbsp;&nbsp;&nbsp;&nbsp;3494093 |
| &nbsp;&nbsp;11/10/2050 | &nbsp;&nbsp;2.772% | &nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450440 |
| &nbsp;&nbsp;06/04/2051 | &nbsp;&nbsp;2.939% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660227 |
| &nbsp;&nbsp;03/17/2052 | &nbsp;&nbsp;3.001% | 2590000 | &nbsp;&nbsp;&nbsp;&nbsp;1724659 |
| &nbsp;&nbsp;BP Capital Markets PLC | &nbsp;&nbsp;BP Capital Markets PLC | &nbsp;&nbsp;BP Capital Markets PLC | &nbsp;&nbsp;BP Capital Markets PLC |
| &nbsp;&nbsp;09/19/2027 | &nbsp;&nbsp;3.279% | &nbsp;&nbsp;&nbsp;147000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138142 |
| &nbsp;&nbsp;BP Capital Markets PLC<sup>(h)</sup> | &nbsp;&nbsp;BP Capital Markets PLC<sup>(h)</sup> | &nbsp;&nbsp;BP Capital Markets PLC<sup>(h)</sup> | &nbsp;&nbsp;BP Capital Markets PLC<sup>(h)</sup> |
| &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;4.375% | 3790000 | &nbsp;&nbsp;&nbsp;&nbsp;3609951 |
| &nbsp;&nbsp;12/31/2059 | &nbsp;&nbsp;4.875% | 3065000 | &nbsp;&nbsp;&nbsp;&nbsp;2683415 |
| &nbsp;&nbsp;Chevron USA, Inc. | &nbsp;&nbsp;Chevron USA, Inc. | &nbsp;&nbsp;Chevron USA, Inc. | &nbsp;&nbsp;Chevron USA, Inc. |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151376 |
| &nbsp;&nbsp;ENI SpA<sup>(a)</sup> | &nbsp;&nbsp;ENI SpA<sup>(a)</sup> | &nbsp;&nbsp;ENI SpA<sup>(a)</sup> | &nbsp;&nbsp;ENI SpA<sup>(a)</sup> |
| &nbsp;&nbsp;09/12/2023 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306862 |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;Exxon Mobil Corp. |
| &nbsp;&nbsp;08/16/2039 | &nbsp;&nbsp;2.995% | &nbsp;&nbsp;&nbsp;278000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213843 |
| &nbsp;&nbsp;08/16/2049 | &nbsp;&nbsp;3.095% | &nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248616 |
| &nbsp;&nbsp;03/19/2050 | &nbsp;&nbsp;4.327% | 3129000 | &nbsp;&nbsp;&nbsp;&nbsp;2767207 |
| &nbsp;&nbsp;04/15/2051 | &nbsp;&nbsp;3.452% | 2378000 | &nbsp;&nbsp;&nbsp;&nbsp;1802496 |
| &nbsp;&nbsp;Shell International Finance BV | &nbsp;&nbsp;Shell International Finance BV | &nbsp;&nbsp;Shell International Finance BV | &nbsp;&nbsp;Shell International Finance BV |
| &nbsp;&nbsp;11/26/2051 | &nbsp;&nbsp;3.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1361256 |
| &nbsp;&nbsp;Total Capital International SA | &nbsp;&nbsp;Total Capital International SA | &nbsp;&nbsp;Total Capital International SA | &nbsp;&nbsp;Total Capital International SA |
| &nbsp;&nbsp;06/29/2041 | &nbsp;&nbsp;2.986% | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1045024 |
| &nbsp;&nbsp;05/29/2050 | &nbsp;&nbsp;3.127% | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995458 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**22372874** |
| &nbsp;&nbsp;**Leisure 0.2%** | &nbsp;&nbsp;**Leisure 0.2%** | &nbsp;&nbsp;**Leisure 0.2%** | &nbsp;&nbsp;**Leisure 0.2%** |
| &nbsp;&nbsp;Boyne USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Boyne USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Boyne USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Boyne USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.750% | 1145000 | &nbsp;&nbsp;&nbsp;&nbsp;1025178 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;9.875% | 1325000 | &nbsp;&nbsp;1255110 |
| &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;668047 |
| &nbsp;&nbsp;Cedar Fair LP | &nbsp;&nbsp;Cedar Fair LP | &nbsp;&nbsp;Cedar Fair LP | &nbsp;&nbsp;Cedar Fair LP |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.250% | 1300000 | &nbsp;&nbsp;1172118 |
| &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;680052 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;308253 |
| &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;787774 |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;815681 |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;8.250% | &nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;900106 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;9.250% | &nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;626969 |
| &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Entertainment Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/31/2024 | &nbsp;&nbsp;4.875% | 1040000 | &nbsp;&nbsp;1002274 |
| &nbsp;&nbsp;Six Flags Theme Parks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Theme Parks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Theme Parks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Six Flags Theme Parks, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp;304527 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**9546089** |
| &nbsp;&nbsp;**Life Insurance 0.3%** | &nbsp;&nbsp;**Life Insurance 0.3%** | &nbsp;&nbsp;**Life Insurance 0.3%** | &nbsp;&nbsp;**Life Insurance 0.3%** |
| &nbsp;&nbsp;AIA Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;AIA Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;AIA Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;AIA Group Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/06/2028 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;470088 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/16/2040 | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;387423 |
| &nbsp;&nbsp;AIG SunAmerica Global Financing X<sup>(a)</sup> | &nbsp;&nbsp;AIG SunAmerica Global Financing X<sup>(a)</sup> | &nbsp;&nbsp;AIG SunAmerica Global Financing X<sup>(a)</sup> | &nbsp;&nbsp;AIG SunAmerica Global Financing X<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;6.900% | &nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;&nbsp;&nbsp;212435 |
| &nbsp;&nbsp;Athene Global Funding<sup>(a)</sup> | &nbsp;&nbsp;Athene Global Funding<sup>(a)</sup> | &nbsp;&nbsp;Athene Global Funding<sup>(a)</sup> | &nbsp;&nbsp;Athene Global Funding<sup>(a)</sup> |
| &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;1.450% | &nbsp;&nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp;313976 |
| &nbsp;&nbsp;11/12/2026 | &nbsp;&nbsp;2.950% | 1408000 | &nbsp;&nbsp;1267699 |
| &nbsp;&nbsp;03/24/2028 | &nbsp;&nbsp;2.500% | 2970000 | &nbsp;&nbsp;2494329 |
| &nbsp;&nbsp;10/04/2031 | &nbsp;&nbsp;2.646% | 2802000 | &nbsp;&nbsp;2139959 |
| &nbsp;&nbsp;Brighthouse Financial, Inc. | &nbsp;&nbsp;Brighthouse Financial, Inc. | &nbsp;&nbsp;Brighthouse Financial, Inc. | &nbsp;&nbsp;Brighthouse Financial, Inc. |
| &nbsp;&nbsp;12/22/2051 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;839000 | &nbsp;&nbsp;&nbsp;&nbsp;533011 |
| &nbsp;&nbsp;F&G Global Funding<sup>(a)</sup> | &nbsp;&nbsp;F&G Global Funding<sup>(a)</sup> | &nbsp;&nbsp;F&G Global Funding<sup>(a)</sup> | &nbsp;&nbsp;F&G Global Funding<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;115879 |
| &nbsp;&nbsp;Guardian Life Insurance Co. of America (The)<sup>(a)</sup> | &nbsp;&nbsp;Guardian Life Insurance Co. of America (The)<sup>(a)</sup> | &nbsp;&nbsp;Guardian Life Insurance Co. of America (The)<sup>(a)</sup> | &nbsp;&nbsp;Guardian Life Insurance Co. of America (The)<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;01/24/2077 | &nbsp;&nbsp;4.850% | &nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp;171183 |
| &nbsp;&nbsp;Jackson National Life Global Funding<sup>(a)</sup> | &nbsp;&nbsp;Jackson National Life Global Funding<sup>(a)</sup> | &nbsp;&nbsp;Jackson National Life Global Funding<sup>(a)</sup> | &nbsp;&nbsp;Jackson National Life Global Funding<sup>(a)</sup> |
| &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp;&nbsp;&nbsp;267488 |
| &nbsp;&nbsp;John Hancock Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;John Hancock Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;John Hancock Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;John Hancock Life Insurance Co.<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;254707 |
| &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> |
| &nbsp;&nbsp;01/11/2024 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp;268871 |
| &nbsp;&nbsp;09/19/2027 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;154354 |
| &nbsp;&nbsp;New York Life Global Funding<sup>(a)</sup> | &nbsp;&nbsp;New York Life Global Funding<sup>(a)</sup> | &nbsp;&nbsp;New York Life Global Funding<sup>(a)</sup> | &nbsp;&nbsp;New York Life Global Funding<sup>(a)</sup> |
| &nbsp;&nbsp;01/10/2028 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;404000 | &nbsp;&nbsp;&nbsp;&nbsp;371604 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

34 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/15/2069 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213328 |
| &nbsp;&nbsp;Prudential Insurance Co. of America (The)<sup>(a)</sup> | &nbsp;&nbsp;Prudential Insurance Co. of America (The)<sup>(a)</sup> | &nbsp;&nbsp;Prudential Insurance Co. of America (The)<sup>(a)</sup> | &nbsp;&nbsp;Prudential Insurance Co. of America (The)<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;8.300% | &nbsp;&nbsp;&nbsp;702000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746375 |
| &nbsp;&nbsp;SBL Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SBL Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SBL Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SBL Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/18/2031 | &nbsp;&nbsp;5.000% | 2939000 | &nbsp;&nbsp;&nbsp;&nbsp;2290439 |
| &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/15/2044 | &nbsp;&nbsp;4.900% | &nbsp;&nbsp;&nbsp;153000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139973 |
| &nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;4.270% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247920 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13061041** |
| &nbsp;&nbsp;**Lodging 0.0%** | &nbsp;&nbsp;**Lodging 0.0%** | &nbsp;&nbsp;**Lodging 0.0%** | &nbsp;&nbsp;**Lodging 0.0%** |
| &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425268 |
| &nbsp;&nbsp;Hilton Domestic Operating Co., Inc. | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc. | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc. | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc. |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358393 |
| &nbsp;&nbsp;Hilton Worldwide Finance LLC/Corp. | &nbsp;&nbsp;Hilton Worldwide Finance LLC/Corp. | &nbsp;&nbsp;Hilton Worldwide Finance LLC/Corp. | &nbsp;&nbsp;Hilton Worldwide Finance LLC/Corp. |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;4.875% | 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;1119603 |
| &nbsp;&nbsp;Marriott Ownership Resorts, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Marriott Ownership Resorts, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Marriott Ownership Resorts, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Marriott Ownership Resorts, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640749 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2544013** |
| &nbsp;&nbsp;**Media and Entertainment 0.6%** | &nbsp;&nbsp;**Media and Entertainment 0.6%** | &nbsp;&nbsp;**Media and Entertainment 0.6%** | &nbsp;&nbsp;**Media and Entertainment 0.6%** |
| &nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;Activision Blizzard, Inc. |
| &nbsp;&nbsp;09/15/2050 | &nbsp;&nbsp;2.500% | 3736000 | &nbsp;&nbsp;&nbsp;&nbsp;2306128 |
| &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;5.125% | 1505000 | &nbsp;&nbsp;&nbsp;&nbsp;1304082 |
| &nbsp;&nbsp;Discovery Communications LLC | &nbsp;&nbsp;Discovery Communications LLC | &nbsp;&nbsp;Discovery Communications LLC | &nbsp;&nbsp;Discovery Communications LLC |
| &nbsp;&nbsp;09/20/2047 | &nbsp;&nbsp;5.200% | &nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272703 |
| &nbsp;&nbsp;09/15/2055 | &nbsp;&nbsp;4.000% | 1224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737407 |
| &nbsp;&nbsp;Gray Television, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gray Television, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gray Television, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gray Television, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;4.750% | 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777821 |
| &nbsp;&nbsp;Grupo Televisa SAB | &nbsp;&nbsp;Grupo Televisa SAB | &nbsp;&nbsp;Grupo Televisa SAB | &nbsp;&nbsp;Grupo Televisa SAB |
| &nbsp;&nbsp;01/31/2046 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354942 |
| &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381736 |
| &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;5.250% | 1430000 | &nbsp;&nbsp;&nbsp;&nbsp;1210459 |
| &nbsp;&nbsp;Lamar Media Corp. | &nbsp;&nbsp;Lamar Media Corp. | &nbsp;&nbsp;Lamar Media Corp. | &nbsp;&nbsp;Lamar Media Corp. |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847150 |
| &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;4.279% | 2558000 | &nbsp;&nbsp;&nbsp;&nbsp;2109113 |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;5.050% | 1865000 | &nbsp;&nbsp;&nbsp;&nbsp;1434187 |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;5.141% | 4303000 | &nbsp;&nbsp;&nbsp;&nbsp;3159625 |
| &nbsp;&nbsp;03/15/2062 | &nbsp;&nbsp;5.391% | 2119000 | &nbsp;&nbsp;&nbsp;&nbsp;1552286 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;Meta Platforms, Inc. |
| &nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;3.850% | 2405000 | &nbsp;&nbsp;&nbsp;&nbsp;2124339 |
| &nbsp;&nbsp;Midas OpCo Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Midas OpCo Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Midas OpCo Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Midas OpCo Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;5.625% | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865608 |
| &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;Netflix, Inc. |
| &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;889000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863790 |
| &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;5.875% | 1621000 | &nbsp;&nbsp;&nbsp;&nbsp;1644822 |
| &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;998000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977093 |
| &nbsp;&nbsp;News Corp.<sup>(a)</sup> | &nbsp;&nbsp;News Corp.<sup>(a)</sup> | &nbsp;&nbsp;News Corp.<sup>(a)</sup> | &nbsp;&nbsp;News Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;3.875% | 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875168 |
| &nbsp;&nbsp;Nexstar Escrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nexstar Escrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nexstar Escrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nexstar Escrow, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.625% | 1580000 | &nbsp;&nbsp;&nbsp;&nbsp;1451145 |
| &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915527 |
| &nbsp;&nbsp;Scripps Escrow II, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow II, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow II, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow II, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724099 |
| &nbsp;&nbsp;Scripps Escrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Scripps Escrow, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205989 |
| &nbsp;&nbsp;Sinclair Television Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sinclair Television Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sinclair Television Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sinclair Television Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;4.125% | 1325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989258 |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;Take-Two Interactive Software, Inc. |
| &nbsp;&nbsp;04/14/2027 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133667 |
| &nbsp;&nbsp;TEGNA, Inc. | &nbsp;&nbsp;TEGNA, Inc. | &nbsp;&nbsp;TEGNA, Inc. | &nbsp;&nbsp;TEGNA, Inc. |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752608 |
| &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791946 |
| &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;Walt Disney Co. (The) |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;9.500% | &nbsp;&nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147826 |
| &nbsp;&nbsp;WMG Acquisition Corp.<sup>(a)</sup> | &nbsp;&nbsp;WMG Acquisition Corp.<sup>(a)</sup> | &nbsp;&nbsp;WMG Acquisition Corp.<sup>(a)</sup> | &nbsp;&nbsp;WMG Acquisition Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491216 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**30401740** |
| &nbsp;&nbsp;**Metals and Mining 0.5%** | &nbsp;&nbsp;**Metals and Mining 0.5%** | &nbsp;&nbsp;**Metals and Mining 0.5%** | &nbsp;&nbsp;**Metals and Mining 0.5%** |
| &nbsp;&nbsp;Alcoa Nederland Holding BV<sup>(a)</sup> | &nbsp;&nbsp;Alcoa Nederland Holding BV<sup>(a)</sup> | &nbsp;&nbsp;Alcoa Nederland Holding BV<sup>(a)</sup> | &nbsp;&nbsp;Alcoa Nederland Holding BV<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;6.125% | 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;1919959 |
| &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802827 |
| &nbsp;&nbsp;Anglo American Capital PLC<sup>(a)</sup> | &nbsp;&nbsp;Anglo American Capital PLC<sup>(a)</sup> | &nbsp;&nbsp;Anglo American Capital PLC<sup>(a)</sup> | &nbsp;&nbsp;Anglo American Capital PLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/16/2029 | &nbsp;&nbsp;3.875% | 2505000 | &nbsp;&nbsp;&nbsp;&nbsp;2249273 |
| &nbsp;&nbsp;03/16/2052 | &nbsp;&nbsp;4.750% | 1973000 | &nbsp;&nbsp;&nbsp;&nbsp;1640800 |
| &nbsp;&nbsp;Arconic Corp.<sup>(a)</sup> | &nbsp;&nbsp;Arconic Corp.<sup>(a)</sup> | &nbsp;&nbsp;Arconic Corp.<sup>(a)</sup> | &nbsp;&nbsp;Arconic Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;6.125% | 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;1292437 |
| &nbsp;&nbsp;BHP Billiton Finance U.S.A. Ltd. | &nbsp;&nbsp;BHP Billiton Finance U.S.A. Ltd. | &nbsp;&nbsp;BHP Billiton Finance U.S.A. Ltd. | &nbsp;&nbsp;BHP Billiton Finance U.S.A. Ltd. |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;6.420% | &nbsp;&nbsp;&nbsp;468000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489066 |
| &nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;Carpenter Technology Corp. |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462084 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Cleveland-Cliffs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cleveland-Cliffs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cleveland-Cliffs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cleveland-Cliffs, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102413 |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;4.625% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1118264 |
| &nbsp;&nbsp;Cleveland-Cliffs, Inc. | &nbsp;&nbsp;Cleveland-Cliffs, Inc. | &nbsp;&nbsp;Cleveland-Cliffs, Inc. | &nbsp;&nbsp;Cleveland-Cliffs, Inc. |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311293 |
| &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;Constellium SE<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624164 |
| &nbsp;&nbsp;FMG Resources Pty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;FMG Resources Pty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;FMG Resources Pty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;FMG Resources Pty Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;4.500% | 1365000 | &nbsp;&nbsp;&nbsp;&nbsp;1264473 |
| &nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;Freeport-McMoRan, Inc. |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;5.250% | 2640000 | &nbsp;&nbsp;&nbsp;&nbsp;2546036 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423408 |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;4.625% | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972126 |
| &nbsp;&nbsp;11/14/2034 | &nbsp;&nbsp;5.400% | 1388000 | &nbsp;&nbsp;&nbsp;&nbsp;1304794 |
| &nbsp;&nbsp;Glencore Finance Canada Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Glencore Finance Canada Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Glencore Finance Canada Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Glencore Finance Canada Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;6.900% | &nbsp;&nbsp;&nbsp;977000 | &nbsp;&nbsp;&nbsp;&nbsp;1036643 |
| &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100622 |
| &nbsp;&nbsp;Glencore Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;Glencore Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;Glencore Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;Glencore Funding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/30/2023 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;186000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185021 |
| &nbsp;&nbsp;03/12/2029 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;753000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721826 |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;2.500% | 2040000 | &nbsp;&nbsp;&nbsp;&nbsp;1656378 |
| &nbsp;&nbsp;09/23/2031 | &nbsp;&nbsp;2.625% | 1420000 | &nbsp;&nbsp;&nbsp;&nbsp;1132007 |
| &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;4.625% | 1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924894 |
| &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;Nucor Corp. |
| &nbsp;&nbsp;12/15/2055 | &nbsp;&nbsp;2.979% | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211727 |
| &nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;Steel Dynamics, Inc. |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;1.650% | &nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177635 |
| &nbsp;&nbsp;United States Steel Corp. | &nbsp;&nbsp;United States Steel Corp. | &nbsp;&nbsp;United States Steel Corp. | &nbsp;&nbsp;United States Steel Corp. |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475933 |
| &nbsp;&nbsp;Vale Overseas Ltd. | &nbsp;&nbsp;Vale Overseas Ltd. | &nbsp;&nbsp;Vale Overseas Ltd. | &nbsp;&nbsp;Vale Overseas Ltd. |
| &nbsp;&nbsp;07/08/2030 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560536 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**24706639** |
| &nbsp;&nbsp;**Midstream 1.0%** | &nbsp;&nbsp;**Midstream 1.0%** | &nbsp;&nbsp;**Midstream 1.0%** | &nbsp;&nbsp;**Midstream 1.0%** |
| &nbsp;&nbsp;AmeriGas Partners LP/Finance Corp. | &nbsp;&nbsp;AmeriGas Partners LP/Finance Corp. | &nbsp;&nbsp;AmeriGas Partners LP/Finance Corp. | &nbsp;&nbsp;AmeriGas Partners LP/Finance Corp. |
| &nbsp;&nbsp;08/20/2026 | &nbsp;&nbsp;5.875% | 1115000 | &nbsp;&nbsp;&nbsp;&nbsp;1061003 |
| &nbsp;&nbsp;Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;7.875% | 1145000 | &nbsp;&nbsp;&nbsp;&nbsp;1162706 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411627 |
| &nbsp;&nbsp;Blue Racer Midstream LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Blue Racer Midstream LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Blue Racer Midstream LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Blue Racer Midstream LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459271 |
| &nbsp;&nbsp;Buckeye Partners LP | &nbsp;&nbsp;Buckeye Partners LP | &nbsp;&nbsp;Buckeye Partners LP | &nbsp;&nbsp;Buckeye Partners LP |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490783 |
| &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;5.850% | &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573608 |
| &nbsp;&nbsp;Cameron LNG LLC<sup>(a)</sup> | &nbsp;&nbsp;Cameron LNG LLC<sup>(a)</sup> | &nbsp;&nbsp;Cameron LNG LLC<sup>(a)</sup> | &nbsp;&nbsp;Cameron LNG LLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2039 | &nbsp;&nbsp;3.701% | &nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239051 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;Cheniere Energy Partners LP |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;4.500% | 1755000 | &nbsp;&nbsp;1579543 |
| &nbsp;&nbsp;01/31/2032 | &nbsp;&nbsp;3.250% | 1855000 | &nbsp;&nbsp;1477528 |
| &nbsp;&nbsp;Crestwood Midstream Partners LP/Finance Corp. | &nbsp;&nbsp;Crestwood Midstream Partners LP/Finance Corp. | &nbsp;&nbsp;Crestwood Midstream Partners LP/Finance Corp. | &nbsp;&nbsp;Crestwood Midstream Partners LP/Finance Corp. |
| &nbsp;&nbsp;04/01/2025 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;613047 |
| &nbsp;&nbsp;Crestwood Midstream Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Crestwood Midstream Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Crestwood Midstream Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Crestwood Midstream Partners LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;774000 | &nbsp;&nbsp;&nbsp;&nbsp;772712 |
| &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.125% | 1685000 | &nbsp;&nbsp;1445597 |
| &nbsp;&nbsp;Enable Midstream Partners LP | &nbsp;&nbsp;Enable Midstream Partners LP | &nbsp;&nbsp;Enable Midstream Partners LP | &nbsp;&nbsp;Enable Midstream Partners LP |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;399525 |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.950% | 3129000 | &nbsp;&nbsp;3004373 |
| &nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp;Energy Transfer LP |
| &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;5.750% | 3441000 | &nbsp;&nbsp;3375273 |
| &nbsp;&nbsp;Energy Transfer Operating LP | &nbsp;&nbsp;Energy Transfer Operating LP | &nbsp;&nbsp;Energy Transfer Operating LP | &nbsp;&nbsp;Energy Transfer Operating LP |
| &nbsp;&nbsp;04/15/2047 | &nbsp;&nbsp;5.300% | 2447000 | &nbsp;&nbsp;2047232 |
| &nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;506000 | &nbsp;&nbsp;&nbsp;&nbsp;408501 |
| &nbsp;&nbsp;Energy Transfer Partners LP | &nbsp;&nbsp;Energy Transfer Partners LP | &nbsp;&nbsp;Energy Transfer Partners LP | &nbsp;&nbsp;Energy Transfer Partners LP |
| &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;6.050% | &nbsp;&nbsp;&nbsp;877000 | &nbsp;&nbsp;&nbsp;&nbsp;830246 |
| &nbsp;&nbsp;12/15/2045 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;756000 | &nbsp;&nbsp;&nbsp;&nbsp;701046 |
| &nbsp;&nbsp;EnLink Midstream LLC<sup>(a)</sup> | &nbsp;&nbsp;EnLink Midstream LLC<sup>(a)</sup> | &nbsp;&nbsp;EnLink Midstream LLC<sup>(a)</sup> | &nbsp;&nbsp;EnLink Midstream LLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;529425 |
| &nbsp;&nbsp;EnLink Midstream Partners LP | &nbsp;&nbsp;EnLink Midstream Partners LP | &nbsp;&nbsp;EnLink Midstream Partners LP | &nbsp;&nbsp;EnLink Midstream Partners LP |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;&nbsp;386000 | &nbsp;&nbsp;&nbsp;&nbsp;367620 |
| &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC |
| &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;256333 |
| &nbsp;&nbsp;02/15/2053 | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;260448 |
| &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP |
| &nbsp;&nbsp;08/01/2024 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;250186 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;625311 |
| &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;737509 |
| &nbsp;&nbsp;Flex Intermediate Holdco LLC<sup>(a)</sup> | &nbsp;&nbsp;Flex Intermediate Holdco LLC<sup>(a)</sup> | &nbsp;&nbsp;Flex Intermediate Holdco LLC<sup>(a)</sup> | &nbsp;&nbsp;Flex Intermediate Holdco LLC<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2031 | &nbsp;&nbsp;3.363% | &nbsp;&nbsp;&nbsp;969000 | &nbsp;&nbsp;&nbsp;&nbsp;762400 |
| &nbsp;&nbsp;12/30/2039 | &nbsp;&nbsp;4.317% | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;186294 |
| &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2027 | &nbsp;&nbsp;1.750% | 1654024 | &nbsp;&nbsp;1532476 |
| &nbsp;&nbsp;03/31/2034 | &nbsp;&nbsp;2.160% | 1819731 | &nbsp;&nbsp;1546525 |
| &nbsp;&nbsp;03/31/2036 | &nbsp;&nbsp;2.625% | 1270000 | &nbsp;&nbsp;1021998 |
| &nbsp;&nbsp;09/30/2040 | &nbsp;&nbsp;2.940% | 1932093 | &nbsp;&nbsp;1555556 |
| &nbsp;&nbsp;Genesis Energy LP/Finance Corp. | &nbsp;&nbsp;Genesis Energy LP/Finance Corp. | &nbsp;&nbsp;Genesis Energy LP/Finance Corp. | &nbsp;&nbsp;Genesis Energy LP/Finance Corp. |
| &nbsp;&nbsp;06/15/2024 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;689861 |
| &nbsp;&nbsp;Gray Oak Pipeline LLC<sup>(a)</sup> | &nbsp;&nbsp;Gray Oak Pipeline LLC<sup>(a)</sup> | &nbsp;&nbsp;Gray Oak Pipeline LLC<sup>(a)</sup> | &nbsp;&nbsp;Gray Oak Pipeline LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2023 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;222000 | &nbsp;&nbsp;&nbsp;&nbsp;215581 |
| &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;2.600% | &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;717375 |
| &nbsp;&nbsp;Hess Midstream Operations LP<sup>(a)</sup> | &nbsp;&nbsp;Hess Midstream Operations LP<sup>(a)</sup> | &nbsp;&nbsp;Hess Midstream Operations LP<sup>(a)</sup> | &nbsp;&nbsp;Hess Midstream Operations LP<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;5.625% | 1230000 | &nbsp;&nbsp;1193826 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

36 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863507 |
| &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP |
| &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607825 |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;Kinder Morgan, Inc. |
| &nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;3.250% | 1164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754836 |
| &nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;5.450% | 2763000 | &nbsp;&nbsp;&nbsp;&nbsp;2495373 |
| &nbsp;&nbsp;Kinetik Holdings LP<sup>(a)</sup> | &nbsp;&nbsp;Kinetik Holdings LP<sup>(a)</sup> | &nbsp;&nbsp;Kinetik Holdings LP<sup>(a)</sup> | &nbsp;&nbsp;Kinetik Holdings LP<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590402 |
| &nbsp;&nbsp;NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2026 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556694 |
| &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869247 |
| &nbsp;&nbsp;04/28/2027 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446522 |
| &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. |
| &nbsp;&nbsp;10/15/2023 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379591 |
| &nbsp;&nbsp;Sabine Pass Liquefaction LLC | &nbsp;&nbsp;Sabine Pass Liquefaction LLC | &nbsp;&nbsp;Sabine Pass Liquefaction LLC | &nbsp;&nbsp;Sabine Pass Liquefaction LLC |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185753 |
| &nbsp;&nbsp;Southern Natural Gas Co. LLC | &nbsp;&nbsp;Southern Natural Gas Co. LLC | &nbsp;&nbsp;Southern Natural Gas Co. LLC | &nbsp;&nbsp;Southern Natural Gas Co. LLC |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395223 |
| &nbsp;&nbsp;Sunoco Logistics Partners Operations LP | &nbsp;&nbsp;Sunoco Logistics Partners Operations LP | &nbsp;&nbsp;Sunoco Logistics Partners Operations LP | &nbsp;&nbsp;Sunoco Logistics Partners Operations LP |
| &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;6.850% | &nbsp;&nbsp;&nbsp;652000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633742 |
| &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;5.400% | &nbsp;&nbsp;&nbsp;719000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611970 |
| &nbsp;&nbsp;Sunoco LP/Finance Corp. | &nbsp;&nbsp;Sunoco LP/Finance Corp. | &nbsp;&nbsp;Sunoco LP/Finance Corp. | &nbsp;&nbsp;Sunoco LP/Finance Corp. |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607218 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354243 |
| &nbsp;&nbsp;Tallgrass Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tallgrass Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tallgrass Energy Partners LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Tallgrass Energy Partners LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585098 |
| &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529671 |
| &nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;Targa Resources Corp. |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;5.200% | &nbsp;&nbsp;&nbsp;232000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227915 |
| &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. | &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. | &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. | &nbsp;&nbsp;Targa Resources Partners LP/Finance Corp. |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;499000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470242 |
| &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;4.875% | 1993000 | &nbsp;&nbsp;&nbsp;&nbsp;1800778 |
| &nbsp;&nbsp;TransCanada PipeLines Ltd. | &nbsp;&nbsp;TransCanada PipeLines Ltd. | &nbsp;&nbsp;TransCanada PipeLines Ltd. | &nbsp;&nbsp;TransCanada PipeLines Ltd. |
| &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;6.200% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173551 |
| &nbsp;&nbsp;Western Midstream Operating LP<sup>(h)</sup> | &nbsp;&nbsp;Western Midstream Operating LP<sup>(h)</sup> | &nbsp;&nbsp;Western Midstream Operating LP<sup>(h)</sup> | &nbsp;&nbsp;Western Midstream Operating LP<sup>(h)</sup> |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;4.300% | 1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924100 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**48564897** |
| &nbsp;&nbsp;**Natural Gas 0.1%** | &nbsp;&nbsp;**Natural Gas 0.1%** | &nbsp;&nbsp;**Natural Gas 0.1%** | &nbsp;&nbsp;**Natural Gas 0.1%** |
| &nbsp;&nbsp;APT Pipelines Ltd.<sup>(a)</sup> | &nbsp;&nbsp;APT Pipelines Ltd.<sup>(a)</sup> | &nbsp;&nbsp;APT Pipelines Ltd.<sup>(a)</sup> | &nbsp;&nbsp;APT Pipelines Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181203 |
| &nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;Atmos Energy Corp. |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;2.850% | &nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332508 |
| &nbsp;&nbsp;10/15/2052 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194466 |
| &nbsp;&nbsp;Brooklyn Union Gas Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Brooklyn Union Gas Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Brooklyn Union Gas Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Brooklyn Union Gas Co. (The)<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2048 | &nbsp;&nbsp;4.273% | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269333 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;NiSource Finance Corp. | &nbsp;&nbsp;NiSource Finance Corp. | &nbsp;&nbsp;NiSource Finance Corp. | &nbsp;&nbsp;NiSource Finance Corp. |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;5.800% | &nbsp;&nbsp;&nbsp;381000 | &nbsp;&nbsp;&nbsp;&nbsp;359971 |
| &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;&nbsp;257000 | &nbsp;&nbsp;&nbsp;&nbsp;223243 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;1.700% | &nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;233808 |
| &nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;ONE Gas, Inc. |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;372000 | &nbsp;&nbsp;&nbsp;&nbsp;301862 |
| &nbsp;&nbsp;Southern California Gas Co. | &nbsp;&nbsp;Southern California Gas Co. | &nbsp;&nbsp;Southern California Gas Co. | &nbsp;&nbsp;Southern California Gas Co. |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;&nbsp;374000 | &nbsp;&nbsp;&nbsp;&nbsp;318372 |
| &nbsp;&nbsp;Southern Co. Gas Capital Corp. | &nbsp;&nbsp;Southern Co. Gas Capital Corp. | &nbsp;&nbsp;Southern Co. Gas Capital Corp. | &nbsp;&nbsp;Southern Co. Gas Capital Corp. |
| &nbsp;&nbsp;10/01/2023 | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;&nbsp;201000 | &nbsp;&nbsp;&nbsp;&nbsp;196702 |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;169000 | &nbsp;&nbsp;&nbsp;&nbsp;157940 |
| &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;&nbsp;247000 | &nbsp;&nbsp;&nbsp;&nbsp;185915 |
| &nbsp;&nbsp;09/30/2051 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;483973 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3439296** |
| &nbsp;&nbsp;**Office REIT 0.0%** | &nbsp;&nbsp;**Office REIT 0.0%** | &nbsp;&nbsp;**Office REIT 0.0%** | &nbsp;&nbsp;**Office REIT 0.0%** |
| &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;&nbsp;118098 |
| &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;4.900% | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;331915 |
| &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;167638 |
| &nbsp;&nbsp;02/01/2050 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;171203 |
| &nbsp;&nbsp;Boston Properties LP | &nbsp;&nbsp;Boston Properties LP | &nbsp;&nbsp;Boston Properties LP | &nbsp;&nbsp;Boston Properties LP |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;324976 |
| &nbsp;&nbsp;Corporate Office Properties LP | &nbsp;&nbsp;Corporate Office Properties LP | &nbsp;&nbsp;Corporate Office Properties LP | &nbsp;&nbsp;Corporate Office Properties LP |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;411719 |
| &nbsp;&nbsp;Office Properties Income Trust | &nbsp;&nbsp;Office Properties Income Trust | &nbsp;&nbsp;Office Properties Income Trust | &nbsp;&nbsp;Office Properties Income Trust |
| &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;326933 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1852482** |
| &nbsp;&nbsp;**Oil Field Services 0.1%** | &nbsp;&nbsp;**Oil Field Services 0.1%** | &nbsp;&nbsp;**Oil Field Services 0.1%** | &nbsp;&nbsp;**Oil Field Services 0.1%** |
| &nbsp;&nbsp;Baker Hughes, Inc. | &nbsp;&nbsp;Baker Hughes, Inc. | &nbsp;&nbsp;Baker Hughes, Inc. | &nbsp;&nbsp;Baker Hughes, Inc. |
| &nbsp;&nbsp;09/15/2040 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;278692 |
| &nbsp;&nbsp;Guara Norte Sarl<sup>(a)</sup> | &nbsp;&nbsp;Guara Norte Sarl<sup>(a)</sup> | &nbsp;&nbsp;Guara Norte Sarl<sup>(a)</sup> | &nbsp;&nbsp;Guara Norte Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;5.198% | &nbsp;&nbsp;&nbsp;910570 | &nbsp;&nbsp;&nbsp;&nbsp;769603 |
| &nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;Halliburton Co. |
| &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;4.850% | &nbsp;&nbsp;&nbsp;169000 | &nbsp;&nbsp;&nbsp;&nbsp;156490 |
| &nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;222327 |
| &nbsp;&nbsp;MV24 Capital BV<sup>(a)</sup> | &nbsp;&nbsp;MV24 Capital BV<sup>(a)</sup> | &nbsp;&nbsp;MV24 Capital BV<sup>(a)</sup> | &nbsp;&nbsp;MV24 Capital BV<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;6.748% | &nbsp;&nbsp;&nbsp;513900 | &nbsp;&nbsp;&nbsp;&nbsp;469716 |
| &nbsp;&nbsp;National Oilwell Varco, Inc. | &nbsp;&nbsp;National Oilwell Varco, Inc. | &nbsp;&nbsp;National Oilwell Varco, Inc. | &nbsp;&nbsp;National Oilwell Varco, Inc. |
| &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;3.600% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;879564 |
| &nbsp;&nbsp;Oceaneering International, Inc. | &nbsp;&nbsp;Oceaneering International, Inc. | &nbsp;&nbsp;Oceaneering International, Inc. | &nbsp;&nbsp;Oceaneering International, Inc. |
| &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;4.650% | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;816588 |
| &nbsp;&nbsp;Schlumberger Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Schlumberger Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Schlumberger Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Schlumberger Holdings Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;05/17/2028 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;&nbsp;351000 | &nbsp;&nbsp;&nbsp;&nbsp;327859 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3920839** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Other Financial Institutions 0.1%** | &nbsp;&nbsp;**Other Financial Institutions 0.1%** | &nbsp;&nbsp;**Other Financial Institutions 0.1%** | &nbsp;&nbsp;**Other Financial Institutions 0.1%** |
| &nbsp;&nbsp;Icahn Enterprises LP/Finance Corp. | &nbsp;&nbsp;Icahn Enterprises LP/Finance Corp. | &nbsp;&nbsp;Icahn Enterprises LP/Finance Corp. | &nbsp;&nbsp;Icahn Enterprises LP/Finance Corp. |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;5.250% | 1115000 | &nbsp;&nbsp;1022452 |
| &nbsp;&nbsp;Kennedy-Wilson, Inc. | &nbsp;&nbsp;Kennedy-Wilson, Inc. | &nbsp;&nbsp;Kennedy-Wilson, Inc. | &nbsp;&nbsp;Kennedy-Wilson, Inc. |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;4.750% | 1430000 | &nbsp;&nbsp;1137264 |
| &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;6.000% | 1210000 | &nbsp;&nbsp;1085318 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3245034** |
| &nbsp;&nbsp;**Other Industry 0.1%** | &nbsp;&nbsp;**Other Industry 0.1%** | &nbsp;&nbsp;**Other Industry 0.1%** | &nbsp;&nbsp;**Other Industry 0.1%** |
| &nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;713469 |
| &nbsp;&nbsp;Global Infrastructure Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Global Infrastructure Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Global Infrastructure Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Global Infrastructure Solutions, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;5.625% | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;826535 |
| &nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;636458 |
| &nbsp;&nbsp;Pepperdine University | &nbsp;&nbsp;Pepperdine University | &nbsp;&nbsp;Pepperdine University | &nbsp;&nbsp;Pepperdine University |
| &nbsp;&nbsp;12/01/2059 | &nbsp;&nbsp;3.301% | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;351499 |
| &nbsp;&nbsp;President and Fellows of Harvard College | &nbsp;&nbsp;President and Fellows of Harvard College | &nbsp;&nbsp;President and Fellows of Harvard College | &nbsp;&nbsp;President and Fellows of Harvard College |
| &nbsp;&nbsp;10/15/2050 | &nbsp;&nbsp;2.517% | &nbsp;&nbsp;&nbsp;673000 | &nbsp;&nbsp;&nbsp;&nbsp;438792 |
| &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;Quanta Services, Inc. |
| &nbsp;&nbsp;10/01/2024 | &nbsp;&nbsp;0.950% | 1689000 | &nbsp;&nbsp;1554491 |
| &nbsp;&nbsp;Trustees of the University of Pennsylvania (The) | &nbsp;&nbsp;Trustees of the University of Pennsylvania (The) | &nbsp;&nbsp;Trustees of the University of Pennsylvania (The) | &nbsp;&nbsp;Trustees of the University of Pennsylvania (The) |
| &nbsp;&nbsp;02/15/2119 | &nbsp;&nbsp;3.610% | &nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;539671 |
| &nbsp;&nbsp;University of Miami | &nbsp;&nbsp;University of Miami | &nbsp;&nbsp;University of Miami | &nbsp;&nbsp;University of Miami |
| &nbsp;&nbsp;04/01/2052 | &nbsp;&nbsp;4.063% | &nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;262738 |
| &nbsp;&nbsp;University of Southern California | &nbsp;&nbsp;University of Southern California | &nbsp;&nbsp;University of Southern California | &nbsp;&nbsp;University of Southern California |
| &nbsp;&nbsp;10/01/2120 | &nbsp;&nbsp;3.226% | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;407841 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5731494** |
| &nbsp;&nbsp;**Other REIT 0.3%** | &nbsp;&nbsp;**Other REIT 0.3%** | &nbsp;&nbsp;**Other REIT 0.3%** | &nbsp;&nbsp;**Other REIT 0.3%** |
| &nbsp;&nbsp;Arbor Realty Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arbor Realty Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arbor Realty Trust, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Arbor Realty Trust, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;4.500% | 6000000 | &nbsp;&nbsp;5359992 |
| &nbsp;&nbsp;Digital Realty Trust LP | &nbsp;&nbsp;Digital Realty Trust LP | &nbsp;&nbsp;Digital Realty Trust LP | &nbsp;&nbsp;Digital Realty Trust LP |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp;&nbsp;214704 |
| &nbsp;&nbsp;Extra Space Storage LP | &nbsp;&nbsp;Extra Space Storage LP | &nbsp;&nbsp;Extra Space Storage LP | &nbsp;&nbsp;Extra Space Storage LP |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;2.350% | &nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;552757 |
| &nbsp;&nbsp;Goodman Australia Industrial Fund Bond Issuer Pty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Goodman Australia Industrial Fund Bond Issuer Pty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Goodman Australia Industrial Fund Bond Issuer Pty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Goodman Australia Industrial Fund Bond Issuer Pty Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2026 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;&nbsp;290944 |
| &nbsp;&nbsp;Life Storage LP | &nbsp;&nbsp;Life Storage LP | &nbsp;&nbsp;Life Storage LP | &nbsp;&nbsp;Life Storage LP |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;250339 |
| &nbsp;&nbsp;Prologis LP | &nbsp;&nbsp;Prologis LP | &nbsp;&nbsp;Prologis LP | &nbsp;&nbsp;Prologis LP |
| &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp;192812 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;233732 |
| &nbsp;&nbsp;04/15/2050 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;546000 | &nbsp;&nbsp;&nbsp;&nbsp;365000 |
| &nbsp;&nbsp;Public Storage | &nbsp;&nbsp;Public Storage | &nbsp;&nbsp;Public Storage | &nbsp;&nbsp;Public Storage |
| &nbsp;&nbsp;11/09/2026 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;507000 | &nbsp;&nbsp;&nbsp;&nbsp;451729 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Rexford Industrial Realty LP | &nbsp;&nbsp;Rexford Industrial Realty LP | &nbsp;&nbsp;Rexford Industrial Realty LP | &nbsp;&nbsp;Rexford Industrial Realty LP |
| &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;2.150% | &nbsp;&nbsp;&nbsp;441000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338028 |
| &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp. | &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp. | &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp. | &nbsp;&nbsp;RHP Hotel Properties LP/Finance Corp. |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;4.750% | 1425000 | &nbsp;&nbsp;&nbsp;&nbsp;1295373 |
| &nbsp;&nbsp;Sun Communities Operating LP | &nbsp;&nbsp;Sun Communities Operating LP | &nbsp;&nbsp;Sun Communities Operating LP | &nbsp;&nbsp;Sun Communities Operating LP |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;2.300% | &nbsp;&nbsp;&nbsp;816000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681796 |
| &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;4.200% | 1631000 | &nbsp;&nbsp;&nbsp;&nbsp;1433127 |
| &nbsp;&nbsp;Trust F/1401<sup>(a)</sup> | &nbsp;&nbsp;Trust F/1401<sup>(a)</sup> | &nbsp;&nbsp;Trust F/1401<sup>(a)</sup> | &nbsp;&nbsp;Trust F/1401<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2050 | &nbsp;&nbsp;6.390% | 1158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941021 |
| &nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;WP Carey, Inc. |
| &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332753 |
| &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323349 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13257456** |
| &nbsp;&nbsp;**Other Utility 0.0%** | &nbsp;&nbsp;**Other Utility 0.0%** | &nbsp;&nbsp;**Other Utility 0.0%** | &nbsp;&nbsp;**Other Utility 0.0%** |
| &nbsp;&nbsp;American Water Capital Corp. | &nbsp;&nbsp;American Water Capital Corp. | &nbsp;&nbsp;American Water Capital Corp. | &nbsp;&nbsp;American Water Capital Corp. |
| &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;6.593% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331050 |
| &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336374 |
| &nbsp;&nbsp;05/01/2050 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;&nbsp;408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301219 |
| &nbsp;&nbsp;Entergy Texas Restoration Funding II LLC | &nbsp;&nbsp;Entergy Texas Restoration Funding II LLC | &nbsp;&nbsp;Entergy Texas Restoration Funding II LLC | &nbsp;&nbsp;Entergy Texas Restoration Funding II LLC |
| &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;3.697% | &nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524416 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1493059** |
| &nbsp;&nbsp;**Packaging 0.2%** | &nbsp;&nbsp;**Packaging 0.2%** | &nbsp;&nbsp;**Packaging 0.2%** | &nbsp;&nbsp;**Packaging 0.2%** |
| &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;4.125% | 1465000 | &nbsp;&nbsp;&nbsp;&nbsp;1269975 |
| &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;BWAY Holding Co.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2024 | &nbsp;&nbsp;5.500% | 1890000 | &nbsp;&nbsp;&nbsp;&nbsp;1838887 |
| &nbsp;&nbsp;Crown Cork & Seal Co., Inc. | &nbsp;&nbsp;Crown Cork & Seal Co., Inc. | &nbsp;&nbsp;Crown Cork & Seal Co., Inc. | &nbsp;&nbsp;Crown Cork & Seal Co., Inc. |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751042 |
| &nbsp;&nbsp;LABL Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;LABL Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;LABL Escrow Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;LABL Escrow Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863800 |
| &nbsp;&nbsp;Owens-Brockway Glass Container, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/13/2027 | &nbsp;&nbsp;6.625% | 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;1143623 |
| &nbsp;&nbsp;Reynolds Group Issuer, Inc./LLC<sup>(a)</sup> | &nbsp;&nbsp;Reynolds Group Issuer, Inc./LLC<sup>(a)</sup> | &nbsp;&nbsp;Reynolds Group Issuer, Inc./LLC<sup>(a)</sup> | &nbsp;&nbsp;Reynolds Group Issuer, Inc./LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;4.000% | 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;1043245 |
| &nbsp;&nbsp;Sealed Air Corp.<sup>(a)</sup> | &nbsp;&nbsp;Sealed Air Corp.<sup>(a)</sup> | &nbsp;&nbsp;Sealed Air Corp.<sup>(a)</sup> | &nbsp;&nbsp;Sealed Air Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711264 |
| &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729103 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8350939** |
| &nbsp;&nbsp;**Paper 0.0%** | &nbsp;&nbsp;**Paper 0.0%** | &nbsp;&nbsp;**Paper 0.0%** | &nbsp;&nbsp;**Paper 0.0%** |
| &nbsp;&nbsp;Graphic Packaging International LLC<sup>(a)</sup> | &nbsp;&nbsp;Graphic Packaging International LLC<sup>(a)</sup> | &nbsp;&nbsp;Graphic Packaging International LLC<sup>(a)</sup> | &nbsp;&nbsp;Graphic Packaging International LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;1.512% | &nbsp;&nbsp;&nbsp;462000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403475 |
| &nbsp;&nbsp;Klabin Austria GmbH<sup>(a)</sup> | &nbsp;&nbsp;Klabin Austria GmbH<sup>(a)</sup> | &nbsp;&nbsp;Klabin Austria GmbH<sup>(a)</sup> | &nbsp;&nbsp;Klabin Austria GmbH<sup>(a)</sup> |
| &nbsp;&nbsp;04/03/2029 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295834 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

38 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;Packaging Corp. of America |
| &nbsp;&nbsp;12/15/2049 | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;&nbsp;268000 | &nbsp;&nbsp;&nbsp;&nbsp;205776 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**905085** |
| &nbsp;&nbsp;**Pharmaceuticals 1.0%** | &nbsp;&nbsp;**Pharmaceuticals 1.0%** | &nbsp;&nbsp;**Pharmaceuticals 1.0%** | &nbsp;&nbsp;**Pharmaceuticals 1.0%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. |
| &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;318777 |
| &nbsp;&nbsp;05/14/2036 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;614000 | &nbsp;&nbsp;&nbsp;&nbsp;555044 |
| &nbsp;&nbsp;11/21/2039 | &nbsp;&nbsp;4.050% | 4813000 | &nbsp;&nbsp;4121947 |
| &nbsp;&nbsp;11/06/2042 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;243141 |
| &nbsp;&nbsp;05/14/2046 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;720243 |
| &nbsp;&nbsp;11/21/2049 | &nbsp;&nbsp;4.250% | 5739000 | &nbsp;&nbsp;4824015 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;1.650% | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;187984 |
| &nbsp;&nbsp;AstraZeneca Finance LLC | &nbsp;&nbsp;AstraZeneca Finance LLC | &nbsp;&nbsp;AstraZeneca Finance LLC | &nbsp;&nbsp;AstraZeneca Finance LLC |
| &nbsp;&nbsp;05/28/2028 | &nbsp;&nbsp;1.750% | 2954000 | &nbsp;&nbsp;2537131 |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;AstraZeneca PLC |
| &nbsp;&nbsp;08/06/2030 | &nbsp;&nbsp;1.375% | &nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;679637 |
| &nbsp;&nbsp;09/15/2037 | &nbsp;&nbsp;6.450% | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;327312 |
| &nbsp;&nbsp;09/18/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;294865 |
| &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;9.250% | 2070000 | &nbsp;&nbsp;1458323 |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;673833 |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.875% | 2530000 | &nbsp;&nbsp;1618617 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;5.000% | 3020000 | &nbsp;&nbsp;1451347 |
| &nbsp;&nbsp;Biogen, Inc. | &nbsp;&nbsp;Biogen, Inc. | &nbsp;&nbsp;Biogen, Inc. | &nbsp;&nbsp;Biogen, Inc. |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;474000 | &nbsp;&nbsp;&nbsp;&nbsp;385249 |
| &nbsp;&nbsp;Bristol Myers Squibb Co. | &nbsp;&nbsp;Bristol Myers Squibb Co. | &nbsp;&nbsp;Bristol Myers Squibb Co. | &nbsp;&nbsp;Bristol Myers Squibb Co. |
| &nbsp;&nbsp;02/20/2028 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;296526 |
| &nbsp;&nbsp;07/26/2029 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;153198 |
| &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp;144427 |
| &nbsp;&nbsp;02/20/2048 | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96293 |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;3.700% | 1630000 | &nbsp;&nbsp;1272760 |
| &nbsp;&nbsp;Emergent BioSolutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Emergent BioSolutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Emergent BioSolutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Emergent BioSolutions, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp;&nbsp;476610 |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;Gilead Sciences, Inc. |
| &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;756000 | &nbsp;&nbsp;&nbsp;&nbsp;666295 |
| &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;2.600% | 1975000 | &nbsp;&nbsp;1383876 |
| &nbsp;&nbsp;03/01/2047 | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;282319 |
| &nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;2.800% | 1372000 | &nbsp;&nbsp;&nbsp;&nbsp;887899 |
| &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;713793 |
| &nbsp;&nbsp;Jazz Securities DAC<sup>(a)</sup> | &nbsp;&nbsp;Jazz Securities DAC<sup>(a)</sup> | &nbsp;&nbsp;Jazz Securities DAC<sup>(a)</sup> | &nbsp;&nbsp;Jazz Securities DAC<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.375% | 1250000 | &nbsp;&nbsp;1122056 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;Merck & Co., Inc. |
| &nbsp;&nbsp;12/10/2051 | &nbsp;&nbsp;2.750% | 1860000 | &nbsp;&nbsp;1251851 |
| &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/30/2028 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;575522 |
| &nbsp;&nbsp;04/30/2031 | &nbsp;&nbsp;5.125% | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;892211 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Par Pharmaceutical, Inc.<sup>(a),(i)</sup> | &nbsp;&nbsp;Par Pharmaceutical, Inc.<sup>(a),(i)</sup> | &nbsp;&nbsp;Par Pharmaceutical, Inc.<sup>(a),(i)</sup> | &nbsp;&nbsp;Par Pharmaceutical, Inc.<sup>(a),(i)</sup> |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596621 |
| &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;Pfizer, Inc. |
| &nbsp;&nbsp;08/18/2031 | &nbsp;&nbsp;1.750% | 1714000 | &nbsp;&nbsp;&nbsp;&nbsp;1378114 |
| &nbsp;&nbsp;05/28/2040 | &nbsp;&nbsp;2.550% | 2949000 | &nbsp;&nbsp;&nbsp;&nbsp;2143602 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. |
| &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;&nbsp;528000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408796 |
| &nbsp;&nbsp;Roche Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Roche Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Roche Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Roche Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/13/2031 | &nbsp;&nbsp;2.076% | 4244000 | &nbsp;&nbsp;&nbsp;&nbsp;3443675 |
| &nbsp;&nbsp;12/13/2051 | &nbsp;&nbsp;2.607% | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849995 |
| &nbsp;&nbsp;Shire Acquisitions Investments Ireland DAC | &nbsp;&nbsp;Shire Acquisitions Investments Ireland DAC | &nbsp;&nbsp;Shire Acquisitions Investments Ireland DAC | &nbsp;&nbsp;Shire Acquisitions Investments Ireland DAC |
| &nbsp;&nbsp;09/23/2023 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766404 |
| &nbsp;&nbsp;09/23/2026 | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474729 |
| &nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. |
| &nbsp;&nbsp;11/26/2023 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;&nbsp;586000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581265 |
| &nbsp;&nbsp;11/26/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338512 |
| &nbsp;&nbsp;03/31/2030 | &nbsp;&nbsp;2.050% | 2342000 | &nbsp;&nbsp;&nbsp;&nbsp;1911333 |
| &nbsp;&nbsp;07/09/2040 | &nbsp;&nbsp;3.025% | 1915000 | &nbsp;&nbsp;&nbsp;&nbsp;1405073 |
| &nbsp;&nbsp;07/09/2050 | &nbsp;&nbsp;3.175% | 1009000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690165 |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;Zoetis, Inc. |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246014 |
| &nbsp;&nbsp;11/16/2032 | &nbsp;&nbsp;5.600% | 1385000 | &nbsp;&nbsp;&nbsp;&nbsp;1437021 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**47284420** |
| &nbsp;&nbsp;**Property & Casualty 0.1%** | &nbsp;&nbsp;**Property & Casualty 0.1%** | &nbsp;&nbsp;**Property & Casualty 0.1%** | &nbsp;&nbsp;**Property & Casualty 0.1%** |
| &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. |
| &nbsp;&nbsp;01/15/2051 | &nbsp;&nbsp;2.500% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946790 |
| &nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;Cincinnati Financial Corp. |
| &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351002 |
| &nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;CNA Financial Corp. |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157755 |
| &nbsp;&nbsp;Enstar Group Ltd. | &nbsp;&nbsp;Enstar Group Ltd. | &nbsp;&nbsp;Enstar Group Ltd. | &nbsp;&nbsp;Enstar Group Ltd. |
| &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;3.100% | 2134000 | &nbsp;&nbsp;&nbsp;&nbsp;1558204 |
| &nbsp;&nbsp;Liberty Mutual Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Liberty Mutual Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Liberty Mutual Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Liberty Mutual Group, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2052 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;823000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738313 |
| &nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;Marsh & McLennan Companies, Inc. |
| &nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;467000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521441 |
| &nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;Stewart Information Services Corp. |
| &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;3.600% | 1145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873042 |
| &nbsp;&nbsp;Travelers Property Casualty Corp. | &nbsp;&nbsp;Travelers Property Casualty Corp. | &nbsp;&nbsp;Travelers Property Casualty Corp. | &nbsp;&nbsp;Travelers Property Casualty Corp. |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223453 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5370000** |
| &nbsp;&nbsp;**Railroads 0.2%** | &nbsp;&nbsp;**Railroads 0.2%** | &nbsp;&nbsp;**Railroads 0.2%** | &nbsp;&nbsp;**Railroads 0.2%** |
| &nbsp;&nbsp;Burlington Northern Santa Fe LLC | &nbsp;&nbsp;Burlington Northern Santa Fe LLC | &nbsp;&nbsp;Burlington Northern Santa Fe LLC | &nbsp;&nbsp;Burlington Northern Santa Fe LLC |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;7.950% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197265 |
| &nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;269000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281546 |
| &nbsp;&nbsp;02/15/2050 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;147000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113161 |
| &nbsp;&nbsp;02/15/2051 | &nbsp;&nbsp;3.050% | &nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545441 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;Canadian National Railway Co. |
| &nbsp;&nbsp;08/05/2032 | &nbsp;&nbsp;3.850% | 1335000 | &nbsp;&nbsp;&nbsp;&nbsp;1240405 |
| &nbsp;&nbsp;08/05/2052 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;&nbsp;889000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794707 |
| &nbsp;&nbsp;Canadian Pacific Railway Co. | &nbsp;&nbsp;Canadian Pacific Railway Co. | &nbsp;&nbsp;Canadian Pacific Railway Co. | &nbsp;&nbsp;Canadian Pacific Railway Co. |
| &nbsp;&nbsp;12/02/2024 | &nbsp;&nbsp;1.350% | 2105000 | &nbsp;&nbsp;&nbsp;&nbsp;1964076 |
| &nbsp;&nbsp;12/02/2026 | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;&nbsp;408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363580 |
| &nbsp;&nbsp;12/02/2031 | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;&nbsp;342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284662 |
| &nbsp;&nbsp;12/02/2041 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312606 |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. |
| &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;4.100% | 2222000 | &nbsp;&nbsp;&nbsp;&nbsp;2081417 |
| &nbsp;&nbsp;Kansas City Southern | &nbsp;&nbsp;Kansas City Southern | &nbsp;&nbsp;Kansas City Southern | &nbsp;&nbsp;Kansas City Southern |
| &nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;&nbsp;494000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429719 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. |
| &nbsp;&nbsp;05/20/2031 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755546 |
| &nbsp;&nbsp;02/14/2032 | &nbsp;&nbsp;2.800% | 1222000 | &nbsp;&nbsp;&nbsp;&nbsp;1050226 |
| &nbsp;&nbsp;02/14/2042 | &nbsp;&nbsp;3.375% | 1017000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808807 |
| &nbsp;&nbsp;09/15/2067 | &nbsp;&nbsp;4.100% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157622 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**11380786** |
| &nbsp;&nbsp;**Refining 0.1%** | &nbsp;&nbsp;**Refining 0.1%** | &nbsp;&nbsp;**Refining 0.1%** | &nbsp;&nbsp;**Refining 0.1%** |
| &nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;HF Sinclair Corp. |
| &nbsp;&nbsp;10/01/2023 | &nbsp;&nbsp;2.625% | 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;1422196 |
| &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;618000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619608 |
| &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;Phillips 66 |
| &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36747 |
| &nbsp;&nbsp;Phillips 66 Co.<sup>(a)</sup> | &nbsp;&nbsp;Phillips 66 Co.<sup>(a)</sup> | &nbsp;&nbsp;Phillips 66 Co.<sup>(a)</sup> | &nbsp;&nbsp;Phillips 66 Co.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;171000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160349 |
| &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;&nbsp;263000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229395 |
| &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;Valero Energy Corp. |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;2.150% | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299143 |
| &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203663 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2971101** |
| &nbsp;&nbsp;**Restaurants 0.1%** | &nbsp;&nbsp;**Restaurants 0.1%** | &nbsp;&nbsp;**Restaurants 0.1%** | &nbsp;&nbsp;**Restaurants 0.1%** |
| &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;3.875% | 1385000 | &nbsp;&nbsp;&nbsp;&nbsp;1247450 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154289 |
| &nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;McDonald's Corp. |
| &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;3.625% | 1384000 | &nbsp;&nbsp;&nbsp;&nbsp;1053376 |
| &nbsp;&nbsp;04/01/2050 | &nbsp;&nbsp;4.200% | 2042000 | &nbsp;&nbsp;&nbsp;&nbsp;1707706 |
| &nbsp;&nbsp;09/09/2052 | &nbsp;&nbsp;5.150% | &nbsp;&nbsp;&nbsp;892000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860995 |
| &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. |
| &nbsp;&nbsp;01/31/2032 | &nbsp;&nbsp;4.625% | 1215000 | &nbsp;&nbsp;&nbsp;&nbsp;1077261 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6101077** |
| &nbsp;&nbsp;**Retail REIT 0.4%** | &nbsp;&nbsp;**Retail REIT 0.4%** | &nbsp;&nbsp;**Retail REIT 0.4%** | &nbsp;&nbsp;**Retail REIT 0.4%** |
| &nbsp;&nbsp;Agree LP | &nbsp;&nbsp;Agree LP | &nbsp;&nbsp;Agree LP | &nbsp;&nbsp;Agree LP |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;2.000% | 1772000 | &nbsp;&nbsp;&nbsp;&nbsp;1448038 |
| &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;4.800% | &nbsp;&nbsp;&nbsp;888000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816629 |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;2.600% | &nbsp;&nbsp;&nbsp;404000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304333 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Brixmor Operating Partnership LP | &nbsp;&nbsp;Brixmor Operating Partnership LP | &nbsp;&nbsp;Brixmor Operating Partnership LP | &nbsp;&nbsp;Brixmor Operating Partnership LP |
| &nbsp;&nbsp;02/01/2025 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327360 |
| &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251990 |
| &nbsp;&nbsp;08/16/2031 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;987000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755713 |
| &nbsp;&nbsp;DDR Corp. | &nbsp;&nbsp;DDR Corp. | &nbsp;&nbsp;DDR Corp. | &nbsp;&nbsp;DDR Corp. |
| &nbsp;&nbsp;02/01/2025 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154964 |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187877 |
| &nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;Federal Realty Investment Trust |
| &nbsp;&nbsp;01/15/2024 | &nbsp;&nbsp;3.950% | 1128000 | &nbsp;&nbsp;&nbsp;&nbsp;1113357 |
| &nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;Kimco Realty Corp. |
| &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;4.600% | 1335000 | &nbsp;&nbsp;&nbsp;&nbsp;1228226 |
| &nbsp;&nbsp;National Retail Properties, Inc. | &nbsp;&nbsp;National Retail Properties, Inc. | &nbsp;&nbsp;National Retail Properties, Inc. | &nbsp;&nbsp;National Retail Properties, Inc. |
| &nbsp;&nbsp;11/15/2025 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238933 |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196557 |
| &nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;Realty Income Corp. |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214375 |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249335 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;&nbsp;916000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855290 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;2.200% | &nbsp;&nbsp;&nbsp;874000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749314 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260173 |
| &nbsp;&nbsp;10/13/2032 | &nbsp;&nbsp;5.625% | 2589000 | &nbsp;&nbsp;&nbsp;&nbsp;2642159 |
| &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;2.850% | 1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958480 |
| &nbsp;&nbsp;Regency Centers LP | &nbsp;&nbsp;Regency Centers LP | &nbsp;&nbsp;Regency Centers LP | &nbsp;&nbsp;Regency Centers LP |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;2.950% | 2457000 | &nbsp;&nbsp;&nbsp;&nbsp;2060062 |
| &nbsp;&nbsp;Scentre Group Trust 1/Trust 2<sup>(a)</sup> | &nbsp;&nbsp;Scentre Group Trust 1/Trust 2<sup>(a)</sup> | &nbsp;&nbsp;Scentre Group Trust 1/Trust 2<sup>(a)</sup> | &nbsp;&nbsp;Scentre Group Trust 1/Trust 2<sup>(a)</sup> |
| &nbsp;&nbsp;02/12/2025 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339569 |
| &nbsp;&nbsp;Scentre Group Trust 2<sup>(a),(h)</sup> | &nbsp;&nbsp;Scentre Group Trust 2<sup>(a),(h)</sup> | &nbsp;&nbsp;Scentre Group Trust 2<sup>(a),(h)</sup> | &nbsp;&nbsp;Scentre Group Trust 2<sup>(a),(h)</sup> |
| &nbsp;&nbsp;09/24/2080 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304979 |
| &nbsp;&nbsp;STORE Capital Corp. | &nbsp;&nbsp;STORE Capital Corp. | &nbsp;&nbsp;STORE Capital Corp. | &nbsp;&nbsp;STORE Capital Corp. |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;4.500% | 2180000 | &nbsp;&nbsp;&nbsp;&nbsp;1964690 |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;4.625% | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929206 |
| &nbsp;&nbsp;11/18/2030 | &nbsp;&nbsp;2.750% | 1442000 | &nbsp;&nbsp;&nbsp;&nbsp;1099138 |
| &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;&nbsp;567000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412504 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**20063251** |
| &nbsp;&nbsp;**Retailers 0.7%** | &nbsp;&nbsp;**Retailers 0.7%** | &nbsp;&nbsp;**Retailers 0.7%** | &nbsp;&nbsp;**Retailers 0.7%** |
| &nbsp;&nbsp;7-Eleven, Inc.<sup>(a)</sup> | &nbsp;&nbsp;7-Eleven, Inc.<sup>(a)</sup> | &nbsp;&nbsp;7-Eleven, Inc.<sup>(a)</sup> | &nbsp;&nbsp;7-Eleven, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/10/2028 | &nbsp;&nbsp;1.300% | &nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172857 |
| &nbsp;&nbsp;02/10/2041 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;619000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407505 |
| &nbsp;&nbsp;Alimentation Couche-Tard, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Alimentation Couche-Tard, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Alimentation Couche-Tard, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Alimentation Couche-Tard, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/25/2050 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;&nbsp;433000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305361 |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;Amazon.com, Inc. |
| &nbsp;&nbsp;04/13/2032 | &nbsp;&nbsp;3.600% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917278 |
| &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;4.700% | 2321000 | &nbsp;&nbsp;&nbsp;&nbsp;2305916 |
| &nbsp;&nbsp;08/22/2037 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487833 |
| &nbsp;&nbsp;05/12/2041 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;594000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443590 |
| &nbsp;&nbsp;05/12/2051 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519519 |
| &nbsp;&nbsp;04/13/2052 | &nbsp;&nbsp;3.950% | 2305000 | &nbsp;&nbsp;&nbsp;&nbsp;1931021 |
| &nbsp;&nbsp;Asbury Automotive Group, Inc. | &nbsp;&nbsp;Asbury Automotive Group, Inc. | &nbsp;&nbsp;Asbury Automotive Group, Inc. | &nbsp;&nbsp;Asbury Automotive Group, Inc. |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770534 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

40 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Gap Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;Gap Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;Gap Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;Gap Inc. (The)<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537271 |
| &nbsp;&nbsp;Gap, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;Gap, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;Gap, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;Gap, Inc. (The)<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324522 |
| &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.000% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1062749 |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;Home Depot, Inc. (The) |
| &nbsp;&nbsp;09/15/2032 | &nbsp;&nbsp;4.500% | 2713000 | &nbsp;&nbsp;&nbsp;&nbsp;2658518 |
| &nbsp;&nbsp;04/15/2040 | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279254 |
| &nbsp;&nbsp;12/15/2049 | &nbsp;&nbsp;3.125% | 1646000 | &nbsp;&nbsp;&nbsp;&nbsp;1175713 |
| &nbsp;&nbsp;03/15/2051 | &nbsp;&nbsp;2.375% | 1357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821164 |
| &nbsp;&nbsp;04/15/2052 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660451 |
| &nbsp;&nbsp;09/15/2052 | &nbsp;&nbsp;4.950% | 2518000 | &nbsp;&nbsp;&nbsp;&nbsp;2432908 |
| &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;7.500% | 2010000 | &nbsp;&nbsp;&nbsp;&nbsp;1982464 |
| &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778795 |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;1.700% | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351510 |
| &nbsp;&nbsp;04/01/2052 | &nbsp;&nbsp;4.250% | 1782000 | &nbsp;&nbsp;&nbsp;&nbsp;1427150 |
| &nbsp;&nbsp;04/15/2053 | &nbsp;&nbsp;5.625% | 4112000 | &nbsp;&nbsp;&nbsp;&nbsp;3963068 |
| &nbsp;&nbsp;Nordstrom, Inc. | &nbsp;&nbsp;Nordstrom, Inc. | &nbsp;&nbsp;Nordstrom, Inc. | &nbsp;&nbsp;Nordstrom, Inc. |
| &nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;4.250% | 1331000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960144 |
| &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;O'Reilly Automotive, Inc. |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157779 |
| &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;432000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407782 |
| &nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;Penske Automotive Group, Inc. |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;903000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733374 |
| &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.750% | 2030000 | &nbsp;&nbsp;&nbsp;&nbsp;1839537 |
| &nbsp;&nbsp;Rite Aid Corp.<sup>(a)</sup> | &nbsp;&nbsp;Rite Aid Corp.<sup>(a)</sup> | &nbsp;&nbsp;Rite Aid Corp.<sup>(a)</sup> | &nbsp;&nbsp;Rite Aid Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;8.000% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658307 |
| &nbsp;&nbsp;Sonic Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sonic Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sonic Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Sonic Automotive, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306410 |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;Walmart, Inc. |
| &nbsp;&nbsp;09/09/2052 | &nbsp;&nbsp;4.500% | 1338000 | &nbsp;&nbsp;&nbsp;&nbsp;1276759 |
| &nbsp;&nbsp;William Carter Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;William Carter Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;William Carter Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;William Carter Co. (The)<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389378 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**33446421** |
| &nbsp;&nbsp;**Stranded Utility 0.0%** | &nbsp;&nbsp;**Stranded Utility 0.0%** | &nbsp;&nbsp;**Stranded Utility 0.0%** | &nbsp;&nbsp;**Stranded Utility 0.0%** |
| &nbsp;&nbsp;PG&E Recovery Funding LLC | &nbsp;&nbsp;PG&E Recovery Funding LLC | &nbsp;&nbsp;PG&E Recovery Funding LLC | &nbsp;&nbsp;PG&E Recovery Funding LLC |
| &nbsp;&nbsp;07/15/2047 | &nbsp;&nbsp;5.536% | &nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841055 |
| &nbsp;&nbsp;PG&E Wildfire Recovery Funding LLC | &nbsp;&nbsp;PG&E Wildfire Recovery Funding LLC | &nbsp;&nbsp;PG&E Wildfire Recovery Funding LLC | &nbsp;&nbsp;PG&E Wildfire Recovery Funding LLC |
| &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;4.263% | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154597 |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;5.212% | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261274 |
| &nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;5.099% | &nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485060 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1741986** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Supermarkets 0.1%** | &nbsp;&nbsp;**Supermarkets 0.1%** | &nbsp;&nbsp;**Supermarkets 0.1%** | &nbsp;&nbsp;**Supermarkets 0.1%** |
| &nbsp;&nbsp;Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> | &nbsp;&nbsp;Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;4.625% | 3715000 | &nbsp;&nbsp;3457063 |
| &nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;Kroger Co. (The) |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;2.200% | &nbsp;&nbsp;&nbsp;682000 | &nbsp;&nbsp;&nbsp;&nbsp;551848 |
| &nbsp;&nbsp;02/01/2047 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;202708 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4211619** |
| &nbsp;&nbsp;**Technology 2.0%** | &nbsp;&nbsp;**Technology 2.0%** | &nbsp;&nbsp;**Technology 2.0%** | &nbsp;&nbsp;**Technology 2.0%** |
| &nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;Advanced Micro Devices, Inc. |
| &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;3.924% | 2732000 | &nbsp;&nbsp;2544726 |
| &nbsp;&nbsp;ams AG<sup>(a)</sup> | &nbsp;&nbsp;ams AG<sup>(a)</sup> | &nbsp;&nbsp;ams AG<sup>(a)</sup> | &nbsp;&nbsp;ams AG<sup>(a)</sup> |
| &nbsp;&nbsp;07/31/2025 | &nbsp;&nbsp;7.000% | 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;949978 |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. |
| &nbsp;&nbsp;08/08/2029 | &nbsp;&nbsp;3.250% | 3559000 | &nbsp;&nbsp;3297113 |
| &nbsp;&nbsp;02/08/2041 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;689000 | &nbsp;&nbsp;&nbsp;&nbsp;487515 |
| &nbsp;&nbsp;08/04/2046 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;229000 | &nbsp;&nbsp;&nbsp;&nbsp;195003 |
| &nbsp;&nbsp;11/13/2047 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;169000 | &nbsp;&nbsp;&nbsp;&nbsp;141113 |
| &nbsp;&nbsp;05/11/2050 | &nbsp;&nbsp;2.650% | 1304000 | &nbsp;&nbsp;&nbsp;&nbsp;867186 |
| &nbsp;&nbsp;08/20/2050 | &nbsp;&nbsp;2.400% | &nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67626 |
| &nbsp;&nbsp;02/08/2051 | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;387041 |
| &nbsp;&nbsp;08/08/2052 | &nbsp;&nbsp;3.950% | 2593000 | &nbsp;&nbsp;2214231 |
| &nbsp;&nbsp;02/08/2061 | &nbsp;&nbsp;2.800% | &nbsp;&nbsp;&nbsp;603000 | &nbsp;&nbsp;&nbsp;&nbsp;386915 |
| &nbsp;&nbsp;08/05/2061 | &nbsp;&nbsp;2.850% | 3630000 | &nbsp;&nbsp;2365611 |
| &nbsp;&nbsp;08/08/2062 | &nbsp;&nbsp;4.100% | 1334000 | &nbsp;&nbsp;1126236 |
| &nbsp;&nbsp;Arrow Electronics, Inc. | &nbsp;&nbsp;Arrow Electronics, Inc. | &nbsp;&nbsp;Arrow Electronics, Inc. | &nbsp;&nbsp;Arrow Electronics, Inc. |
| &nbsp;&nbsp;01/12/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;376000 | &nbsp;&nbsp;&nbsp;&nbsp;342280 |
| &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;806597 |
| &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;487142 |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;590652 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;Broadcom, Inc. |
| &nbsp;&nbsp;11/15/2025 | &nbsp;&nbsp;3.150% | 1110000 | &nbsp;&nbsp;1052484 |
| &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;4.150% | 1001000 | &nbsp;&nbsp;&nbsp;&nbsp;896772 |
| &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;2.450% | 1481000 | &nbsp;&nbsp;1165977 |
| &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;4.150% | 1275000 | &nbsp;&nbsp;1120742 |
| &nbsp;&nbsp;04/15/2033 | &nbsp;&nbsp;3.419% | 4031000 | &nbsp;&nbsp;3235611 |
| &nbsp;&nbsp;04/15/2034 | &nbsp;&nbsp;3.469% | 1892000 | &nbsp;&nbsp;1500072 |
| &nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;4.926% | 1353000 | &nbsp;&nbsp;1182567 |
| &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;832811 |
| &nbsp;&nbsp;CommScope Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Finance LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;6.000% | 1875000 | &nbsp;&nbsp;1730426 |
| &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> | &nbsp;&nbsp;CommScope Technologies LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;5.000% | 1155000 | &nbsp;&nbsp;&nbsp;&nbsp;792157 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Dell International LLC/EMC Corp. | &nbsp;&nbsp;Dell International LLC/EMC Corp. | &nbsp;&nbsp;Dell International LLC/EMC Corp. | &nbsp;&nbsp;Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;06/15/2023 | &nbsp;&nbsp;5.450% | &nbsp;&nbsp;&nbsp;153000 | &nbsp;&nbsp;&nbsp;&nbsp;153014 |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;6.020% | 2068000 | &nbsp;&nbsp;2111191 |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;6.100% | &nbsp;&nbsp;&nbsp;861000 | &nbsp;&nbsp;&nbsp;&nbsp;884835 |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;585638 |
| &nbsp;&nbsp;Dell International LLC/EMC Corp.<sup>(a)</sup> | &nbsp;&nbsp;Dell International LLC/EMC Corp.<sup>(a)</sup> | &nbsp;&nbsp;Dell International LLC/EMC Corp.<sup>(a)</sup> | &nbsp;&nbsp;Dell International LLC/EMC Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;3.375% | 2104000 | &nbsp;&nbsp;1413071 |
| &nbsp;&nbsp;12/15/2051 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;&nbsp;543000 | &nbsp;&nbsp;&nbsp;&nbsp;335911 |
| &nbsp;&nbsp;Entegris, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Entegris, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Entegris, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Entegris, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;4.375% | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;918529 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;257381 |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;Equinix, Inc. |
| &nbsp;&nbsp;11/18/2026 | &nbsp;&nbsp;2.900% | &nbsp;&nbsp;&nbsp;469000 | &nbsp;&nbsp;&nbsp;&nbsp;428435 |
| &nbsp;&nbsp;Fiserv, Inc. | &nbsp;&nbsp;Fiserv, Inc. | &nbsp;&nbsp;Fiserv, Inc. | &nbsp;&nbsp;Fiserv, Inc. |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;337228 |
| &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;280587 |
| &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;662541 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;740718 |
| &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;Global Payments, Inc. |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;2.900% | 1850000 | &nbsp;&nbsp;1518093 |
| &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;2.900% | 1415000 | &nbsp;&nbsp;1118288 |
| &nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;HP, Inc. |
| &nbsp;&nbsp;06/17/2027 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;268000 | &nbsp;&nbsp;&nbsp;&nbsp;244788 |
| &nbsp;&nbsp;Imola Merger Corp.<sup>(a)</sup> | &nbsp;&nbsp;Imola Merger Corp.<sup>(a)</sup> | &nbsp;&nbsp;Imola Merger Corp.<sup>(a)</sup> | &nbsp;&nbsp;Imola Merger Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.750% | 1740000 | &nbsp;&nbsp;1507606 |
| &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;Intel Corp. |
| &nbsp;&nbsp;08/12/2041 | &nbsp;&nbsp;2.800% | 2215000 | &nbsp;&nbsp;1543656 |
| &nbsp;&nbsp;08/05/2052 | &nbsp;&nbsp;4.900% | 2049000 | &nbsp;&nbsp;1820370 |
| &nbsp;&nbsp;02/15/2060 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;149058 |
| &nbsp;&nbsp;08/05/2062 | &nbsp;&nbsp;5.050% | &nbsp;&nbsp;&nbsp;887000 | &nbsp;&nbsp;&nbsp;&nbsp;782679 |
| &nbsp;&nbsp;Iron Mountain, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;4.875% | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;966911 |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;295274 |
| &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;KLA Corp. |
| &nbsp;&nbsp;03/01/2050 | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;670609 |
| &nbsp;&nbsp;07/15/2052 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;&nbsp;788000 | &nbsp;&nbsp;&nbsp;&nbsp;739562 |
| &nbsp;&nbsp;Leidos, Inc. | &nbsp;&nbsp;Leidos, Inc. | &nbsp;&nbsp;Leidos, Inc. | &nbsp;&nbsp;Leidos, Inc. |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;2.300% | &nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;148462 |
| &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;0.972% | &nbsp;&nbsp;&nbsp;506000 | &nbsp;&nbsp;&nbsp;&nbsp;481060 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;Microsoft Corp. |
| &nbsp;&nbsp;02/12/2035 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;271813 |
| &nbsp;&nbsp;03/17/2052 | &nbsp;&nbsp;2.921% | &nbsp;&nbsp;&nbsp;462000 | &nbsp;&nbsp;&nbsp;&nbsp;329167 |
| &nbsp;&nbsp;03/17/2062 | &nbsp;&nbsp;3.041% | &nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;&nbsp;218720 |
| &nbsp;&nbsp;MSCI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;MSCI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;MSCI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;MSCI, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;316593 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;5.000% | 1497000 | &nbsp;&nbsp;1284493 |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;654512 |
| &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;4.400% | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;982373 |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;3.400% | 1177000 | &nbsp;&nbsp;1015701 |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;2.650% | 1749000 | &nbsp;&nbsp;1368036 |
| &nbsp;&nbsp;05/11/2041 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;928000 | &nbsp;&nbsp;&nbsp;&nbsp;644959 |
| &nbsp;&nbsp;ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp;ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp;ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp;ON Semiconductor Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;3.875% | 1275000 | &nbsp;&nbsp;1114513 |
| &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. |
| &nbsp;&nbsp;03/25/2028 | &nbsp;&nbsp;2.300% | &nbsp;&nbsp;&nbsp;312000 | &nbsp;&nbsp;&nbsp;&nbsp;270554 |
| &nbsp;&nbsp;07/08/2034 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;144497 |
| &nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;&nbsp;251000 | &nbsp;&nbsp;&nbsp;&nbsp;209174 |
| &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;233144 |
| &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;3.800% | 2010000 | &nbsp;&nbsp;1585651 |
| &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;3.600% | 2700000 | &nbsp;&nbsp;1993749 |
| &nbsp;&nbsp;07/15/2046 | &nbsp;&nbsp;4.000% | 1644000 | &nbsp;&nbsp;1207345 |
| &nbsp;&nbsp;03/25/2051 | &nbsp;&nbsp;3.950% | 1791000 | &nbsp;&nbsp;1290401 |
| &nbsp;&nbsp;11/09/2052 | &nbsp;&nbsp;6.900% | 1893000 | &nbsp;&nbsp;2048487 |
| &nbsp;&nbsp;05/15/2055 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;571000 | &nbsp;&nbsp;&nbsp;&nbsp;438468 |
| &nbsp;&nbsp;Presidio Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Presidio Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Presidio Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Presidio Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;4.875% | 1225000 | &nbsp;&nbsp;1117642 |
| &nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;796477 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;QUALCOMM, Inc. |
| &nbsp;&nbsp;05/20/2052 | &nbsp;&nbsp;4.500% | 1686000 | &nbsp;&nbsp;1485627 |
| &nbsp;&nbsp;05/20/2053 | &nbsp;&nbsp;6.000% | 2133000 | &nbsp;&nbsp;2278753 |
| &nbsp;&nbsp;S&P Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;S&P Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;S&P Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;S&P Global, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp;371286 |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;2.900% | 1545000 | &nbsp;&nbsp;1318212 |
| &nbsp;&nbsp;Seagate HDD Cayman | &nbsp;&nbsp;Seagate HDD Cayman | &nbsp;&nbsp;Seagate HDD Cayman | &nbsp;&nbsp;Seagate HDD Cayman |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;366490 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.125% | 1155000 | &nbsp;&nbsp;&nbsp;&nbsp;902764 |
| &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;4.000% | 1160000 | &nbsp;&nbsp;1000548 |
| &nbsp;&nbsp;SS&C Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SS&C Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SS&C Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;SS&C Technologies, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2027 | &nbsp;&nbsp;5.500% | 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;960230 |
| &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;757363 |
| &nbsp;&nbsp;TSMC Arizona Corp. | &nbsp;&nbsp;TSMC Arizona Corp. | &nbsp;&nbsp;TSMC Arizona Corp. | &nbsp;&nbsp;TSMC Arizona Corp. |
| &nbsp;&nbsp;10/25/2031 | &nbsp;&nbsp;2.500% | 2260000 | &nbsp;&nbsp;1856746 |
| &nbsp;&nbsp;04/22/2052 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;306475 |
| &nbsp;&nbsp;VMware, Inc. | &nbsp;&nbsp;VMware, Inc. | &nbsp;&nbsp;VMware, Inc. | &nbsp;&nbsp;VMware, Inc. |
| &nbsp;&nbsp;08/15/2023 | &nbsp;&nbsp;0.600% | 4146000 | &nbsp;&nbsp;4028841 |
| &nbsp;&nbsp;08/15/2024 | &nbsp;&nbsp;1.000% | 2943000 | &nbsp;&nbsp;2737632 |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;1.400% | 2752000 | &nbsp;&nbsp;2397004 |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;4.650% | &nbsp;&nbsp;&nbsp;774000 | &nbsp;&nbsp;&nbsp;&nbsp;747759 |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;4.700% | 1702000 | &nbsp;&nbsp;1583398 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

42 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Workday, Inc. | &nbsp;&nbsp;Workday, Inc. | &nbsp;&nbsp;Workday, Inc. | &nbsp;&nbsp;Workday, Inc. |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;986000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904462 |
| &nbsp;&nbsp;Xilinx, Inc. | &nbsp;&nbsp;Xilinx, Inc. | &nbsp;&nbsp;Xilinx, Inc. | &nbsp;&nbsp;Xilinx, Inc. |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609562 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**96011700** |
| &nbsp;&nbsp;**Tobacco 0.2%** | &nbsp;&nbsp;**Tobacco 0.2%** | &nbsp;&nbsp;**Tobacco 0.2%** | &nbsp;&nbsp;**Tobacco 0.2%** |
| &nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;BAT Capital Corp. |
| &nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;4.390% | 5553000 | &nbsp;&nbsp;&nbsp;&nbsp;4318319 |
| &nbsp;&nbsp;08/15/2047 | &nbsp;&nbsp;4.540% | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302095 |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;Philip Morris International, Inc. |
| &nbsp;&nbsp;11/17/2025 | &nbsp;&nbsp;5.000% | 2006000 | &nbsp;&nbsp;&nbsp;&nbsp;2016259 |
| &nbsp;&nbsp;11/17/2027 | &nbsp;&nbsp;5.125% | 3009000 | &nbsp;&nbsp;&nbsp;&nbsp;3037507 |
| &nbsp;&nbsp;11/17/2032 | &nbsp;&nbsp;5.750% | 1507000 | &nbsp;&nbsp;&nbsp;&nbsp;1541410 |
| &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;4.375% | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1070919 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**12286509** |
| &nbsp;&nbsp;**Transportation Services 0.1%** | &nbsp;&nbsp;**Transportation Services 0.1%** | &nbsp;&nbsp;**Transportation Services 0.1%** | &nbsp;&nbsp;**Transportation Services 0.1%** |
| &nbsp;&nbsp;Adani International Container Terminal Private Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani International Container Terminal Private Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani International Container Terminal Private Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Adani International Container Terminal Private Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;02/16/2031 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;796875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628646 |
| &nbsp;&nbsp;Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.750% | 1405000 | &nbsp;&nbsp;&nbsp;&nbsp;1276005 |
| &nbsp;&nbsp;ERAC U.S.A. Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;ERAC U.S.A. Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;ERAC U.S.A. Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;ERAC U.S.A. Finance LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;399000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326651 |
| &nbsp;&nbsp;Hertz Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp;Hertz Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp;Hertz Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp;Hertz Corp. (The)<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720552 |
| &nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;JB Hunt Transport Services, Inc. |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;169000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163651 |
| &nbsp;&nbsp;Penske Truck Leasing Co. LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Penske Truck Leasing Co. LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Penske Truck Leasing Co. LP/Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Penske Truck Leasing Co. LP/Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;03/14/2023 | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348232 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3463737** |
| &nbsp;&nbsp;**Wireless 0.7%** | &nbsp;&nbsp;**Wireless 0.7%** | &nbsp;&nbsp;**Wireless 0.7%** | &nbsp;&nbsp;**Wireless 0.7%** |
| &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France Holding SA<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534345 |
| &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> | &nbsp;&nbsp;Altice France SA<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.125% | 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;1028412 |
| &nbsp;&nbsp;America Movil SAB de CV | &nbsp;&nbsp;America Movil SAB de CV | &nbsp;&nbsp;America Movil SAB de CV | &nbsp;&nbsp;America Movil SAB de CV |
| &nbsp;&nbsp;04/22/2029 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723928 |
| &nbsp;&nbsp;04/22/2049 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;662000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565530 |
| &nbsp;&nbsp;America Movil SAB de CV<sup>(a)</sup> | &nbsp;&nbsp;America Movil SAB de CV<sup>(a)</sup> | &nbsp;&nbsp;America Movil SAB de CV<sup>(a)</sup> | &nbsp;&nbsp;America Movil SAB de CV<sup>(a)</sup> |
| &nbsp;&nbsp;04/04/2032 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;404000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365655 |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;888000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814934 |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;3.650% | 1254000 | &nbsp;&nbsp;&nbsp;&nbsp;1172887 |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549001 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;Crown Castle International Corp. |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;1.050% | 2541000 | &nbsp;&nbsp;&nbsp;&nbsp;2199216 |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404717 |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;2.900% | 2776000 | &nbsp;&nbsp;&nbsp;&nbsp;2526956 |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;3.300% | 1465000 | &nbsp;&nbsp;&nbsp;&nbsp;1279874 |
| &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;&nbsp;372000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292782 |
| &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;2.900% | 1559000 | &nbsp;&nbsp;&nbsp;&nbsp;1069316 |
| &nbsp;&nbsp;Empresa Nacional de Telecomunicaciones SA<sup>(a)</sup> | &nbsp;&nbsp;Empresa Nacional de Telecomunicaciones SA<sup>(a)</sup> | &nbsp;&nbsp;Empresa Nacional de Telecomunicaciones SA<sup>(a)</sup> | &nbsp;&nbsp;Empresa Nacional de Telecomunicaciones SA<sup>(a)</sup> |
| &nbsp;&nbsp;09/14/2032 | &nbsp;&nbsp;3.050% | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259397 |
| &nbsp;&nbsp;Rogers Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rogers Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rogers Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rogers Communications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;4.550% | 1052000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820591 |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;SBA Communications Corp. |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;3.125% | 1260000 | &nbsp;&nbsp;&nbsp;&nbsp;1049280 |
| &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;8.750% | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;1225254 |
| &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;7.625% | 3170000 | &nbsp;&nbsp;&nbsp;&nbsp;3335819 |
| &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;2.250% | 3847000 | &nbsp;&nbsp;&nbsp;&nbsp;3503552 |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;4.750% | 3835000 | &nbsp;&nbsp;&nbsp;&nbsp;3736493 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.375% | 8046000 | &nbsp;&nbsp;&nbsp;&nbsp;7089167 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319506 |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219981 |
| &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;Vodafone Group PLC |
| &nbsp;&nbsp;05/30/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390535 |
| &nbsp;&nbsp;09/17/2050 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;337000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260330 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**35737458** |
| &nbsp;&nbsp;**Wirelines 0.5%** | &nbsp;&nbsp;**Wirelines 0.5%** | &nbsp;&nbsp;**Wirelines 0.5%** | &nbsp;&nbsp;**Wirelines 0.5%** |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. |
| &nbsp;&nbsp;03/25/2026 | &nbsp;&nbsp;1.700% | 4230000 | &nbsp;&nbsp;&nbsp;&nbsp;3817881 |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;2.300% | &nbsp;&nbsp;&nbsp;951000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847468 |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;1.650% | &nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90526 |
| &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;2.550% | 2980000 | &nbsp;&nbsp;&nbsp;&nbsp;2291618 |
| &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;908000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677658 |
| &nbsp;&nbsp;12/01/2057 | &nbsp;&nbsp;3.800% | 2558000 | &nbsp;&nbsp;&nbsp;&nbsp;1772919 |
| &nbsp;&nbsp;09/15/2059 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;&nbsp;889000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601822 |
| &nbsp;&nbsp;CenturyLink, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CenturyLink, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CenturyLink, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CenturyLink, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;5.125% | 1880000 | &nbsp;&nbsp;&nbsp;&nbsp;1633135 |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;4.000% | 1925000 | &nbsp;&nbsp;&nbsp;&nbsp;1639916 |
| &nbsp;&nbsp;Deutsche Telekom AG<sup>(a)</sup> | &nbsp;&nbsp;Deutsche Telekom AG<sup>(a)</sup> | &nbsp;&nbsp;Deutsche Telekom AG<sup>(a)</sup> | &nbsp;&nbsp;Deutsche Telekom AG<sup>(a)</sup> |
| &nbsp;&nbsp;01/21/2050 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282681 |
| &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;4.000% | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759641 |
| &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;5.875% | 1380000 | &nbsp;&nbsp;&nbsp;&nbsp;1284376 |
| &nbsp;&nbsp;Level 3 Financing, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Level 3 Financing, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Level 3 Financing, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Level 3 Financing, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;4.625% | 1920000 | &nbsp;&nbsp;&nbsp;&nbsp;1602314 |
| &nbsp;&nbsp;Telecom Italia Capital SA | &nbsp;&nbsp;Telecom Italia Capital SA | &nbsp;&nbsp;Telecom Italia Capital SA | &nbsp;&nbsp;Telecom Italia Capital SA |
| &nbsp;&nbsp;09/30/2034 | &nbsp;&nbsp;6.000% | 1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938033 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 43

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. |
| &nbsp;&nbsp;03/22/2028 | &nbsp;&nbsp;2.100% | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121449 |
| &nbsp;&nbsp;02/08/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220674 |
| &nbsp;&nbsp;03/21/2031 | &nbsp;&nbsp;2.550% | 5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608786 |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;2.355% | 1129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895345 |
| &nbsp;&nbsp;11/20/2040 | &nbsp;&nbsp;2.650% | 1599000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079350 |
| &nbsp;&nbsp;03/22/2051 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;851000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609190 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25774782** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $1,547,347,244) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $1,547,347,244) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $1,547,347,244) | &nbsp;&nbsp;**1353394416** |
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> 1.0%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> 1.0%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> 1.0%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> 1.0%** |
| &nbsp;&nbsp;**Angola 0.0%** | &nbsp;&nbsp;**Angola 0.0%** | &nbsp;&nbsp;**Angola 0.0%** | &nbsp;&nbsp;**Angola 0.0%** |
| &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Angolan Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;05/09/2028 | &nbsp;&nbsp;8.250% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455024 |
| &nbsp;&nbsp;04/14/2032 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;678000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586875 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1041899** |
| &nbsp;&nbsp;**Australia 0.1%** | &nbsp;&nbsp;**Australia 0.1%** | &nbsp;&nbsp;**Australia 0.1%** | &nbsp;&nbsp;**Australia 0.1%** |
| &nbsp;&nbsp;Export Finance & Insurance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Export Finance & Insurance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Export Finance & Insurance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Export Finance & Insurance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/26/2027 | &nbsp;&nbsp;4.625% | 3202000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233308 |
| &nbsp;&nbsp;**Bahrain 0.0%** | &nbsp;&nbsp;**Bahrain 0.0%** | &nbsp;&nbsp;**Bahrain 0.0%** | &nbsp;&nbsp;**Bahrain 0.0%** |
| &nbsp;&nbsp;Bahrain Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Bahrain Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Bahrain Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Bahrain Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/16/2032 | &nbsp;&nbsp;5.450% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794811 |
| &nbsp;&nbsp;**Bermuda 0.0%** | &nbsp;&nbsp;**Bermuda 0.0%** | &nbsp;&nbsp;**Bermuda 0.0%** | &nbsp;&nbsp;**Bermuda 0.0%** |
| &nbsp;&nbsp;Bermuda Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Bermuda Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Bermuda Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Bermuda Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;5.000% | 1111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110621 |
| &nbsp;&nbsp;**Canada 0.1%** | &nbsp;&nbsp;**Canada 0.1%** | &nbsp;&nbsp;**Canada 0.1%** | &nbsp;&nbsp;**Canada 0.1%** |
| &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476121 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294042 |
| &nbsp;&nbsp;Ontario Teachers' Cadillac Fairview Properties Trust<sup>(a)</sup> | &nbsp;&nbsp;Ontario Teachers' Cadillac Fairview Properties Trust<sup>(a)</sup> | &nbsp;&nbsp;Ontario Teachers' Cadillac Fairview Properties Trust<sup>(a)</sup> | &nbsp;&nbsp;Ontario Teachers' Cadillac Fairview Properties Trust<sup>(a)</sup> |
| &nbsp;&nbsp;03/20/2027 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250773 |
| &nbsp;&nbsp;Province of Saskatchewan | &nbsp;&nbsp;Province of Saskatchewan | &nbsp;&nbsp;Province of Saskatchewan | &nbsp;&nbsp;Province of Saskatchewan |
| &nbsp;&nbsp;06/08/2027 | &nbsp;&nbsp;3.250% | 1287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228865 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2249801** |
| &nbsp;&nbsp;**Chile 0.0%** | &nbsp;&nbsp;**Chile 0.0%** | &nbsp;&nbsp;**Chile 0.0%** | &nbsp;&nbsp;**Chile 0.0%** |
| &nbsp;&nbsp;Chile Government International Bond | &nbsp;&nbsp;Chile Government International Bond | &nbsp;&nbsp;Chile Government International Bond | &nbsp;&nbsp;Chile Government International Bond |
| &nbsp;&nbsp;01/27/2032 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;&nbsp;592000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485247 |
| &nbsp;&nbsp;03/07/2042 | &nbsp;&nbsp;4.340% | &nbsp;&nbsp;&nbsp;463000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392184 |
| &nbsp;&nbsp;Interchile SA<sup>(a)</sup> | &nbsp;&nbsp;Interchile SA<sup>(a)</sup> | &nbsp;&nbsp;Interchile SA<sup>(a)</sup> | &nbsp;&nbsp;Interchile SA<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2056 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;769000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641407 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1518838** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Colombia 0.0%** | &nbsp;&nbsp;**Colombia 0.0%** | &nbsp;&nbsp;**Colombia 0.0%** | &nbsp;&nbsp;**Colombia 0.0%** |
| &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond |
| &nbsp;&nbsp;01/28/2026 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;282060 |
| &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;Ecopetrol SA |
| &nbsp;&nbsp;01/16/2025 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;285989 |
| &nbsp;&nbsp;06/26/2026 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;547083 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1115132** |
| &nbsp;&nbsp;**Dominican Republic 0.1%** | &nbsp;&nbsp;**Dominican Republic 0.1%** | &nbsp;&nbsp;**Dominican Republic 0.1%** | &nbsp;&nbsp;**Dominican Republic 0.1%** |
| &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/23/2032 | &nbsp;&nbsp;4.875% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;832057 |
| &nbsp;&nbsp;02/22/2033 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;655248 |
| &nbsp;&nbsp;01/30/2060 | &nbsp;&nbsp;5.875% | 1500000 | &nbsp;&nbsp;1101901 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2589206** |
| &nbsp;&nbsp;**Ecuador 0.0%** | &nbsp;&nbsp;**Ecuador 0.0%** | &nbsp;&nbsp;**Ecuador 0.0%** | &nbsp;&nbsp;**Ecuador 0.0%** |
| &nbsp;&nbsp;Ecuador Government International Bond<sup>(a),(h)</sup> | &nbsp;&nbsp;Ecuador Government International Bond<sup>(a),(h)</sup> | &nbsp;&nbsp;Ecuador Government International Bond<sup>(a),(h)</sup> | &nbsp;&nbsp;Ecuador Government International Bond<sup>(a),(h)</sup> |
| &nbsp;&nbsp;07/31/2035 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;277751 |
| &nbsp;&nbsp;**Ghana 0.0%** | &nbsp;&nbsp;**Ghana 0.0%** | &nbsp;&nbsp;**Ghana 0.0%** | &nbsp;&nbsp;**Ghana 0.0%** |
| &nbsp;&nbsp;Ghana Government International Bond<sup>(a),(i)</sup> | &nbsp;&nbsp;Ghana Government International Bond<sup>(a),(i)</sup> | &nbsp;&nbsp;Ghana Government International Bond<sup>(a),(i)</sup> | &nbsp;&nbsp;Ghana Government International Bond<sup>(a),(i)</sup> |
| &nbsp;&nbsp;06/16/2049 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;171966 |
| &nbsp;&nbsp;**Hungary 0.0%** | &nbsp;&nbsp;**Hungary 0.0%** | &nbsp;&nbsp;**Hungary 0.0%** | &nbsp;&nbsp;**Hungary 0.0%** |
| &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;06/16/2034 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;243991 |
| &nbsp;&nbsp;**Israel 0.0%** | &nbsp;&nbsp;**Israel 0.0%** | &nbsp;&nbsp;**Israel 0.0%** | &nbsp;&nbsp;**Israel 0.0%** |
| &nbsp;&nbsp;Israel Electric Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Israel Electric Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Israel Electric Corp., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Israel Electric Corp., Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;02/22/2032 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;841000 | &nbsp;&nbsp;&nbsp;&nbsp;734445 |
| &nbsp;&nbsp;**Italy 0.0%** | &nbsp;&nbsp;**Italy 0.0%** | &nbsp;&nbsp;**Italy 0.0%** | &nbsp;&nbsp;**Italy 0.0%** |
| &nbsp;&nbsp;Republic of Italy Government International Bond | &nbsp;&nbsp;Republic of Italy Government International Bond | &nbsp;&nbsp;Republic of Italy Government International Bond | &nbsp;&nbsp;Republic of Italy Government International Bond |
| &nbsp;&nbsp;05/06/2051 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;323000 | &nbsp;&nbsp;&nbsp;&nbsp;213659 |
| &nbsp;&nbsp;**Ivory Coast 0.0%** | &nbsp;&nbsp;**Ivory Coast 0.0%** | &nbsp;&nbsp;**Ivory Coast 0.0%** | &nbsp;&nbsp;**Ivory Coast 0.0%** |
| &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Ivory Coast Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;6.125% | 1200000 | &nbsp;&nbsp;1068280 |
| &nbsp;&nbsp;**Kenya 0.1%** | &nbsp;&nbsp;**Kenya 0.1%** | &nbsp;&nbsp;**Kenya 0.1%** | &nbsp;&nbsp;**Kenya 0.1%** |
| &nbsp;&nbsp;Republic of Kenya Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Republic of Kenya Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Republic of Kenya Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Republic of Kenya Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;05/22/2032 | &nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;767638 |
| &nbsp;&nbsp;01/23/2034 | &nbsp;&nbsp;6.300% | &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;608758 |
| &nbsp;&nbsp;02/28/2048 | &nbsp;&nbsp;8.250% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;310297 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1686693** |
| &nbsp;&nbsp;**Mexico 0.3%** | &nbsp;&nbsp;**Mexico 0.3%** | &nbsp;&nbsp;**Mexico 0.3%** | &nbsp;&nbsp;**Mexico 0.3%** |
| &nbsp;&nbsp;Banco Nacional de Comercio Exterior SNC<sup>(a),(h)</sup> | &nbsp;&nbsp;Banco Nacional de Comercio Exterior SNC<sup>(a),(h)</sup> | &nbsp;&nbsp;Banco Nacional de Comercio Exterior SNC<sup>(a),(h)</sup> | &nbsp;&nbsp;Banco Nacional de Comercio Exterior SNC<sup>(a),(h)</sup> |
| &nbsp;&nbsp;08/11/2031 | &nbsp;&nbsp;2.720% | &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;431999 |
| &nbsp;&nbsp;Comision Federal de Electricidad<sup>(a)</sup> | &nbsp;&nbsp;Comision Federal de Electricidad<sup>(a)</sup> | &nbsp;&nbsp;Comision Federal de Electricidad<sup>(a)</sup> | &nbsp;&nbsp;Comision Federal de Electricidad<sup>(a)</sup> |
| &nbsp;&nbsp;02/09/2031 | &nbsp;&nbsp;3.348% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;470344 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

44 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Mexico City Airport Trust<sup>(a)</sup> | &nbsp;&nbsp;Mexico City Airport Trust<sup>(a)</sup> | &nbsp;&nbsp;Mexico City Airport Trust<sup>(a)</sup> | &nbsp;&nbsp;Mexico City Airport Trust<sup>(a)</sup> |
| &nbsp;&nbsp;07/31/2047 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154315 |
| &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond |
| &nbsp;&nbsp;04/22/2029 | &nbsp;&nbsp;4.500% | 2319000 | &nbsp;&nbsp;&nbsp;&nbsp;2212981 |
| &nbsp;&nbsp;05/24/2031 | &nbsp;&nbsp;2.659% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483454 |
| &nbsp;&nbsp;05/19/2033 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526788 |
| &nbsp;&nbsp;02/12/2034 | &nbsp;&nbsp;3.500% | 2254000 | &nbsp;&nbsp;&nbsp;&nbsp;1807340 |
| &nbsp;&nbsp;02/10/2048 | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;&nbsp;509000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393947 |
| &nbsp;&nbsp;02/12/2052 | &nbsp;&nbsp;4.400% | 2859000 | &nbsp;&nbsp;&nbsp;&nbsp;2102931 |
| &nbsp;&nbsp;05/24/2061 | &nbsp;&nbsp;3.771% | 1403000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891221 |
| &nbsp;&nbsp;04/19/2071 | &nbsp;&nbsp;3.750% | 1955000 | &nbsp;&nbsp;&nbsp;&nbsp;1221496 |
| &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos |
| &nbsp;&nbsp;01/15/2025 | &nbsp;&nbsp;4.250% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944485 |
| &nbsp;&nbsp;02/12/2028 | &nbsp;&nbsp;5.350% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925538 |
| &nbsp;&nbsp;01/28/2031 | &nbsp;&nbsp;5.950% | &nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546349 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13113188** |
| &nbsp;&nbsp;**Netherlands 0.0%** | &nbsp;&nbsp;**Netherlands 0.0%** | &nbsp;&nbsp;**Netherlands 0.0%** | &nbsp;&nbsp;**Netherlands 0.0%** |
| &nbsp;&nbsp;Greenko Dutch BV<sup>(a)</sup> | &nbsp;&nbsp;Greenko Dutch BV<sup>(a)</sup> | &nbsp;&nbsp;Greenko Dutch BV<sup>(a)</sup> | &nbsp;&nbsp;Greenko Dutch BV<sup>(a)</sup> |
| &nbsp;&nbsp;03/29/2026 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165680 |
| &nbsp;&nbsp;**Nigeria 0.1%** | &nbsp;&nbsp;**Nigeria 0.1%** | &nbsp;&nbsp;**Nigeria 0.1%** | &nbsp;&nbsp;**Nigeria 0.1%** |
| &nbsp;&nbsp;Nigeria Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Nigeria Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Nigeria Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Nigeria Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;11/28/2027 | &nbsp;&nbsp;6.500% | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967169 |
| &nbsp;&nbsp;09/28/2028 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417496 |
| &nbsp;&nbsp;01/21/2031 | &nbsp;&nbsp;8.747% | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979790 |
| &nbsp;&nbsp;09/28/2033 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;442000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314586 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2679041** |
| &nbsp;&nbsp;**Norway 0.0%** | &nbsp;&nbsp;**Norway 0.0%** | &nbsp;&nbsp;**Norway 0.0%** | &nbsp;&nbsp;**Norway 0.0%** |
| &nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;Equinor ASA |
| &nbsp;&nbsp;09/23/2027 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443638 |
| &nbsp;&nbsp;**Oman 0.0%** | &nbsp;&nbsp;**Oman 0.0%** | &nbsp;&nbsp;**Oman 0.0%** | &nbsp;&nbsp;**Oman 0.0%** |
| &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/17/2028 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394631 |
| &nbsp;&nbsp;10/28/2032 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325890 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**720521** |
| &nbsp;&nbsp;**Pakistan 0.0%** | &nbsp;&nbsp;**Pakistan 0.0%** | &nbsp;&nbsp;**Pakistan 0.0%** | &nbsp;&nbsp;**Pakistan 0.0%** |
| &nbsp;&nbsp;Pakistan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Pakistan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Pakistan Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Pakistan Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;04/08/2026 | &nbsp;&nbsp;6.000% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435938 |
| &nbsp;&nbsp;**Paraguay 0.1%** | &nbsp;&nbsp;**Paraguay 0.1%** | &nbsp;&nbsp;**Paraguay 0.1%** | &nbsp;&nbsp;**Paraguay 0.1%** |
| &nbsp;&nbsp;Bioceanico Sovereign Certificate Ltd.<sup>(a),(k)</sup> | &nbsp;&nbsp;Bioceanico Sovereign Certificate Ltd.<sup>(a),(k)</sup> | &nbsp;&nbsp;Bioceanico Sovereign Certificate Ltd.<sup>(a),(k)</sup> | &nbsp;&nbsp;Bioceanico Sovereign Certificate Ltd.<sup>(a),(k)</sup> |
| &nbsp;&nbsp;06/05/2034 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;365314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248259 |
| &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;03/13/2048 | &nbsp;&nbsp;5.600% | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1574738 |
| &nbsp;&nbsp;03/30/2050 | &nbsp;&nbsp;5.400% | 1629000 | &nbsp;&nbsp;&nbsp;&nbsp;1409085 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3232082** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Peru 0.0%** | &nbsp;&nbsp;**Peru 0.0%** | &nbsp;&nbsp;**Peru 0.0%** | &nbsp;&nbsp;**Peru 0.0%** |
| &nbsp;&nbsp;Fondo MIVIVIENDA SA<sup>(a)</sup> | &nbsp;&nbsp;Fondo MIVIVIENDA SA<sup>(a)</sup> | &nbsp;&nbsp;Fondo MIVIVIENDA SA<sup>(a)</sup> | &nbsp;&nbsp;Fondo MIVIVIENDA SA<sup>(a)</sup> |
| &nbsp;&nbsp;04/12/2027 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;283295 |
| &nbsp;&nbsp;Peruvian Government International Bond | &nbsp;&nbsp;Peruvian Government International Bond | &nbsp;&nbsp;Peruvian Government International Bond | &nbsp;&nbsp;Peruvian Government International Bond |
| &nbsp;&nbsp;01/15/2034 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;509834 |
| &nbsp;&nbsp;11/18/2050 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97239 |
| &nbsp;&nbsp;01/15/2072 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;499000 | &nbsp;&nbsp;&nbsp;&nbsp;326141 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1216509** |
| &nbsp;&nbsp;**Poland 0.1%** | &nbsp;&nbsp;**Poland 0.1%** | &nbsp;&nbsp;**Poland 0.1%** | &nbsp;&nbsp;**Poland 0.1%** |
| &nbsp;&nbsp;Republic of Poland Government International Bond | &nbsp;&nbsp;Republic of Poland Government International Bond | &nbsp;&nbsp;Republic of Poland Government International Bond | &nbsp;&nbsp;Republic of Poland Government International Bond |
| &nbsp;&nbsp;11/16/2032 | &nbsp;&nbsp;5.750% | 2054000 | &nbsp;&nbsp;2184660 |
| &nbsp;&nbsp;**Romania 0.0%** | &nbsp;&nbsp;**Romania 0.0%** | &nbsp;&nbsp;**Romania 0.0%** | &nbsp;&nbsp;**Romania 0.0%** |
| &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;02/14/2031 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;314752 |
| &nbsp;&nbsp;**Saudi Arabia 0.0%** | &nbsp;&nbsp;**Saudi Arabia 0.0%** | &nbsp;&nbsp;**Saudi Arabia 0.0%** | &nbsp;&nbsp;**Saudi Arabia 0.0%** |
| &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> |
| &nbsp;&nbsp;11/24/2023 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;192417 |
| &nbsp;&nbsp;11/24/2025 | &nbsp;&nbsp;1.625% | &nbsp;&nbsp;&nbsp;338000 | &nbsp;&nbsp;&nbsp;&nbsp;308042 |
| &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;02/02/2033 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;743000 | &nbsp;&nbsp;&nbsp;&nbsp;602514 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1102973** |
| &nbsp;&nbsp;**Senegal 0.0%** | &nbsp;&nbsp;**Senegal 0.0%** | &nbsp;&nbsp;**Senegal 0.0%** | &nbsp;&nbsp;**Senegal 0.0%** |
| &nbsp;&nbsp;Senegal Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Senegal Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Senegal Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Senegal Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;05/23/2033 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;330225 |
| &nbsp;&nbsp;03/13/2048 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;281983 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**612208** |
| &nbsp;&nbsp;**Singapore 0.0%** | &nbsp;&nbsp;**Singapore 0.0%** | &nbsp;&nbsp;**Singapore 0.0%** | &nbsp;&nbsp;**Singapore 0.0%** |
| &nbsp;&nbsp;BOC Aviation Ltd.<sup>(a)</sup> | &nbsp;&nbsp;BOC Aviation Ltd.<sup>(a)</sup> | &nbsp;&nbsp;BOC Aviation Ltd.<sup>(a)</sup> | &nbsp;&nbsp;BOC Aviation Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;10/10/2024 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;298638 |
| &nbsp;&nbsp;**South Africa 0.0%** | &nbsp;&nbsp;**South Africa 0.0%** | &nbsp;&nbsp;**South Africa 0.0%** | &nbsp;&nbsp;**South Africa 0.0%** |
| &nbsp;&nbsp;Eskom Holdings SOC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Eskom Holdings SOC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Eskom Holdings SOC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Eskom Holdings SOC Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;08/06/2023 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;288153 |
| &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond |
| &nbsp;&nbsp;10/12/2028 | &nbsp;&nbsp;4.300% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;980457 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1268610** |
| &nbsp;&nbsp;**South Korea 0.0%** | &nbsp;&nbsp;**South Korea 0.0%** | &nbsp;&nbsp;**South Korea 0.0%** | &nbsp;&nbsp;**South Korea 0.0%** |
| &nbsp;&nbsp;Export-Import Bank of Korea | &nbsp;&nbsp;Export-Import Bank of Korea | &nbsp;&nbsp;Export-Import Bank of Korea | &nbsp;&nbsp;Export-Import Bank of Korea |
| &nbsp;&nbsp;09/15/2032 | &nbsp;&nbsp;4.500% | 1301000 | &nbsp;&nbsp;1267105 |
| &nbsp;&nbsp;**United States 0.0%** | &nbsp;&nbsp;**United States 0.0%** | &nbsp;&nbsp;**United States 0.0%** | &nbsp;&nbsp;**United States 0.0%** |
| &nbsp;&nbsp;Antares Holdings LP<sup>(a)</sup> | &nbsp;&nbsp;Antares Holdings LP<sup>(a)</sup> | &nbsp;&nbsp;Antares Holdings LP<sup>(a)</sup> | &nbsp;&nbsp;Antares Holdings LP<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;3.750% | 2095000 | &nbsp;&nbsp;1682379 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 45

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Virgin Islands 0.0%** | &nbsp;&nbsp;**Virgin Islands 0.0%** | &nbsp;&nbsp;**Virgin Islands 0.0%** | &nbsp;&nbsp;**Virgin Islands 0.0%** |
| &nbsp;&nbsp;China Southern Power Grid International Finance BVI Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;China Southern Power Grid International Finance BVI Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;China Southern Power Grid International Finance BVI Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;China Southern Power Grid International Finance BVI Co., Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/08/2027 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683738 |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $57,298,667) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $57,298,667) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $57,298,667) | &nbsp;&nbsp;**49472061** |
| &nbsp;&nbsp;**Municipal Bonds 0.2%** | &nbsp;&nbsp;**Municipal Bonds 0.2%** | &nbsp;&nbsp;**Municipal Bonds 0.2%** | &nbsp;&nbsp;**Municipal Bonds 0.2%** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Airport 0.0%** | &nbsp;&nbsp;**Airport 0.0%** | &nbsp;&nbsp;**Airport 0.0%** | &nbsp;&nbsp;**Airport 0.0%** |
| &nbsp;&nbsp;City of Los Angeles Department of Airports | &nbsp;&nbsp;City of Los Angeles Department of Airports | &nbsp;&nbsp;City of Los Angeles Department of Airports | &nbsp;&nbsp;City of Los Angeles Department of Airports |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 |
| &nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;6.582% | &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441457 |
| &nbsp;&nbsp;**Higher Education 0.1%** | &nbsp;&nbsp;**Higher Education 0.1%** | &nbsp;&nbsp;**Higher Education 0.1%** | &nbsp;&nbsp;**Higher Education 0.1%** |
| &nbsp;&nbsp;Ohio State University (The) | &nbsp;&nbsp;Ohio State University (The) | &nbsp;&nbsp;Ohio State University (The) | &nbsp;&nbsp;Ohio State University (The) |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable |
| &nbsp;&nbsp;Series 2011A | &nbsp;&nbsp;Series 2011A | &nbsp;&nbsp;Series 2011A | &nbsp;&nbsp;Series 2011A |
| &nbsp;&nbsp;06/01/2111 | &nbsp;&nbsp;4.800% | 2014000 | &nbsp;&nbsp;&nbsp;&nbsp;1657676 |
| &nbsp;&nbsp;University of Texas System (The) | &nbsp;&nbsp;University of Texas System (The) | &nbsp;&nbsp;University of Texas System (The) | &nbsp;&nbsp;University of Texas System (The) |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable |
| &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B |
| &nbsp;&nbsp;08/15/2049 | &nbsp;&nbsp;2.439% | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430221 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2087897** |
| &nbsp;&nbsp;**Hospital 0.0%** | &nbsp;&nbsp;**Hospital 0.0%** | &nbsp;&nbsp;**Hospital 0.0%** | &nbsp;&nbsp;**Hospital 0.0%** |
| &nbsp;&nbsp;Regents of the University of California Medical Center | &nbsp;&nbsp;Regents of the University of California Medical Center | &nbsp;&nbsp;Regents of the University of California Medical Center | &nbsp;&nbsp;Regents of the University of California Medical Center |
| &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds |
| &nbsp;&nbsp;Series 2020N | &nbsp;&nbsp;Series 2020N | &nbsp;&nbsp;Series 2020N | &nbsp;&nbsp;Series 2020N |
| &nbsp;&nbsp;05/15/2120 | &nbsp;&nbsp;3.706% | 1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854610 |
| &nbsp;&nbsp;**Joint Power Authority 0.0%** | &nbsp;&nbsp;**Joint Power Authority 0.0%** | &nbsp;&nbsp;**Joint Power Authority 0.0%** | &nbsp;&nbsp;**Joint Power Authority 0.0%** |
| &nbsp;&nbsp;American Municipal Power, Inc. | &nbsp;&nbsp;American Municipal Power, Inc. | &nbsp;&nbsp;American Municipal Power, Inc. | &nbsp;&nbsp;American Municipal Power, Inc. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 |
| &nbsp;&nbsp;02/15/2050 | &nbsp;&nbsp;7.499% | 1265000 | &nbsp;&nbsp;&nbsp;&nbsp;1518501 |
| &nbsp;&nbsp;**Ports 0.1%** | &nbsp;&nbsp;**Ports 0.1%** | &nbsp;&nbsp;**Ports 0.1%** | &nbsp;&nbsp;**Ports 0.1%** |
| &nbsp;&nbsp;Port Authority of New York & New Jersey | &nbsp;&nbsp;Port Authority of New York & New Jersey | &nbsp;&nbsp;Port Authority of New York & New Jersey | &nbsp;&nbsp;Port Authority of New York & New Jersey |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Consolidated 174th | &nbsp;&nbsp;Consolidated 174th | &nbsp;&nbsp;Consolidated 174th | &nbsp;&nbsp;Consolidated 174th |
| &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 |
| &nbsp;&nbsp;10/01/2062 | &nbsp;&nbsp;4.458% | 1850000 | &nbsp;&nbsp;&nbsp;&nbsp;1605320 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Taxable Consolidated 160th | &nbsp;&nbsp;Taxable Consolidated 160th | &nbsp;&nbsp;Taxable Consolidated 160th | &nbsp;&nbsp;Taxable Consolidated 160th |
| &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 |
| &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;5.647% | &nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871951 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2477271** |
| &nbsp;&nbsp;**Special Non Property Tax 0.0%** | &nbsp;&nbsp;**Special Non Property Tax 0.0%** | &nbsp;&nbsp;**Special Non Property Tax 0.0%** | &nbsp;&nbsp;**Special Non Property Tax 0.0%** |
| &nbsp;&nbsp;New York State Dormitory Authority | &nbsp;&nbsp;New York State Dormitory Authority | &nbsp;&nbsp;New York State Dormitory Authority | &nbsp;&nbsp;New York State Dormitory Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 |
| &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;5.600% | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429397 |
| &nbsp;&nbsp;**State General Obligation 0.0%** | &nbsp;&nbsp;**State General Obligation 0.0%** | &nbsp;&nbsp;**State General Obligation 0.0%** | &nbsp;&nbsp;**State General Obligation 0.0%** |
| &nbsp;&nbsp;State of California | &nbsp;&nbsp;State of California | &nbsp;&nbsp;State of California | &nbsp;&nbsp;State of California |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 |
| &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;7.300% | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358388 |
| &nbsp;&nbsp;**Turnpike / Bridge / Toll Road 0.0%** | &nbsp;&nbsp;**Turnpike / Bridge / Toll Road 0.0%** | &nbsp;&nbsp;**Turnpike / Bridge / Toll Road 0.0%** | &nbsp;&nbsp;**Turnpike / Bridge / Toll Road 0.0%** |
| &nbsp;&nbsp;North Texas Tollway Authority | &nbsp;&nbsp;North Texas Tollway Authority | &nbsp;&nbsp;North Texas Tollway Authority | &nbsp;&nbsp;North Texas Tollway Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2009 (BAM) | &nbsp;&nbsp;Series 2009 (BAM) | &nbsp;&nbsp;Series 2009 (BAM) | &nbsp;&nbsp;Series 2009 (BAM) |
| &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;6.718% | &nbsp;&nbsp;1164000 | &nbsp;&nbsp;&nbsp;&nbsp;1379588 |
| &nbsp;&nbsp;**Water & Sewer 0.0%** | &nbsp;&nbsp;**Water & Sewer 0.0%** | &nbsp;&nbsp;**Water & Sewer 0.0%** | &nbsp;&nbsp;**Water & Sewer 0.0%** |
| &nbsp;&nbsp;District of Columbia Water & Sewer Authority | &nbsp;&nbsp;District of Columbia Water & Sewer Authority | &nbsp;&nbsp;District of Columbia Water & Sewer Authority | &nbsp;&nbsp;District of Columbia Water & Sewer Authority |
| &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;10/01/2114 | &nbsp;&nbsp;4.814% | &nbsp;&nbsp;&nbsp;&nbsp;411000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355694 |
| &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $11,452,965) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $11,452,965) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $11,452,965) | &nbsp;&nbsp;&nbsp;&nbsp;**9902803** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 21.6%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 21.6%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 21.6%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 21.6%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Fannie Mae REMICS | &nbsp;&nbsp;Fannie Mae REMICS | &nbsp;&nbsp;Fannie Mae REMICS | &nbsp;&nbsp;Fannie Mae REMICS |
| &nbsp;&nbsp;10/01/2042-<br> 12/01/2043 | &nbsp;&nbsp;3.500% | 14029812 | &nbsp;&nbsp;13034859 |
| &nbsp;&nbsp;CMO Series 2013-11 Class AP | &nbsp;&nbsp;CMO Series 2013-11 Class AP | &nbsp;&nbsp;CMO Series 2013-11 Class AP | &nbsp;&nbsp;CMO Series 2013-11 Class AP |
| &nbsp;&nbsp;01/25/2043 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65071 |
| &nbsp;&nbsp;CMO Series 2020-50 Class A | &nbsp;&nbsp;CMO Series 2020-50 Class A | &nbsp;&nbsp;CMO Series 2020-50 Class A | &nbsp;&nbsp;CMO Series 2020-50 Class A |
| &nbsp;&nbsp;07/25/2050 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;3773666 | &nbsp;&nbsp;&nbsp;&nbsp;3336392 |
| &nbsp;&nbsp;CMO Series 2021-27 Class EC | &nbsp;&nbsp;CMO Series 2021-27 Class EC | &nbsp;&nbsp;CMO Series 2021-27 Class EC | &nbsp;&nbsp;CMO Series 2021-27 Class EC |
| &nbsp;&nbsp;05/25/2051 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;4323310 | &nbsp;&nbsp;&nbsp;&nbsp;3533364 |
| &nbsp;&nbsp;CMO Series 2022-11 Class A | &nbsp;&nbsp;CMO Series 2022-11 Class A | &nbsp;&nbsp;CMO Series 2022-11 Class A | &nbsp;&nbsp;CMO Series 2022-11 Class A |
| &nbsp;&nbsp;07/25/2047 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;5008136 | &nbsp;&nbsp;&nbsp;&nbsp;4517749 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

46 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Fannie Mae REMICS<sup>(b)</sup> | &nbsp;&nbsp;Fannie Mae REMICS<sup>(b)</sup> | &nbsp;&nbsp;Fannie Mae REMICS<sup>(b)</sup> | &nbsp;&nbsp;Fannie Mae REMICS<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2018-85 Class FE | &nbsp;&nbsp;CMO Series 2018-85 Class FE | &nbsp;&nbsp;CMO Series 2018-85 Class FE | &nbsp;&nbsp;CMO Series 2018-85 Class FE |
| &nbsp;&nbsp;1-month USD LIBOR + 0.300%<br> Floor 0.300%, Cap 6.500%<br> 12/25/2048 | &nbsp;&nbsp;4.689% | &nbsp;&nbsp;3640804 | &nbsp;&nbsp;&nbsp;&nbsp;3554536 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;10/01/2026-<br> 10/17/2038 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;688632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711466 |
| &nbsp;&nbsp;12/01/2032-<br> 03/01/2052 | &nbsp;&nbsp;4.000% | 12372100 | &nbsp;&nbsp;11748152 |
| &nbsp;&nbsp;03/01/2033-<br> 05/01/2049 | &nbsp;&nbsp;3.000% | 22064841 | &nbsp;&nbsp;19823918 |
| &nbsp;&nbsp;06/01/2035-<br> 04/01/2036 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76882 |
| &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;376906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393922 |
| &nbsp;&nbsp;11/01/2040-<br> 12/01/2051 | &nbsp;&nbsp;2.000% | 42231918 | &nbsp;&nbsp;35505037 |
| &nbsp;&nbsp;04/01/2042-<br> 03/01/2052 | &nbsp;&nbsp;2.500% | 22832872 | &nbsp;&nbsp;19573550 |
| &nbsp;&nbsp;06/01/2046-<br> 10/01/2046 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;2359426 | &nbsp;&nbsp;&nbsp;&nbsp;2188772 |
| &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;1198230 | &nbsp;&nbsp;&nbsp;&nbsp;1175236 |
| &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1083037 | &nbsp;&nbsp;&nbsp;&nbsp;1087785 |
| &nbsp;&nbsp;CMO Series 2017-4742 Class PA | &nbsp;&nbsp;CMO Series 2017-4742 Class PA | &nbsp;&nbsp;CMO Series 2017-4742 Class PA | &nbsp;&nbsp;CMO Series 2017-4742 Class PA |
| &nbsp;&nbsp;10/15/2047 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1265532 | &nbsp;&nbsp;&nbsp;&nbsp;1147352 |
| &nbsp;&nbsp;CMO Series 2127 Class PG | &nbsp;&nbsp;CMO Series 2127 Class PG | &nbsp;&nbsp;CMO Series 2127 Class PG | &nbsp;&nbsp;CMO Series 2127 Class PG |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70603 |
| &nbsp;&nbsp;CMO Series 2165 Class PE | &nbsp;&nbsp;CMO Series 2165 Class PE | &nbsp;&nbsp;CMO Series 2165 Class PE | &nbsp;&nbsp;CMO Series 2165 Class PE |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37317 |
| &nbsp;&nbsp;CMO Series 2326 Class ZQ | &nbsp;&nbsp;CMO Series 2326 Class ZQ | &nbsp;&nbsp;CMO Series 2326 Class ZQ | &nbsp;&nbsp;CMO Series 2326 Class ZQ |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;184584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188334 |
| &nbsp;&nbsp;CMO Series 2399 Class TH | &nbsp;&nbsp;CMO Series 2399 Class TH | &nbsp;&nbsp;CMO Series 2399 Class TH | &nbsp;&nbsp;CMO Series 2399 Class TH |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97411 |
| &nbsp;&nbsp;CMO Series 2517 Class Z | &nbsp;&nbsp;CMO Series 2517 Class Z | &nbsp;&nbsp;CMO Series 2517 Class Z | &nbsp;&nbsp;CMO Series 2517 Class Z |
| &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48369 |
| &nbsp;&nbsp;CMO Series 2557 Class HL | &nbsp;&nbsp;CMO Series 2557 Class HL | &nbsp;&nbsp;CMO Series 2557 Class HL | &nbsp;&nbsp;CMO Series 2557 Class HL |
| &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;&nbsp;&nbsp;169302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170500 |
| &nbsp;&nbsp;CMO Series 262 Class 35 | &nbsp;&nbsp;CMO Series 262 Class 35 | &nbsp;&nbsp;CMO Series 262 Class 35 | &nbsp;&nbsp;CMO Series 262 Class 35 |
| &nbsp;&nbsp;07/15/2042 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;2114470 | &nbsp;&nbsp;&nbsp;&nbsp;1976054 |
| &nbsp;&nbsp;CMO Series 2752 Class EZ | &nbsp;&nbsp;CMO Series 2752 Class EZ | &nbsp;&nbsp;CMO Series 2752 Class EZ | &nbsp;&nbsp;CMO Series 2752 Class EZ |
| &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;453222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455241 |
| &nbsp;&nbsp;CMO Series 2764 Class ZG | &nbsp;&nbsp;CMO Series 2764 Class ZG | &nbsp;&nbsp;CMO Series 2764 Class ZG | &nbsp;&nbsp;CMO Series 2764 Class ZG |
| &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;382219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385201 |
| &nbsp;&nbsp;CMO Series 2953 Class PG | &nbsp;&nbsp;CMO Series 2953 Class PG | &nbsp;&nbsp;CMO Series 2953 Class PG | &nbsp;&nbsp;CMO Series 2953 Class PG |
| &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1536282 | &nbsp;&nbsp;&nbsp;&nbsp;1558158 |
| &nbsp;&nbsp;CMO Series 2986 Class CH | &nbsp;&nbsp;CMO Series 2986 Class CH | &nbsp;&nbsp;CMO Series 2986 Class CH | &nbsp;&nbsp;CMO Series 2986 Class CH |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81800 |
| &nbsp;&nbsp;CMO Series 2989 Class TG | &nbsp;&nbsp;CMO Series 2989 Class TG | &nbsp;&nbsp;CMO Series 2989 Class TG | &nbsp;&nbsp;CMO Series 2989 Class TG |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62061 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 299 Class 300 | &nbsp;&nbsp;CMO Series 299 Class 300 | &nbsp;&nbsp;CMO Series 299 Class 300 | &nbsp;&nbsp;CMO Series 299 Class 300 |
| &nbsp;&nbsp;01/15/2043 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;254807 | &nbsp;&nbsp;&nbsp;&nbsp;232099 |
| &nbsp;&nbsp;CMO Series 2990 Class UZ | &nbsp;&nbsp;CMO Series 2990 Class UZ | &nbsp;&nbsp;CMO Series 2990 Class UZ | &nbsp;&nbsp;CMO Series 2990 Class UZ |
| &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;581562 | &nbsp;&nbsp;&nbsp;&nbsp;588040 |
| &nbsp;&nbsp;CMO Series 3101 Class UZ | &nbsp;&nbsp;CMO Series 3101 Class UZ | &nbsp;&nbsp;CMO Series 3101 Class UZ | &nbsp;&nbsp;CMO Series 3101 Class UZ |
| &nbsp;&nbsp;01/15/2036 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;159881 | &nbsp;&nbsp;&nbsp;&nbsp;166533 |
| &nbsp;&nbsp;CMO Series 3123 Class AZ | &nbsp;&nbsp;CMO Series 3123 Class AZ | &nbsp;&nbsp;CMO Series 3123 Class AZ | &nbsp;&nbsp;CMO Series 3123 Class AZ |
| &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;183875 | &nbsp;&nbsp;&nbsp;&nbsp;187667 |
| &nbsp;&nbsp;CMO Series 3143 Class BC | &nbsp;&nbsp;CMO Series 3143 Class BC | &nbsp;&nbsp;CMO Series 3143 Class BC | &nbsp;&nbsp;CMO Series 3143 Class BC |
| &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;215864 | &nbsp;&nbsp;&nbsp;&nbsp;222206 |
| &nbsp;&nbsp;CMO Series 3164 Class MG | &nbsp;&nbsp;CMO Series 3164 Class MG | &nbsp;&nbsp;CMO Series 3164 Class MG | &nbsp;&nbsp;CMO Series 3164 Class MG |
| &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;62644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59755 |
| &nbsp;&nbsp;CMO Series 3195 Class PD | &nbsp;&nbsp;CMO Series 3195 Class PD | &nbsp;&nbsp;CMO Series 3195 Class PD | &nbsp;&nbsp;CMO Series 3195 Class PD |
| &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;126999 | &nbsp;&nbsp;&nbsp;&nbsp;129914 |
| &nbsp;&nbsp;CMO Series 3200 Class AY | &nbsp;&nbsp;CMO Series 3200 Class AY | &nbsp;&nbsp;CMO Series 3200 Class AY | &nbsp;&nbsp;CMO Series 3200 Class AY |
| &nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;142355 | &nbsp;&nbsp;&nbsp;&nbsp;144714 |
| &nbsp;&nbsp;CMO Series 3213 Class JE | &nbsp;&nbsp;CMO Series 3213 Class JE | &nbsp;&nbsp;CMO Series 3213 Class JE | &nbsp;&nbsp;CMO Series 3213 Class JE |
| &nbsp;&nbsp;09/15/2036 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;191915 | &nbsp;&nbsp;&nbsp;&nbsp;197101 |
| &nbsp;&nbsp;CMO Series 3229 Class HE | &nbsp;&nbsp;CMO Series 3229 Class HE | &nbsp;&nbsp;CMO Series 3229 Class HE | &nbsp;&nbsp;CMO Series 3229 Class HE |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;197311 | &nbsp;&nbsp;&nbsp;&nbsp;195377 |
| &nbsp;&nbsp;CMO Series 3423 Class PB | &nbsp;&nbsp;CMO Series 3423 Class PB | &nbsp;&nbsp;CMO Series 3423 Class PB | &nbsp;&nbsp;CMO Series 3423 Class PB |
| &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;464509 | &nbsp;&nbsp;&nbsp;&nbsp;473982 |
| &nbsp;&nbsp;CMO Series 3453 Class B | &nbsp;&nbsp;CMO Series 3453 Class B | &nbsp;&nbsp;CMO Series 3453 Class B | &nbsp;&nbsp;CMO Series 3453 Class B |
| &nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;10501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10474 |
| &nbsp;&nbsp;CMO Series 3461 Class Z | &nbsp;&nbsp;CMO Series 3461 Class Z | &nbsp;&nbsp;CMO Series 3461 Class Z | &nbsp;&nbsp;CMO Series 3461 Class Z |
| &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;888843 | &nbsp;&nbsp;&nbsp;&nbsp;904371 |
| &nbsp;&nbsp;CMO Series 3501 Class CB | &nbsp;&nbsp;CMO Series 3501 Class CB | &nbsp;&nbsp;CMO Series 3501 Class CB | &nbsp;&nbsp;CMO Series 3501 Class CB |
| &nbsp;&nbsp;01/15/2039 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;199219 | &nbsp;&nbsp;&nbsp;&nbsp;201331 |
| &nbsp;&nbsp;CMO Series 3684 Class CY | &nbsp;&nbsp;CMO Series 3684 Class CY | &nbsp;&nbsp;CMO Series 3684 Class CY | &nbsp;&nbsp;CMO Series 3684 Class CY |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;280820 | &nbsp;&nbsp;&nbsp;&nbsp;278496 |
| &nbsp;&nbsp;CMO Series 3704 Class CT | &nbsp;&nbsp;CMO Series 3704 Class CT | &nbsp;&nbsp;CMO Series 3704 Class CT | &nbsp;&nbsp;CMO Series 3704 Class CT |
| &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;303382 | &nbsp;&nbsp;&nbsp;&nbsp;322680 |
| &nbsp;&nbsp;CMO Series 3704 Class DT | &nbsp;&nbsp;CMO Series 3704 Class DT | &nbsp;&nbsp;CMO Series 3704 Class DT | &nbsp;&nbsp;CMO Series 3704 Class DT |
| &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;291278 | &nbsp;&nbsp;&nbsp;&nbsp;313083 |
| &nbsp;&nbsp;CMO Series 3704 Class ET | &nbsp;&nbsp;CMO Series 3704 Class ET | &nbsp;&nbsp;CMO Series 3704 Class ET | &nbsp;&nbsp;CMO Series 3704 Class ET |
| &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;203232 | &nbsp;&nbsp;&nbsp;&nbsp;219777 |
| &nbsp;&nbsp;CMO Series 3707 Class B | &nbsp;&nbsp;CMO Series 3707 Class B | &nbsp;&nbsp;CMO Series 3707 Class B | &nbsp;&nbsp;CMO Series 3707 Class B |
| &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;323541 | &nbsp;&nbsp;&nbsp;&nbsp;321453 |
| &nbsp;&nbsp;CMO Series 3819 Class ZQ | &nbsp;&nbsp;CMO Series 3819 Class ZQ | &nbsp;&nbsp;CMO Series 3819 Class ZQ | &nbsp;&nbsp;CMO Series 3819 Class ZQ |
| &nbsp;&nbsp;04/15/2036 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;310438 | &nbsp;&nbsp;&nbsp;&nbsp;321358 |
| &nbsp;&nbsp;CMO Series 3890 Class ME | &nbsp;&nbsp;CMO Series 3890 Class ME | &nbsp;&nbsp;CMO Series 3890 Class ME | &nbsp;&nbsp;CMO Series 3890 Class ME |
| &nbsp;&nbsp;07/15/2041 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1003166 |
| &nbsp;&nbsp;CMO Series 4015 Class MY | &nbsp;&nbsp;CMO Series 4015 Class MY | &nbsp;&nbsp;CMO Series 4015 Class MY | &nbsp;&nbsp;CMO Series 4015 Class MY |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;3.500% | 1918026 | &nbsp;&nbsp;1788134 |
| &nbsp;&nbsp;CMO Series 4177 Class MQ | &nbsp;&nbsp;CMO Series 4177 Class MQ | &nbsp;&nbsp;CMO Series 4177 Class MQ | &nbsp;&nbsp;CMO Series 4177 Class MQ |
| &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;2.500% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;845887 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 47

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 4205 Class PA | &nbsp;&nbsp;CMO Series 4205 Class PA | &nbsp;&nbsp;CMO Series 4205 Class PA | &nbsp;&nbsp;CMO Series 4205 Class PA |
| &nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;1.750% | 1915743 | &nbsp;&nbsp;1616249 |
| &nbsp;&nbsp;CMO Series 4217 Class KY | &nbsp;&nbsp;CMO Series 4217 Class KY | &nbsp;&nbsp;CMO Series 4217 Class KY | &nbsp;&nbsp;CMO Series 4217 Class KY |
| &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;3.000% | 1200000 | &nbsp;&nbsp;1033747 |
| &nbsp;&nbsp;CMO Series 4240 Class B | &nbsp;&nbsp;CMO Series 4240 Class B | &nbsp;&nbsp;CMO Series 4240 Class B | &nbsp;&nbsp;CMO Series 4240 Class B |
| &nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;3.000% | 2000000 | &nbsp;&nbsp;1857091 |
| &nbsp;&nbsp;CMO Series 4880 Class DA | &nbsp;&nbsp;CMO Series 4880 Class DA | &nbsp;&nbsp;CMO Series 4880 Class DA | &nbsp;&nbsp;CMO Series 4880 Class DA |
| &nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;3.000% | 1177603 | &nbsp;&nbsp;1072856 |
| &nbsp;&nbsp;CMO Series 5091 Class AB | &nbsp;&nbsp;CMO Series 5091 Class AB | &nbsp;&nbsp;CMO Series 5091 Class AB | &nbsp;&nbsp;CMO Series 5091 Class AB |
| &nbsp;&nbsp;03/25/2051 | &nbsp;&nbsp;1.500% | 2565764 | &nbsp;&nbsp;2096592 |
| &nbsp;&nbsp;CMO Series R006 Class ZA | &nbsp;&nbsp;CMO Series R006 Class ZA | &nbsp;&nbsp;CMO Series R006 Class ZA | &nbsp;&nbsp;CMO Series R006 Class ZA |
| &nbsp;&nbsp;04/15/2036 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;236102 | &nbsp;&nbsp;&nbsp;&nbsp;244704 |
| &nbsp;&nbsp;CMO Series R007 Class ZA | &nbsp;&nbsp;CMO Series R007 Class ZA | &nbsp;&nbsp;CMO Series R007 Class ZA | &nbsp;&nbsp;CMO Series R007 Class ZA |
| &nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;453559 | &nbsp;&nbsp;&nbsp;&nbsp;468546 |
| &nbsp;&nbsp;CMO STRIPS Series 264 Class 30 | &nbsp;&nbsp;CMO STRIPS Series 264 Class 30 | &nbsp;&nbsp;CMO STRIPS Series 264 Class 30 | &nbsp;&nbsp;CMO STRIPS Series 264 Class 30 |
| &nbsp;&nbsp;07/15/2042 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;269193 | &nbsp;&nbsp;&nbsp;&nbsp;244066 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;1-year CMT + 2.250%<br> Cap 10.328%<br> 07/01/2036 | &nbsp;&nbsp;3.684% | &nbsp;&nbsp;&nbsp;&nbsp;36546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37098 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.835%<br> Cap 9.112%<br> 07/01/2040 | &nbsp;&nbsp;3.779% | &nbsp;&nbsp;&nbsp;&nbsp;88996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90040 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.640%<br> Cap 7.804%<br> 05/01/2049 | &nbsp;&nbsp;2.814% | &nbsp;&nbsp;&nbsp;724535 | &nbsp;&nbsp;&nbsp;&nbsp;702161 |
| &nbsp;&nbsp;1-month SOFR + 2.130%<br> Floor 2.130%, Cap 8.912%<br> 07/01/2052 | &nbsp;&nbsp;3.912% | 1257739 | &nbsp;&nbsp;1206047 |
| &nbsp;&nbsp;1-month SOFR + 2.130%<br> Floor 2.130%, Cap 9.301%<br> 07/01/2052 | &nbsp;&nbsp;4.301% | 1506078 | &nbsp;&nbsp;1463676 |
| &nbsp;&nbsp;1-month SOFR + 2.140%<br> Floor 2.140%, Cap 8.990%<br> 08/01/2052 | &nbsp;&nbsp;3.989% | 1685371 | &nbsp;&nbsp;1604299 |
| &nbsp;&nbsp;1-month SOFR + 2.380%<br> Floor 2.380%, Cap 9.120%<br> 09/01/2052 | &nbsp;&nbsp;4.119% | &nbsp;&nbsp;&nbsp;865860 | &nbsp;&nbsp;&nbsp;&nbsp;834099 |
| &nbsp;&nbsp;1-month SOFR + 2.183%<br> Floor 2.183%, Cap 8.575%<br> 10/01/2052 | &nbsp;&nbsp;3.574% | 2938068 | &nbsp;&nbsp;2817381 |
| &nbsp;&nbsp;1-month SOFR + 2.241%<br> Floor 2.241%, Cap 8.888%<br> 12/01/2052 | &nbsp;&nbsp;3.888% | 1627372 | &nbsp;&nbsp;1573708 |
| &nbsp;&nbsp;CMO Series 2551 Class NS | &nbsp;&nbsp;CMO Series 2551 Class NS | &nbsp;&nbsp;CMO Series 2551 Class NS | &nbsp;&nbsp;CMO Series 2551 Class NS |
| &nbsp;&nbsp;-1.8 x 1-month USD LIBOR + 14.483%<br> Cap 14.483%<br> 01/15/2033 | &nbsp;&nbsp;6.567% | &nbsp;&nbsp;&nbsp;&nbsp;63791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64022 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 3852 Class QN | &nbsp;&nbsp;CMO Series 3852 Class QN | &nbsp;&nbsp;CMO Series 3852 Class QN | &nbsp;&nbsp;CMO Series 3852 Class QN |
| &nbsp;&nbsp;-3.6 x 1-month USD LIBOR + 27.211%<br> Cap 5.500%<br> 05/15/2041 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;165494 | &nbsp;&nbsp;158100 |
| &nbsp;&nbsp;CMO Series 4048 Class FJ | &nbsp;&nbsp;CMO Series 4048 Class FJ | &nbsp;&nbsp;CMO Series 4048 Class FJ | &nbsp;&nbsp;CMO Series 4048 Class FJ |
| &nbsp;&nbsp;1-month USD LIBOR + 0.400%<br> Floor 0.400%, Cap 9,999.000%<br> 07/15/2037 | &nbsp;&nbsp;4.769% | &nbsp;&nbsp;&nbsp;327716 | &nbsp;&nbsp;322615 |
| &nbsp;&nbsp;Structured Pass-Through Securities | &nbsp;&nbsp;Structured Pass-Through Securities | &nbsp;&nbsp;Structured Pass-Through Securities | &nbsp;&nbsp;Structured Pass-Through Securities |
| &nbsp;&nbsp;1-year MTA + 1.200%<br> Floor 1.200%<br> 10/25/2044 | &nbsp;&nbsp;3.628% | &nbsp;&nbsp;&nbsp;350641 | &nbsp;&nbsp;348941 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(g)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(g)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(g)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(g)</sup> |
| &nbsp;&nbsp;CMO Series 3077 Class TO | &nbsp;&nbsp;CMO Series 3077 Class TO | &nbsp;&nbsp;CMO Series 3077 Class TO | &nbsp;&nbsp;CMO Series 3077 Class TO |
| &nbsp;&nbsp;04/15/2035 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;31128 | &nbsp;&nbsp;&nbsp;&nbsp;29654 |
| &nbsp;&nbsp;CMO Series 3100 Class | &nbsp;&nbsp;CMO Series 3100 Class | &nbsp;&nbsp;CMO Series 3100 Class | &nbsp;&nbsp;CMO Series 3100 Class |
| &nbsp;&nbsp;01/15/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;81186 | &nbsp;&nbsp;&nbsp;&nbsp;67172 |
| &nbsp;&nbsp;CMO Series 3117 Class OG | &nbsp;&nbsp;CMO Series 3117 Class OG | &nbsp;&nbsp;CMO Series 3117 Class OG | &nbsp;&nbsp;CMO Series 3117 Class OG |
| &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;36875 | &nbsp;&nbsp;&nbsp;&nbsp;31407 |
| &nbsp;&nbsp;CMO Series 3181 Class OH | &nbsp;&nbsp;CMO Series 3181 Class OH | &nbsp;&nbsp;CMO Series 3181 Class OH | &nbsp;&nbsp;CMO Series 3181 Class OH |
| &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;170892 | &nbsp;&nbsp;134470 |
| &nbsp;&nbsp;CMO Series 3316 Class JO | &nbsp;&nbsp;CMO Series 3316 Class JO | &nbsp;&nbsp;CMO Series 3316 Class JO | &nbsp;&nbsp;CMO Series 3316 Class JO |
| &nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7230 | &nbsp;&nbsp;&nbsp;&nbsp;5513 |
| &nbsp;&nbsp;CMO Series 3607 Class TO | &nbsp;&nbsp;CMO Series 3607 Class TO | &nbsp;&nbsp;CMO Series 3607 Class TO | &nbsp;&nbsp;CMO Series 3607 Class TO |
| &nbsp;&nbsp;10/15/2039 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;157340 | &nbsp;&nbsp;125464 |
| &nbsp;&nbsp;CMO STRIPS Series 197 Class | &nbsp;&nbsp;CMO STRIPS Series 197 Class | &nbsp;&nbsp;CMO STRIPS Series 197 Class | &nbsp;&nbsp;CMO STRIPS Series 197 Class |
| &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;68048 | &nbsp;&nbsp;&nbsp;&nbsp;62011 |
| &nbsp;&nbsp;CMO STRIPS Series 310 Class | &nbsp;&nbsp;CMO STRIPS Series 310 Class | &nbsp;&nbsp;CMO STRIPS Series 310 Class | &nbsp;&nbsp;CMO STRIPS Series 310 Class |
| &nbsp;&nbsp;09/15/2043 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;879335 | &nbsp;&nbsp;622549 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 3380 Class SI | &nbsp;&nbsp;CMO Series 3380 Class SI | &nbsp;&nbsp;CMO Series 3380 Class SI | &nbsp;&nbsp;CMO Series 3380 Class SI |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.370%<br> Cap 6.370%<br> 10/15/2037 | &nbsp;&nbsp;2.052% | 1321505 | &nbsp;&nbsp;135404 |
| &nbsp;&nbsp;CMO Series 3385 Class SN | &nbsp;&nbsp;CMO Series 3385 Class SN | &nbsp;&nbsp;CMO Series 3385 Class SN | &nbsp;&nbsp;CMO Series 3385 Class SN |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 11/15/2037 | &nbsp;&nbsp;1.682% | &nbsp;&nbsp;&nbsp;&nbsp;28316 | &nbsp;&nbsp;&nbsp;&nbsp;1788 |
| &nbsp;&nbsp;CMO Series 3451 Class SA | &nbsp;&nbsp;CMO Series 3451 Class SA | &nbsp;&nbsp;CMO Series 3451 Class SA | &nbsp;&nbsp;CMO Series 3451 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 05/15/2038 | &nbsp;&nbsp;1.732% | &nbsp;&nbsp;&nbsp;&nbsp;20878 | &nbsp;&nbsp;&nbsp;&nbsp;1869 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

48 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 3531 Class SM | &nbsp;&nbsp;CMO Series 3531 Class SM | &nbsp;&nbsp;CMO Series 3531 Class SM | &nbsp;&nbsp;CMO Series 3531 Class SM |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 05/15/2039 | &nbsp;&nbsp;1.782% | &nbsp;&nbsp;&nbsp;&nbsp;28984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 |
| &nbsp;&nbsp;CMO Series 3608 Class SC | &nbsp;&nbsp;CMO Series 3608 Class SC | &nbsp;&nbsp;CMO Series 3608 Class SC | &nbsp;&nbsp;CMO Series 3608 Class SC |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.250%<br> Cap 6.250%<br> 12/15/2039 | &nbsp;&nbsp;1.932% | &nbsp;&nbsp;&nbsp;173510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10337 |
| &nbsp;&nbsp;CMO Series 3740 Class SB | &nbsp;&nbsp;CMO Series 3740 Class SB | &nbsp;&nbsp;CMO Series 3740 Class SB | &nbsp;&nbsp;CMO Series 3740 Class SB |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 10/15/2040 | &nbsp;&nbsp;1.682% | &nbsp;&nbsp;&nbsp;158571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9230 |
| &nbsp;&nbsp;CMO Series 3740 Class SC | &nbsp;&nbsp;CMO Series 3740 Class SC | &nbsp;&nbsp;CMO Series 3740 Class SC | &nbsp;&nbsp;CMO Series 3740 Class SC |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 10/15/2040 | &nbsp;&nbsp;1.682% | &nbsp;&nbsp;&nbsp;218931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21381 |
| &nbsp;&nbsp;CMO STRIPS Series 239 Class S30 | &nbsp;&nbsp;CMO STRIPS Series 239 Class S30 | &nbsp;&nbsp;CMO STRIPS Series 239 Class S30 | &nbsp;&nbsp;CMO STRIPS Series 239 Class S30 |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 7.700%<br> Cap 7.700%<br> 08/15/2036 | &nbsp;&nbsp;3.382% | &nbsp;&nbsp;&nbsp;181226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24779 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 3688 Class GT | &nbsp;&nbsp;CMO Series 3688 Class GT | &nbsp;&nbsp;CMO Series 3688 Class GT | &nbsp;&nbsp;CMO Series 3688 Class GT |
| &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;7.537% | &nbsp;&nbsp;&nbsp;217806 | &nbsp;&nbsp;&nbsp;&nbsp;231486 |
| &nbsp;&nbsp;CMO Series 4272 Class W | &nbsp;&nbsp;CMO Series 4272 Class W | &nbsp;&nbsp;CMO Series 4272 Class W | &nbsp;&nbsp;CMO Series 4272 Class W |
| &nbsp;&nbsp;04/15/2040 | &nbsp;&nbsp;5.646% | 1146287 | &nbsp;&nbsp;1155766 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 3714 Class IP | &nbsp;&nbsp;CMO Series 3714 Class IP | &nbsp;&nbsp;CMO Series 3714 Class IP | &nbsp;&nbsp;CMO Series 3714 Class IP |
| &nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;129040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10047 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 3802 Class LS | &nbsp;&nbsp;CMO Series 3802 Class LS | &nbsp;&nbsp;CMO Series 3802 Class LS | &nbsp;&nbsp;CMO Series 3802 Class LS |
| &nbsp;&nbsp;01/15/2040 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;326613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12040 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS |
| &nbsp;&nbsp;CMO Series 5178 Class TP | &nbsp;&nbsp;CMO Series 5178 Class TP | &nbsp;&nbsp;CMO Series 5178 Class TP | &nbsp;&nbsp;CMO Series 5178 Class TP |
| &nbsp;&nbsp;04/25/2049 | &nbsp;&nbsp;2.500% | 2551080 | &nbsp;&nbsp;2186669 |
| &nbsp;&nbsp;CMO Series 5202 Class LA | &nbsp;&nbsp;CMO Series 5202 Class LA | &nbsp;&nbsp;CMO Series 5202 Class LA | &nbsp;&nbsp;CMO Series 5202 Class LA |
| &nbsp;&nbsp;05/25/2049 | &nbsp;&nbsp;2.500% | 2311756 | &nbsp;&nbsp;1993384 |
| &nbsp;&nbsp;CMO Series 5203 Class G | &nbsp;&nbsp;CMO Series 5203 Class G | &nbsp;&nbsp;CMO Series 5203 Class G | &nbsp;&nbsp;CMO Series 5203 Class G |
| &nbsp;&nbsp;11/25/2048 | &nbsp;&nbsp;2.500% | 1028685 | &nbsp;&nbsp;&nbsp;&nbsp;898560 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal Home Loan National Mortgage Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan National Mortgage Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan National Mortgage Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan National Mortgage Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;12-month USD LIBOR + 1.637%<br> Cap 7.451%<br> 09/01/2045 | &nbsp;&nbsp;2.447% | &nbsp;&nbsp;&nbsp;&nbsp;3255327 | &nbsp;&nbsp;&nbsp;&nbsp;3288362 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.687%<br> Cap 7.717%<br> 09/01/2047 | &nbsp;&nbsp;3.314% | &nbsp;&nbsp;&nbsp;&nbsp;1666430 | &nbsp;&nbsp;&nbsp;&nbsp;1689921 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.635%<br> Floor 1.635%, Cap 7.990%<br> 04/01/2048 | &nbsp;&nbsp;3.722% | &nbsp;&nbsp;&nbsp;&nbsp;3392486 | &nbsp;&nbsp;&nbsp;&nbsp;3398769 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.638%<br> Floor 1.638%, Cap 8.602%<br> 03/01/2049 | &nbsp;&nbsp;3.457% | &nbsp;&nbsp;&nbsp;&nbsp;1499463 | &nbsp;&nbsp;&nbsp;&nbsp;1488789 |
| &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association |
| &nbsp;&nbsp;01/01/2023-<br> 11/01/2048 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310022 |
| &nbsp;&nbsp;02/01/2024-<br> 12/01/2052 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;3071615 | &nbsp;&nbsp;&nbsp;&nbsp;3230070 |
| &nbsp;&nbsp;01/01/2027-<br> 08/01/2059 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;46893853 | &nbsp;&nbsp;&nbsp;&nbsp;45355945 |
| &nbsp;&nbsp;05/01/2033-<br> 03/01/2060 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;79262627 | &nbsp;&nbsp;&nbsp;&nbsp;73688804 |
| &nbsp;&nbsp;11/01/2033-<br> 09/01/2052 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;2647611 | &nbsp;&nbsp;&nbsp;&nbsp;2731456 |
| &nbsp;&nbsp;12/01/2035-<br> 07/01/2061 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;92216192 | &nbsp;&nbsp;&nbsp;&nbsp;80213238 |
| &nbsp;&nbsp;01/01/2036-<br> 08/01/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180975 |
| &nbsp;&nbsp;11/01/2037-<br> 01/01/2039 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380264 |
| &nbsp;&nbsp;11/01/2040-<br> 12/01/2050 | &nbsp;&nbsp;2.000% | 144027345 | &nbsp;&nbsp;121046322 |
| &nbsp;&nbsp;06/01/2041-<br> 11/01/2048 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;5252479 | &nbsp;&nbsp;&nbsp;&nbsp;5194733 |
| &nbsp;&nbsp;10/01/2041-<br> 11/01/2041 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;23795831 | &nbsp;&nbsp;&nbsp;&nbsp;19466676 |
| &nbsp;&nbsp;11/01/2042-<br> 07/01/2060 | &nbsp;&nbsp;3.000% | 152732187 | &nbsp;&nbsp;137077183 |
| &nbsp;&nbsp;CMO Series 1999-7 Class AB | &nbsp;&nbsp;CMO Series 1999-7 Class AB | &nbsp;&nbsp;CMO Series 1999-7 Class AB | &nbsp;&nbsp;CMO Series 1999-7 Class AB |
| &nbsp;&nbsp;03/25/2029 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80875 |
| &nbsp;&nbsp;CMO Series 2001-60 Class PX | &nbsp;&nbsp;CMO Series 2001-60 Class PX | &nbsp;&nbsp;CMO Series 2001-60 Class PX | &nbsp;&nbsp;CMO Series 2001-60 Class PX |
| &nbsp;&nbsp;11/25/2031 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116154 |
| &nbsp;&nbsp;CMO Series 2002-50 Class ZA | &nbsp;&nbsp;CMO Series 2002-50 Class ZA | &nbsp;&nbsp;CMO Series 2002-50 Class ZA | &nbsp;&nbsp;CMO Series 2002-50 Class ZA |
| &nbsp;&nbsp;05/25/2031 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371651 |
| &nbsp;&nbsp;CMO Series 2002-78 Class Z | &nbsp;&nbsp;CMO Series 2002-78 Class Z | &nbsp;&nbsp;CMO Series 2002-78 Class Z | &nbsp;&nbsp;CMO Series 2002-78 Class Z |
| &nbsp;&nbsp;12/25/2032 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142641 |
| &nbsp;&nbsp;CMO Series 2003-W19 Class 1A7 | &nbsp;&nbsp;CMO Series 2003-W19 Class 1A7 | &nbsp;&nbsp;CMO Series 2003-W19 Class 1A7 | &nbsp;&nbsp;CMO Series 2003-W19 Class 1A7 |
| &nbsp;&nbsp;11/25/2033 | &nbsp;&nbsp;5.620% | &nbsp;&nbsp;&nbsp;&nbsp;1837847 | &nbsp;&nbsp;&nbsp;&nbsp;1832656 |
| &nbsp;&nbsp;CMO Series 2004-50 Class VZ | &nbsp;&nbsp;CMO Series 2004-50 Class VZ | &nbsp;&nbsp;CMO Series 2004-50 Class VZ | &nbsp;&nbsp;CMO Series 2004-50 Class VZ |
| &nbsp;&nbsp;07/25/2034 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627828 |
| &nbsp;&nbsp;CMO Series 2004-65 Class LT | &nbsp;&nbsp;CMO Series 2004-65 Class LT | &nbsp;&nbsp;CMO Series 2004-65 Class LT | &nbsp;&nbsp;CMO Series 2004-65 Class LT |
| &nbsp;&nbsp;08/25/2024 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25038 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 49

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2004-W10 Class A6 | &nbsp;&nbsp;CMO Series 2004-W10 Class A6 | &nbsp;&nbsp;CMO Series 2004-W10 Class A6 | &nbsp;&nbsp;CMO Series 2004-W10 Class A6 |
| &nbsp;&nbsp;08/25/2034 | &nbsp;&nbsp;5.750% | 1082083 | &nbsp;&nbsp;1084146 |
| &nbsp;&nbsp;CMO Series 2005-121 Class DX | &nbsp;&nbsp;CMO Series 2005-121 Class DX | &nbsp;&nbsp;CMO Series 2005-121 Class DX | &nbsp;&nbsp;CMO Series 2005-121 Class DX |
| &nbsp;&nbsp;01/25/2026 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;76982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76513 |
| &nbsp;&nbsp;CMO Series 2006-105 Class ME | &nbsp;&nbsp;CMO Series 2006-105 Class ME | &nbsp;&nbsp;CMO Series 2006-105 Class ME | &nbsp;&nbsp;CMO Series 2006-105 Class ME |
| &nbsp;&nbsp;11/25/2036 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;399703 | &nbsp;&nbsp;&nbsp;&nbsp;404501 |
| &nbsp;&nbsp;CMO Series 2006-16 Class HZ | &nbsp;&nbsp;CMO Series 2006-16 Class HZ | &nbsp;&nbsp;CMO Series 2006-16 Class HZ | &nbsp;&nbsp;CMO Series 2006-16 Class HZ |
| &nbsp;&nbsp;03/25/2036 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;303401 | &nbsp;&nbsp;&nbsp;&nbsp;303365 |
| &nbsp;&nbsp;CMO Series 2006-W3 Class 2A | &nbsp;&nbsp;CMO Series 2006-W3 Class 2A | &nbsp;&nbsp;CMO Series 2006-W3 Class 2A | &nbsp;&nbsp;CMO Series 2006-W3 Class 2A |
| &nbsp;&nbsp;09/25/2046 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;118654 | &nbsp;&nbsp;&nbsp;&nbsp;117261 |
| &nbsp;&nbsp;CMO Series 2007-104 Class ZE | &nbsp;&nbsp;CMO Series 2007-104 Class ZE | &nbsp;&nbsp;CMO Series 2007-104 Class ZE | &nbsp;&nbsp;CMO Series 2007-104 Class ZE |
| &nbsp;&nbsp;08/25/2037 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;108812 | &nbsp;&nbsp;&nbsp;&nbsp;110676 |
| &nbsp;&nbsp;CMO Series 2007-116 Class PB | &nbsp;&nbsp;CMO Series 2007-116 Class PB | &nbsp;&nbsp;CMO Series 2007-116 Class PB | &nbsp;&nbsp;CMO Series 2007-116 Class PB |
| &nbsp;&nbsp;08/25/2035 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;119679 | &nbsp;&nbsp;&nbsp;&nbsp;121400 |
| &nbsp;&nbsp;CMO Series 2007-18 Class MZ | &nbsp;&nbsp;CMO Series 2007-18 Class MZ | &nbsp;&nbsp;CMO Series 2007-18 Class MZ | &nbsp;&nbsp;CMO Series 2007-18 Class MZ |
| &nbsp;&nbsp;03/25/2037 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;152501 | &nbsp;&nbsp;&nbsp;&nbsp;152226 |
| &nbsp;&nbsp;CMO Series 2007-42 Class B | &nbsp;&nbsp;CMO Series 2007-42 Class B | &nbsp;&nbsp;CMO Series 2007-42 Class B | &nbsp;&nbsp;CMO Series 2007-42 Class B |
| &nbsp;&nbsp;05/25/2037 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;111088 | &nbsp;&nbsp;&nbsp;&nbsp;113647 |
| &nbsp;&nbsp;CMO Series 2007-76 Class ZG | &nbsp;&nbsp;CMO Series 2007-76 Class ZG | &nbsp;&nbsp;CMO Series 2007-76 Class ZG | &nbsp;&nbsp;CMO Series 2007-76 Class ZG |
| &nbsp;&nbsp;08/25/2037 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;193964 | &nbsp;&nbsp;&nbsp;&nbsp;195304 |
| &nbsp;&nbsp;CMO Series 2008-80 Class GP | &nbsp;&nbsp;CMO Series 2008-80 Class GP | &nbsp;&nbsp;CMO Series 2008-80 Class GP | &nbsp;&nbsp;CMO Series 2008-80 Class GP |
| &nbsp;&nbsp;09/25/2038 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;16159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16439 |
| &nbsp;&nbsp;CMO Series 2009-59 Class HB | &nbsp;&nbsp;CMO Series 2009-59 Class HB | &nbsp;&nbsp;CMO Series 2009-59 Class HB | &nbsp;&nbsp;CMO Series 2009-59 Class HB |
| &nbsp;&nbsp;08/25/2039 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;257543 | &nbsp;&nbsp;&nbsp;&nbsp;255642 |
| &nbsp;&nbsp;CMO Series 2009-60 Class HT | &nbsp;&nbsp;CMO Series 2009-60 Class HT | &nbsp;&nbsp;CMO Series 2009-60 Class HT | &nbsp;&nbsp;CMO Series 2009-60 Class HT |
| &nbsp;&nbsp;08/25/2039 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;250556 | &nbsp;&nbsp;&nbsp;&nbsp;256600 |
| &nbsp;&nbsp;CMO Series 2009-79 Class UA | &nbsp;&nbsp;CMO Series 2009-79 Class UA | &nbsp;&nbsp;CMO Series 2009-79 Class UA | &nbsp;&nbsp;CMO Series 2009-79 Class UA |
| &nbsp;&nbsp;03/25/2038 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;&nbsp;17021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17585 |
| &nbsp;&nbsp;CMO Series 2009-W1 Class A | &nbsp;&nbsp;CMO Series 2009-W1 Class A | &nbsp;&nbsp;CMO Series 2009-W1 Class A | &nbsp;&nbsp;CMO Series 2009-W1 Class A |
| &nbsp;&nbsp;12/25/2049 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;445294 | &nbsp;&nbsp;&nbsp;&nbsp;451206 |
| &nbsp;&nbsp;CMO Series 2010-111 Class AM | &nbsp;&nbsp;CMO Series 2010-111 Class AM | &nbsp;&nbsp;CMO Series 2010-111 Class AM | &nbsp;&nbsp;CMO Series 2010-111 Class AM |
| &nbsp;&nbsp;10/25/2040 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;669856 | &nbsp;&nbsp;&nbsp;&nbsp;680196 |
| &nbsp;&nbsp;CMO Series 2010-2 Class LC | &nbsp;&nbsp;CMO Series 2010-2 Class LC | &nbsp;&nbsp;CMO Series 2010-2 Class LC | &nbsp;&nbsp;CMO Series 2010-2 Class LC |
| &nbsp;&nbsp;02/25/2040 | &nbsp;&nbsp;5.000% | 1076677 | &nbsp;&nbsp;1073796 |
| &nbsp;&nbsp;CMO Series 2011-118 Class MT | &nbsp;&nbsp;CMO Series 2011-118 Class MT | &nbsp;&nbsp;CMO Series 2011-118 Class MT | &nbsp;&nbsp;CMO Series 2011-118 Class MT |
| &nbsp;&nbsp;11/25/2041 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;323062 | &nbsp;&nbsp;&nbsp;&nbsp;341701 |
| &nbsp;&nbsp;CMO Series 2011-118 Class NT | &nbsp;&nbsp;CMO Series 2011-118 Class NT | &nbsp;&nbsp;CMO Series 2011-118 Class NT | &nbsp;&nbsp;CMO Series 2011-118 Class NT |
| &nbsp;&nbsp;11/25/2041 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;361178 | &nbsp;&nbsp;&nbsp;&nbsp;384672 |
| &nbsp;&nbsp;CMO Series 2011-31 Class DB | &nbsp;&nbsp;CMO Series 2011-31 Class DB | &nbsp;&nbsp;CMO Series 2011-31 Class DB | &nbsp;&nbsp;CMO Series 2011-31 Class DB |
| &nbsp;&nbsp;04/25/2031 | &nbsp;&nbsp;3.500% | 1426429 | &nbsp;&nbsp;1370557 |
| &nbsp;&nbsp;CMO Series 2011-39 Class ZA | &nbsp;&nbsp;CMO Series 2011-39 Class ZA | &nbsp;&nbsp;CMO Series 2011-39 Class ZA | &nbsp;&nbsp;CMO Series 2011-39 Class ZA |
| &nbsp;&nbsp;11/25/2032 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;177512 | &nbsp;&nbsp;&nbsp;&nbsp;181670 |
| &nbsp;&nbsp;CMO Series 2011-44 Class EB | &nbsp;&nbsp;CMO Series 2011-44 Class EB | &nbsp;&nbsp;CMO Series 2011-44 Class EB | &nbsp;&nbsp;CMO Series 2011-44 Class EB |
| &nbsp;&nbsp;05/25/2026 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;493929 | &nbsp;&nbsp;&nbsp;&nbsp;479837 |
| &nbsp;&nbsp;CMO Series 2011-46 Class B | &nbsp;&nbsp;CMO Series 2011-46 Class B | &nbsp;&nbsp;CMO Series 2011-46 Class B | &nbsp;&nbsp;CMO Series 2011-46 Class B |
| &nbsp;&nbsp;05/25/2026 | &nbsp;&nbsp;3.000% | 1211966 | &nbsp;&nbsp;1175988 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2011-59 Class NZ | &nbsp;&nbsp;CMO Series 2011-59 Class NZ | &nbsp;&nbsp;CMO Series 2011-59 Class NZ | &nbsp;&nbsp;CMO Series 2011-59 Class NZ |
| &nbsp;&nbsp;07/25/2041 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;869290 | &nbsp;&nbsp;&nbsp;&nbsp;883557 |
| &nbsp;&nbsp;CMO Series 2012-151 Class NX | &nbsp;&nbsp;CMO Series 2012-151 Class NX | &nbsp;&nbsp;CMO Series 2012-151 Class NX | &nbsp;&nbsp;CMO Series 2012-151 Class NX |
| &nbsp;&nbsp;01/25/2043 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;&nbsp;626760 | &nbsp;&nbsp;&nbsp;&nbsp;530084 |
| &nbsp;&nbsp;CMO Series 2012-66 Class CB | &nbsp;&nbsp;CMO Series 2012-66 Class CB | &nbsp;&nbsp;CMO Series 2012-66 Class CB | &nbsp;&nbsp;CMO Series 2012-66 Class CB |
| &nbsp;&nbsp;06/25/2032 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2819523 | &nbsp;&nbsp;2649408 |
| &nbsp;&nbsp;CMO Series 2013-100 Class WB | &nbsp;&nbsp;CMO Series 2013-100 Class WB | &nbsp;&nbsp;CMO Series 2013-100 Class WB | &nbsp;&nbsp;CMO Series 2013-100 Class WB |
| &nbsp;&nbsp;10/25/2033 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2614890 | &nbsp;&nbsp;2451217 |
| &nbsp;&nbsp;CMO Series 2013-101 Class E | &nbsp;&nbsp;CMO Series 2013-101 Class E | &nbsp;&nbsp;CMO Series 2013-101 Class E | &nbsp;&nbsp;CMO Series 2013-101 Class E |
| &nbsp;&nbsp;10/25/2033 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2662486 | &nbsp;&nbsp;2508068 |
| &nbsp;&nbsp;CMO Series 2013-108 Class GU | &nbsp;&nbsp;CMO Series 2013-108 Class GU | &nbsp;&nbsp;CMO Series 2013-108 Class GU | &nbsp;&nbsp;CMO Series 2013-108 Class GU |
| &nbsp;&nbsp;10/25/2033 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2228090 | &nbsp;&nbsp;2088236 |
| &nbsp;&nbsp;CMO Series 2013-43 Class BP | &nbsp;&nbsp;CMO Series 2013-43 Class BP | &nbsp;&nbsp;CMO Series 2013-43 Class BP | &nbsp;&nbsp;CMO Series 2013-43 Class BP |
| &nbsp;&nbsp;05/25/2043 | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;2269178 | &nbsp;&nbsp;1968065 |
| &nbsp;&nbsp;CMO Series 2013-59 Class PY | &nbsp;&nbsp;CMO Series 2013-59 Class PY | &nbsp;&nbsp;CMO Series 2013-59 Class PY | &nbsp;&nbsp;CMO Series 2013-59 Class PY |
| &nbsp;&nbsp;06/25/2043 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;814749 |
| &nbsp;&nbsp;CMO Series 2013-81 Class TA | &nbsp;&nbsp;CMO Series 2013-81 Class TA | &nbsp;&nbsp;CMO Series 2013-81 Class TA | &nbsp;&nbsp;CMO Series 2013-81 Class TA |
| &nbsp;&nbsp;02/25/2043 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1160590 | &nbsp;&nbsp;1107532 |
| &nbsp;&nbsp;CMO Series 2013-90 Class DL | &nbsp;&nbsp;CMO Series 2013-90 Class DL | &nbsp;&nbsp;CMO Series 2013-90 Class DL | &nbsp;&nbsp;CMO Series 2013-90 Class DL |
| &nbsp;&nbsp;09/25/2033 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1423172 |
| &nbsp;&nbsp;CMO Series 2015-84 Class PA | &nbsp;&nbsp;CMO Series 2015-84 Class PA | &nbsp;&nbsp;CMO Series 2015-84 Class PA | &nbsp;&nbsp;CMO Series 2015-84 Class PA |
| &nbsp;&nbsp;08/25/2033 | &nbsp;&nbsp;1.700% | &nbsp;&nbsp;2420413 | &nbsp;&nbsp;2188161 |
| &nbsp;&nbsp;CMO Series 2016-48 Class MA | &nbsp;&nbsp;CMO Series 2016-48 Class MA | &nbsp;&nbsp;CMO Series 2016-48 Class MA | &nbsp;&nbsp;CMO Series 2016-48 Class MA |
| &nbsp;&nbsp;06/25/2038 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;2333040 | &nbsp;&nbsp;2100647 |
| &nbsp;&nbsp;CMO Series 2016-57 Class PC | &nbsp;&nbsp;CMO Series 2016-57 Class PC | &nbsp;&nbsp;CMO Series 2016-57 Class PC | &nbsp;&nbsp;CMO Series 2016-57 Class PC |
| &nbsp;&nbsp;06/25/2046 | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;4839180 | &nbsp;&nbsp;4019106 |
| &nbsp;&nbsp;CMO Series 2017-13 Class PA | &nbsp;&nbsp;CMO Series 2017-13 Class PA | &nbsp;&nbsp;CMO Series 2017-13 Class PA | &nbsp;&nbsp;CMO Series 2017-13 Class PA |
| &nbsp;&nbsp;08/25/2046 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46690 |
| &nbsp;&nbsp;CMO Series 2018-14 Class KC | &nbsp;&nbsp;CMO Series 2018-14 Class KC | &nbsp;&nbsp;CMO Series 2018-14 Class KC | &nbsp;&nbsp;CMO Series 2018-14 Class KC |
| &nbsp;&nbsp;03/25/2048 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;115844 | &nbsp;&nbsp;&nbsp;&nbsp;107882 |
| &nbsp;&nbsp;CMO Series 2018-8 Class KL | &nbsp;&nbsp;CMO Series 2018-8 Class KL | &nbsp;&nbsp;CMO Series 2018-8 Class KL | &nbsp;&nbsp;CMO Series 2018-8 Class KL |
| &nbsp;&nbsp;03/25/2047 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;847722 | &nbsp;&nbsp;&nbsp;&nbsp;740863 |
| &nbsp;&nbsp;CMO Series 2019-25 Class PA | &nbsp;&nbsp;CMO Series 2019-25 Class PA | &nbsp;&nbsp;CMO Series 2019-25 Class PA | &nbsp;&nbsp;CMO Series 2019-25 Class PA |
| &nbsp;&nbsp;05/25/2048 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1899957 | &nbsp;&nbsp;1724068 |
| &nbsp;&nbsp;CMO Series 2019-8 Class GA | &nbsp;&nbsp;CMO Series 2019-8 Class GA | &nbsp;&nbsp;CMO Series 2019-8 Class GA | &nbsp;&nbsp;CMO Series 2019-8 Class GA |
| &nbsp;&nbsp;03/25/2049 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4052941 | &nbsp;&nbsp;3670500 |
| &nbsp;&nbsp;CMO Series 2020-48 Class AB | &nbsp;&nbsp;CMO Series 2020-48 Class AB | &nbsp;&nbsp;CMO Series 2020-48 Class AB | &nbsp;&nbsp;CMO Series 2020-48 Class AB |
| &nbsp;&nbsp;07/25/2050 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;2217824 | &nbsp;&nbsp;1868523 |
| &nbsp;&nbsp;CMO Series 2020-48 Class DA | &nbsp;&nbsp;CMO Series 2020-48 Class DA | &nbsp;&nbsp;CMO Series 2020-48 Class DA | &nbsp;&nbsp;CMO Series 2020-48 Class DA |
| &nbsp;&nbsp;07/25/2050 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;3104930 | &nbsp;&nbsp;2656839 |
| &nbsp;&nbsp;CMO Series 2020-M5 Class A2 | &nbsp;&nbsp;CMO Series 2020-M5 Class A2 | &nbsp;&nbsp;CMO Series 2020-M5 Class A2 | &nbsp;&nbsp;CMO Series 2020-M5 Class A2 |
| &nbsp;&nbsp;01/25/2030 | &nbsp;&nbsp;2.210% | &nbsp;&nbsp;5369750 | &nbsp;&nbsp;4608400 |
| &nbsp;&nbsp;CMO Series 2021-78 Class ND | &nbsp;&nbsp;CMO Series 2021-78 Class ND | &nbsp;&nbsp;CMO Series 2021-78 Class ND | &nbsp;&nbsp;CMO Series 2021-78 Class ND |
| &nbsp;&nbsp;11/25/2051 | &nbsp;&nbsp;1.500% | 10290248 | &nbsp;&nbsp;8554059 |
| &nbsp;&nbsp;CMO Series G94-8 Class K | &nbsp;&nbsp;CMO Series G94-8 Class K | &nbsp;&nbsp;CMO Series G94-8 Class K | &nbsp;&nbsp;CMO Series G94-8 Class K |
| &nbsp;&nbsp;07/17/2024 | &nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17298 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

50 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO STRIPS Series 414 Class A35 | &nbsp;&nbsp;CMO STRIPS Series 414 Class A35 | &nbsp;&nbsp;CMO STRIPS Series 414 Class A35 | &nbsp;&nbsp;CMO STRIPS Series 414 Class A35 |
| &nbsp;&nbsp;10/25/2042 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;260744 | &nbsp;&nbsp;&nbsp;&nbsp;243323 |
| &nbsp;&nbsp;Series 2013-M9 Class A2 | &nbsp;&nbsp;Series 2013-M9 Class A2 | &nbsp;&nbsp;Series 2013-M9 Class A2 | &nbsp;&nbsp;Series 2013-M9 Class A2 |
| &nbsp;&nbsp;01/25/2023 | &nbsp;&nbsp;2.389% | &nbsp;&nbsp;&nbsp;&nbsp;79387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79186 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(b)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b)</sup> |
| &nbsp;&nbsp;6-month USD LIBOR + 2.500%<br> Floor 2.500%, Cap 11.249%<br> 03/01/2036 | &nbsp;&nbsp;4.154% | &nbsp;&nbsp;&nbsp;116210 | &nbsp;&nbsp;&nbsp;&nbsp;119268 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.579%<br> Floor 1.579%, Cap 7.696%<br> 06/01/2045 | &nbsp;&nbsp;3.404% | &nbsp;&nbsp;&nbsp;474528 | &nbsp;&nbsp;&nbsp;&nbsp;477094 |
| &nbsp;&nbsp;12-month USD LIBOR + 1.583%<br> Floor 1.583%, Cap 7.675%<br> 01/01/2046 | &nbsp;&nbsp;2.934% | 1295338 | &nbsp;&nbsp;1313094 |
| &nbsp;&nbsp;1-month SOFR + 2.211%<br> Floor 2.211%, Cap 6.615%<br> 12/01/2051 | &nbsp;&nbsp;1.615% | &nbsp;&nbsp;&nbsp;810838 | &nbsp;&nbsp;&nbsp;&nbsp;724474 |
| &nbsp;&nbsp;1-month SOFR + 2.120%<br> Floor 2.120%, Cap 9.168%<br> 07/01/2052 | &nbsp;&nbsp;4.168% | 2898511 | &nbsp;&nbsp;2787197 |
| &nbsp;&nbsp;1-month SOFR + 2.124%<br> Floor 2.124%, Cap 9.352%<br> 07/01/2052 | &nbsp;&nbsp;4.352% | 3238233 | &nbsp;&nbsp;3166551 |
| &nbsp;&nbsp;1-month SOFR + 2.370%<br> Floor 2.370%, Cap 8.684%<br> 08/01/2052 | &nbsp;&nbsp;3.684% | 1879943 | &nbsp;&nbsp;1790503 |
| &nbsp;&nbsp;1-month SOFR + 2.120%<br> Floor 2.120%, Cap 8.963%<br> 08/01/2052 | &nbsp;&nbsp;3.963% | &nbsp;&nbsp;&nbsp;741344 | &nbsp;&nbsp;&nbsp;&nbsp;707127 |
| &nbsp;&nbsp;1-month SOFR + 2.125%<br> Floor 2.125%, Cap 9.317%<br> 08/01/2052 | &nbsp;&nbsp;4.317% | 3350158 | &nbsp;&nbsp;3272085 |
| &nbsp;&nbsp;1-month SOFR + 2.127%<br> Floor 2.127%, Cap 9.622%<br> 08/01/2052 | &nbsp;&nbsp;4.622% | 3748847 | &nbsp;&nbsp;3698843 |
| &nbsp;&nbsp;1-month SOFR + 2.131%<br> Floor 2.131%, Cap 9.651%<br> 08/01/2052 | &nbsp;&nbsp;4.651% | 2956352 | &nbsp;&nbsp;2919817 |
| &nbsp;&nbsp;1-month SOFR + 2.370%<br> Floor 2.370%, Cap 9.224%<br> 09/01/2052 | &nbsp;&nbsp;4.224% | &nbsp;&nbsp;&nbsp;863207 | &nbsp;&nbsp;&nbsp;&nbsp;837267 |
| &nbsp;&nbsp;1-month SOFR + 2.132%<br> Floor 2.132%, Cap 9.155%<br> 10/01/2052 | &nbsp;&nbsp;4.155% | 6267636 | &nbsp;&nbsp;6138162 |
| &nbsp;&nbsp;1-month SOFR + 2.127%<br> Floor 2.127%, Cap 9.250%<br> 11/01/2052 | &nbsp;&nbsp;4.250% | 2209994 | &nbsp;&nbsp;2169174 |
| &nbsp;&nbsp;1-month SOFR + 2.120%<br> Floor 2.120%, Cap 9.532%<br> 11/01/2052 | &nbsp;&nbsp;4.532% | 1278369 | &nbsp;&nbsp;1265306 |
| &nbsp;&nbsp;1-month SOFR + 2.122%<br> Floor 2.122%, Cap 9.663%<br> 12/01/2052 | &nbsp;&nbsp;4.663% | 2375000 | &nbsp;&nbsp;2359282 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2003-W8 Class 3F1 | &nbsp;&nbsp;CMO Series 2003-W8 Class 3F1 | &nbsp;&nbsp;CMO Series 2003-W8 Class 3F1 | &nbsp;&nbsp;CMO Series 2003-W8 Class 3F1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.400%<br> Floor 0.400%, Cap 8.000%<br> 05/25/2042 | &nbsp;&nbsp;4.789% | &nbsp;&nbsp;&nbsp;&nbsp;120019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118169 |
| &nbsp;&nbsp;CMO Series 2005-SV Class 75 | &nbsp;&nbsp;CMO Series 2005-SV Class 75 | &nbsp;&nbsp;CMO Series 2005-SV Class 75 | &nbsp;&nbsp;CMO Series 2005-SV Class 75 |
| &nbsp;&nbsp;-4.0 x 1-month USD LIBOR + 24.200%<br> Cap 24.200%<br> 09/25/2035 | &nbsp;&nbsp;6.645% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28598 |
| &nbsp;&nbsp;CMO Series 2005-W3 Class 2AF | &nbsp;&nbsp;CMO Series 2005-W3 Class 2AF | &nbsp;&nbsp;CMO Series 2005-W3 Class 2AF | &nbsp;&nbsp;CMO Series 2005-W3 Class 2AF |
| &nbsp;&nbsp;1-month USD LIBOR + 0.220%<br> Floor 0.220%, Cap 9.500%<br> 03/25/2045 | &nbsp;&nbsp;4.609% | &nbsp;&nbsp;&nbsp;&nbsp;212862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210514 |
| &nbsp;&nbsp;CMO Series 2007-101 Class A2 | &nbsp;&nbsp;CMO Series 2007-101 Class A2 | &nbsp;&nbsp;CMO Series 2007-101 Class A2 | &nbsp;&nbsp;CMO Series 2007-101 Class A2 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.250%<br> Floor 0.250%<br> 06/27/2036 | &nbsp;&nbsp;4.639% | &nbsp;&nbsp;&nbsp;&nbsp;148005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139920 |
| &nbsp;&nbsp;CMO Series 2010-28 Class BS | &nbsp;&nbsp;CMO Series 2010-28 Class BS | &nbsp;&nbsp;CMO Series 2010-28 Class BS | &nbsp;&nbsp;CMO Series 2010-28 Class BS |
| &nbsp;&nbsp;-2.2 x 1-month USD LIBOR + 11.588%<br> Cap 11.588%<br> 04/25/2040 | &nbsp;&nbsp;1.713% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26255 |
| &nbsp;&nbsp;CMO Series 2010-35 Class SJ | &nbsp;&nbsp;CMO Series 2010-35 Class SJ | &nbsp;&nbsp;CMO Series 2010-35 Class SJ | &nbsp;&nbsp;CMO Series 2010-35 Class SJ |
| &nbsp;&nbsp;-3.3 x 1-month USD LIBOR + 17.667%<br> Cap 17.667%<br> 04/25/2040 | &nbsp;&nbsp;3.038% | &nbsp;&nbsp;&nbsp;&nbsp;211820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199296 |
| &nbsp;&nbsp;CMO Series 2010-49 Class SC | &nbsp;&nbsp;CMO Series 2010-49 Class SC | &nbsp;&nbsp;CMO Series 2010-49 Class SC | &nbsp;&nbsp;CMO Series 2010-49 Class SC |
| &nbsp;&nbsp;-2.0 x 1-month USD LIBOR + 12.660%<br> Cap 12.660%<br> 03/25/2040 | &nbsp;&nbsp;3.883% | &nbsp;&nbsp;&nbsp;&nbsp;131982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125837 |
| &nbsp;&nbsp;CMO Series 2011-75 Class FA | &nbsp;&nbsp;CMO Series 2011-75 Class FA | &nbsp;&nbsp;CMO Series 2011-75 Class FA | &nbsp;&nbsp;CMO Series 2011-75 Class FA |
| &nbsp;&nbsp;1-month USD LIBOR + 0.550%<br> Floor 0.550%, Cap 6.500%<br> 08/25/2041 | &nbsp;&nbsp;4.939% | &nbsp;&nbsp;&nbsp;&nbsp;148320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147353 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(l)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(l)</sup> |
| &nbsp;&nbsp;02/01/2043-<br> 02/01/2045 | &nbsp;&nbsp;3.000% | 12461654 | &nbsp;&nbsp;11311204 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 1996-4 Class SA | &nbsp;&nbsp;CMO Series 1996-4 Class SA | &nbsp;&nbsp;CMO Series 1996-4 Class SA | &nbsp;&nbsp;CMO Series 1996-4 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 8.500%<br> Cap 8.500%<br> 02/25/2024 | &nbsp;&nbsp;4.111% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| &nbsp;&nbsp;CMO Series 2006-117 Class GS | &nbsp;&nbsp;CMO Series 2006-117 Class GS | &nbsp;&nbsp;CMO Series 2006-117 Class GS | &nbsp;&nbsp;CMO Series 2006-117 Class GS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.650%<br> Cap 6.650%<br> 12/25/2036 | &nbsp;&nbsp;2.261% | &nbsp;&nbsp;&nbsp;&nbsp;106664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 51

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2006-43 Class SI | &nbsp;&nbsp;CMO Series 2006-43 Class SI | &nbsp;&nbsp;CMO Series 2006-43 Class SI | &nbsp;&nbsp;CMO Series 2006-43 Class SI |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.600%<br> Cap 6.600%<br> 06/25/2036 | &nbsp;&nbsp;2.211% | 454513 | &nbsp;&nbsp;38234 |
| &nbsp;&nbsp;CMO Series 2006-58 Class IG | &nbsp;&nbsp;CMO Series 2006-58 Class IG | &nbsp;&nbsp;CMO Series 2006-58 Class IG | &nbsp;&nbsp;CMO Series 2006-58 Class IG |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.520%<br> Cap 6.520%<br> 07/25/2036 | &nbsp;&nbsp;2.131% | 108099 | &nbsp;&nbsp;&nbsp;&nbsp;7928 |
| &nbsp;&nbsp;CMO Series 2006-8 Class WN | &nbsp;&nbsp;CMO Series 2006-8 Class WN | &nbsp;&nbsp;CMO Series 2006-8 Class WN | &nbsp;&nbsp;CMO Series 2006-8 Class WN |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.700%<br> Cap 6.700%<br> 03/25/2036 | &nbsp;&nbsp;2.311% | 540647 | &nbsp;&nbsp;51446 |
| &nbsp;&nbsp;CMO Series 2006-94 Class GI | &nbsp;&nbsp;CMO Series 2006-94 Class GI | &nbsp;&nbsp;CMO Series 2006-94 Class GI | &nbsp;&nbsp;CMO Series 2006-94 Class GI |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.650%<br> Cap 6.650%<br> 10/25/2026 | &nbsp;&nbsp;2.261% | 155677 | &nbsp;&nbsp;&nbsp;&nbsp;3813 |
| &nbsp;&nbsp;CMO Series 2007-109 Class PI | &nbsp;&nbsp;CMO Series 2007-109 Class PI | &nbsp;&nbsp;CMO Series 2007-109 Class PI | &nbsp;&nbsp;CMO Series 2007-109 Class PI |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.350%<br> Cap 6.350%<br> 12/25/2037 | &nbsp;&nbsp;1.961% | 133477 | &nbsp;&nbsp;&nbsp;&nbsp;5106 |
| &nbsp;&nbsp;CMO Series 2007-65 Class KI | &nbsp;&nbsp;CMO Series 2007-65 Class KI | &nbsp;&nbsp;CMO Series 2007-65 Class KI | &nbsp;&nbsp;CMO Series 2007-65 Class KI |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.620%<br> Cap 6.620%<br> 07/25/2037 | &nbsp;&nbsp;2.231% | &nbsp;&nbsp;78094 | &nbsp;&nbsp;&nbsp;&nbsp;7360 |
| &nbsp;&nbsp;CMO Series 2007-72 Class EK | &nbsp;&nbsp;CMO Series 2007-72 Class EK | &nbsp;&nbsp;CMO Series 2007-72 Class EK | &nbsp;&nbsp;CMO Series 2007-72 Class EK |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.400%<br> Cap 6.400%<br> 07/25/2037 | &nbsp;&nbsp;2.011% | 491715 | &nbsp;&nbsp;44351 |
| &nbsp;&nbsp;CMO Series 2007-W7 Class 2A2 | &nbsp;&nbsp;CMO Series 2007-W7 Class 2A2 | &nbsp;&nbsp;CMO Series 2007-W7 Class 2A2 | &nbsp;&nbsp;CMO Series 2007-W7 Class 2A2 |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.530%<br> Cap 6.530%<br> 07/25/2037 | &nbsp;&nbsp;2.141% | 156596 | &nbsp;&nbsp;&nbsp;&nbsp;9960 |
| &nbsp;&nbsp;CMO Series 2009-112 Class ST | &nbsp;&nbsp;CMO Series 2009-112 Class ST | &nbsp;&nbsp;CMO Series 2009-112 Class ST | &nbsp;&nbsp;CMO Series 2009-112 Class ST |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.250%<br> Cap 6.250%<br> 01/25/2040 | &nbsp;&nbsp;1.861% | 149141 | &nbsp;&nbsp;12230 |
| &nbsp;&nbsp;CMO Series 2009-17 Class QS | &nbsp;&nbsp;CMO Series 2009-17 Class QS | &nbsp;&nbsp;CMO Series 2009-17 Class QS | &nbsp;&nbsp;CMO Series 2009-17 Class QS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.650%<br> Cap 6.650%<br> 03/25/2039 | &nbsp;&nbsp;2.261% | &nbsp;&nbsp;35457 | &nbsp;&nbsp;&nbsp;&nbsp;3167 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2009-37 Class KI | &nbsp;&nbsp;CMO Series 2009-37 Class KI | &nbsp;&nbsp;CMO Series 2009-37 Class KI | &nbsp;&nbsp;CMO Series 2009-37 Class KI |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 06/25/2039 | &nbsp;&nbsp;1.611% | 146683 | &nbsp;&nbsp;&nbsp;&nbsp;6758 |
| &nbsp;&nbsp;CMO Series 2009-68 Class SA | &nbsp;&nbsp;CMO Series 2009-68 Class SA | &nbsp;&nbsp;CMO Series 2009-68 Class SA | &nbsp;&nbsp;CMO Series 2009-68 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.750%<br> Cap 6.750%<br> 09/25/2039 | &nbsp;&nbsp;2.361% | 209071 | &nbsp;&nbsp;&nbsp;&nbsp;23096 |
| &nbsp;&nbsp;CMO Series 2010-125 Class SA | &nbsp;&nbsp;CMO Series 2010-125 Class SA | &nbsp;&nbsp;CMO Series 2010-125 Class SA | &nbsp;&nbsp;CMO Series 2010-125 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 4.440%<br> Cap 4.440%<br> 11/25/2040 | &nbsp;&nbsp;0.051% | 408601 | &nbsp;&nbsp;&nbsp;&nbsp;13131 |
| &nbsp;&nbsp;CMO Series 2010-147 Class SA | &nbsp;&nbsp;CMO Series 2010-147 Class SA | &nbsp;&nbsp;CMO Series 2010-147 Class SA | &nbsp;&nbsp;CMO Series 2010-147 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.530%<br> Cap 6.530%<br> 01/25/2041 | &nbsp;&nbsp;2.141% | 941769 | &nbsp;&nbsp;106676 |
| &nbsp;&nbsp;CMO Series 2010-35 Class SB | &nbsp;&nbsp;CMO Series 2010-35 Class SB | &nbsp;&nbsp;CMO Series 2010-35 Class SB | &nbsp;&nbsp;CMO Series 2010-35 Class SB |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.420%<br> Cap 6.420%<br> 04/25/2040 | &nbsp;&nbsp;2.031% | &nbsp;&nbsp;92204 | &nbsp;&nbsp;&nbsp;&nbsp;7371 |
| &nbsp;&nbsp;CMO Series 2010-42 Class S | &nbsp;&nbsp;CMO Series 2010-42 Class S | &nbsp;&nbsp;CMO Series 2010-42 Class S | &nbsp;&nbsp;CMO Series 2010-42 Class S |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.400%<br> Cap 6.400%<br> 05/25/2040 | &nbsp;&nbsp;2.011% | &nbsp;&nbsp;84732 | &nbsp;&nbsp;&nbsp;&nbsp;4953 |
| &nbsp;&nbsp;CMO Series 2010-68 Class SA | &nbsp;&nbsp;CMO Series 2010-68 Class SA | &nbsp;&nbsp;CMO Series 2010-68 Class SA | &nbsp;&nbsp;CMO Series 2010-68 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 5.000%<br> Cap 5.000%<br> 07/25/2040 | &nbsp;&nbsp;0.611% | 319796 | &nbsp;&nbsp;&nbsp;&nbsp;16691 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2003-W16 Class AF5 | &nbsp;&nbsp;CMO Series 2003-W16 Class AF5 | &nbsp;&nbsp;CMO Series 2003-W16 Class AF5 | &nbsp;&nbsp;CMO Series 2003-W16 Class AF5 |
| &nbsp;&nbsp;11/25/2033 | &nbsp;&nbsp;4.589% | 253907 | &nbsp;&nbsp;241437 |
| &nbsp;&nbsp;CMO Series 2010-61 Class WA | &nbsp;&nbsp;CMO Series 2010-61 Class WA | &nbsp;&nbsp;CMO Series 2010-61 Class WA | &nbsp;&nbsp;CMO Series 2010-61 Class WA |
| &nbsp;&nbsp;06/25/2040 | &nbsp;&nbsp;5.999% | &nbsp;&nbsp;69306 | &nbsp;&nbsp;&nbsp;&nbsp;71165 |
| &nbsp;&nbsp;CMO Series 2011-2 Class WA | &nbsp;&nbsp;CMO Series 2011-2 Class WA | &nbsp;&nbsp;CMO Series 2011-2 Class WA | &nbsp;&nbsp;CMO Series 2011-2 Class WA |
| &nbsp;&nbsp;02/25/2051 | &nbsp;&nbsp;5.878% | &nbsp;&nbsp;63328 | &nbsp;&nbsp;&nbsp;&nbsp;63944 |
| &nbsp;&nbsp;CMO Series 2011-43 Class WA | &nbsp;&nbsp;CMO Series 2011-43 Class WA | &nbsp;&nbsp;CMO Series 2011-43 Class WA | &nbsp;&nbsp;CMO Series 2011-43 Class WA |
| &nbsp;&nbsp;05/25/2051 | &nbsp;&nbsp;5.838% | &nbsp;&nbsp;84640 | &nbsp;&nbsp;&nbsp;&nbsp;83571 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(g)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(g)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(g)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(g)</sup> |
| &nbsp;&nbsp;CMO Series 2006-15 Class OP | &nbsp;&nbsp;CMO Series 2006-15 Class OP | &nbsp;&nbsp;CMO Series 2006-15 Class OP | &nbsp;&nbsp;CMO Series 2006-15 Class OP |
| &nbsp;&nbsp;03/25/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;88188 | &nbsp;&nbsp;&nbsp;&nbsp;71773 |
| &nbsp;&nbsp;CMO Series 2006-8 Class WQ | &nbsp;&nbsp;CMO Series 2006-8 Class WQ | &nbsp;&nbsp;CMO Series 2006-8 Class WQ | &nbsp;&nbsp;CMO Series 2006-8 Class WQ |
| &nbsp;&nbsp;03/25/2036 | &nbsp;&nbsp;0.000% | 147449 | &nbsp;&nbsp;116208 |
| &nbsp;&nbsp;CMO Series 2009-86 Class BO | &nbsp;&nbsp;CMO Series 2009-86 Class BO | &nbsp;&nbsp;CMO Series 2009-86 Class BO | &nbsp;&nbsp;CMO Series 2009-86 Class BO |
| &nbsp;&nbsp;03/25/2037 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;31543 | &nbsp;&nbsp;&nbsp;&nbsp;26740 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

52 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2013-101 Class DO | &nbsp;&nbsp;CMO Series 2013-101 Class DO | &nbsp;&nbsp;CMO Series 2013-101 Class DO | &nbsp;&nbsp;CMO Series 2013-101 Class DO |
| &nbsp;&nbsp;10/25/2043 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1000165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758922 |
| &nbsp;&nbsp;CMO Series 2013-128 Class | &nbsp;&nbsp;CMO Series 2013-128 Class | &nbsp;&nbsp;CMO Series 2013-128 Class | &nbsp;&nbsp;CMO Series 2013-128 Class |
| &nbsp;&nbsp;12/25/2043 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;582201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441237 |
| &nbsp;&nbsp;CMO Series 2013-92 Class | &nbsp;&nbsp;CMO Series 2013-92 Class | &nbsp;&nbsp;CMO Series 2013-92 Class | &nbsp;&nbsp;CMO Series 2013-92 Class |
| &nbsp;&nbsp;09/25/2043 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;646966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466561 |
| &nbsp;&nbsp;CMO STRIPS Series 293 Class 1 | &nbsp;&nbsp;CMO STRIPS Series 293 Class 1 | &nbsp;&nbsp;CMO STRIPS Series 293 Class 1 | &nbsp;&nbsp;CMO STRIPS Series 293 Class 1 |
| &nbsp;&nbsp;12/25/2024 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 2009-86 Class IP | &nbsp;&nbsp;CMO Series 2009-86 Class IP | &nbsp;&nbsp;CMO Series 2009-86 Class IP | &nbsp;&nbsp;CMO Series 2009-86 Class IP |
| &nbsp;&nbsp;10/25/2039 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12093 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2011-30 Class LS | &nbsp;&nbsp;CMO Series 2011-30 Class LS | &nbsp;&nbsp;CMO Series 2011-30 Class LS | &nbsp;&nbsp;CMO Series 2011-30 Class LS |
| &nbsp;&nbsp;04/25/2041 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;211955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9912 |
| &nbsp;&nbsp;Federal National Mortgage Association REMICS | &nbsp;&nbsp;Federal National Mortgage Association REMICS | &nbsp;&nbsp;Federal National Mortgage Association REMICS | &nbsp;&nbsp;Federal National Mortgage Association REMICS |
| &nbsp;&nbsp;CMO Series 2021-78 Class PA | &nbsp;&nbsp;CMO Series 2021-78 Class PA | &nbsp;&nbsp;CMO Series 2021-78 Class PA | &nbsp;&nbsp;CMO Series 2021-78 Class PA |
| &nbsp;&nbsp;11/25/2051 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1775440 | &nbsp;&nbsp;&nbsp;&nbsp;1544120 |
| &nbsp;&nbsp;CMO Series 2022-28C Class CA | &nbsp;&nbsp;CMO Series 2022-28C Class CA | &nbsp;&nbsp;CMO Series 2022-28C Class CA | &nbsp;&nbsp;CMO Series 2022-28C Class CA |
| &nbsp;&nbsp;01/25/2048 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;1915499 | &nbsp;&nbsp;&nbsp;&nbsp;1684458 |
| &nbsp;&nbsp;Freddie Mac REMICS | &nbsp;&nbsp;Freddie Mac REMICS | &nbsp;&nbsp;Freddie Mac REMICS | &nbsp;&nbsp;Freddie Mac REMICS |
| &nbsp;&nbsp;CMO Series 205119 Class AB | &nbsp;&nbsp;CMO Series 205119 Class AB | &nbsp;&nbsp;CMO Series 205119 Class AB | &nbsp;&nbsp;CMO Series 205119 Class AB |
| &nbsp;&nbsp;08/25/2049 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;1520093 | &nbsp;&nbsp;&nbsp;&nbsp;1228015 |
| &nbsp;&nbsp;CMO Series 205217 Class CD | &nbsp;&nbsp;CMO Series 205217 Class CD | &nbsp;&nbsp;CMO Series 205217 Class CD | &nbsp;&nbsp;CMO Series 205217 Class CD |
| &nbsp;&nbsp;07/25/2049 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;2029450 | &nbsp;&nbsp;&nbsp;&nbsp;1844793 |
| &nbsp;&nbsp;CMO Series 5182 Class M | &nbsp;&nbsp;CMO Series 5182 Class M | &nbsp;&nbsp;CMO Series 5182 Class M | &nbsp;&nbsp;CMO Series 5182 Class M |
| &nbsp;&nbsp;05/25/2049 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1599743 | &nbsp;&nbsp;&nbsp;&nbsp;1408319 |
| &nbsp;&nbsp;CMO Series 5201 Class CA | &nbsp;&nbsp;CMO Series 5201 Class CA | &nbsp;&nbsp;CMO Series 5201 Class CA | &nbsp;&nbsp;CMO Series 5201 Class CA |
| &nbsp;&nbsp;07/25/2048 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;2324945 | &nbsp;&nbsp;&nbsp;&nbsp;2068856 |
| &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association |
| &nbsp;&nbsp;09/20/2038 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 |
| &nbsp;&nbsp;08/20/2039 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;156956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166024 |
| &nbsp;&nbsp;07/20/2040-<br> 12/15/2040 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;1681770 | &nbsp;&nbsp;&nbsp;&nbsp;1594145 |
| &nbsp;&nbsp;11/15/2040-<br> 11/20/2040 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp;637693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599041 |
| &nbsp;&nbsp;12/15/2040 | &nbsp;&nbsp;3.490% | &nbsp;&nbsp;1184319 | &nbsp;&nbsp;&nbsp;&nbsp;1145469 |
| &nbsp;&nbsp;06/20/2043-<br> 03/20/2052 | &nbsp;&nbsp;3.000% | 32175517 | &nbsp;&nbsp;28888911 |
| &nbsp;&nbsp;05/20/2045-<br> 08/20/2052 | &nbsp;&nbsp;4.000% | 27082693 | &nbsp;&nbsp;25740007 |
| &nbsp;&nbsp;08/15/2047-<br> 04/20/2050 | &nbsp;&nbsp;4.500% | 10616668 | &nbsp;&nbsp;10379620 |
| &nbsp;&nbsp;01/20/2048-<br> 02/20/2052 | &nbsp;&nbsp;3.500% | 29053318 | &nbsp;&nbsp;26788916 |
| &nbsp;&nbsp;03/20/2048-<br> 03/20/2049 | &nbsp;&nbsp;5.000% | 12175199 | &nbsp;&nbsp;12252824 |
| &nbsp;&nbsp;09/20/2050-<br> 12/20/2051 | &nbsp;&nbsp;2.500% | 11999156 | &nbsp;&nbsp;10440763 |
| &nbsp;&nbsp;CMO Series 2003-75 Class ZX | &nbsp;&nbsp;CMO Series 2003-75 Class ZX | &nbsp;&nbsp;CMO Series 2003-75 Class ZX | &nbsp;&nbsp;CMO Series 2003-75 Class ZX |
| &nbsp;&nbsp;09/16/2033 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;320051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324466 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2005-26 Class XY | &nbsp;&nbsp;CMO Series 2005-26 Class XY | &nbsp;&nbsp;CMO Series 2005-26 Class XY | &nbsp;&nbsp;CMO Series 2005-26 Class XY |
| &nbsp;&nbsp;03/20/2035 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;290382 | &nbsp;&nbsp;&nbsp;&nbsp;295358 |
| &nbsp;&nbsp;CMO Series 2005-72 Class AZ | &nbsp;&nbsp;CMO Series 2005-72 Class AZ | &nbsp;&nbsp;CMO Series 2005-72 Class AZ | &nbsp;&nbsp;CMO Series 2005-72 Class AZ |
| &nbsp;&nbsp;09/20/2035 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;326147 | &nbsp;&nbsp;&nbsp;&nbsp;329874 |
| &nbsp;&nbsp;CMO Series 2006-17 Class JN | &nbsp;&nbsp;CMO Series 2006-17 Class JN | &nbsp;&nbsp;CMO Series 2006-17 Class JN | &nbsp;&nbsp;CMO Series 2006-17 Class JN |
| &nbsp;&nbsp;04/20/2036 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;129189 | &nbsp;&nbsp;&nbsp;&nbsp;132148 |
| &nbsp;&nbsp;CMO Series 2006-38 Class ZK | &nbsp;&nbsp;CMO Series 2006-38 Class ZK | &nbsp;&nbsp;CMO Series 2006-38 Class ZK | &nbsp;&nbsp;CMO Series 2006-38 Class ZK |
| &nbsp;&nbsp;08/20/2036 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;457598 | &nbsp;&nbsp;&nbsp;&nbsp;464248 |
| &nbsp;&nbsp;CMO Series 2006-69 Class MB | &nbsp;&nbsp;CMO Series 2006-69 Class MB | &nbsp;&nbsp;CMO Series 2006-69 Class MB | &nbsp;&nbsp;CMO Series 2006-69 Class MB |
| &nbsp;&nbsp;12/20/2036 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;524150 | &nbsp;&nbsp;&nbsp;&nbsp;532398 |
| &nbsp;&nbsp;CMO Series 2008-23 Class PH | &nbsp;&nbsp;CMO Series 2008-23 Class PH | &nbsp;&nbsp;CMO Series 2008-23 Class PH | &nbsp;&nbsp;CMO Series 2008-23 Class PH |
| &nbsp;&nbsp;03/20/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;424901 | &nbsp;&nbsp;&nbsp;&nbsp;425768 |
| &nbsp;&nbsp;CMO Series 2009-104 Class AB | &nbsp;&nbsp;CMO Series 2009-104 Class AB | &nbsp;&nbsp;CMO Series 2009-104 Class AB | &nbsp;&nbsp;CMO Series 2009-104 Class AB |
| &nbsp;&nbsp;08/16/2039 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;148829 | &nbsp;&nbsp;&nbsp;&nbsp;149644 |
| &nbsp;&nbsp;CMO Series 2010-130 Class CP | &nbsp;&nbsp;CMO Series 2010-130 Class CP | &nbsp;&nbsp;CMO Series 2010-130 Class CP | &nbsp;&nbsp;CMO Series 2010-130 Class CP |
| &nbsp;&nbsp;10/16/2040 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;229026 | &nbsp;&nbsp;&nbsp;&nbsp;243473 |
| &nbsp;&nbsp;CMO Series 2013-H01 Class FA | &nbsp;&nbsp;CMO Series 2013-H01 Class FA | &nbsp;&nbsp;CMO Series 2013-H01 Class FA | &nbsp;&nbsp;CMO Series 2013-H01 Class FA |
| &nbsp;&nbsp;01/20/2063 | &nbsp;&nbsp;1.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 |
| &nbsp;&nbsp;CMO Series 2013-H04 Class BA | &nbsp;&nbsp;CMO Series 2013-H04 Class BA | &nbsp;&nbsp;CMO Series 2013-H04 Class BA | &nbsp;&nbsp;CMO Series 2013-H04 Class BA |
| &nbsp;&nbsp;02/20/2063 | &nbsp;&nbsp;1.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3472 |
| &nbsp;&nbsp;CMO Series 2013-H09 Class HA | &nbsp;&nbsp;CMO Series 2013-H09 Class HA | &nbsp;&nbsp;CMO Series 2013-H09 Class HA | &nbsp;&nbsp;CMO Series 2013-H09 Class HA |
| &nbsp;&nbsp;04/20/2063 | &nbsp;&nbsp;1.650% | &nbsp;&nbsp;&nbsp;&nbsp;31918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29730 |
| &nbsp;&nbsp;CMO Series 2017-167 Class BQ | &nbsp;&nbsp;CMO Series 2017-167 Class BQ | &nbsp;&nbsp;CMO Series 2017-167 Class BQ | &nbsp;&nbsp;CMO Series 2017-167 Class BQ |
| &nbsp;&nbsp;08/20/2044 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;896565 | &nbsp;&nbsp;&nbsp;&nbsp;815608 |
| &nbsp;&nbsp;CMO Series 2021-23 Class MG | &nbsp;&nbsp;CMO Series 2021-23 Class MG | &nbsp;&nbsp;CMO Series 2021-23 Class MG | &nbsp;&nbsp;CMO Series 2021-23 Class MG |
| &nbsp;&nbsp;02/20/2051 | &nbsp;&nbsp;1.500% | 2973823 | &nbsp;&nbsp;2460964 |
| &nbsp;&nbsp;CMO Series 2021-27 Class BD | &nbsp;&nbsp;CMO Series 2021-27 Class BD | &nbsp;&nbsp;CMO Series 2021-27 Class BD | &nbsp;&nbsp;CMO Series 2021-27 Class BD |
| &nbsp;&nbsp;02/20/2051 | &nbsp;&nbsp;5.000% | 1420223 | &nbsp;&nbsp;1424522 |
| &nbsp;&nbsp;CMO Series 2021-27 Class NT | &nbsp;&nbsp;CMO Series 2021-27 Class NT | &nbsp;&nbsp;CMO Series 2021-27 Class NT | &nbsp;&nbsp;CMO Series 2021-27 Class NT |
| &nbsp;&nbsp;02/20/2051 | &nbsp;&nbsp;5.000% | 1631463 | &nbsp;&nbsp;1588371 |
| &nbsp;&nbsp;CMO Series 2021-27 Class Q | &nbsp;&nbsp;CMO Series 2021-27 Class Q | &nbsp;&nbsp;CMO Series 2021-27 Class Q | &nbsp;&nbsp;CMO Series 2021-27 Class Q |
| &nbsp;&nbsp;02/20/2051 | &nbsp;&nbsp;5.000% | 1408692 | &nbsp;&nbsp;1375174 |
| &nbsp;&nbsp;CMO Series 2021-8 Class CY | &nbsp;&nbsp;CMO Series 2021-8 Class CY | &nbsp;&nbsp;CMO Series 2021-8 Class CY | &nbsp;&nbsp;CMO Series 2021-8 Class CY |
| &nbsp;&nbsp;01/20/2051 | &nbsp;&nbsp;5.000% | 1295952 | &nbsp;&nbsp;1282452 |
| &nbsp;&nbsp;CMO Series 2022-107 Class C | &nbsp;&nbsp;CMO Series 2022-107 Class C | &nbsp;&nbsp;CMO Series 2022-107 Class C | &nbsp;&nbsp;CMO Series 2022-107 Class C |
| &nbsp;&nbsp;06/20/2051 | &nbsp;&nbsp;2.500% | 6648620 | &nbsp;&nbsp;5421367 |
| &nbsp;&nbsp;CMO Series 2022-205 Class A | &nbsp;&nbsp;CMO Series 2022-205 Class A | &nbsp;&nbsp;CMO Series 2022-205 Class A | &nbsp;&nbsp;CMO Series 2022-205 Class A |
| &nbsp;&nbsp;09/20/2051 | &nbsp;&nbsp;2.000% | 2429000 | &nbsp;&nbsp;1958804 |
| &nbsp;&nbsp;CMO Series 2022-31 Class GH | &nbsp;&nbsp;CMO Series 2022-31 Class GH | &nbsp;&nbsp;CMO Series 2022-31 Class GH | &nbsp;&nbsp;CMO Series 2022-31 Class GH |
| &nbsp;&nbsp;12/20/2049 | &nbsp;&nbsp;2.500% | 4503018 | &nbsp;&nbsp;3983489 |
| &nbsp;&nbsp;CMO Series 2022-50 Class DC | &nbsp;&nbsp;CMO Series 2022-50 Class DC | &nbsp;&nbsp;CMO Series 2022-50 Class DC | &nbsp;&nbsp;CMO Series 2022-50 Class DC |
| &nbsp;&nbsp;08/20/2051 | &nbsp;&nbsp;2.500% | 2031715 | &nbsp;&nbsp;1742552 |
| &nbsp;&nbsp;CMO Series 2022-84 Class A | &nbsp;&nbsp;CMO Series 2022-84 Class A | &nbsp;&nbsp;CMO Series 2022-84 Class A | &nbsp;&nbsp;CMO Series 2022-84 Class A |
| &nbsp;&nbsp;01/20/2052 | &nbsp;&nbsp;2.500% | 2060901 | &nbsp;&nbsp;1714228 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 53

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(c)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(c)</sup> |
| &nbsp;&nbsp;03/20/2048 | &nbsp;&nbsp;4.770% | 3348650 | &nbsp;&nbsp;3286010 |
| &nbsp;&nbsp;05/20/2063 | &nbsp;&nbsp;4.390% | &nbsp;&nbsp;&nbsp;&nbsp;12723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12475 |
| &nbsp;&nbsp;CMO Series 2010-H17 Class XQ | &nbsp;&nbsp;CMO Series 2010-H17 Class XQ | &nbsp;&nbsp;CMO Series 2010-H17 Class XQ | &nbsp;&nbsp;CMO Series 2010-H17 Class XQ |
| &nbsp;&nbsp;07/20/2060 | &nbsp;&nbsp;5.211% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718 |
| &nbsp;&nbsp;CMO Series 2011-137 Class WA | &nbsp;&nbsp;CMO Series 2011-137 Class WA | &nbsp;&nbsp;CMO Series 2011-137 Class WA | &nbsp;&nbsp;CMO Series 2011-137 Class WA |
| &nbsp;&nbsp;07/20/2040 | &nbsp;&nbsp;5.600% | &nbsp;&nbsp;&nbsp;444702 | &nbsp;&nbsp;&nbsp;&nbsp;461631 |
| &nbsp;&nbsp;CMO Series 2012-141 Class WC | &nbsp;&nbsp;CMO Series 2012-141 Class WC | &nbsp;&nbsp;CMO Series 2012-141 Class WC | &nbsp;&nbsp;CMO Series 2012-141 Class WC |
| &nbsp;&nbsp;01/20/2042 | &nbsp;&nbsp;3.730% | &nbsp;&nbsp;&nbsp;302221 | &nbsp;&nbsp;&nbsp;&nbsp;288891 |
| &nbsp;&nbsp;CMO Series 2013-54 Class WA | &nbsp;&nbsp;CMO Series 2013-54 Class WA | &nbsp;&nbsp;CMO Series 2013-54 Class WA | &nbsp;&nbsp;CMO Series 2013-54 Class WA |
| &nbsp;&nbsp;11/20/2042 | &nbsp;&nbsp;4.868% | &nbsp;&nbsp;&nbsp;844578 | &nbsp;&nbsp;&nbsp;&nbsp;838728 |
| &nbsp;&nbsp;CMO Series 2013-75 Class WA | &nbsp;&nbsp;CMO Series 2013-75 Class WA | &nbsp;&nbsp;CMO Series 2013-75 Class WA | &nbsp;&nbsp;CMO Series 2013-75 Class WA |
| &nbsp;&nbsp;06/20/2040 | &nbsp;&nbsp;5.117% | &nbsp;&nbsp;&nbsp;256286 | &nbsp;&nbsp;&nbsp;&nbsp;257190 |
| &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A |
| &nbsp;&nbsp;08/20/2070 | &nbsp;&nbsp;2.932% | 3392601 | &nbsp;&nbsp;3030780 |
| &nbsp;&nbsp;CMO Series 2021-27 Class CW | &nbsp;&nbsp;CMO Series 2021-27 Class CW | &nbsp;&nbsp;CMO Series 2021-27 Class CW | &nbsp;&nbsp;CMO Series 2021-27 Class CW |
| &nbsp;&nbsp;02/20/2051 | &nbsp;&nbsp;5.001% | 1791120 | &nbsp;&nbsp;1772734 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(b)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b)</sup> |
| &nbsp;&nbsp;1-year CMT + 1.704%<br> 02/20/2072 | &nbsp;&nbsp;5.790% | 5979086 | &nbsp;&nbsp;6214232 |
| &nbsp;&nbsp;1-year CMT + 1.698%<br> 04/20/2072 | &nbsp;&nbsp;5.779% | 6367415 | &nbsp;&nbsp;6622992 |
| &nbsp;&nbsp;1-year CMT + 1.743%<br> 04/20/2072 | &nbsp;&nbsp;5.855% | 5914799 | &nbsp;&nbsp;6156173 |
| &nbsp;&nbsp;CMO Series 2007-16 Class NS | &nbsp;&nbsp;CMO Series 2007-16 Class NS | &nbsp;&nbsp;CMO Series 2007-16 Class NS | &nbsp;&nbsp;CMO Series 2007-16 Class NS |
| &nbsp;&nbsp;-3.5 x 1-month USD LIBOR + 23.275%<br> Cap 23.275%<br> 04/20/2037 | &nbsp;&nbsp;8.040% | &nbsp;&nbsp;&nbsp;&nbsp;45897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48618 |
| &nbsp;&nbsp;CMO Series 2012-H10 Class FA | &nbsp;&nbsp;CMO Series 2012-H10 Class FA | &nbsp;&nbsp;CMO Series 2012-H10 Class FA | &nbsp;&nbsp;CMO Series 2012-H10 Class FA |
| &nbsp;&nbsp;1-month USD LIBOR + 0.550%<br> Floor 0.550%, Cap 10.500%<br> 12/20/2061 | &nbsp;&nbsp;4.392% | &nbsp;&nbsp;&nbsp;518541 | &nbsp;&nbsp;&nbsp;&nbsp;515263 |
| &nbsp;&nbsp;CMO Series 2012-H21 Class CF | &nbsp;&nbsp;CMO Series 2012-H21 Class CF | &nbsp;&nbsp;CMO Series 2012-H21 Class CF | &nbsp;&nbsp;CMO Series 2012-H21 Class CF |
| &nbsp;&nbsp;1-month USD LIBOR + 0.700%<br> Floor 0.700%<br> 05/20/2061 | &nbsp;&nbsp;4.542% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7244 |
| &nbsp;&nbsp;CMO Series 2012-H21 Class DF | &nbsp;&nbsp;CMO Series 2012-H21 Class DF | &nbsp;&nbsp;CMO Series 2012-H21 Class DF | &nbsp;&nbsp;CMO Series 2012-H21 Class DF |
| &nbsp;&nbsp;1-month USD LIBOR + 0.650%<br> Floor 0.650%<br> 05/20/2061 | &nbsp;&nbsp;4.492% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6458 |
| &nbsp;&nbsp;CMO Series 2012-H26 Class MA | &nbsp;&nbsp;CMO Series 2012-H26 Class MA | &nbsp;&nbsp;CMO Series 2012-H26 Class MA | &nbsp;&nbsp;CMO Series 2012-H26 Class MA |
| &nbsp;&nbsp;1-month USD LIBOR + 0.550%<br> Floor 0.550%<br> 07/20/2062 | &nbsp;&nbsp;4.392% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887 |
| &nbsp;&nbsp;CMO Series 2012-H28 Class FA | &nbsp;&nbsp;CMO Series 2012-H28 Class FA | &nbsp;&nbsp;CMO Series 2012-H28 Class FA | &nbsp;&nbsp;CMO Series 2012-H28 Class FA |
| &nbsp;&nbsp;1-month USD LIBOR + 0.580%<br> Floor 0.580%<br> 09/20/2062 | &nbsp;&nbsp;4.422% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5437 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2012-H29 Class FA | &nbsp;&nbsp;CMO Series 2012-H29 Class FA | &nbsp;&nbsp;CMO Series 2012-H29 Class FA | &nbsp;&nbsp;CMO Series 2012-H29 Class FA |
| &nbsp;&nbsp;1-month USD LIBOR + 0.515%<br> Floor 0.515%, Cap 11.500%<br> 10/20/2062 | &nbsp;&nbsp;4.357% | &nbsp;&nbsp;&nbsp;500182 | &nbsp;&nbsp;&nbsp;&nbsp;496964 |
| &nbsp;&nbsp;CMO Series 2013-H01 Class TA | &nbsp;&nbsp;CMO Series 2013-H01 Class TA | &nbsp;&nbsp;CMO Series 2013-H01 Class TA | &nbsp;&nbsp;CMO Series 2013-H01 Class TA |
| &nbsp;&nbsp;1-month USD LIBOR + 0.500%<br> Floor 0.500%, Cap 10.500%<br> 01/20/2063 | &nbsp;&nbsp;4.342% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4387 |
| &nbsp;&nbsp;CMO Series 2013-H05 Class FB | &nbsp;&nbsp;CMO Series 2013-H05 Class FB | &nbsp;&nbsp;CMO Series 2013-H05 Class FB | &nbsp;&nbsp;CMO Series 2013-H05 Class FB |
| &nbsp;&nbsp;1-month USD LIBOR + 0.400%<br> Floor 0.400%<br> 02/20/2062 | &nbsp;&nbsp;4.242% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5528 |
| &nbsp;&nbsp;CMO Series 2013-H07 Class GA | &nbsp;&nbsp;CMO Series 2013-H07 Class GA | &nbsp;&nbsp;CMO Series 2013-H07 Class GA | &nbsp;&nbsp;CMO Series 2013-H07 Class GA |
| &nbsp;&nbsp;1-month USD LIBOR + 0.470%<br> Floor 0.470%, Cap 10.500%<br> 03/20/2063 | &nbsp;&nbsp;4.312% | &nbsp;&nbsp;&nbsp;551815 | &nbsp;&nbsp;&nbsp;&nbsp;547464 |
| &nbsp;&nbsp;CMO Series 2013-H07 Class HA | &nbsp;&nbsp;CMO Series 2013-H07 Class HA | &nbsp;&nbsp;CMO Series 2013-H07 Class HA | &nbsp;&nbsp;CMO Series 2013-H07 Class HA |
| &nbsp;&nbsp;1-month USD LIBOR + 0.410%<br> Floor 0.410%, Cap 11.000%<br> 03/20/2063 | &nbsp;&nbsp;4.252% | &nbsp;&nbsp;&nbsp;490693 | &nbsp;&nbsp;&nbsp;&nbsp;486257 |
| &nbsp;&nbsp;CMO Series 2013-H09 Class GA | &nbsp;&nbsp;CMO Series 2013-H09 Class GA | &nbsp;&nbsp;CMO Series 2013-H09 Class GA | &nbsp;&nbsp;CMO Series 2013-H09 Class GA |
| &nbsp;&nbsp;1-month USD LIBOR + 0.480%<br> Floor 0.480%, Cap 11.000%<br> 04/20/2063 | &nbsp;&nbsp;4.322% | &nbsp;&nbsp;&nbsp;553614 | &nbsp;&nbsp;&nbsp;&nbsp;550096 |
| &nbsp;&nbsp;CMO Series 2013-H09 Class SA | &nbsp;&nbsp;CMO Series 2013-H09 Class SA | &nbsp;&nbsp;CMO Series 2013-H09 Class SA | &nbsp;&nbsp;CMO Series 2013-H09 Class SA |
| &nbsp;&nbsp;1-month USD LIBOR + 0.500%<br> Floor 0.500%, Cap 10.500%<br> 04/20/2063 | &nbsp;&nbsp;4.342% | 1466886 | &nbsp;&nbsp;1453207 |
| &nbsp;&nbsp;CMO Series 2013-H21 Class FA | &nbsp;&nbsp;CMO Series 2013-H21 Class FA | &nbsp;&nbsp;CMO Series 2013-H21 Class FA | &nbsp;&nbsp;CMO Series 2013-H21 Class FA |
| &nbsp;&nbsp;1-month USD LIBOR + 0.750%<br> Floor 0.750%, Cap 11.000%<br> 09/20/2063 | &nbsp;&nbsp;4.592% | &nbsp;&nbsp;&nbsp;937867 | &nbsp;&nbsp;&nbsp;&nbsp;935551 |
| &nbsp;&nbsp;CMO Series 2013-H21 Class FB | &nbsp;&nbsp;CMO Series 2013-H21 Class FB | &nbsp;&nbsp;CMO Series 2013-H21 Class FB | &nbsp;&nbsp;CMO Series 2013-H21 Class FB |
| &nbsp;&nbsp;1-month USD LIBOR + 0.700%<br> Floor 0.700%, Cap 11.000%<br> 09/20/2063 | &nbsp;&nbsp;4.542% | 1389819 | &nbsp;&nbsp;1385064 |
| &nbsp;&nbsp;CMO Series 2015-H23 Class FB | &nbsp;&nbsp;CMO Series 2015-H23 Class FB | &nbsp;&nbsp;CMO Series 2015-H23 Class FB | &nbsp;&nbsp;CMO Series 2015-H23 Class FB |
| &nbsp;&nbsp;1-month USD LIBOR + 0.520%<br> Floor 0.520%, Cap 11.000%<br> 09/20/2065 | &nbsp;&nbsp;4.362% | &nbsp;&nbsp;&nbsp;954747 | &nbsp;&nbsp;&nbsp;&nbsp;945328 |
| &nbsp;&nbsp;CMO Series 2015-H26 Class FG | &nbsp;&nbsp;CMO Series 2015-H26 Class FG | &nbsp;&nbsp;CMO Series 2015-H26 Class FG | &nbsp;&nbsp;CMO Series 2015-H26 Class FG |
| &nbsp;&nbsp;1-month USD LIBOR + 0.520%<br> Floor 0.520%, Cap 11.000%<br> 10/20/2065 | &nbsp;&nbsp;4.362% | &nbsp;&nbsp;&nbsp;523669 | &nbsp;&nbsp;&nbsp;&nbsp;516136 |
| &nbsp;&nbsp;CMO Series 2015-H30 Class FE | &nbsp;&nbsp;CMO Series 2015-H30 Class FE | &nbsp;&nbsp;CMO Series 2015-H30 Class FE | &nbsp;&nbsp;CMO Series 2015-H30 Class FE |
| &nbsp;&nbsp;1-month USD LIBOR + 0.600%<br> Floor 0.600%, Cap 11.000%<br> 11/20/2065 | &nbsp;&nbsp;4.442% | 4200124 | &nbsp;&nbsp;4164138 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

54 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2020-H05 Class FK | &nbsp;&nbsp;CMO Series 2020-H05 Class FK | &nbsp;&nbsp;CMO Series 2020-H05 Class FK | &nbsp;&nbsp;CMO Series 2020-H05 Class FK |
| &nbsp;&nbsp;1-month USD LIBOR + 0.610%<br> Floor 0.610%, Cap 99.000%<br> 03/20/2070 | &nbsp;&nbsp;2.678% | 2800443 | &nbsp;&nbsp;2731531 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2005-3 Class SE | &nbsp;&nbsp;CMO Series 2005-3 Class SE | &nbsp;&nbsp;CMO Series 2005-3 Class SE | &nbsp;&nbsp;CMO Series 2005-3 Class SE |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 01/20/2035 | &nbsp;&nbsp;1.747% | &nbsp;&nbsp;&nbsp;417074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19475 |
| &nbsp;&nbsp;CMO Series 2007-40 Class SN | &nbsp;&nbsp;CMO Series 2007-40 Class SN | &nbsp;&nbsp;CMO Series 2007-40 Class SN | &nbsp;&nbsp;CMO Series 2007-40 Class SN |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.680%<br> Cap 6.680%<br> 07/20/2037 | &nbsp;&nbsp;2.327% | &nbsp;&nbsp;&nbsp;286283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8652 |
| &nbsp;&nbsp;CMO Series 2008-62 Class SA | &nbsp;&nbsp;CMO Series 2008-62 Class SA | &nbsp;&nbsp;CMO Series 2008-62 Class SA | &nbsp;&nbsp;CMO Series 2008-62 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 07/20/2038 | &nbsp;&nbsp;1.797% | &nbsp;&nbsp;&nbsp;265642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915 |
| &nbsp;&nbsp;CMO Series 2008-76 Class US | &nbsp;&nbsp;CMO Series 2008-76 Class US | &nbsp;&nbsp;CMO Series 2008-76 Class US | &nbsp;&nbsp;CMO Series 2008-76 Class US |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 5.900%<br> Cap 5.900%<br> 09/20/2038 | &nbsp;&nbsp;1.547% | &nbsp;&nbsp;&nbsp;322928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10585 |
| &nbsp;&nbsp;CMO Series 2008-95 Class DS | &nbsp;&nbsp;CMO Series 2008-95 Class DS | &nbsp;&nbsp;CMO Series 2008-95 Class DS | &nbsp;&nbsp;CMO Series 2008-95 Class DS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 7.300%<br> Cap 7.300%<br> 12/20/2038 | &nbsp;&nbsp;2.947% | &nbsp;&nbsp;&nbsp;270463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12742 |
| &nbsp;&nbsp;CMO Series 2009-106 Class ST | &nbsp;&nbsp;CMO Series 2009-106 Class ST | &nbsp;&nbsp;CMO Series 2009-106 Class ST | &nbsp;&nbsp;CMO Series 2009-106 Class ST |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 02/20/2038 | &nbsp;&nbsp;1.647% | &nbsp;&nbsp;&nbsp;451222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23633 |
| &nbsp;&nbsp;CMO Series 2009-64 Class SN | &nbsp;&nbsp;CMO Series 2009-64 Class SN | &nbsp;&nbsp;CMO Series 2009-64 Class SN | &nbsp;&nbsp;CMO Series 2009-64 Class SN |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 07/16/2039 | &nbsp;&nbsp;1.774% | &nbsp;&nbsp;&nbsp;157136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8193 |
| &nbsp;&nbsp;CMO Series 2009-67 Class SA | &nbsp;&nbsp;CMO Series 2009-67 Class SA | &nbsp;&nbsp;CMO Series 2009-67 Class SA | &nbsp;&nbsp;CMO Series 2009-67 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 08/16/2039 | &nbsp;&nbsp;1.724% | &nbsp;&nbsp;&nbsp;127306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7938 |
| &nbsp;&nbsp;CMO Series 2009-72 Class SM | &nbsp;&nbsp;CMO Series 2009-72 Class SM | &nbsp;&nbsp;CMO Series 2009-72 Class SM | &nbsp;&nbsp;CMO Series 2009-72 Class SM |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.250%<br> Cap 6.250%<br> 08/16/2039 | &nbsp;&nbsp;1.924% | &nbsp;&nbsp;&nbsp;324062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19567 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2009-81 Class SB | &nbsp;&nbsp;CMO Series 2009-81 Class SB | &nbsp;&nbsp;CMO Series 2009-81 Class SB | &nbsp;&nbsp;CMO Series 2009-81 Class SB |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.090%<br> Cap 6.090%<br> 09/20/2039 | &nbsp;&nbsp;1.737% | &nbsp;&nbsp;&nbsp;&nbsp;451129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31173 |
| &nbsp;&nbsp;CMO Series 2010-47 Class PX | &nbsp;&nbsp;CMO Series 2010-47 Class PX | &nbsp;&nbsp;CMO Series 2010-47 Class PX | &nbsp;&nbsp;CMO Series 2010-47 Class PX |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.700%<br> Cap 6.700%<br> 06/20/2037 | &nbsp;&nbsp;2.347% | &nbsp;&nbsp;&nbsp;&nbsp;521432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40174 |
| &nbsp;&nbsp;CMO Series 2011-75 Class SM | &nbsp;&nbsp;CMO Series 2011-75 Class SM | &nbsp;&nbsp;CMO Series 2011-75 Class SM | &nbsp;&nbsp;CMO Series 2011-75 Class SM |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.600%<br> Cap 6.600%<br> 05/20/2041 | &nbsp;&nbsp;2.247% | &nbsp;&nbsp;&nbsp;&nbsp;248849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14549 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(g)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(g)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(g)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(g)</sup> |
| &nbsp;&nbsp;CMO Series 2008-1 Class PO | &nbsp;&nbsp;CMO Series 2008-1 Class PO | &nbsp;&nbsp;CMO Series 2008-1 Class PO | &nbsp;&nbsp;CMO Series 2008-1 Class PO |
| &nbsp;&nbsp;01/20/2038 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38058 |
| &nbsp;&nbsp;CMO Series 2010-157 Class OP | &nbsp;&nbsp;CMO Series 2010-157 Class OP | &nbsp;&nbsp;CMO Series 2010-157 Class OP | &nbsp;&nbsp;CMO Series 2010-157 Class OP |
| &nbsp;&nbsp;12/20/2040 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;246365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203552 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 2010-107 Class IL | &nbsp;&nbsp;CMO Series 2010-107 Class IL | &nbsp;&nbsp;CMO Series 2010-107 Class IL | &nbsp;&nbsp;CMO Series 2010-107 Class IL |
| &nbsp;&nbsp;07/20/2039 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;347447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75266 |
| &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(m)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(m)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(m)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(m)</sup> |
| &nbsp;&nbsp;01/23/2053 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;8800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7623951 |
| &nbsp;&nbsp;01/23/2053 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946097 |
| &nbsp;&nbsp;Seasoned Credit Risk Transfer Trust | &nbsp;&nbsp;Seasoned Credit Risk Transfer Trust | &nbsp;&nbsp;Seasoned Credit Risk Transfer Trust | &nbsp;&nbsp;Seasoned Credit Risk Transfer Trust |
| &nbsp;&nbsp;CMO Series 2018-4 Class MZ (FHLMC) | &nbsp;&nbsp;CMO Series 2018-4 Class MZ (FHLMC) | &nbsp;&nbsp;CMO Series 2018-4 Class MZ (FHLMC) | &nbsp;&nbsp;CMO Series 2018-4 Class MZ (FHLMC) |
| &nbsp;&nbsp;03/25/2058 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;3817300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993215 |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(m)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(m)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(m)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(m)</sup> |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;6.000% | 19100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19381841 |
| &nbsp;&nbsp;01/12/2053-<br> 02/13/2053 | &nbsp;&nbsp;6.500% | 44700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45724643 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,103,380,621) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,103,380,621) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,103,380,621) | &nbsp;&nbsp;**1047970285** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 4.3%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 4.3%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 4.3%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 4.3%** |
| &nbsp;&nbsp;Ajax Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Ajax Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Ajax Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Ajax Mortgage Loan Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-B Class A | &nbsp;&nbsp;CMO Series 2021-B Class A | &nbsp;&nbsp;CMO Series 2021-B Class A | &nbsp;&nbsp;CMO Series 2021-B Class A |
| &nbsp;&nbsp;06/25/2066 | &nbsp;&nbsp;2.239% | &nbsp;&nbsp;2989987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758280 |
| &nbsp;&nbsp;Anchor Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Anchor Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Anchor Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Anchor Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A2 | &nbsp;&nbsp;CMO Series 2021-1 Class A2 | &nbsp;&nbsp;CMO Series 2021-1 Class A2 | &nbsp;&nbsp;CMO Series 2021-1 Class A2 |
| &nbsp;&nbsp;10/25/2026 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;6666667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6165286 |
| &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-2 Class A1A | &nbsp;&nbsp;CMO Series 2020-2 Class A1A | &nbsp;&nbsp;CMO Series 2020-2 Class A1A | &nbsp;&nbsp;CMO Series 2020-2 Class A1A |
| &nbsp;&nbsp;01/26/2065 | &nbsp;&nbsp;2.531% | &nbsp;&nbsp;&nbsp;&nbsp;840007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757699 |
| &nbsp;&nbsp;CMO Series 2021-6 Class A1 | &nbsp;&nbsp;CMO Series 2021-6 Class A1 | &nbsp;&nbsp;CMO Series 2021-6 Class A1 | &nbsp;&nbsp;CMO Series 2021-6 Class A1 |
| &nbsp;&nbsp;09/25/2066 | &nbsp;&nbsp;1.483% | &nbsp;&nbsp;1505818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190897 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 55

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Angel Oak Mortgage Trust LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-5 Class A1 | &nbsp;&nbsp;CMO Series 2020-5 Class A1 | &nbsp;&nbsp;CMO Series 2020-5 Class A1 | &nbsp;&nbsp;CMO Series 2020-5 Class A1 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;1.373% | &nbsp;&nbsp;&nbsp;220498 | &nbsp;&nbsp;&nbsp;&nbsp;195730 |
| &nbsp;&nbsp;ANTLR Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;ANTLR Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;ANTLR Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;ANTLR Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-RTL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RTL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RTL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RTL1 Class A1 |
| &nbsp;&nbsp;11/25/2024 | &nbsp;&nbsp;2.115% | 3399000 | &nbsp;&nbsp;3234639 |
| &nbsp;&nbsp;CMO Series 2021-RTL1 Class A2 | &nbsp;&nbsp;CMO Series 2021-RTL1 Class A2 | &nbsp;&nbsp;CMO Series 2021-RTL1 Class A2 | &nbsp;&nbsp;CMO Series 2021-RTL1 Class A2 |
| &nbsp;&nbsp;01/25/2025 | &nbsp;&nbsp;2.981% | 4600000 | &nbsp;&nbsp;4090125 |
| &nbsp;&nbsp;Banc of America Funding Trust | &nbsp;&nbsp;Banc of America Funding Trust | &nbsp;&nbsp;Banc of America Funding Trust | &nbsp;&nbsp;Banc of America Funding Trust |
| &nbsp;&nbsp;CMO Series 2004-3 Class 1A1 | &nbsp;&nbsp;CMO Series 2004-3 Class 1A1 | &nbsp;&nbsp;CMO Series 2004-3 Class 1A1 | &nbsp;&nbsp;CMO Series 2004-3 Class 1A1 |
| &nbsp;&nbsp;10/25/2034 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;23595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22188 |
| &nbsp;&nbsp;Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2003-4 Class 3A1 | &nbsp;&nbsp;CMO Series 2003-4 Class 3A1 | &nbsp;&nbsp;CMO Series 2003-4 Class 3A1 | &nbsp;&nbsp;CMO Series 2003-4 Class 3A1 |
| &nbsp;&nbsp;07/25/2033 | &nbsp;&nbsp;3.569% | &nbsp;&nbsp;&nbsp;&nbsp;15927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14908 |
| &nbsp;&nbsp;CMO Series 2003-7 Class 6A | &nbsp;&nbsp;CMO Series 2003-7 Class 6A | &nbsp;&nbsp;CMO Series 2003-7 Class 6A | &nbsp;&nbsp;CMO Series 2003-7 Class 6A |
| &nbsp;&nbsp;10/25/2033 | &nbsp;&nbsp;3.790% | &nbsp;&nbsp;&nbsp;&nbsp;91880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85490 |
| &nbsp;&nbsp;Bear Stearns Asset-Backed Securities Trust<sup>(b)</sup> | &nbsp;&nbsp;Bear Stearns Asset-Backed Securities Trust<sup>(b)</sup> | &nbsp;&nbsp;Bear Stearns Asset-Backed Securities Trust<sup>(b)</sup> | &nbsp;&nbsp;Bear Stearns Asset-Backed Securities Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2003-SD1 Class A | &nbsp;&nbsp;CMO Series 2003-SD1 Class A | &nbsp;&nbsp;CMO Series 2003-SD1 Class A | &nbsp;&nbsp;CMO Series 2003-SD1 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.900%<br> Floor 0.900%, Cap 11.000%<br> 12/25/2033 | &nbsp;&nbsp;5.289% | &nbsp;&nbsp;&nbsp;201917 | &nbsp;&nbsp;&nbsp;&nbsp;190193 |
| &nbsp;&nbsp;Bunker Hill Loan Depositary Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Bunker Hill Loan Depositary Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Bunker Hill Loan Depositary Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Bunker Hill Loan Depositary Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2019-2 Class A1 | &nbsp;&nbsp;CMO Series 2019-2 Class A1 | &nbsp;&nbsp;CMO Series 2019-2 Class A1 | &nbsp;&nbsp;CMO Series 2019-2 Class A1 |
| &nbsp;&nbsp;07/25/2049 | &nbsp;&nbsp;2.879% | 1082829 | &nbsp;&nbsp;1010148 |
| &nbsp;&nbsp;CMO Series 2019-3 Class A1 | &nbsp;&nbsp;CMO Series 2019-3 Class A1 | &nbsp;&nbsp;CMO Series 2019-3 Class A1 | &nbsp;&nbsp;CMO Series 2019-3 Class A1 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;2.724% | &nbsp;&nbsp;&nbsp;401205 | &nbsp;&nbsp;&nbsp;&nbsp;382909 |
| &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(f)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(f)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(f)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-3F Class M1 | &nbsp;&nbsp;CMO Series 2021-3F Class M1 | &nbsp;&nbsp;CMO Series 2021-3F Class M1 | &nbsp;&nbsp;CMO Series 2021-3F Class M1 |
| &nbsp;&nbsp;30-day Average SOFR + 1.750%<br> Floor 1.750%<br> 07/12/2033 | &nbsp;&nbsp;3.608% | 5670929 | &nbsp;&nbsp;5670929 |
| &nbsp;&nbsp;Chase Mortgage Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;Chase Mortgage Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;Chase Mortgage Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;Chase Mortgage Finance Corp.<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2007-A1 Class 1A3 | &nbsp;&nbsp;CMO Series 2007-A1 Class 1A3 | &nbsp;&nbsp;CMO Series 2007-A1 Class 1A3 | &nbsp;&nbsp;CMO Series 2007-A1 Class 1A3 |
| &nbsp;&nbsp;02/25/2037 | &nbsp;&nbsp;3.492% | &nbsp;&nbsp;&nbsp;141731 | &nbsp;&nbsp;&nbsp;&nbsp;135678 |
| &nbsp;&nbsp;CMO Series 2007-A1 Class 2A1 | &nbsp;&nbsp;CMO Series 2007-A1 Class 2A1 | &nbsp;&nbsp;CMO Series 2007-A1 Class 2A1 | &nbsp;&nbsp;CMO Series 2007-A1 Class 2A1 |
| &nbsp;&nbsp;02/25/2037 | &nbsp;&nbsp;3.645% | &nbsp;&nbsp;&nbsp;&nbsp;54035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50226 |
| &nbsp;&nbsp;CMO Series 2007-A1 Class 7A1 | &nbsp;&nbsp;CMO Series 2007-A1 Class 7A1 | &nbsp;&nbsp;CMO Series 2007-A1 Class 7A1 | &nbsp;&nbsp;CMO Series 2007-A1 Class 7A1 |
| &nbsp;&nbsp;02/25/2037 | &nbsp;&nbsp;3.788% | &nbsp;&nbsp;&nbsp;&nbsp;21540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21050 |
| &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc. | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc. | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc. | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc. |
| &nbsp;&nbsp;CMO Series 2003-1 Class 3A4 | &nbsp;&nbsp;CMO Series 2003-1 Class 3A4 | &nbsp;&nbsp;CMO Series 2003-1 Class 3A4 | &nbsp;&nbsp;CMO Series 2003-1 Class 3A4 |
| &nbsp;&nbsp;09/25/2033 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;27137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24786 |
| &nbsp;&nbsp;CMO Series 2005-2 Class 2A11 | &nbsp;&nbsp;CMO Series 2005-2 Class 2A11 | &nbsp;&nbsp;CMO Series 2005-2 Class 2A11 | &nbsp;&nbsp;CMO Series 2005-2 Class 2A11 |
| &nbsp;&nbsp;05/25/2035 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;86056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82368 |
| &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2009-10 Class 1A1 | &nbsp;&nbsp;CMO Series 2009-10 Class 1A1 | &nbsp;&nbsp;CMO Series 2009-10 Class 1A1 | &nbsp;&nbsp;CMO Series 2009-10 Class 1A1 |
| &nbsp;&nbsp;09/25/2033 | &nbsp;&nbsp;4.124% | &nbsp;&nbsp;&nbsp;&nbsp;64345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61214 |
| &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-2 Class A1 | &nbsp;&nbsp;CMO Series 2021-2 Class A1 | &nbsp;&nbsp;CMO Series 2021-2 Class A1 | &nbsp;&nbsp;CMO Series 2021-2 Class A1 |
| &nbsp;&nbsp;08/25/2066 | &nbsp;&nbsp;0.924% | 1956928 | &nbsp;&nbsp;1520659 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 |
| &nbsp;&nbsp;10/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;1.397% | 2155572 | &nbsp;&nbsp;1750331 |
| &nbsp;&nbsp;Countrywide Home Loan Mortgage Pass-Through Trust | &nbsp;&nbsp;Countrywide Home Loan Mortgage Pass-Through Trust | &nbsp;&nbsp;Countrywide Home Loan Mortgage Pass-Through Trust | &nbsp;&nbsp;Countrywide Home Loan Mortgage Pass-Through Trust |
| &nbsp;&nbsp;CMO Series 2004-13 Class 1A4 | &nbsp;&nbsp;CMO Series 2004-13 Class 1A4 | &nbsp;&nbsp;CMO Series 2004-13 Class 1A4 | &nbsp;&nbsp;CMO Series 2004-13 Class 1A4 |
| &nbsp;&nbsp;08/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;107239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99743 |
| &nbsp;&nbsp;CMO Series 2004-3 Class A26 | &nbsp;&nbsp;CMO Series 2004-3 Class A26 | &nbsp;&nbsp;CMO Series 2004-3 Class A26 | &nbsp;&nbsp;CMO Series 2004-3 Class A26 |
| &nbsp;&nbsp;04/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;49325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46625 |
| &nbsp;&nbsp;CMO Series 2004-5 Class 1A4 | &nbsp;&nbsp;CMO Series 2004-5 Class 1A4 | &nbsp;&nbsp;CMO Series 2004-5 Class 1A4 | &nbsp;&nbsp;CMO Series 2004-5 Class 1A4 |
| &nbsp;&nbsp;06/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;112859 | &nbsp;&nbsp;&nbsp;&nbsp;109825 |
| &nbsp;&nbsp;Credit Suisse First Boston Mortgage Securities Corp. | &nbsp;&nbsp;Credit Suisse First Boston Mortgage Securities Corp. | &nbsp;&nbsp;Credit Suisse First Boston Mortgage Securities Corp. | &nbsp;&nbsp;Credit Suisse First Boston Mortgage Securities Corp. |
| &nbsp;&nbsp;CMO Series 2003-21 Class 1A4 | &nbsp;&nbsp;CMO Series 2003-21 Class 1A4 | &nbsp;&nbsp;CMO Series 2003-21 Class 1A4 | &nbsp;&nbsp;CMO Series 2003-21 Class 1A4 |
| &nbsp;&nbsp;09/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;48045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44715 |
| &nbsp;&nbsp;Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | &nbsp;&nbsp;Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | &nbsp;&nbsp;Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | &nbsp;&nbsp;Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |
| &nbsp;&nbsp;CMO Series 2003-27 Class 5A4 | &nbsp;&nbsp;CMO Series 2003-27 Class 5A4 | &nbsp;&nbsp;CMO Series 2003-27 Class 5A4 | &nbsp;&nbsp;CMO Series 2003-27 Class 5A4 |
| &nbsp;&nbsp;11/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901 |
| &nbsp;&nbsp;CMO Series 2004-4 Class 2A4 | &nbsp;&nbsp;CMO Series 2004-4 Class 2A4 | &nbsp;&nbsp;CMO Series 2004-4 Class 2A4 | &nbsp;&nbsp;CMO Series 2004-4 Class 2A4 |
| &nbsp;&nbsp;09/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;73723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70059 |
| &nbsp;&nbsp;CMO Series 2004-8 Class 1A4 | &nbsp;&nbsp;CMO Series 2004-8 Class 1A4 | &nbsp;&nbsp;CMO Series 2004-8 Class 1A4 | &nbsp;&nbsp;CMO Series 2004-8 Class 1A4 |
| &nbsp;&nbsp;12/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;130764 | &nbsp;&nbsp;&nbsp;&nbsp;125302 |
| &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2022-JR1 Class A1 | &nbsp;&nbsp;CMO Series 2022-JR1 Class A1 | &nbsp;&nbsp;CMO Series 2022-JR1 Class A1 | &nbsp;&nbsp;CMO Series 2022-JR1 Class A1 |
| &nbsp;&nbsp;10/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;4.267% | 5160368 | &nbsp;&nbsp;4909906 |
| &nbsp;&nbsp;DBRR Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;DBRR Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;DBRR Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;DBRR Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2015-LCM Class A2 | &nbsp;&nbsp;CMO Series 2015-LCM Class A2 | &nbsp;&nbsp;CMO Series 2015-LCM Class A2 | &nbsp;&nbsp;CMO Series 2015-LCM Class A2 |
| &nbsp;&nbsp;06/10/2034 | &nbsp;&nbsp;&nbsp;&nbsp;3.421% | 3152000 | &nbsp;&nbsp;2830689 |
| &nbsp;&nbsp;DBRR Trust<sup>(a)</sup> | &nbsp;&nbsp;DBRR Trust<sup>(a)</sup> | &nbsp;&nbsp;DBRR Trust<sup>(a)</sup> | &nbsp;&nbsp;DBRR Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2015-LCM Class A1 | &nbsp;&nbsp;Series 2015-LCM Class A1 | &nbsp;&nbsp;Series 2015-LCM Class A1 | &nbsp;&nbsp;Series 2015-LCM Class A1 |
| &nbsp;&nbsp;06/10/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2.998% | 1476987 | &nbsp;&nbsp;1387526 |
| &nbsp;&nbsp;FMC GMSR Issuer Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;FMC GMSR Issuer Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;FMC GMSR Issuer Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;FMC GMSR Issuer Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-GT1 Class A | &nbsp;&nbsp;CMO Series 2020-GT1 Class A | &nbsp;&nbsp;CMO Series 2020-GT1 Class A | &nbsp;&nbsp;CMO Series 2020-GT1 Class A |
| &nbsp;&nbsp;01/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.450% | 5000000 | &nbsp;&nbsp;4367729 |
| &nbsp;&nbsp;CMO Series 2021-GT1 Class B | &nbsp;&nbsp;CMO Series 2021-GT1 Class B | &nbsp;&nbsp;CMO Series 2021-GT1 Class B | &nbsp;&nbsp;CMO Series 2021-GT1 Class B |
| &nbsp;&nbsp;07/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.360% | 6000000 | &nbsp;&nbsp;4542210 |
| &nbsp;&nbsp;CMO Series 2021-GT2 Class B | &nbsp;&nbsp;CMO Series 2021-GT2 Class B | &nbsp;&nbsp;CMO Series 2021-GT2 Class B | &nbsp;&nbsp;CMO Series 2021-GT2 Class B |
| &nbsp;&nbsp;10/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.440% | 3828000 | &nbsp;&nbsp;2831265 |
| &nbsp;&nbsp;FMC GMSR Issuer Trust<sup>(a),(c),(e),(f)</sup> | &nbsp;&nbsp;FMC GMSR Issuer Trust<sup>(a),(c),(e),(f)</sup> | &nbsp;&nbsp;FMC GMSR Issuer Trust<sup>(a),(c),(e),(f)</sup> | &nbsp;&nbsp;FMC GMSR Issuer Trust<sup>(a),(c),(e),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-GT1 Class A | &nbsp;&nbsp;CMO Series 2021-GT1 Class A | &nbsp;&nbsp;CMO Series 2021-GT1 Class A | &nbsp;&nbsp;CMO Series 2021-GT1 Class A |
| &nbsp;&nbsp;02/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | 8000000 | &nbsp;&nbsp;7420000 |
| &nbsp;&nbsp;FMC GMSR Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;FMC GMSR Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;FMC GMSR Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;FMC GMSR Issuer Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2022-GT1 Class B | &nbsp;&nbsp;CMO Series 2022-GT1 Class B | &nbsp;&nbsp;CMO Series 2022-GT1 Class B | &nbsp;&nbsp;CMO Series 2022-GT1 Class B |
| &nbsp;&nbsp;04/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.170% | 6000000 | &nbsp;&nbsp;5249981 |
| &nbsp;&nbsp;CMO Series 2022-GT2 Class B | &nbsp;&nbsp;CMO Series 2022-GT2 Class B | &nbsp;&nbsp;CMO Series 2022-GT2 Class B | &nbsp;&nbsp;CMO Series 2022-GT2 Class B |
| &nbsp;&nbsp;07/25/2027 | &nbsp;&nbsp;10.070% | 6000000 | &nbsp;&nbsp;5453419 |
| &nbsp;&nbsp;GSMPS Mortgage Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;GSMPS Mortgage Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;GSMPS Mortgage Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;GSMPS Mortgage Loan Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2005-RP3 Class 1AF | &nbsp;&nbsp;CMO Series 2005-RP3 Class 1AF | &nbsp;&nbsp;CMO Series 2005-RP3 Class 1AF | &nbsp;&nbsp;CMO Series 2005-RP3 Class 1AF |
| &nbsp;&nbsp;1-month USD LIBOR + 0.350%<br> Floor 0.350%, Cap 10.000%<br> 09/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp;4.739% | &nbsp;&nbsp;&nbsp;471794 | &nbsp;&nbsp;&nbsp;&nbsp;404033 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

56 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;GSMPS Mortgage Loan Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;GSMPS Mortgage Loan Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;GSMPS Mortgage Loan Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;GSMPS Mortgage Loan Trust<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2005-RP3 Class 1AS | &nbsp;&nbsp;CMO Series 2005-RP3 Class 1AS | &nbsp;&nbsp;CMO Series 2005-RP3 Class 1AS | &nbsp;&nbsp;CMO Series 2005-RP3 Class 1AS |
| &nbsp;&nbsp;09/25/2035 | &nbsp;&nbsp;0.101% | &nbsp;&nbsp;&nbsp;365640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217 |
| &nbsp;&nbsp;GSR Mortgage Loan Trust | &nbsp;&nbsp;GSR Mortgage Loan Trust | &nbsp;&nbsp;GSR Mortgage Loan Trust | &nbsp;&nbsp;GSR Mortgage Loan Trust |
| &nbsp;&nbsp;CMO Series 2003-7F Class 1A4 | &nbsp;&nbsp;CMO Series 2003-7F Class 1A4 | &nbsp;&nbsp;CMO Series 2003-7F Class 1A4 | &nbsp;&nbsp;CMO Series 2003-7F Class 1A4 |
| &nbsp;&nbsp;06/25/2033 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;99724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96924 |
| &nbsp;&nbsp;GSR Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;GSR Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;GSR Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;GSR Mortgage Loan Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2005-5F Class 8A3 | &nbsp;&nbsp;CMO Series 2005-5F Class 8A3 | &nbsp;&nbsp;CMO Series 2005-5F Class 8A3 | &nbsp;&nbsp;CMO Series 2005-5F Class 8A3 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.500%<br> Floor 0.500%, Cap 5.500%<br> 06/25/2035 | &nbsp;&nbsp;4.889% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111 |
| &nbsp;&nbsp;HarborView Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;HarborView Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;HarborView Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;HarborView Mortgage Loan Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2004-3 Class 1A | &nbsp;&nbsp;CMO Series 2004-3 Class 1A | &nbsp;&nbsp;CMO Series 2004-3 Class 1A | &nbsp;&nbsp;CMO Series 2004-3 Class 1A |
| &nbsp;&nbsp;05/19/2034 | &nbsp;&nbsp;3.928% | &nbsp;&nbsp;&nbsp;388560 | &nbsp;&nbsp;&nbsp;&nbsp;359250 |
| &nbsp;&nbsp;Headlands Residential LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Headlands Residential LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Headlands Residential LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Headlands Residential LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-RPL1 Class NOTE | &nbsp;&nbsp;CMO Series 2021-RPL1 Class NOTE | &nbsp;&nbsp;CMO Series 2021-RPL1 Class NOTE | &nbsp;&nbsp;CMO Series 2021-RPL1 Class NOTE |
| &nbsp;&nbsp;09/25/2026 | &nbsp;&nbsp;2.487% | 7225000 | &nbsp;&nbsp;6736202 |
| &nbsp;&nbsp;Hundred Acre Wood Trust<sup>(a),(e),(f)</sup> | &nbsp;&nbsp;Hundred Acre Wood Trust<sup>(a),(e),(f)</sup> | &nbsp;&nbsp;Hundred Acre Wood Trust<sup>(a),(e),(f)</sup> | &nbsp;&nbsp;Hundred Acre Wood Trust<sup>(a),(e),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2018-1 Class A | &nbsp;&nbsp;CMO Series 2018-1 Class A | &nbsp;&nbsp;CMO Series 2018-1 Class A | &nbsp;&nbsp;CMO Series 2018-1 Class A |
| &nbsp;&nbsp;02/13/2025 | &nbsp;&nbsp;7.250% | 2000000 | &nbsp;&nbsp;1940000 |
| &nbsp;&nbsp;Impac CMB Trust<sup>(b)</sup> | &nbsp;&nbsp;Impac CMB Trust<sup>(b)</sup> | &nbsp;&nbsp;Impac CMB Trust<sup>(b)</sup> | &nbsp;&nbsp;Impac CMB Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2005-4 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-4 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-4 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-4 Class 2A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.600%<br> Floor 0.600%, Cap 10.250%<br> 05/25/2035 | &nbsp;&nbsp;4.989% | &nbsp;&nbsp;&nbsp;157408 | &nbsp;&nbsp;&nbsp;&nbsp;132161 |
| &nbsp;&nbsp;Impac Secured Assets CMN Owner Trust<sup>(c)</sup> | &nbsp;&nbsp;Impac Secured Assets CMN Owner Trust<sup>(c)</sup> | &nbsp;&nbsp;Impac Secured Assets CMN Owner Trust<sup>(c)</sup> | &nbsp;&nbsp;Impac Secured Assets CMN Owner Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2003-3 Class A1 | &nbsp;&nbsp;CMO Series 2003-3 Class A1 | &nbsp;&nbsp;CMO Series 2003-3 Class A1 | &nbsp;&nbsp;CMO Series 2003-3 Class A1 |
| &nbsp;&nbsp;08/25/2033 | &nbsp;&nbsp;5.200% | &nbsp;&nbsp;&nbsp;&nbsp;57692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54317 |
| &nbsp;&nbsp;Impac Secured Assets Trust<sup>(b)</sup> | &nbsp;&nbsp;Impac Secured Assets Trust<sup>(b)</sup> | &nbsp;&nbsp;Impac Secured Assets Trust<sup>(b)</sup> | &nbsp;&nbsp;Impac Secured Assets Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2006-1 Class 2A1 | &nbsp;&nbsp;CMO Series 2006-1 Class 2A1 | &nbsp;&nbsp;CMO Series 2006-1 Class 2A1 | &nbsp;&nbsp;CMO Series 2006-1 Class 2A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.700%<br> Floor 0.350%, Cap 11.500%<br> 05/25/2036 | &nbsp;&nbsp;5.089% | &nbsp;&nbsp;&nbsp;&nbsp;25408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21492 |
| &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(c)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2006-A2 Class 5A3 | &nbsp;&nbsp;CMO Series 2006-A2 Class 5A3 | &nbsp;&nbsp;CMO Series 2006-A2 Class 5A3 | &nbsp;&nbsp;CMO Series 2006-A2 Class 5A3 |
| &nbsp;&nbsp;11/25/2033 | &nbsp;&nbsp;4.191% | &nbsp;&nbsp;&nbsp;&nbsp;81576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77595 |
| &nbsp;&nbsp;CMO Series 2007-A1 Class 5A5 | &nbsp;&nbsp;CMO Series 2007-A1 Class 5A5 | &nbsp;&nbsp;CMO Series 2007-A1 Class 5A5 | &nbsp;&nbsp;CMO Series 2007-A1 Class 5A5 |
| &nbsp;&nbsp;07/25/2035 | &nbsp;&nbsp;3.453% | &nbsp;&nbsp;&nbsp;&nbsp;78251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75582 |
| &nbsp;&nbsp;LHOME Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;LHOME Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;LHOME Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;LHOME Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-RTL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RTL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RTL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-RTL1 Class A1 |
| &nbsp;&nbsp;09/25/2026 | &nbsp;&nbsp;2.090% | 2205000 | &nbsp;&nbsp;2090561 |
| &nbsp;&nbsp;MASTR Adjustable Rate Mortgages Trust<sup>(c)</sup> | &nbsp;&nbsp;MASTR Adjustable Rate Mortgages Trust<sup>(c)</sup> | &nbsp;&nbsp;MASTR Adjustable Rate Mortgages Trust<sup>(c)</sup> | &nbsp;&nbsp;MASTR Adjustable Rate Mortgages Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2004-13 Class 2A1 | &nbsp;&nbsp;CMO Series 2004-13 Class 2A1 | &nbsp;&nbsp;CMO Series 2004-13 Class 2A1 | &nbsp;&nbsp;CMO Series 2004-13 Class 2A1 |
| &nbsp;&nbsp;04/21/2034 | &nbsp;&nbsp;4.021% | &nbsp;&nbsp;&nbsp;&nbsp;67373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63376 |
| &nbsp;&nbsp;CMO Series 2004-13 Class 3A7 | &nbsp;&nbsp;CMO Series 2004-13 Class 3A7 | &nbsp;&nbsp;CMO Series 2004-13 Class 3A7 | &nbsp;&nbsp;CMO Series 2004-13 Class 3A7 |
| &nbsp;&nbsp;11/21/2034 | &nbsp;&nbsp;3.874% | &nbsp;&nbsp;&nbsp;121406 | &nbsp;&nbsp;&nbsp;&nbsp;108919 |
| &nbsp;&nbsp;MASTR Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;MASTR Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;MASTR Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;MASTR Asset Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2004-P7 Class A6 | &nbsp;&nbsp;CMO Series 2004-P7 Class A6 | &nbsp;&nbsp;CMO Series 2004-P7 Class A6 | &nbsp;&nbsp;CMO Series 2004-P7 Class A6 |
| &nbsp;&nbsp;12/27/2033 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;22065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17833 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;MASTR Seasoned Securities Trust | &nbsp;&nbsp;MASTR Seasoned Securities Trust | &nbsp;&nbsp;MASTR Seasoned Securities Trust | &nbsp;&nbsp;MASTR Seasoned Securities Trust |
| &nbsp;&nbsp;CMO Series 2004-2 Class A1 | &nbsp;&nbsp;CMO Series 2004-2 Class A1 | &nbsp;&nbsp;CMO Series 2004-2 Class A1 | &nbsp;&nbsp;CMO Series 2004-2 Class A1 |
| &nbsp;&nbsp;08/25/2032 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;80299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75516 |
| &nbsp;&nbsp;CMO Series 2004-2 Class A2 | &nbsp;&nbsp;CMO Series 2004-2 Class A2 | &nbsp;&nbsp;CMO Series 2004-2 Class A2 | &nbsp;&nbsp;CMO Series 2004-2 Class A2 |
| &nbsp;&nbsp;08/25/2032 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;126471 | &nbsp;&nbsp;&nbsp;&nbsp;119421 |
| &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust<sup>(b)</sup> | &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust<sup>(b)</sup> | &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust<sup>(b)</sup> | &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2003-A Class 2A1 | &nbsp;&nbsp;CMO Series 2003-A Class 2A1 | &nbsp;&nbsp;CMO Series 2003-A Class 2A1 | &nbsp;&nbsp;CMO Series 2003-A Class 2A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.780%<br> Floor 0.390%, Cap 11.750%<br> 03/25/2028 | &nbsp;&nbsp;5.169% | &nbsp;&nbsp;&nbsp;&nbsp;37677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35342 |
| &nbsp;&nbsp;CMO Series 2003-E Class A1 | &nbsp;&nbsp;CMO Series 2003-E Class A1 | &nbsp;&nbsp;CMO Series 2003-E Class A1 | &nbsp;&nbsp;CMO Series 2003-E Class A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.620%<br> Floor 0.620%, Cap 11.750%<br> 10/25/2028 | &nbsp;&nbsp;5.009% | &nbsp;&nbsp;&nbsp;150302 | &nbsp;&nbsp;&nbsp;&nbsp;138970 |
| &nbsp;&nbsp;CMO Series 2004-A Class A1 | &nbsp;&nbsp;CMO Series 2004-A Class A1 | &nbsp;&nbsp;CMO Series 2004-A Class A1 | &nbsp;&nbsp;CMO Series 2004-A Class A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.460%<br> Floor 0.230%, Cap 11.750%<br> 04/25/2029 | &nbsp;&nbsp;4.849% | &nbsp;&nbsp;&nbsp;116683 | &nbsp;&nbsp;&nbsp;&nbsp;105582 |
| &nbsp;&nbsp;CMO Series 2004-G Class A2 | &nbsp;&nbsp;CMO Series 2004-G Class A2 | &nbsp;&nbsp;CMO Series 2004-G Class A2 | &nbsp;&nbsp;CMO Series 2004-G Class A2 |
| &nbsp;&nbsp;6-month USD LIBOR + 0.600%<br> Floor 0.300%, Cap 11.750%<br> 01/25/2030 | &nbsp;&nbsp;5.749% | &nbsp;&nbsp;&nbsp;&nbsp;21364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19733 |
| &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust<sup>(c)</sup> | &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust<sup>(c)</sup> | &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust<sup>(c)</sup> | &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2004-1 Class 2A1 | &nbsp;&nbsp;CMO Series 2004-1 Class 2A1 | &nbsp;&nbsp;CMO Series 2004-1 Class 2A1 | &nbsp;&nbsp;CMO Series 2004-1 Class 2A1 |
| &nbsp;&nbsp;12/25/2034 | &nbsp;&nbsp;3.139% | &nbsp;&nbsp;&nbsp;100964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93014 |
| &nbsp;&nbsp;CMO Series 2004-A4 Class A2 | &nbsp;&nbsp;CMO Series 2004-A4 Class A2 | &nbsp;&nbsp;CMO Series 2004-A4 Class A2 | &nbsp;&nbsp;CMO Series 2004-A4 Class A2 |
| &nbsp;&nbsp;08/25/2034 | &nbsp;&nbsp;3.516% | &nbsp;&nbsp;&nbsp;125631 | &nbsp;&nbsp;&nbsp;&nbsp;115333 |
| &nbsp;&nbsp;MFA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MFA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MFA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MFA Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NQM2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NQM2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NQM2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NQM2 Class A1 |
| &nbsp;&nbsp;11/25/2064 | &nbsp;&nbsp;1.029% | &nbsp;&nbsp;&nbsp;865624 | &nbsp;&nbsp;&nbsp;&nbsp;710580 |
| &nbsp;&nbsp;Mill City Securities Ltd.<sup>(a),(c)</sup> | &nbsp;&nbsp;Mill City Securities Ltd.<sup>(a),(c)</sup> | &nbsp;&nbsp;Mill City Securities Ltd.<sup>(a),(c)</sup> | &nbsp;&nbsp;Mill City Securities Ltd.<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-RS1 Class A2 | &nbsp;&nbsp;CMO Series 2021-RS1 Class A2 | &nbsp;&nbsp;CMO Series 2021-RS1 Class A2 | &nbsp;&nbsp;CMO Series 2021-RS1 Class A2 |
| &nbsp;&nbsp;04/28/2066 | &nbsp;&nbsp;3.951% | 4449000 | &nbsp;&nbsp;3841591 |
| &nbsp;&nbsp;Morgan Stanley Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;Morgan Stanley Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;Morgan Stanley Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;Morgan Stanley Mortgage Loan Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2004-3 Class 4A | &nbsp;&nbsp;CMO Series 2004-3 Class 4A | &nbsp;&nbsp;CMO Series 2004-3 Class 4A | &nbsp;&nbsp;CMO Series 2004-3 Class 4A |
| &nbsp;&nbsp;04/25/2034 | &nbsp;&nbsp;5.650% | &nbsp;&nbsp;&nbsp;116087 | &nbsp;&nbsp;&nbsp;&nbsp;111636 |
| &nbsp;&nbsp;MRA Issuance Trust<sup>(a),(b),(f)</sup> | &nbsp;&nbsp;MRA Issuance Trust<sup>(a),(b),(f)</sup> | &nbsp;&nbsp;MRA Issuance Trust<sup>(a),(b),(f)</sup> | &nbsp;&nbsp;MRA Issuance Trust<sup>(a),(b),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-EBO2 Class A | &nbsp;&nbsp;CMO Series 2021-EBO2 Class A | &nbsp;&nbsp;CMO Series 2021-EBO2 Class A | &nbsp;&nbsp;CMO Series 2021-EBO2 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.735%<br> 04/15/2023 | &nbsp;&nbsp;6.855% | 4024227 | &nbsp;&nbsp;4024227 |
| &nbsp;&nbsp;CMO Series 2021-EBO7 Class A1X | &nbsp;&nbsp;CMO Series 2021-EBO7 Class A1X | &nbsp;&nbsp;CMO Series 2021-EBO7 Class A1X | &nbsp;&nbsp;CMO Series 2021-EBO7 Class A1X |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 2.750%<br> 02/15/2023 | &nbsp;&nbsp;3.845% | 4195483 | &nbsp;&nbsp;4195483 |
| &nbsp;&nbsp;NACC Reperforming Loan Remic Trust<sup>(a)</sup> | &nbsp;&nbsp;NACC Reperforming Loan Remic Trust<sup>(a)</sup> | &nbsp;&nbsp;NACC Reperforming Loan Remic Trust<sup>(a)</sup> | &nbsp;&nbsp;NACC Reperforming Loan Remic Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2004-R2 Class A1 | &nbsp;&nbsp;CMO Series 2004-R2 Class A1 | &nbsp;&nbsp;CMO Series 2004-R2 Class A1 | &nbsp;&nbsp;CMO Series 2004-R2 Class A1 |
| &nbsp;&nbsp;10/25/2034 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;87249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75046 |
| &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;New Residential Mortgage Loan Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2019-NQM4 Class A1 | &nbsp;&nbsp;CMO Series 2019-NQM4 Class A1 | &nbsp;&nbsp;CMO Series 2019-NQM4 Class A1 | &nbsp;&nbsp;CMO Series 2019-NQM4 Class A1 |
| &nbsp;&nbsp;09/25/2059 | &nbsp;&nbsp;2.492% | &nbsp;&nbsp;&nbsp;258784 | &nbsp;&nbsp;&nbsp;&nbsp;234638 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 57

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;NewRez Warehouse Securitization Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;NewRez Warehouse Securitization Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;NewRez Warehouse Securitization Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;NewRez Warehouse Securitization Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A | &nbsp;&nbsp;CMO Series 2021-1 Class A | &nbsp;&nbsp;CMO Series 2021-1 Class A | &nbsp;&nbsp;CMO Series 2021-1 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.750%<br> Floor 0.750%<br> 05/25/2055 | &nbsp;&nbsp;4.794% | 5373000 | &nbsp;&nbsp;5281821 |
| &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2021-FNT2 Class A | &nbsp;&nbsp;CMO Series 2021-FNT2 Class A | &nbsp;&nbsp;CMO Series 2021-FNT2 Class A | &nbsp;&nbsp;CMO Series 2021-FNT2 Class A |
| &nbsp;&nbsp;05/25/2026 | &nbsp;&nbsp;3.228% | 3554352 | &nbsp;&nbsp;3147674 |
| &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A |
| &nbsp;&nbsp;12/25/2025 | &nbsp;&nbsp;3.844% | 2433261 | &nbsp;&nbsp;2217518 |
| &nbsp;&nbsp;OCWEN<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;OCWEN<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;OCWEN<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;OCWEN<sup>(c),(e),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-GNMSR Class 1 | &nbsp;&nbsp;CMO Series 2021-GNMSR Class 1 | &nbsp;&nbsp;CMO Series 2021-GNMSR Class 1 | &nbsp;&nbsp;CMO Series 2021-GNMSR Class 1 |
| &nbsp;&nbsp;03/15/2023 | &nbsp;&nbsp;4.570% | 4128148 | &nbsp;&nbsp;3993983 |
| &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;01/25/2026 | &nbsp;&nbsp;2.115% | 3117895 | &nbsp;&nbsp;2832236 |
| &nbsp;&nbsp;CMO Series 2021-2 Class A1 | &nbsp;&nbsp;CMO Series 2021-2 Class A1 | &nbsp;&nbsp;CMO Series 2021-2 Class A1 | &nbsp;&nbsp;CMO Series 2021-2 Class A1 |
| &nbsp;&nbsp;03/25/2026 | &nbsp;&nbsp;2.115% | 2185846 | &nbsp;&nbsp;1982659 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 |
| &nbsp;&nbsp;01/25/2052 | &nbsp;&nbsp;2.981% | 4077648 | &nbsp;&nbsp;3641328 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners I LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners I LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners I LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners I LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 |
| &nbsp;&nbsp;09/27/2060 | &nbsp;&nbsp;2.240% | 3527289 | &nbsp;&nbsp;3212604 |
| &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 |
| &nbsp;&nbsp;10/27/2060 | &nbsp;&nbsp;2.363% | 3171502 | &nbsp;&nbsp;2788498 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 |
| &nbsp;&nbsp;07/25/2051 | &nbsp;&nbsp;2.487% | 3720058 | &nbsp;&nbsp;3436823 |
| &nbsp;&nbsp;CMO Series 2021-RN3 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN3 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN3 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN3 Class A1 |
| &nbsp;&nbsp;09/25/2051 | &nbsp;&nbsp;1.843% | 4875788 | &nbsp;&nbsp;4345078 |
| &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Radnor Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class M1B | &nbsp;&nbsp;CMO Series 2021-1 Class M1B | &nbsp;&nbsp;CMO Series 2021-1 Class M1B | &nbsp;&nbsp;CMO Series 2021-1 Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 1.700%<br> Floor 1.700%<br> 12/27/2033 | &nbsp;&nbsp;5.247% | 3500000 | &nbsp;&nbsp;3414875 |
| &nbsp;&nbsp;RCO VI Mortgage LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;RCO VI Mortgage LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;RCO VI Mortgage LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;RCO VI Mortgage LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 |
| &nbsp;&nbsp;01/25/2027 | &nbsp;&nbsp;3.000% | 5573740 | &nbsp;&nbsp;5229251 |
| &nbsp;&nbsp;CMO Series 2022-1 Class A2 | &nbsp;&nbsp;CMO Series 2022-1 Class A2 | &nbsp;&nbsp;CMO Series 2022-1 Class A2 | &nbsp;&nbsp;CMO Series 2022-1 Class A2 |
| &nbsp;&nbsp;01/25/2027 | &nbsp;&nbsp;5.250% | 2500000 | &nbsp;&nbsp;2279199 |
| &nbsp;&nbsp;Residential Asset Mortgage Products Trust | &nbsp;&nbsp;Residential Asset Mortgage Products Trust | &nbsp;&nbsp;Residential Asset Mortgage Products Trust | &nbsp;&nbsp;Residential Asset Mortgage Products Trust |
| &nbsp;&nbsp;CMO Series 2004-SL2 Class A3 | &nbsp;&nbsp;CMO Series 2004-SL2 Class A3 | &nbsp;&nbsp;CMO Series 2004-SL2 Class A3 | &nbsp;&nbsp;CMO Series 2004-SL2 Class A3 |
| &nbsp;&nbsp;10/25/2031 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;129255 | &nbsp;&nbsp;&nbsp;&nbsp;127658 |
| &nbsp;&nbsp;Residential Asset Securitization Trust<sup>(c)</sup> | &nbsp;&nbsp;Residential Asset Securitization Trust<sup>(c)</sup> | &nbsp;&nbsp;Residential Asset Securitization Trust<sup>(c)</sup> | &nbsp;&nbsp;Residential Asset Securitization Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2004-IP2 Class 1A1 | &nbsp;&nbsp;CMO Series 2004-IP2 Class 1A1 | &nbsp;&nbsp;CMO Series 2004-IP2 Class 1A1 | &nbsp;&nbsp;CMO Series 2004-IP2 Class 1A1 |
| &nbsp;&nbsp;12/25/2034 | &nbsp;&nbsp;4.284% | &nbsp;&nbsp;&nbsp;195246 | &nbsp;&nbsp;&nbsp;&nbsp;194731 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Seasoned Credit Risk Transfer Trust | &nbsp;&nbsp;Seasoned Credit Risk Transfer Trust | &nbsp;&nbsp;Seasoned Credit Risk Transfer Trust | &nbsp;&nbsp;Seasoned Credit Risk Transfer Trust |
| &nbsp;&nbsp;CMO Series 2019-3 Class MB (FHLMC) | &nbsp;&nbsp;CMO Series 2019-3 Class MB (FHLMC) | &nbsp;&nbsp;CMO Series 2019-3 Class MB (FHLMC) | &nbsp;&nbsp;CMO Series 2019-3 Class MB (FHLMC) |
| &nbsp;&nbsp;10/25/2058 | &nbsp;&nbsp;3.500% | 1570000 | &nbsp;&nbsp;1335810 |
| &nbsp;&nbsp;CMO Series 2019-4 Class M55D (FHLMC) | &nbsp;&nbsp;CMO Series 2019-4 Class M55D (FHLMC) | &nbsp;&nbsp;CMO Series 2019-4 Class M55D (FHLMC) | &nbsp;&nbsp;CMO Series 2019-4 Class M55D (FHLMC) |
| &nbsp;&nbsp;02/25/2059 | &nbsp;&nbsp;4.000% | 1800936 | &nbsp;&nbsp;1673764 |
| &nbsp;&nbsp;Seasoned Loans Structured Transaction | &nbsp;&nbsp;Seasoned Loans Structured Transaction | &nbsp;&nbsp;Seasoned Loans Structured Transaction | &nbsp;&nbsp;Seasoned Loans Structured Transaction |
| &nbsp;&nbsp;CMO Series 2018-2 Class A1 | &nbsp;&nbsp;CMO Series 2018-2 Class A1 | &nbsp;&nbsp;CMO Series 2018-2 Class A1 | &nbsp;&nbsp;CMO Series 2018-2 Class A1 |
| &nbsp;&nbsp;11/25/2028 | &nbsp;&nbsp;3.500% | 3136977 | &nbsp;&nbsp;2939263 |
| &nbsp;&nbsp;Sequoia Mortgage Trust<sup>(b)</sup> | &nbsp;&nbsp;Sequoia Mortgage Trust<sup>(b)</sup> | &nbsp;&nbsp;Sequoia Mortgage Trust<sup>(b)</sup> | &nbsp;&nbsp;Sequoia Mortgage Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2003-1 Class 1A | &nbsp;&nbsp;CMO Series 2003-1 Class 1A | &nbsp;&nbsp;CMO Series 2003-1 Class 1A | &nbsp;&nbsp;CMO Series 2003-1 Class 1A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.760%<br> Floor 0.760%, Cap 12.500%<br> 04/20/2033 | &nbsp;&nbsp;5.113% | &nbsp;&nbsp;&nbsp;296592 | &nbsp;&nbsp;&nbsp;&nbsp;268992 |
| &nbsp;&nbsp;CMO Series 2003-8 Class A1 | &nbsp;&nbsp;CMO Series 2003-8 Class A1 | &nbsp;&nbsp;CMO Series 2003-8 Class A1 | &nbsp;&nbsp;CMO Series 2003-8 Class A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.640%<br> Floor 0.640%, Cap 11.500%<br> 01/20/2034 | &nbsp;&nbsp;4.993% | &nbsp;&nbsp;&nbsp;258569 | &nbsp;&nbsp;&nbsp;&nbsp;241657 |
| &nbsp;&nbsp;CMO Series 2004-11 Class A1 | &nbsp;&nbsp;CMO Series 2004-11 Class A1 | &nbsp;&nbsp;CMO Series 2004-11 Class A1 | &nbsp;&nbsp;CMO Series 2004-11 Class A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.600%<br> Floor 0.600%, Cap 11.500%<br> 12/20/2034 | &nbsp;&nbsp;4.953% | &nbsp;&nbsp;&nbsp;256906 | &nbsp;&nbsp;&nbsp;&nbsp;228938 |
| &nbsp;&nbsp;CMO Series 2004-12 Class A3 | &nbsp;&nbsp;CMO Series 2004-12 Class A3 | &nbsp;&nbsp;CMO Series 2004-12 Class A3 | &nbsp;&nbsp;CMO Series 2004-12 Class A3 |
| &nbsp;&nbsp;6-month USD LIBOR + 0.320%<br> Floor 0.320%, Cap 11.500%<br> 01/20/2035 | &nbsp;&nbsp;5.507% | &nbsp;&nbsp;&nbsp;135444 | &nbsp;&nbsp;&nbsp;&nbsp;123120 |
| &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 |
| &nbsp;&nbsp;02/25/2050 | &nbsp;&nbsp;2.275% | &nbsp;&nbsp;&nbsp;111463 | &nbsp;&nbsp;&nbsp;&nbsp;102238 |
| &nbsp;&nbsp;CMO Series 2020-3 Class A1 | &nbsp;&nbsp;CMO Series 2020-3 Class A1 | &nbsp;&nbsp;CMO Series 2020-3 Class A1 | &nbsp;&nbsp;CMO Series 2020-3 Class A1 |
| &nbsp;&nbsp;04/25/2065 | &nbsp;&nbsp;1.486% | &nbsp;&nbsp;&nbsp;549004 | &nbsp;&nbsp;&nbsp;&nbsp;505786 |
| &nbsp;&nbsp;CMO Series 2020-INV1 Class A1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class A1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class A1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class A1 |
| &nbsp;&nbsp;11/25/2055 | &nbsp;&nbsp;1.027% | &nbsp;&nbsp;&nbsp;478045 | &nbsp;&nbsp;&nbsp;&nbsp;428172 |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;1.219% | &nbsp;&nbsp;&nbsp;630627 | &nbsp;&nbsp;&nbsp;&nbsp;569652 |
| &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 |
| &nbsp;&nbsp;08/25/2056 | &nbsp;&nbsp;1.162% | 2043333 | &nbsp;&nbsp;1677694 |
| &nbsp;&nbsp;Structured Adjustable Rate Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;Structured Adjustable Rate Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;Structured Adjustable Rate Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;Structured Adjustable Rate Mortgage Loan Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2004-4 Class 5A | &nbsp;&nbsp;CMO Series 2004-4 Class 5A | &nbsp;&nbsp;CMO Series 2004-4 Class 5A | &nbsp;&nbsp;CMO Series 2004-4 Class 5A |
| &nbsp;&nbsp;04/25/2034 | &nbsp;&nbsp;3.887% | &nbsp;&nbsp;&nbsp;&nbsp;63103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56500 |
| &nbsp;&nbsp;Structured Asset Mortgage Investments II Trust<sup>(b)</sup> | &nbsp;&nbsp;Structured Asset Mortgage Investments II Trust<sup>(b)</sup> | &nbsp;&nbsp;Structured Asset Mortgage Investments II Trust<sup>(b)</sup> | &nbsp;&nbsp;Structured Asset Mortgage Investments II Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2004-AR5 Class 1A1 | &nbsp;&nbsp;CMO Series 2004-AR5 Class 1A1 | &nbsp;&nbsp;CMO Series 2004-AR5 Class 1A1 | &nbsp;&nbsp;CMO Series 2004-AR5 Class 1A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.660%<br> Floor 0.330%, Cap 11.000%<br> 10/19/2034 | &nbsp;&nbsp;4.999% | &nbsp;&nbsp;&nbsp;160424 | &nbsp;&nbsp;&nbsp;&nbsp;149286 |
| &nbsp;&nbsp;CMO Series 2005-AR5 Class A3 | &nbsp;&nbsp;CMO Series 2005-AR5 Class A3 | &nbsp;&nbsp;CMO Series 2005-AR5 Class A3 | &nbsp;&nbsp;CMO Series 2005-AR5 Class A3 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.500%<br> Floor 0.250%, Cap 11.000%<br> 07/19/2035 | &nbsp;&nbsp;4.839% | &nbsp;&nbsp;&nbsp;102805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91293 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

58 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Structured Asset Securities Corp.<sup>(c)</sup> | &nbsp;&nbsp;Structured Asset Securities Corp.<sup>(c)</sup> | &nbsp;&nbsp;Structured Asset Securities Corp.<sup>(c)</sup> | &nbsp;&nbsp;Structured Asset Securities Corp.<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2004-4XS Class 1A5 | &nbsp;&nbsp;CMO Series 2004-4XS Class 1A5 | &nbsp;&nbsp;CMO Series 2004-4XS Class 1A5 | &nbsp;&nbsp;CMO Series 2004-4XS Class 1A5 |
| &nbsp;&nbsp;02/25/2034 | &nbsp;&nbsp;5.490% | &nbsp;&nbsp;&nbsp;222673 | &nbsp;&nbsp;&nbsp;&nbsp;208366 |
| &nbsp;&nbsp;Structured Asset Securities Corp. Mortgage Pass-Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Structured Asset Securities Corp. Mortgage Pass-Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Structured Asset Securities Corp. Mortgage Pass-Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Structured Asset Securities Corp. Mortgage Pass-Through Certificates<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2003-34A Class 3A3 | &nbsp;&nbsp;CMO Series 2003-34A Class 3A3 | &nbsp;&nbsp;CMO Series 2003-34A Class 3A3 | &nbsp;&nbsp;CMO Series 2003-34A Class 3A3 |
| &nbsp;&nbsp;11/25/2033 | &nbsp;&nbsp;3.988% | &nbsp;&nbsp;&nbsp;122087 | &nbsp;&nbsp;&nbsp;&nbsp;118064 |
| &nbsp;&nbsp;CMO Series 2003-40A Class 3A2 | &nbsp;&nbsp;CMO Series 2003-40A Class 3A2 | &nbsp;&nbsp;CMO Series 2003-40A Class 3A2 | &nbsp;&nbsp;CMO Series 2003-40A Class 3A2 |
| &nbsp;&nbsp;01/25/2034 | &nbsp;&nbsp;4.138% | &nbsp;&nbsp;&nbsp;&nbsp;77373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73349 |
| &nbsp;&nbsp;CMO Series 2004-6XS Class A5A | &nbsp;&nbsp;CMO Series 2004-6XS Class A5A | &nbsp;&nbsp;CMO Series 2004-6XS Class A5A | &nbsp;&nbsp;CMO Series 2004-6XS Class A5A |
| &nbsp;&nbsp;03/25/2034 | &nbsp;&nbsp;5.585% | &nbsp;&nbsp;&nbsp;&nbsp;33206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32612 |
| &nbsp;&nbsp;CMO Series 2004-6XS Class A5B (AMBAC) | &nbsp;&nbsp;CMO Series 2004-6XS Class A5B (AMBAC) | &nbsp;&nbsp;CMO Series 2004-6XS Class A5B (AMBAC) | &nbsp;&nbsp;CMO Series 2004-6XS Class A5B (AMBAC) |
| &nbsp;&nbsp;03/25/2034 | &nbsp;&nbsp;5.585% | &nbsp;&nbsp;&nbsp;&nbsp;39847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39134 |
| &nbsp;&nbsp;Thornburg Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;Thornburg Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;Thornburg Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;Thornburg Mortgage Securities Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2004-4 Class 3A | &nbsp;&nbsp;CMO Series 2004-4 Class 3A | &nbsp;&nbsp;CMO Series 2004-4 Class 3A | &nbsp;&nbsp;CMO Series 2004-4 Class 3A |
| &nbsp;&nbsp;12/25/2044 | &nbsp;&nbsp;3.551% | &nbsp;&nbsp;&nbsp;&nbsp;83296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76974 |
| &nbsp;&nbsp;TVC Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;TVC Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;TVC Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;TVC Mortgage Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2020-RTL1 Class A1 | &nbsp;&nbsp;CMO Series 2020-RTL1 Class A1 | &nbsp;&nbsp;CMO Series 2020-RTL1 Class A1 | &nbsp;&nbsp;CMO Series 2020-RTL1 Class A1 |
| &nbsp;&nbsp;09/25/2024 | &nbsp;&nbsp;3.474% | 1346803 | &nbsp;&nbsp;1343668 |
| &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 |
| &nbsp;&nbsp;12/26/2050 | &nbsp;&nbsp;2.289% | 3539578 | &nbsp;&nbsp;3336838 |
| &nbsp;&nbsp;CMO Series 2021-NPL3 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL3 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL3 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL3 Class A1 |
| &nbsp;&nbsp;05/25/2051 | &nbsp;&nbsp;1.743% | 3596377 | &nbsp;&nbsp;3114305 |
| &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 |
| &nbsp;&nbsp;08/25/2051 | &nbsp;&nbsp;1.868% | 5894815 | &nbsp;&nbsp;5193623 |
| &nbsp;&nbsp;Vendee Mortgage Trust | &nbsp;&nbsp;Vendee Mortgage Trust | &nbsp;&nbsp;Vendee Mortgage Trust | &nbsp;&nbsp;Vendee Mortgage Trust |
| &nbsp;&nbsp;CMO Series 1998-2 Class 1G | &nbsp;&nbsp;CMO Series 1998-2 Class 1G | &nbsp;&nbsp;CMO Series 1998-2 Class 1G | &nbsp;&nbsp;CMO Series 1998-2 Class 1G |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;91277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93860 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 |
| &nbsp;&nbsp;02/27/2051 | &nbsp;&nbsp;1.893% | 5343258 | &nbsp;&nbsp;4773144 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIV LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIV LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIV LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIV LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL3 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL3 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL3 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL3 Class A1 |
| &nbsp;&nbsp;02/27/2051 | &nbsp;&nbsp;2.240% | 3681950 | &nbsp;&nbsp;3301537 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVI LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVI LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVI LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVI LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 |
| &nbsp;&nbsp;03/27/2051 | &nbsp;&nbsp;2.116% | 2980904 | &nbsp;&nbsp;2702349 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCVII LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 |
| &nbsp;&nbsp;04/25/2051 | &nbsp;&nbsp;2.240% | 3200497 | &nbsp;&nbsp;2815215 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Trust CI LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Trust CI LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Trust CI LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Trust CI LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NP10 Class A1 | &nbsp;&nbsp;CMO Series 2021-NP10 Class A1 | &nbsp;&nbsp;CMO Series 2021-NP10 Class A1 | &nbsp;&nbsp;CMO Series 2021-NP10 Class A1 |
| &nbsp;&nbsp;05/25/2051 | &nbsp;&nbsp;1.992% | 2869031 | &nbsp;&nbsp;2562821 |
| &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2019-4 Class A1 | &nbsp;&nbsp;CMO Series 2019-4 Class A1 | &nbsp;&nbsp;CMO Series 2019-4 Class A1 | &nbsp;&nbsp;CMO Series 2019-4 Class A1 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;2.642% | &nbsp;&nbsp;&nbsp;427396 | &nbsp;&nbsp;&nbsp;&nbsp;406737 |
| &nbsp;&nbsp;CMO Series 2019-INV2 Class A1 | &nbsp;&nbsp;CMO Series 2019-INV2 Class A1 | &nbsp;&nbsp;CMO Series 2019-INV2 Class A1 | &nbsp;&nbsp;CMO Series 2019-INV2 Class A1 |
| &nbsp;&nbsp;07/25/2059 | &nbsp;&nbsp;2.913% | &nbsp;&nbsp;&nbsp;223421 | &nbsp;&nbsp;&nbsp;&nbsp;215886 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2019-INV3 Class A1 | &nbsp;&nbsp;CMO Series 2019-INV3 Class A1 | &nbsp;&nbsp;CMO Series 2019-INV3 Class A1 | &nbsp;&nbsp;CMO Series 2019-INV3 Class A1 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;2.692% | &nbsp;&nbsp;&nbsp;200522 | &nbsp;&nbsp;&nbsp;&nbsp;190369 |
| &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 |
| &nbsp;&nbsp;01/25/2060 | &nbsp;&nbsp;2.417% | &nbsp;&nbsp;&nbsp;433506 | &nbsp;&nbsp;&nbsp;&nbsp;407356 |
| &nbsp;&nbsp;CMO Series 2020-2 Class A1 | &nbsp;&nbsp;CMO Series 2020-2 Class A1 | &nbsp;&nbsp;CMO Series 2020-2 Class A1 | &nbsp;&nbsp;CMO Series 2020-2 Class A1 |
| &nbsp;&nbsp;05/25/2060 | &nbsp;&nbsp;2.226% | &nbsp;&nbsp;&nbsp;411350 | &nbsp;&nbsp;&nbsp;&nbsp;395822 |
| &nbsp;&nbsp;CMO Series 2020-5 Class A1 | &nbsp;&nbsp;CMO Series 2020-5 Class A1 | &nbsp;&nbsp;CMO Series 2020-5 Class A1 | &nbsp;&nbsp;CMO Series 2020-5 Class A1 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;1.218% | &nbsp;&nbsp;&nbsp;239975 | &nbsp;&nbsp;&nbsp;&nbsp;214684 |
| &nbsp;&nbsp;CMO Series 2020-INV1 Class A1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class A1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class A1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class A1 |
| &nbsp;&nbsp;03/25/2060 | &nbsp;&nbsp;1.977% | &nbsp;&nbsp;&nbsp;490436 | &nbsp;&nbsp;&nbsp;&nbsp;475797 |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;01/25/2066 | &nbsp;&nbsp;0.815% | &nbsp;&nbsp;&nbsp;802578 | &nbsp;&nbsp;&nbsp;&nbsp;660744 |
| &nbsp;&nbsp;CMO Series 2021-2 Class A1 | &nbsp;&nbsp;CMO Series 2021-2 Class A1 | &nbsp;&nbsp;CMO Series 2021-2 Class A1 | &nbsp;&nbsp;CMO Series 2021-2 Class A1 |
| &nbsp;&nbsp;02/25/2066 | &nbsp;&nbsp;1.031% | 1516350 | &nbsp;&nbsp;1268707 |
| &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 |
| &nbsp;&nbsp;06/25/2066 | &nbsp;&nbsp;1.046% | 1434986 | &nbsp;&nbsp;1183435 |
| &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 | &nbsp;&nbsp;CMO Series 2021-4 Class A1 |
| &nbsp;&nbsp;07/25/2066 | &nbsp;&nbsp;0.938% | 1746898 | &nbsp;&nbsp;1354732 |
| &nbsp;&nbsp;CMO Series 2021-5 Class A1 | &nbsp;&nbsp;CMO Series 2021-5 Class A1 | &nbsp;&nbsp;CMO Series 2021-5 Class A1 | &nbsp;&nbsp;CMO Series 2021-5 Class A1 |
| &nbsp;&nbsp;09/25/2066 | &nbsp;&nbsp;1.013% | 5969033 | &nbsp;&nbsp;4758290 |
| &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 |
| &nbsp;&nbsp;10/25/2066 | &nbsp;&nbsp;1.829% | 2697216 | &nbsp;&nbsp;2310329 |
| &nbsp;&nbsp;CMO Series 2021-8 Class A1 | &nbsp;&nbsp;CMO Series 2021-8 Class A1 | &nbsp;&nbsp;CMO Series 2021-8 Class A1 | &nbsp;&nbsp;CMO Series 2021-8 Class A1 |
| &nbsp;&nbsp;11/25/2066 | &nbsp;&nbsp;1.824% | 1914912 | &nbsp;&nbsp;1629007 |
| &nbsp;&nbsp;CMO Series 2021-R1 Class A1 | &nbsp;&nbsp;CMO Series 2021-R1 Class A1 | &nbsp;&nbsp;CMO Series 2021-R1 Class A1 | &nbsp;&nbsp;CMO Series 2021-R1 Class A1 |
| &nbsp;&nbsp;10/25/2063 | &nbsp;&nbsp;0.820% | &nbsp;&nbsp;&nbsp;699159 | &nbsp;&nbsp;&nbsp;&nbsp;614875 |
| &nbsp;&nbsp;CMO Series 2021-R3 Class A1 | &nbsp;&nbsp;CMO Series 2021-R3 Class A1 | &nbsp;&nbsp;CMO Series 2021-R3 Class A1 | &nbsp;&nbsp;CMO Series 2021-R3 Class A1 |
| &nbsp;&nbsp;04/25/2064 | &nbsp;&nbsp;1.020% | &nbsp;&nbsp;&nbsp;806509 | &nbsp;&nbsp;&nbsp;&nbsp;695063 |
| &nbsp;&nbsp;Visio Trust<sup>(a)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-1R Class A1 | &nbsp;&nbsp;Series 2020-1R Class A1 | &nbsp;&nbsp;Series 2020-1R Class A1 | &nbsp;&nbsp;Series 2020-1R Class A1 |
| &nbsp;&nbsp;11/25/2055 | &nbsp;&nbsp;1.312% | &nbsp;&nbsp;&nbsp;529341 | &nbsp;&nbsp;&nbsp;&nbsp;480539 |
| &nbsp;&nbsp;VM Master Issuer LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VM Master Issuer LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VM Master Issuer LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VM Master Issuer LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2022-1 Class A1B | &nbsp;&nbsp;CMO Series 2022-1 Class A1B | &nbsp;&nbsp;CMO Series 2022-1 Class A1B | &nbsp;&nbsp;CMO Series 2022-1 Class A1B |
| &nbsp;&nbsp;05/24/2025 | &nbsp;&nbsp;6.174% | 7692000 | &nbsp;&nbsp;7211109 |
| &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup> | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup> | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup> | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2003-AR11 Class A6 | &nbsp;&nbsp;CMO Series 2003-AR11 Class A6 | &nbsp;&nbsp;CMO Series 2003-AR11 Class A6 | &nbsp;&nbsp;CMO Series 2003-AR11 Class A6 |
| &nbsp;&nbsp;10/25/2033 | &nbsp;&nbsp;4.232% | &nbsp;&nbsp;&nbsp;171606 | &nbsp;&nbsp;&nbsp;&nbsp;156847 |
| &nbsp;&nbsp;CMO Series 2003-AR5 Class A7 | &nbsp;&nbsp;CMO Series 2003-AR5 Class A7 | &nbsp;&nbsp;CMO Series 2003-AR5 Class A7 | &nbsp;&nbsp;CMO Series 2003-AR5 Class A7 |
| &nbsp;&nbsp;06/25/2033 | &nbsp;&nbsp;3.206% | &nbsp;&nbsp;&nbsp;&nbsp;62083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57496 |
| &nbsp;&nbsp;CMO Series 2003-AR6 Class A1 | &nbsp;&nbsp;CMO Series 2003-AR6 Class A1 | &nbsp;&nbsp;CMO Series 2003-AR6 Class A1 | &nbsp;&nbsp;CMO Series 2003-AR6 Class A1 |
| &nbsp;&nbsp;06/25/2033 | &nbsp;&nbsp;3.390% | &nbsp;&nbsp;&nbsp;&nbsp;71192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65603 |
| &nbsp;&nbsp;CMO Series 2003-AR7 Class A7 | &nbsp;&nbsp;CMO Series 2003-AR7 Class A7 | &nbsp;&nbsp;CMO Series 2003-AR7 Class A7 | &nbsp;&nbsp;CMO Series 2003-AR7 Class A7 |
| &nbsp;&nbsp;08/25/2033 | &nbsp;&nbsp;3.819% | &nbsp;&nbsp;&nbsp;115234 | &nbsp;&nbsp;&nbsp;&nbsp;104923 |
| &nbsp;&nbsp;CMO Series 2004-AR3 Class A2 | &nbsp;&nbsp;CMO Series 2004-AR3 Class A2 | &nbsp;&nbsp;CMO Series 2004-AR3 Class A2 | &nbsp;&nbsp;CMO Series 2004-AR3 Class A2 |
| &nbsp;&nbsp;06/25/2034 | &nbsp;&nbsp;3.104% | &nbsp;&nbsp;&nbsp;&nbsp;51044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46793 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 59

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust |
| &nbsp;&nbsp;CMO Series 2004-S3 Class 1A5 | &nbsp;&nbsp;CMO Series 2004-S3 Class 1A5 | &nbsp;&nbsp;CMO Series 2004-S3 Class 1A5 | &nbsp;&nbsp;CMO Series 2004-S3 Class 1A5 |
| &nbsp;&nbsp;07/25/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8497 |
| &nbsp;&nbsp;Wells Fargo Mortgage-Backed Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;Wells Fargo Mortgage-Backed Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;Wells Fargo Mortgage-Backed Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;Wells Fargo Mortgage-Backed Securities Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2004-U Class A1 | &nbsp;&nbsp;CMO Series 2004-U Class A1 | &nbsp;&nbsp;CMO Series 2004-U Class A1 | &nbsp;&nbsp;CMO Series 2004-U Class A1 |
| &nbsp;&nbsp;10/25/2034 | &nbsp;&nbsp;4.017% | &nbsp;&nbsp;&nbsp;&nbsp;107820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100977 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $229,984,090) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $229,984,090) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $229,984,090) | &nbsp;&nbsp;**208312890** |
| &nbsp;&nbsp;**U.S. Government & Agency Obligations 0.7%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 0.7%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 0.7%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 0.7%** |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(k)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(k)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(k)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(k)</sup> |
| &nbsp;&nbsp;12/14/2029 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3534000 | &nbsp;&nbsp;&nbsp;&nbsp;2597899 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(k)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(k)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(k)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(k)</sup> |
| &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;0.000% | 10386000 | &nbsp;&nbsp;&nbsp;&nbsp;7405037 |
| &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association |
| &nbsp;&nbsp;01/25/2036 | &nbsp;&nbsp;1.900% | &nbsp;&nbsp;4045000 | &nbsp;&nbsp;&nbsp;&nbsp;2719455 |
| &nbsp;&nbsp;Israel Government AID Bond<sup>(k)</sup> | &nbsp;&nbsp;Israel Government AID Bond<sup>(k)</sup> | &nbsp;&nbsp;Israel Government AID Bond<sup>(k)</sup> | &nbsp;&nbsp;Israel Government AID Bond<sup>(k)</sup> |
| &nbsp;&nbsp;11/01/2024 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4581524 |
| &nbsp;&nbsp;Israel Government AID Bond | &nbsp;&nbsp;Israel Government AID Bond | &nbsp;&nbsp;Israel Government AID Bond | &nbsp;&nbsp;Israel Government AID Bond |
| &nbsp;&nbsp;09/18/2033 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1067085 |
| &nbsp;&nbsp;Residual Funding Corp.<sup>(k)</sup> | &nbsp;&nbsp;Residual Funding Corp.<sup>(k)</sup> | &nbsp;&nbsp;Residual Funding Corp.<sup>(k)</sup> | &nbsp;&nbsp;Residual Funding Corp.<sup>(k)</sup> |
| &nbsp;&nbsp;STRIPS | &nbsp;&nbsp;STRIPS | &nbsp;&nbsp;STRIPS | &nbsp;&nbsp;STRIPS |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;2712886 |
| &nbsp;&nbsp;Tennessee Valley Authority | &nbsp;&nbsp;Tennessee Valley Authority | &nbsp;&nbsp;Tennessee Valley Authority | &nbsp;&nbsp;Tennessee Valley Authority |
| &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;5.880% | &nbsp;&nbsp;4870000 | &nbsp;&nbsp;&nbsp;&nbsp;5366147 |
| &nbsp;&nbsp;09/15/2060 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782602 |
| &nbsp;&nbsp;09/15/2065 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;1423000 | &nbsp;&nbsp;&nbsp;&nbsp;1232497 |
| &nbsp;&nbsp;Tennessee Valley Authority<sup>(k)</sup> | &nbsp;&nbsp;Tennessee Valley Authority<sup>(k)</sup> | &nbsp;&nbsp;Tennessee Valley Authority<sup>(k)</sup> | &nbsp;&nbsp;Tennessee Valley Authority<sup>(k)</sup> |
| &nbsp;&nbsp;STRIPS | &nbsp;&nbsp;STRIPS | &nbsp;&nbsp;STRIPS | &nbsp;&nbsp;STRIPS |
| &nbsp;&nbsp;11/01/2025 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;7438368 |
| &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402796 |
| &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $41,161,739) | &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $41,161,739) | &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $41,161,739) | &nbsp;&nbsp;&nbsp;&nbsp;**36306296** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 22.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations 22.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations 22.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations 22.5%** |
| &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury |
| &nbsp;&nbsp;05/15/2024 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;9191000 | &nbsp;&nbsp;&nbsp;&nbsp;8917065 |
| &nbsp;&nbsp;06/30/2024 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1382000 | &nbsp;&nbsp;&nbsp;&nbsp;1348692 |
| &nbsp;&nbsp;09/30/2024 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;1955000 | &nbsp;&nbsp;&nbsp;&nbsp;1944843 |
| &nbsp;&nbsp;10/31/2024 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;4477000 | &nbsp;&nbsp;&nbsp;&nbsp;4464059 |
| &nbsp;&nbsp;11/30/2024 | &nbsp;&nbsp;4.500% | 15092000 | &nbsp;&nbsp;&nbsp;&nbsp;15093179 |
| &nbsp;&nbsp;04/30/2025 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;8937000 | &nbsp;&nbsp;&nbsp;&nbsp;8648642 |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;2.750% | 10385000 | &nbsp;&nbsp;&nbsp;&nbsp;10013412 |
| &nbsp;&nbsp;11/15/2025 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;1876000 | &nbsp;&nbsp;&nbsp;&nbsp;1887872 |
| &nbsp;&nbsp;11/30/2025 | &nbsp;&nbsp;0.375% | &nbsp;&nbsp;2287000 | &nbsp;&nbsp;&nbsp;&nbsp;2046508 |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;4.000% | 31640000 | &nbsp;&nbsp;&nbsp;&nbsp;31442250 |
| &nbsp;&nbsp;01/31/2026 | &nbsp;&nbsp;0.375% | 38207000 | &nbsp;&nbsp;&nbsp;&nbsp;33995275 |
| &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;1.625% | 12865000 | &nbsp;&nbsp;&nbsp;&nbsp;11841830 |
| &nbsp;&nbsp;05/31/2026 | &nbsp;&nbsp;0.750% | 50362000 | &nbsp;&nbsp;&nbsp;&nbsp;44920544 |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;1.500% | 53699000 | &nbsp;&nbsp;&nbsp;&nbsp;48958385 |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;2710000 | &nbsp;&nbsp;&nbsp;&nbsp;2505056 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;04/30/2027 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;33938200 | &nbsp;&nbsp;29221321 |
| &nbsp;&nbsp;05/31/2027 | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;11500000 | &nbsp;&nbsp;10840547 |
| &nbsp;&nbsp;06/30/2027 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;11500000 | &nbsp;&nbsp;11121758 |
| &nbsp;&nbsp;07/31/2027 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;6600000 | &nbsp;&nbsp;&nbsp;&nbsp;6245250 |
| &nbsp;&nbsp;08/31/2027 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;7005000 | &nbsp;&nbsp;&nbsp;&nbsp;6738482 |
| &nbsp;&nbsp;09/30/2027 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;46237500 | &nbsp;&nbsp;46410891 |
| &nbsp;&nbsp;10/31/2027 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;49411000 | &nbsp;&nbsp;49596291 |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;10463000 | &nbsp;&nbsp;&nbsp;&nbsp;9640674 |
| &nbsp;&nbsp;11/30/2027 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;28604000 | &nbsp;&nbsp;28449807 |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;20715000 | &nbsp;&nbsp;19475337 |
| &nbsp;&nbsp;10/31/2028 | &nbsp;&nbsp;1.375% | &nbsp;&nbsp;34791000 | &nbsp;&nbsp;30042572 |
| &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;5745000 | &nbsp;&nbsp;&nbsp;&nbsp;6082519 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;4486000 | &nbsp;&nbsp;&nbsp;&nbsp;4758314 |
| &nbsp;&nbsp;05/31/2029 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;11180000 | &nbsp;&nbsp;10386045 |
| &nbsp;&nbsp;06/30/2029 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;7156000 | &nbsp;&nbsp;&nbsp;&nbsp;6847398 |
| &nbsp;&nbsp;07/31/2029 | &nbsp;&nbsp;2.625% | &nbsp;&nbsp;&nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;1906664 |
| &nbsp;&nbsp;08/31/2029 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;7060000 | &nbsp;&nbsp;&nbsp;&nbsp;6702588 |
| &nbsp;&nbsp;09/30/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;6427500 | &nbsp;&nbsp;&nbsp;&nbsp;6381302 |
| &nbsp;&nbsp;10/31/2029 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;2334000 | &nbsp;&nbsp;&nbsp;&nbsp;2335094 |
| &nbsp;&nbsp;11/30/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;3408000 | &nbsp;&nbsp;&nbsp;&nbsp;3385103 |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;24015000 | &nbsp;&nbsp;20367722 |
| &nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;19525000 | &nbsp;&nbsp;17773852 |
| &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;13197000 | &nbsp;&nbsp;13460940 |
| &nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;7032000 | &nbsp;&nbsp;&nbsp;&nbsp;7460513 |
| &nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;1.125% | &nbsp;&nbsp;24990000 | &nbsp;&nbsp;15665606 |
| &nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;1.125% | &nbsp;&nbsp;33987000 | &nbsp;&nbsp;21167528 |
| &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;1.375% | 130376000 | &nbsp;&nbsp;84846256 |
| &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;18373000 | &nbsp;&nbsp;12998898 |
| &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2429000 | &nbsp;&nbsp;&nbsp;&nbsp;2644953 |
| &nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;21530000 | &nbsp;&nbsp;16187869 |
| &nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;1.750% | &nbsp;&nbsp;89232000 | &nbsp;&nbsp;61165747 |
| &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp;1378678 |
| &nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;14400000 | &nbsp;&nbsp;11598750 |
| &nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254852 |
| &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;6935000 | &nbsp;&nbsp;&nbsp;&nbsp;5568588 |
| &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61730 |
| &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1708125 |
| &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;3952000 | &nbsp;&nbsp;&nbsp;&nbsp;3709323 |
| &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp;9618000 | &nbsp;&nbsp;&nbsp;&nbsp;8841046 |
| &nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4414844 |
| &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;11825000 | &nbsp;&nbsp;&nbsp;&nbsp;8931570 |
| &nbsp;&nbsp;08/15/2045 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;13210000 | &nbsp;&nbsp;10662947 |
| &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;4911000 | &nbsp;&nbsp;&nbsp;&nbsp;4353141 |
| &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;19900000 | &nbsp;&nbsp;14477250 |
| &nbsp;&nbsp;02/15/2050 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;2295000 | &nbsp;&nbsp;&nbsp;&nbsp;1523665 |
| &nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;1.375% | &nbsp;&nbsp;12505000 | &nbsp;&nbsp;&nbsp;&nbsp;6994984 |
| &nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;1.625% | &nbsp;&nbsp;&nbsp;&nbsp;7642000 | &nbsp;&nbsp;&nbsp;&nbsp;4574453 |
| &nbsp;&nbsp;02/15/2051 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;22916000 | &nbsp;&nbsp;14641176 |
| &nbsp;&nbsp;05/15/2051 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;17165000 | &nbsp;&nbsp;12374892 |
| &nbsp;&nbsp;08/15/2051 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;40056000 | &nbsp;&nbsp;26361855 |
| &nbsp;&nbsp;11/15/2051 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;&nbsp;&nbsp;2781000 | &nbsp;&nbsp;&nbsp;&nbsp;1770280 |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;35889000 | &nbsp;&nbsp;25083046 |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;4085000 | &nbsp;&nbsp;&nbsp;&nbsp;3289702 |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;6549000 | &nbsp;&nbsp;&nbsp;&nbsp;5429530 |
| &nbsp;&nbsp;11/15/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;17139000 | &nbsp;&nbsp;17232729 |
| &nbsp;&nbsp;U.S. Treasury<sup>(m)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(m)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(m)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(m)</sup> |
| &nbsp;&nbsp;12/31/2027 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;15134000 | &nbsp;&nbsp;15047731 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

60 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;U.S. Treasury<sup>(k)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(k)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(k)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(k)</sup> |
| &nbsp;&nbsp;STRIPS | &nbsp;&nbsp;STRIPS | &nbsp;&nbsp;STRIPS | &nbsp;&nbsp;STRIPS |
| &nbsp;&nbsp;02/15/2023 | &nbsp;&nbsp;0.000% | 20665000 | &nbsp;&nbsp;20564864 |
| &nbsp;&nbsp;05/15/2023 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8680000 | &nbsp;&nbsp;&nbsp;&nbsp;8540306 |
| &nbsp;&nbsp;08/15/2023 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7320000 | &nbsp;&nbsp;&nbsp;&nbsp;7112409 |
| &nbsp;&nbsp;11/15/2023 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;5449000 | &nbsp;&nbsp;&nbsp;&nbsp;5230614 |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2201000 | &nbsp;&nbsp;&nbsp;&nbsp;2089660 |
| &nbsp;&nbsp;08/15/2024 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929961 |
| &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;4145273 |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912148 |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2259961 |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;4829688 |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;0.000% | 13100000 | &nbsp;&nbsp;&nbsp;&nbsp;9080449 |
| &nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1016367 |
| &nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;2592500 |
| &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7400000 | &nbsp;&nbsp;&nbsp;&nbsp;4743227 |
| &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;2787469 |
| &nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;1504125 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133848 |
| &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;0.000% | 13935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6529854 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $1,257,134,649) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $1,257,134,649) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $1,257,134,649) | &nbsp;&nbsp;**1094623063** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 1.5%** | &nbsp;&nbsp;**Money Market Funds 1.5%** | &nbsp;&nbsp;**Money Market Funds 1.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(n),(o)</sup> | &nbsp;&nbsp;70766863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70745633 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $70,741,213) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $70,741,213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70745633** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $5,464,879,932)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $5,464,879,932)** | &nbsp;&nbsp;**4933116883** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(75545499)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**4857571384** |

---

At December 31, 2022, securities and/or cash totaling $12,232,000 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Long Bond | 406 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50889563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(429076) |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 1551 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;174172453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2151132) |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 282 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57832032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 364 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39286406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 164 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17700469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227068) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 302 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40562375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;145714 | &nbsp;&nbsp;&nbsp;&nbsp;(2807276) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (227) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(26849844) | &nbsp;&nbsp;&nbsp;&nbsp;159133 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Pay<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX North America High Yield Index, Series 39 | Citi | 12/20/2027 | 5.000 | Quarterly | USD | 68050000 | (3558281) |  |  |  | (3558281) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 61

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $1,229,328,819, which represents 25.31% of total net assets.

(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The
interest rate shown was the current rate as of December 31, 2022.

(d) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

(e) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2022, the total value of these securities amounted to
$29,813,666, which represents 0.61% of total net assets.

(f) Valuation based on significant unobservable inputs.

(g) Represents principal only securities which have the right to receive the principal portion only on an underlying pool of mortgage loans.

(h) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(i) Represents a security in default.

(j) Principal and interest may not be guaranteed by a governmental entity.

(k) Zero coupon bond.

(l) Represents a security purchased on a forward commitment basis.

(m) Represents a security purchased on a when-issued basis.

(n) The rate shown is the seven-day current annualized yield at December 31, 2022.

(o) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 301950331 | &nbsp;&nbsp;2080275906 | &nbsp;&nbsp;(2311493494) | &nbsp;&nbsp;12890 | &nbsp;&nbsp;70745633 | &nbsp;&nbsp;(54181) | &nbsp;&nbsp;2884958 | &nbsp;&nbsp;70766863 |

---

#### Abbreviation Legend

---

| | |
|:---|:---|
| AID | &nbsp;&nbsp;Agency for International Development |
| AMBAC | &nbsp;&nbsp;Ambac Assurance Corporation |
| BAM | &nbsp;&nbsp;Build America Mutual Assurance Co. |
| CMO | &nbsp;&nbsp;Collateralized Mortgage Obligation |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury |
| FHLMC | &nbsp;&nbsp;Federal Home Loan Mortgage Corporation |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate |
| MTA | &nbsp;&nbsp;Monthly Treasury Average |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate |
| STRIPS | &nbsp;&nbsp;Separate Trading of Registered Interest and Principal Securities |
| TBA | &nbsp;&nbsp;To Be Announced |

---

#### Currency Legend
USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in

The accompanying Notes to Financial Statements are an integral part of this statement.

62 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.**

#### Fair value inputs are summarized in the three broad levels listed below:
**■** **Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.** 

**■** **Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).** 

**■** **Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).** 

**Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474331929 | &nbsp;&nbsp;&nbsp;&nbsp;23546861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497878790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270073233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270073233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286287670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6768362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293056032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1353394416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1353394416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49472061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49472061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9902803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9902803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1047970285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1047970285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181068268 | &nbsp;&nbsp;&nbsp;&nbsp;27244622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208312890 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36306296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36306296 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1094623063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1094623063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 70745633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70745633 |
| &nbsp;&nbsp;Total Investments in Securities | 70745633 | &nbsp;&nbsp;&nbsp;&nbsp;4804811405 | &nbsp;&nbsp;&nbsp;&nbsp;57559845 | &nbsp;&nbsp;&nbsp;&nbsp;4933116883 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;304847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;(2807276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2807276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3558281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3558281) |
| &nbsp;&nbsp;Total | 68243204 | &nbsp;&nbsp;&nbsp;&nbsp;4801253124 | &nbsp;&nbsp;&nbsp;&nbsp;57559845 | &nbsp;&nbsp;&nbsp;&nbsp;4927056173 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 63

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance<br> as of<br> 12/31/2021<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Increase<br> (decrease)<br> in accrued<br> discounts/<br> premiums<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized<br> gain (loss)<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Change<br> in unrealized<br> appreciation<br> (depreciation)<sup>(a)</sup><br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> into<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> out of<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Balance<br> as of<br> 12/31/2022<br> ($)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | 21457203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(842558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(945209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5095930) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26645) | &nbsp;&nbsp;&nbsp;&nbsp;23546861 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;7189673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85575) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6768362 |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities — Non-Agency | 61142686 | &nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(614165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;(23208875) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(12675000) | &nbsp;&nbsp;&nbsp;&nbsp;27244622 |
| &nbsp;&nbsp;**Total** | **95789562** | &nbsp;&nbsp;&nbsp;&nbsp;**(24)** | &nbsp;&nbsp;&nbsp;&nbsp;**(842558)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1809878)** | &nbsp;&nbsp;&nbsp;&nbsp;**11600000** | &nbsp;&nbsp;&nbsp;&nbsp;**(28390380)** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**(18786877)** | &nbsp;&nbsp;&nbsp;&nbsp;**57559845** |

---

(a) Change in unrealized appreciation (depreciation) relating to securities held at December 31, 2022 was $(2,871,356), which is comprised of Asset-Backed Securities — Non-Agency of $(2,006,687), Commercial Mortgage-Backed Securities - Non-Agency of $(250,504) and Residential Mortgage-Backed Securities — Non-Agency of $(614,165).

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain commercial mortgage backed securities, residential mortgage backed securities and asset backed securities classified as Level 3 are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, single market quotations from broker dealers, the distressed nature of the security and observable transactions for similar assets in the market. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) fair value measurement.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

The accompanying Notes to Financial Statements are an integral part of this statement.

64 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $5,394,138,719) | $4862371250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $70,741,213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70745633 |
| &nbsp;&nbsp;Foreign currency (cost $43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7771000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4181000 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19228184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42334184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28778053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52463 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35530 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;5036216953 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210229 |
| &nbsp;&nbsp;Cash collateral due to broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37657955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;136282179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88411 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;178645569 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$4857571384** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;5612424902 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(754853518) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$4857571384** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $4842662750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;514579656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.41 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14908634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.36 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 65

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2884958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;151527832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;154414877 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24534331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75475 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24995931 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;129418946 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(300785874) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54181) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2779) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(21210507) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212546 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(321721594) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(591671754) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2514742) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3642473) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(597816076) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(919537670) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(790118724)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

66 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$129418946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87127423 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(321721594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36194057 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(597816076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169957325) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(790118724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46635845) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(127408634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239558439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(616889) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(127744519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240175328) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(259491981) | &nbsp;&nbsp;&nbsp;&nbsp;1539965680 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;(1177355224) | &nbsp;&nbsp;&nbsp;&nbsp;1253154507 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;6034926608 | &nbsp;&nbsp;&nbsp;&nbsp;4781772101 |
| &nbsp;&nbsp;**Net assets at end of year** | **$4857571384** | &nbsp;&nbsp;**$6034926608** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;3981389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39796591 | &nbsp;&nbsp;&nbsp;&nbsp;143744612 | &nbsp;&nbsp;&nbsp;&nbsp;1647133113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;12856572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127408634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21351020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239558439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (43208596) | &nbsp;&nbsp;&nbsp;&nbsp;(427273065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30627763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(348170554) |
| &nbsp;&nbsp;Net increase (decrease) | (26370635) | &nbsp;&nbsp;&nbsp;&nbsp;(260067840) | &nbsp;&nbsp;&nbsp;&nbsp;134467869 | &nbsp;&nbsp;&nbsp;&nbsp;1538520998 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2709163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2885679) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444682 |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(26311195)** | &nbsp;&nbsp;&nbsp;&nbsp;**(259491981)** | &nbsp;&nbsp;&nbsp;&nbsp;**134595177** | &nbsp;&nbsp;&nbsp;&nbsp;**1539965680** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 67

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.12 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(1.71) | &nbsp;&nbsp;(1.47) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.72 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.15 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.52 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.94 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.40) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $11.07 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(1.71) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.66 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.10 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.47 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.89 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.38) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

68 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$9.41 | (13.29%) | 0.47%<sup>(c)</sup> | 0.47%<sup>(c)</sup> | 2.45% | 248% | $4842663 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.12 | &nbsp;&nbsp;(1.24%) | 0.47%<sup>(c)</sup> | 0.47%<sup>(c)</sup> | 1.55% | 276% | $6017964 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.72 | &nbsp;&nbsp;&nbsp;8.27% | 0.48%<sup>(c)</sup> | 0.48%<sup>(c)</sup> | 1.90% | 298% | $4765378 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.15 | &nbsp;&nbsp;&nbsp;8.61% | 0.48% | 0.48% | 2.69% | 321% | $3759623 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.52 | &nbsp;&nbsp;(0.09%) | 0.49% | 0.49% | 2.75% | 309% | $3535290 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$9.36 | (13.60%) | 0.72%<sup>(c)</sup> | 0.72%<sup>(c)</sup> | 2.21% | 248% | &nbsp;&nbsp;&nbsp;&nbsp;$14909 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.07 | &nbsp;&nbsp;(1.41%) | 0.72%<sup>(c)</sup> | 0.72%<sup>(c)</sup> | 1.30% | 276% | &nbsp;&nbsp;&nbsp;&nbsp;$16962 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.66 | &nbsp;&nbsp;&nbsp;7.97% | 0.73%<sup>(c)</sup> | 0.73%<sup>(c)</sup> | 1.64% | 298% | &nbsp;&nbsp;&nbsp;&nbsp;$16394 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.10 | &nbsp;&nbsp;&nbsp;8.39% | 0.73% | 0.73% | 2.43% | 321% | &nbsp;&nbsp;&nbsp;&nbsp;$11721 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.47 | &nbsp;&nbsp;(0.35%) | 0.74% | 0.74% | 2.50% | 309% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9303 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 69

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – Partners Core Bond Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

70 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 71

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities, to shift foreign currency exposure back to U.S. dollars and to shift investment exposure from one currency to another. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

72 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or CCP, as applicable, may not fulfill its obligation under the contract.

#### Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 73

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;304,847\* |

---

74 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;3,558,281\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;2,807,276\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6365557 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;212546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212546 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;119201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119201 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(21210507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(21210507) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;119201 | &nbsp;&nbsp;&nbsp;&nbsp;(21210507) | &nbsp;&nbsp;&nbsp;&nbsp;212546 | &nbsp;&nbsp;&nbsp;&nbsp;(20878760) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3642473) | &nbsp;&nbsp;&nbsp;&nbsp;(3642473) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;(2514742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2514742) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(2514742) | &nbsp;&nbsp;&nbsp;&nbsp;(3642473) | &nbsp;&nbsp;&nbsp;&nbsp;(6157215) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)** |
| &nbsp;&nbsp;Futures contracts — long | 265,134,827\* |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;49,733,023\* |
| &nbsp;&nbsp;Credit default swap contracts — buy protection | &nbsp;&nbsp;&nbsp;43,365,625\* |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | &nbsp;&nbsp;&nbsp;&nbsp;4,005,495\*\* |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;29983 | &nbsp;&nbsp;&nbsp;&nbsp;(19656) |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

\*\* Based on the ending daily outstanding amounts for the year ended December 31, 2022.

#### Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 75

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

#### Interest only and principal only securities
The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

76 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of December 31, 2022:

---

| | |
|:---|:---|
|  | **Citi ($)** |
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(a)</sup> | 52463 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **52463** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;**Net amount <sup>(c)</sup>** | **52463** |

---

(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 77

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.50% to 0.34% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.46% of the Fund's average daily net assets.

78 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Subadvisory agreements
The Investment Manager has entered into Subadvisory Agreements with Allspring Global Investments, LLC and J.P. Morgan Investment Management Inc., each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 79

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | 0.54% |
| &nbsp;&nbsp;Class 2 | 0.79 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, tax straddles, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees' deferred compensation, foreign currency transactions, distribution reclassifications and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;1886021 | (1886021) |  |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;89121394 | 38623125 | 127744519 | 195554175 | 44621153 | 240175328 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

80 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;130704110 – (316468444) | (568848730) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;5495904903 | 18721722 | (587570452) | (568848730) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(208424564) | (108043880) | (316468444) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $13,201,819,059 and $13,586,007,743, respectively, for the year ended December 31, 2022, of which $11,177,858,055 and $11,167,043,539, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 81

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 4012500 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;8 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

82 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 83

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

84 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Partners Core Bond Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Partners Core Bond Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 85

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

86 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 87

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

88 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 89

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

90 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

## Approval of Subadvisory Agreement Amendment
(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Variable Portfolio - Partners Core Bond Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 91

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under the subadvisory agreements (the Subadvisory Agreements) between the Investment Manager and each of Allspring Global Investments, LLC (Allspring) and J.P. Morgan Investment Management Inc. (collectively, the Subadvisers), the Subadvisers provide portfolio management and related services for the Fund. At their meeting on November 4, 2022, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), approved an amendment to the Subadvisory Agreement between the Investment Manager and Allspring (the Allspring Subadvisory Agreement) for the purpose of reducing the fees payable thereunder by the Investment Manager to Allspring.
The Independent Trustees considered how the amendment to the Allspring Subadvisory Agreement would reduce the subadvisory fee rate paid to Allspring by the Investment Manager under the current Allspring Subadvisory Agreement. The Independent Trustees also considered that the Investment Manager had confirmed that there would not be any change to the nature or quality of the subadvisory services provided as a result of entering into the amendment, and that the Allspring Subadvisory Agreement, as amended, was substantially similar to the current subadvisory agreement in place except for the reduced fee. The Independent Trustees reviewed the performance of the Fund as well as the level of management fees paid by the Fund. The Independent Trustees noted that no management fees were proposed to change and that the level of services provided by the Investment Manager was also not proposed to change. The Independent Trustees also noted that the Contracts Committee, as part of the 2023 15(c) process, would review the continued reasonableness of each Fund's management fee, including taking into account the reduced subadvisory fee levels.

The Independent Trustees noted the discussion, which is described below, relating to the renewal and approval of the advisory and subadvisory agreements for the Fund at the Contracts Committee and Board meetings in June 2022 (the June Meeting) and, in that connection, the discussion by independent legal counsel of the Board's responsibilities pursuant to Sections 15(c) and 36(b) of the 1940 Act and the factors that should be considered in determining whether to approve or renew an investment management agreement. The Independent Trustees considered that they should apply these factors in considering the amendment to the Allspring Subadvisory Agreement. The Independent Trustees also considered that they should take into account the variety of written materials and oral presentations they received at their meetings in November 2022 as well as all of the information previously considered at the June Meeting regarding the proposed 15(c) renewal of the existing Funds' advisory and subadvisory agreements.

After considering the factors described above relating to the amendment of the Allspring Subadvisory Agreement, and taking into account all of the factors considered, as described below, as part of the approval of the continuance of the fund's current Allspring Subadvisory Agreement in June 2022, the Board, including all of the Independent Trustees, approved the proposed amendment to the Allspring Subadvisory Agreement.

General conclusions in connection with the Trustees' previous approval of the continuance of the fund's existing advisory agreements

On an annual basis, the Board, including the Independent Trustees, considers renewal of the Management Agreement and the Subadvisory Agreements (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Oversight Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its June 23, 2022 Board meeting, considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory and subadvisory agreements and the Board's legal responsibilities related

92 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:
• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and
certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net
assets;

• Terms of the Advisory Agreements;

• Subadvisory fees payable by the Investment Manager under the Subadvisory Agreements;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and
shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager and the Subadvisers under the Advisory Agreements, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager and Subadvisers, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager and the Subadvisers with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.

Nature, extent and quality of services provided by the Investment Manager and the Subadvisers

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadvisers, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated Subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight, over the past several years, as well as planned 2022 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage,

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 93

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial's acquisition of BMO Financial Group's Europe, Middle East, and Africa (EMEA) asset management business.
In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring each Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered each Subadviser's organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered each Subadviser's capability and wherewithal to carry out its responsibilities under the applicable Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreements, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreements are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreements. The Board took into account the Investment Manager's representation that each Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager's subadvisory oversight team and their significant resources added in recent years.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and the Subadvisory Agreements.

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund's performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

Additionally, the Board reviewed the performance of each of the Subadvisers and the Investment Manager's process for monitoring such Subadvisers' performance. The Board considered, in particular, management's rationale for recommending the continued retention of each Subadviser and management's representations that the Investment Manager's profitability is not the key factor driving their recommendation to select, renew or terminate the Subadvisers.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's and Subadvisers' performance and reputation generally, and the Investment Manager's evaluation of each Subadviser's contribution to the Fund's broader investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadvisers, in light of other considerations, supported the continuation of the Management Agreement and the Subadvisory Agreements.

94 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe's median expense ratio.

Additionally, the Board reviewed the level of subadvisory fees paid to each Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing each Subadviser to provide comparable subadvisory services. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and the Subadvisory Agreements.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Subadvisory Agreements were negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Board did not consider the profitability to each Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and the Subadvisory Agreements.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds and to the Investment Manager as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement provided for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders. The Board also noted that the breakpoints in the

Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022 95

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) Subadvisory Agreements did not occur at the same levels as the breakpoints in the Management Agreement. In this regard, the Board noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context.
Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and the Subadvisory Agreements. In reaching its conclusions, no single factor was determinative.

On June 23, 2022, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

96 Variable Portfolio – Partners Core Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_22000_92cff61c-eca8-4026-a328-b33e0d38fbd9_TOC)

#### Variable Portfolio – Partners Core Bond Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgfdaf3c662.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7052_12_B01_(02/23)

------

![](img4909b8b71.jpg)

Annual Report

December 31, 2022

![](img259441642.jpg)

Variable Portfolio – Partners International Value Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_335c7c5a-afb0-4d38-9b6d-6033118dfcf2_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_335c7c5a-afb0-4d38-9b6d-6033118dfcf2_4)<br>| 6 |
| [Understanding Your Fund's Expenses](#xx_86045bab-2fd8-4d04-844f-ef14c583a6bf_1)<br>| 9 |
| [Portfolio of Investments](#xx_6d48b899-f248-4811-b45f-a93f12169ef3_1)<br>| 10 |
| [Statement of Assets and Liabilities](#xx_534dbc78-7144-4506-ae13-a592f60eb630_1)<br>| 15 |
| [Statement of Operations](#xx_534dbc78-7144-4506-ae13-a592f60eb630_2)<br>| 16 |
| [Statement of Changes in Net Assets](#xx_534dbc78-7144-4506-ae13-a592f60eb630_3)<br>| 17 |
| [Financial Highlights](#xx_7e400d9c-d4b0-4a88-8b91-ecfdd0a2e852_1)<br>| 18 |
| [Notes to Financial Statements](#xx_31f4842c-95df-4e6a-bbd0-9bf646385ca8_1)<br>| 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_3d30bf12-abfa-4b7a-a55f-39448f09db09_1)<br>| 30 |
| [Federal Income Tax Information](#xx_df12134c-ab20-4202-9922-5e994af6f699_1)<br>| 31 |
| [Trustees and Officers](#xx_df12134c-ab20-4202-9922-5e994af6f699_1)<br>| 31 |
| [Approval of Subadvisory Agreement](#xx_df12134c-ab20-4202-9922-5e994af6f699_7)<br>| 37 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Partners International Value Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### Pzena Investment Management, LLC
John Goetz

Caroline Cai, CFA

Allison Fisch

Rakesh Bordia\*

\**Effective January 1, 2023, Mr. Bordia was added as Co-Portfolio Manager of the Fund.*

#### Thompson, Siegel & Walmsley LLC
Brandon Harrell, CFA

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-11.46 | &nbsp;&nbsp;&nbsp;&nbsp;-2.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-11.75 | &nbsp;&nbsp;&nbsp;&nbsp;-2.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| &nbsp;&nbsp;MSCI EAFE Value Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.51 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadvisers and strategies had been in place for the prior periods, results shown may have been different.

The MSCI EAFE Value Index (Net) captures large- and mid-cap securities exhibiting overall value style characteristics across 21 of 23 developed market countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Value Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgff51478e3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Partners International Value Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

4 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;12.9 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;10.3 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;22.5 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;9.5 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;17.7 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;8.6 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;7.9 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;13.2 |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;11.9 |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;Isle of Man | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;16.8 |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;18.5 |
| &nbsp;&nbsp;United States<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer's place of organization/incorporation. Percentages indicated are based upon total investments, excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 97.88% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

*During the annual period ended December 31, 2022, the Fund was managed by two subadvisers and each invested a portion of the Fund's assets. As of December 31, 2022, Pzena Investment Management, LLC (Pzena) managed approximately 50.47% and Thompson, Siegel & Walmsley LLC (TSW) managed approximately 49.53% of the Fund's assets.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – Partners International Value Fund returned -11.75%. The Fund underperformed its benchmark, the MSCI EAFE Value Index (Net), which returned -5.58% for the same time period.

Market overview

Global equity markets started weakening in the first quarter of 2022, as Russia's invasion of Ukraine, combined with rising interest rates, drove down sentiment, especially in Europe and emerging markets. Equities declined more sharply in the second quarter, battered by high inflation, tightening monetary policies and ever-rising recession fears. The declines were broad-based, with all developed markets registering meaningful drops in valuations, but value-oriented stocks outperformed growth stocks in the face of higher global interest rates. Uncertainty continued to dominate the market narrative in the third quarter, with equities in emerging and international developed markets alike selling off on a deterioration in macro sentiment. Persistent inflation within the eurozone, driven by surging energy prices, dented consumer confidence and raised anticipation of further rate hikes by the European Central Bank. Global markets rallied in the fourth quarter due to a number of factors, including the moderation of various inflation indicators, a warmer start to the winter in Europe, the Bank of Japan's policy adjustment reversing decades of negative interest rates, and China ending its strict zero-COVID policy. Amid this backdrop, value stocks outperformed considerably, but still closed in negative territory for the year, along with the broad market.

The Fund's notable detractors during the period

Pzena

• The three largest relative sector detractors in our portion of the Fund were materials, health care and consumer staples, as all three sectors posted absolute losses, driven by stock selection. The Fund was
underweight the materials and health care sectors, and slightly overweight consumer staples.

○ The health care sector, though down for the year, was one of the better performers within the benchmark due to investors' desire for exposure to defensive stocks amid the uncertainty in the market during 2022.

○ Our exposure to cyclical materials names was a source of relative weakness as investors considered the impact of a potential economic slowdown on the near-term earnings of chemical and commodities producers.

○ Among consumer staples, our overweight to British names led to underperformance given the poor macroeconomic backdrop in the nation.

• The top three absolute detractors were German dialysis products and services provider Fresenius Medical Care AG & Co., British builder merchant Travis Perkins PLC and Finnish telecom equipment company Nokia OYJ.

○ Labor shortages and inflation pressured the profitability of Fresenius Medical Care's dialysis centers, prompting management to issue a major cut to their fiscal year 2022 guidance. We added to the position on
recent weakness.

○ Shares of Travis Perkins fell due to margin erosion, particularly in its Toolstation unit, precipitated by rising costs in conjunction with softening volumes.

6 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

○ Nokia fell during the year as supply chain constraints, namely the semiconductor shortage, impacted the company's top-line. Nevertheless, Nokia continues to gain share as 5G deployment broadens from developed
markets to emerging markets.

• The three countries to detract most from relative performance were United Kingdom, France and Germany.

TSW

• Information technology, the benchmark's worst performing sector, weighed most on relative return in our portion of the Fund, primarily due to an overweight exposure. Negative selection impacts from
semiconductor related holdings such as Samsung Electronics and ASML Holdings also served as detractors.

• The energy sector, the benchmark's best performing sector, detracted from relative return due to our portion of the Fund's underweight to the sector. Ultimately, the allocation effect was driven by stock
selection, as we found more compelling opportunities outside of the energy sector. More broadly, energy stocks performed well during the year due to a more favorable supply and demand environment.

• The health care sector also detracted from relative return due to stock selection in our portion of the Fund.

• The top three individual detractors in our portion of the Fund were Sony Group Corp., Rakuten Group, Inc. and BHP Group Ltd.

○ Shares of Japanese conglomerate Sony detracted most after reporting mixed results over the course of the year. The company's gaming segment faced higher costs following the Bungie studio acquisition, as well
as the continued supply shortage of PS5 consoles.

○ Japanese e-commerce giant Rakuten experienced losses from its mobile network business, which overshadowed otherwise satisfactory results. Rakuten continues to invest heavily in the rollout of its mobile
telecommunications offering and expects the segment to be lossmaking in the short term. We believe the company's dominant e-commerce ecosystem is being overlooked by the market.

○ Shares of BHP Group, an Australian mining company, appreciated alongside commodity prices over the year. Our underweight position cost the portfolio relative return.

• The three countries to detract most from relative performance were the United Kingdom, Japan and Australia.

The Fund's notable contributors during the period

Pzena

• Financials, communication services and consumer discretionary were the top three contributing sectors on a relative basis in 2022. Our portion of the Fund was underweight the financials and communication services
sectors but stock selection in both sectors was a source of relative strength.

○ Our financials exposure delivered a positive return for the period, in contrast to the benchmark.

○ Although communication services posted a negative return in 2022, favorable stock selection was a source of relative outperformance.

○ Our portion of the Fund was overweight the underperforming consumer discretionary sector, but strong stock selection in the sector provided some offset.

• The top three contributors to absolute performance were UK-domiciled oil servicer TechnipFMC PLC, Dutch global staffer Randstad NV and Chinese online travel agency Trip.com Group Ltd.

○ TechnipFMC reported impressive earnings and order flow for the second and third quarters of 2022, as the company benefited from rising spending from customers in the oil and gas industries.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

○ Global staffer Randstad reported strong earnings in the fourth quarter of 2022, despite concerns over labor market weakness. We initiated the position in Randstad on the back of weakness during the summer of 2022,
given the overly pessimistic outlook that was impacting valuations of many European companies amid the geopolitical turmoil on the continent.

○ Shares of Chinese online travel agency Trip.com rose during the period as the Chinese government relaxed COVID-19 restrictions and Chinese reopening optimism surged in the fourth
quarter. We initiated the position in Trip.com during 2022, as shares were trading at an attractive valuation driven by uncertainty surrounding China's COVID policy.

• The United States, Japan and Netherlands were the largest relative contributors.

TSW

• The real estate sector, one of the benchmark's worst performing sectors, contributed most to relative return in our portion of the Fund due to a combination of stock selection and an underweight allocation.

• Allocation and stock selection drove outperformance in the utilities sector. While our underweight exposure to this lagging sector proved additive, stock selection impacts were also favorable.

• Underweight exposure to the communication services sector proved additive.

• The top three individual contributors in our portion of the Fund were AIB Group PLC, Dassault Aviation SA and Santos Ltd.

○ Irish financial services company AIB Group was the top absolute and relative performer in our portion of the Fund, benefiting from a relatively strong local economy and rising interest rate environment. AIB nearly
doubled consensus profit-before-tax expectations in the first half of the year due to an improved net interest margin and a €300 million credit write-back.

○ French aerospace company Dassault Aviation SA was another top performer in our portion of the Fund after announcing a large military jet order from the Indonesian government. Shares of the company were further
boosted following Russia's invasion of Ukraine as investors anticipated a rise in European defense spending.

○ Australian energy company Santos has been a beneficiary of this year's rise in global energy prices and announced additional share buyback plans during the year.

• From a country perspective, Italy, Israel and Sweden were the largest relative contributors.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund is managed by multiple advisers independently of one another, which may result in contradicting trades (i.e., with no net benefit to the Fund), while increasing transaction costs. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

8 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1063.10 | &nbsp;&nbsp;&nbsp;&nbsp;1020.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1062.20 | &nbsp;&nbsp;&nbsp;&nbsp;1019.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.3%** | &nbsp;&nbsp;**Common Stocks 98.3%** | &nbsp;&nbsp;**Common Stocks 98.3%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Australia 1.9%** | &nbsp;&nbsp;**Australia 1.9%** | &nbsp;&nbsp;**Australia 1.9%** |
| &nbsp;&nbsp;BHP Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73300 | &nbsp;&nbsp;&nbsp;&nbsp;2270610 |
| &nbsp;&nbsp;BHP Group Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37500 | &nbsp;&nbsp;&nbsp;&nbsp;2326875 |
| &nbsp;&nbsp;Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64100 | &nbsp;&nbsp;&nbsp;&nbsp;7236149 |
| &nbsp;&nbsp;Santos Ltd. | &nbsp;&nbsp;1654500 | &nbsp;&nbsp;&nbsp;&nbsp;8137152 |
| &nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;168100 | &nbsp;&nbsp;&nbsp;&nbsp;2661276 |
| &nbsp;&nbsp;Woodside Energy Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;130644 | &nbsp;&nbsp;&nbsp;&nbsp;3163964 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**25796026** |
| &nbsp;&nbsp;**Belgium 1.7%** | &nbsp;&nbsp;**Belgium 1.7%** | &nbsp;&nbsp;**Belgium 1.7%** |
| &nbsp;&nbsp;Anheuser-Busch InBev SA/NV | &nbsp;&nbsp;&nbsp;&nbsp;203800 | &nbsp;&nbsp;12275071 |
| &nbsp;&nbsp;Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50700 | &nbsp;&nbsp;&nbsp;&nbsp;4051829 |
| &nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;107100 | &nbsp;&nbsp;&nbsp;&nbsp;6895669 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**23222569** |
| &nbsp;&nbsp;**Brazil 1.1%** | &nbsp;&nbsp;**Brazil 1.1%** | &nbsp;&nbsp;**Brazil 1.1%** |
| &nbsp;&nbsp;Ambev SA | &nbsp;&nbsp;5545100 | &nbsp;&nbsp;15249747 |
| &nbsp;&nbsp;**Canada 0.7%** | &nbsp;&nbsp;**Canada 0.7%** | &nbsp;&nbsp;**Canada 0.7%** |
| &nbsp;&nbsp;Magna International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97200 | &nbsp;&nbsp;&nbsp;&nbsp;5460142 |
| &nbsp;&nbsp;TFI International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41900 | &nbsp;&nbsp;&nbsp;&nbsp;4196498 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**9656640** |
| &nbsp;&nbsp;**China 2.4%** | &nbsp;&nbsp;**China 2.4%** | &nbsp;&nbsp;**China 2.4%** |
| &nbsp;&nbsp;Alibaba Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;1527900 | &nbsp;&nbsp;16765515 |
| &nbsp;&nbsp;Trip.com Group Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;448586 | &nbsp;&nbsp;15431358 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**32196873** |
| &nbsp;&nbsp;**Denmark 0.6%** | &nbsp;&nbsp;**Denmark 0.6%** | &nbsp;&nbsp;**Denmark 0.6%** |
| &nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;398779 | &nbsp;&nbsp;&nbsp;&nbsp;7865163 |
| &nbsp;&nbsp;**Finland 2.0%** | &nbsp;&nbsp;**Finland 2.0%** | &nbsp;&nbsp;**Finland 2.0%** |
| &nbsp;&nbsp;Nokia OYJ | &nbsp;&nbsp;5646483 | &nbsp;&nbsp;26231875 |
| &nbsp;&nbsp;**France 13.2%** | &nbsp;&nbsp;**France 13.2%** | &nbsp;&nbsp;**France 13.2%** |
| &nbsp;&nbsp;Accor SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;547563 | &nbsp;&nbsp;13660373 |
| &nbsp;&nbsp;Amundi SA | &nbsp;&nbsp;&nbsp;&nbsp;313633 | &nbsp;&nbsp;17785800 |
| &nbsp;&nbsp;Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;191190 | &nbsp;&nbsp;&nbsp;&nbsp;5734126 |
| &nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51200 | &nbsp;&nbsp;&nbsp;&nbsp;8559421 |
| &nbsp;&nbsp;Cie de Saint-Gobain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69700 | &nbsp;&nbsp;&nbsp;&nbsp;3409783 |
| &nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;717353 | &nbsp;&nbsp;19983520 |
| &nbsp;&nbsp;Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19220 | &nbsp;&nbsp;&nbsp;&nbsp;3259580 |
| &nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;571300 | &nbsp;&nbsp;&nbsp;&nbsp;8173069 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;173135 | &nbsp;&nbsp;&nbsp;&nbsp;11060266 |
| &nbsp;&nbsp;Rexel SA<sup>(a)</sup> | &nbsp;&nbsp;1248194 | &nbsp;&nbsp;&nbsp;&nbsp;24687392 |
| &nbsp;&nbsp;Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;296384 | &nbsp;&nbsp;&nbsp;&nbsp;28579297 |
| &nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp;4615394 |
| &nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33904 | &nbsp;&nbsp;&nbsp;&nbsp;3243882 |
| &nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;162700 | &nbsp;&nbsp;&nbsp;&nbsp;10213200 |
| &nbsp;&nbsp;Ubisoft Entertainment SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76700 | &nbsp;&nbsp;&nbsp;&nbsp;2166840 |
| &nbsp;&nbsp;Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;399640 | &nbsp;&nbsp;&nbsp;&nbsp;10268524 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**175400467** |
| &nbsp;&nbsp;**Germany 11.2%** | &nbsp;&nbsp;**Germany 11.2%** | &nbsp;&nbsp;**Germany 11.2%** |
| &nbsp;&nbsp;Allianz SE, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40300 | &nbsp;&nbsp;&nbsp;&nbsp;8606380 |
| &nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;423431 | &nbsp;&nbsp;&nbsp;&nbsp;20849166 |
| &nbsp;&nbsp;Bayer AG, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;103395 | &nbsp;&nbsp;&nbsp;&nbsp;5321751 |
| &nbsp;&nbsp;Covestro AG | &nbsp;&nbsp;&nbsp;&nbsp;524334 | &nbsp;&nbsp;&nbsp;&nbsp;20425983 |
| &nbsp;&nbsp;Daimler Truck Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;580774 | &nbsp;&nbsp;&nbsp;&nbsp;17853997 |
| &nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34700 | &nbsp;&nbsp;&nbsp;&nbsp;5975000 |
| &nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;211711 | &nbsp;&nbsp;&nbsp;&nbsp;7923638 |
| &nbsp;&nbsp;Fresenius Medical Care AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;324649 | &nbsp;&nbsp;&nbsp;&nbsp;10603864 |
| &nbsp;&nbsp;HeidelbergCement AG | &nbsp;&nbsp;&nbsp;&nbsp;130500 | &nbsp;&nbsp;&nbsp;&nbsp;7394792 |
| &nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;229300 | &nbsp;&nbsp;&nbsp;&nbsp;6968869 |
| &nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;107900 | &nbsp;&nbsp;&nbsp;&nbsp;11139676 |
| &nbsp;&nbsp;Siemens AG, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;135173 | &nbsp;&nbsp;&nbsp;&nbsp;18633777 |
| &nbsp;&nbsp;Siemens Energy AG | &nbsp;&nbsp;&nbsp;&nbsp;254450 | &nbsp;&nbsp;&nbsp;&nbsp;4777593 |
| &nbsp;&nbsp;Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63400 | &nbsp;&nbsp;&nbsp;&nbsp;2988791 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**149463277** |
| &nbsp;&nbsp;**Hong Kong 2.1%** | &nbsp;&nbsp;**Hong Kong 2.1%** | &nbsp;&nbsp;**Hong Kong 2.1%** |
| &nbsp;&nbsp;CK Asset Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;780500 | &nbsp;&nbsp;&nbsp;&nbsp;4786942 |
| &nbsp;&nbsp;CK Hutchison Holdings Ltd. | &nbsp;&nbsp;1628300 | &nbsp;&nbsp;&nbsp;&nbsp;9754904 |
| &nbsp;&nbsp;Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;2031000 | &nbsp;&nbsp;&nbsp;&nbsp;13353127 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**27894973** |
| &nbsp;&nbsp;**Ireland 1.7%** | &nbsp;&nbsp;**Ireland 1.7%** | &nbsp;&nbsp;**Ireland 1.7%** |
| &nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;1835700 | &nbsp;&nbsp;&nbsp;&nbsp;7046167 |
| &nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;790669 | &nbsp;&nbsp;&nbsp;&nbsp;7534538 |
| &nbsp;&nbsp;Ryanair Holdings PLC, ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590604 |
| &nbsp;&nbsp;Smurfit Kappa Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;217100 | &nbsp;&nbsp;&nbsp;&nbsp;8045803 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**23217112** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Isle of Man 0.2%** | &nbsp;&nbsp;**Isle of Man 0.2%** | &nbsp;&nbsp;**Isle of Man 0.2%** |
| &nbsp;&nbsp;Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;170400 | &nbsp;&nbsp;&nbsp;&nbsp;2713632 |
| &nbsp;&nbsp;**Israel 0.5%** | &nbsp;&nbsp;**Israel 0.5%** | &nbsp;&nbsp;**Israel 0.5%** |
| &nbsp;&nbsp;Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53400 | &nbsp;&nbsp;&nbsp;&nbsp;6736944 |
| &nbsp;&nbsp;**Italy 1.2%** | &nbsp;&nbsp;**Italy 1.2%** | &nbsp;&nbsp;**Italy 1.2%** |
| &nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;2505038 | &nbsp;&nbsp;13472456 |
| &nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76900 | &nbsp;&nbsp;&nbsp;&nbsp;2857260 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**16329716** |
| &nbsp;&nbsp;**Japan 16.7%** | &nbsp;&nbsp;**Japan 16.7%** | &nbsp;&nbsp;**Japan 16.7%** |
| &nbsp;&nbsp;Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;481200 | &nbsp;&nbsp;&nbsp;&nbsp;7316951 |
| &nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47400 | &nbsp;&nbsp;&nbsp;&nbsp;1678295 |
| &nbsp;&nbsp;Denka Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;118300 | &nbsp;&nbsp;&nbsp;&nbsp;2703496 |
| &nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32600 | &nbsp;&nbsp;&nbsp;&nbsp;4878479 |
| &nbsp;&nbsp;Fujitsu Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46200 | &nbsp;&nbsp;&nbsp;&nbsp;6159275 |
| &nbsp;&nbsp;Fukuoka Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;&nbsp;7133404 |
| &nbsp;&nbsp;Hitachi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;172400 | &nbsp;&nbsp;&nbsp;&nbsp;8674527 |
| &nbsp;&nbsp;Honda Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;&nbsp;2782699 |
| &nbsp;&nbsp;Iida Group Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;219400 | &nbsp;&nbsp;&nbsp;&nbsp;3331161 |
| &nbsp;&nbsp;Isuzu Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;773700 | &nbsp;&nbsp;&nbsp;&nbsp;8969411 |
| &nbsp;&nbsp;Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;330600 | &nbsp;&nbsp;&nbsp;&nbsp;5038820 |
| &nbsp;&nbsp;Komatsu Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;894900 | &nbsp;&nbsp;19342482 |
| &nbsp;&nbsp;Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;131600 | &nbsp;&nbsp;&nbsp;&nbsp;6532188 |
| &nbsp;&nbsp;Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;140100 | &nbsp;&nbsp;&nbsp;&nbsp;4080514 |
| &nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127100 | &nbsp;&nbsp;&nbsp;&nbsp;4063365 |
| &nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp;7904757 |
| &nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;178800 | &nbsp;&nbsp;&nbsp;&nbsp;3153601 |
| &nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;529300 | &nbsp;&nbsp;&nbsp;&nbsp;8472322 |
| &nbsp;&nbsp;Rakuten Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;899300 | &nbsp;&nbsp;&nbsp;&nbsp;4053210 |
| &nbsp;&nbsp;Resona Holdings, Inc. | &nbsp;&nbsp;2332850 | &nbsp;&nbsp;12812987 |
| &nbsp;&nbsp;SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308900 | &nbsp;&nbsp;&nbsp;&nbsp;5885401 |
| &nbsp;&nbsp;Sega Sammy Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181400 | &nbsp;&nbsp;&nbsp;&nbsp;2739043 |
| &nbsp;&nbsp;Seven & I Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;269900 | &nbsp;&nbsp;11566935 |
| &nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155200 | &nbsp;&nbsp;11829596 |
| &nbsp;&nbsp;Square Enix Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62500 | &nbsp;&nbsp;&nbsp;&nbsp;2901591 |
| &nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;777000 | &nbsp;&nbsp;11763841 |
| &nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;304800 | &nbsp;&nbsp;12262847 |
| &nbsp;&nbsp;T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;268300 | &nbsp;&nbsp;&nbsp;&nbsp;3840646 |
| &nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;322600 | &nbsp;&nbsp;10080184 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;1176400 | &nbsp;&nbsp;&nbsp;&nbsp;6542396 |
| &nbsp;&nbsp;Toshiba Corp. | &nbsp;&nbsp;&nbsp;&nbsp;157900 | &nbsp;&nbsp;&nbsp;&nbsp;5486916 |
| &nbsp;&nbsp;Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152600 | &nbsp;&nbsp;&nbsp;&nbsp;8290101 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**222271441** |
| &nbsp;&nbsp;**Netherlands 7.2%** | &nbsp;&nbsp;**Netherlands 7.2%** | &nbsp;&nbsp;**Netherlands 7.2%** |
| &nbsp;&nbsp;AerCap Holdings NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;146700 | &nbsp;&nbsp;&nbsp;&nbsp;8555544 |
| &nbsp;&nbsp;ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;730681 | &nbsp;&nbsp;&nbsp;&nbsp;19276940 |
| &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp;7742580 |
| &nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;418300 | &nbsp;&nbsp;&nbsp;&nbsp;6710369 |
| &nbsp;&nbsp;EXOR NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32900 | &nbsp;&nbsp;&nbsp;&nbsp;2408752 |
| &nbsp;&nbsp;Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;104220 | &nbsp;&nbsp;&nbsp;&nbsp;8048957 |
| &nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;1333979 | &nbsp;&nbsp;&nbsp;&nbsp;16249419 |
| &nbsp;&nbsp;Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp;117035 | &nbsp;&nbsp;&nbsp;&nbsp;1761052 |
| &nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29800 | &nbsp;&nbsp;&nbsp;&nbsp;4709294 |
| &nbsp;&nbsp;Randstad NV | &nbsp;&nbsp;&nbsp;&nbsp;343074 | &nbsp;&nbsp;&nbsp;&nbsp;20962651 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**96425558** |
| &nbsp;&nbsp;**Norway 0.9%** | &nbsp;&nbsp;**Norway 0.9%** | &nbsp;&nbsp;**Norway 0.9%** |
| &nbsp;&nbsp;Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;157304 | &nbsp;&nbsp;&nbsp;&nbsp;4889462 |
| &nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;344100 | &nbsp;&nbsp;&nbsp;&nbsp;6796018 |
| &nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100538 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**11786018** |
| &nbsp;&nbsp;**Singapore 1.1%** | &nbsp;&nbsp;**Singapore 1.1%** | &nbsp;&nbsp;**Singapore 1.1%** |
| &nbsp;&nbsp;DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;576500 | &nbsp;&nbsp;&nbsp;&nbsp;14592140 |
| &nbsp;&nbsp;**South Korea 1.9%** | &nbsp;&nbsp;**South Korea 1.9%** | &nbsp;&nbsp;**South Korea 1.9%** |
| &nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;314143 | &nbsp;&nbsp;&nbsp;&nbsp;13788755 |
| &nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;399670 | &nbsp;&nbsp;&nbsp;&nbsp;11126609 |
| &nbsp;&nbsp;Shinhan Financial Group Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420542 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**25335906** |
| &nbsp;&nbsp;**Spain 0.8%** | &nbsp;&nbsp;**Spain 0.8%** | &nbsp;&nbsp;**Spain 0.8%** |
| &nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;2801976 | &nbsp;&nbsp;&nbsp;&nbsp;10985968 |
| &nbsp;&nbsp;**Sweden 1.2%** | &nbsp;&nbsp;**Sweden 1.2%** | &nbsp;&nbsp;**Sweden 1.2%** |
| &nbsp;&nbsp;Essity AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;267000 | &nbsp;&nbsp;&nbsp;&nbsp;6991979 |
| &nbsp;&nbsp;Husqvarna AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;153200 | &nbsp;&nbsp;&nbsp;&nbsp;1075989 |
| &nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;135900 | &nbsp;&nbsp;&nbsp;&nbsp;2459920 |
| &nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;118600 | &nbsp;&nbsp;&nbsp;&nbsp;1365427 |
| &nbsp;&nbsp;Volvo AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;224300 | &nbsp;&nbsp;&nbsp;&nbsp;4051665 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**15944980** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Switzerland 8.4%** | &nbsp;&nbsp;**Switzerland 8.4%** | &nbsp;&nbsp;**Switzerland 8.4%** |
| &nbsp;&nbsp;ABB Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp;8320362 |
| &nbsp;&nbsp;Alcon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27200 | &nbsp;&nbsp;&nbsp;&nbsp;1866436 |
| &nbsp;&nbsp;Cie Financiere Richemont SA, Class A, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;7779598 |
| &nbsp;&nbsp;Credit Suisse Group AG, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;921300 | &nbsp;&nbsp;&nbsp;&nbsp;2750494 |
| &nbsp;&nbsp;Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;140798 | &nbsp;&nbsp;&nbsp;&nbsp;8194601 |
| &nbsp;&nbsp;Nestlé SA, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;122200 | &nbsp;&nbsp;&nbsp;&nbsp;14115253 |
| &nbsp;&nbsp;Novartis AG, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;178229 | &nbsp;&nbsp;&nbsp;&nbsp;16129271 |
| &nbsp;&nbsp;Roche Holding AG, Genusschein Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89250 | &nbsp;&nbsp;&nbsp;&nbsp;28045702 |
| &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;1326954 | &nbsp;&nbsp;&nbsp;&nbsp;24663067 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**111864784** |
| &nbsp;&nbsp;**Taiwan 1.2%** | &nbsp;&nbsp;**Taiwan 1.2%** | &nbsp;&nbsp;**Taiwan 1.2%** |
| &nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. | &nbsp;&nbsp;4752000 | &nbsp;&nbsp;&nbsp;&nbsp;15402335 |
| &nbsp;&nbsp;**United Kingdom 18.4%** | &nbsp;&nbsp;**United Kingdom 18.4%** | &nbsp;&nbsp;**United Kingdom 18.4%** |
| &nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;126800 | &nbsp;&nbsp;&nbsp;&nbsp;7202848 |
| &nbsp;&nbsp;Aviva PLC | &nbsp;&nbsp;1526900 | &nbsp;&nbsp;&nbsp;&nbsp;8099663 |
| &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;3059458 | &nbsp;&nbsp;&nbsp;&nbsp;5821574 |
| &nbsp;&nbsp;Barratt Developments PLC | &nbsp;&nbsp;&nbsp;&nbsp;441600 | &nbsp;&nbsp;&nbsp;&nbsp;2109213 |
| &nbsp;&nbsp;BP PLC | &nbsp;&nbsp;1523800 | &nbsp;&nbsp;&nbsp;&nbsp;8792236 |
| &nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;154900 | &nbsp;&nbsp;&nbsp;&nbsp;5153548 |
| &nbsp;&nbsp;Burberry Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84100 | &nbsp;&nbsp;&nbsp;&nbsp;2044653 |
| &nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;106094 | &nbsp;&nbsp;&nbsp;&nbsp;5216848 |
| &nbsp;&nbsp;Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;985600 | &nbsp;&nbsp;&nbsp;&nbsp;6572618 |
| &nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;386100 | &nbsp;&nbsp;&nbsp;&nbsp;6673057 |
| &nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;1893281 | &nbsp;&nbsp;&nbsp;&nbsp;11733682 |
| &nbsp;&nbsp;HSBC Holdings PLC, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78996 | &nbsp;&nbsp;&nbsp;&nbsp;2461515 |
| &nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;1395024 |
| &nbsp;&nbsp;Inchcape PLC | &nbsp;&nbsp;&nbsp;&nbsp;308600 | &nbsp;&nbsp;&nbsp;&nbsp;3046896 |
| &nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;699100 | &nbsp;&nbsp;&nbsp;&nbsp;5215120 |
| &nbsp;&nbsp;J. Sainsbury PLC | &nbsp;&nbsp;5488492 | &nbsp;&nbsp;&nbsp;&nbsp;14395317 |
| &nbsp;&nbsp;John Wood Group PLC<sup>(a)</sup> | &nbsp;&nbsp;4398515 | &nbsp;&nbsp;&nbsp;&nbsp;7128286 |
| &nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;1829700 | &nbsp;&nbsp;&nbsp;&nbsp;5198591 |
| &nbsp;&nbsp;Legal & General Group PLC | &nbsp;&nbsp;1383200 | &nbsp;&nbsp;&nbsp;&nbsp;4147019 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Liberty Global PLC, Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4976023 |
| &nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7371668 |
| &nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;14735100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8041150 |
| &nbsp;&nbsp;Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;2273330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3662573 |
| &nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2263723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7219532 |
| &nbsp;&nbsp;NatWest Group PLC, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789354 |
| &nbsp;&nbsp;Persimmon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115808 |
| &nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15040127 |
| &nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20482238 |
| &nbsp;&nbsp;Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6347550 |
| &nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;1325719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9887901 |
| &nbsp;&nbsp;TechnipFMC PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583251 |
| &nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;7642386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20595231 |
| &nbsp;&nbsp;Travis Perkins PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8937042 |
| &nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10839740 |
| &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2205129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233174 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**245530070** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,432,431,746) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,432,431,746) | &nbsp;&nbsp;**1312114214** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Stocks 0.7%** | &nbsp;&nbsp;**Preferred Stocks 0.7%** | &nbsp;&nbsp;**Preferred Stocks 0.7%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Germany 0.7%** | &nbsp;&nbsp;**Germany 0.7%** | &nbsp;&nbsp;**Germany 0.7%** |
| &nbsp;&nbsp;Volkswagen AG | &nbsp;&nbsp;72219 | &nbsp;&nbsp;8958745 |
| &nbsp;&nbsp;Total Preferred Stocks<br> (Cost $18,421,613) | &nbsp;&nbsp;Total Preferred Stocks<br> (Cost $18,421,613) | &nbsp;&nbsp;**8958745** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 0.4%** | &nbsp;&nbsp;**Money Market Funds 0.4%** | &nbsp;&nbsp;**Money Market Funds 0.4%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;5065939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064419 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $5,064,397) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $5,064,397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5064419** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $1,455,917,756)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $1,455,917,756)** | &nbsp;&nbsp;&nbsp;&nbsp;**1326137378** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8415282** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$1334552660** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 24605917 | &nbsp;&nbsp;177576107 | &nbsp;&nbsp;(197119280) | &nbsp;&nbsp;1675 | &nbsp;&nbsp;5064419 | &nbsp;&nbsp;(1909) | &nbsp;&nbsp;249914 | &nbsp;&nbsp;5065939 |

---

#### Abbreviation Legend
ADR American Depositary Receipt

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued) The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;2326875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23469151 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25796026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23222569 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23222569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;15249747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15249747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;9656640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9656640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;15431358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16765515 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32196873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865163 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26231875 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26231875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175400467 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175400467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149463277 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149463277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27894973 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27894973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22626508 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23217112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Isle of Man | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713632 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;6736944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6736944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16329716 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16329716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222271441 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222271441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;13264838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83160720 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96425558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11786018 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11786018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14592140 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14592140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24915364 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25335906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10985968 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10985968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15944980 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15944980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111864784 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111864784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15402335 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15402335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;39664049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205866021 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245530070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 103341597 | &nbsp;&nbsp;&nbsp;&nbsp;1208772617 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1312114214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8958745 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8958745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8958745 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8958745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;5064419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064419 |
| &nbsp;&nbsp;Total Investments in Securities | 108406016 | &nbsp;&nbsp;&nbsp;&nbsp;1217731362 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1326137378 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,450,853,359) | $1321072959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $5,064,397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064419 |
| &nbsp;&nbsp;Foreign currency (cost $1,765,957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790999 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5773998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13095 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1337110623 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59890 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557963 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1334552660** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;1493747101 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(159194441) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1334552660** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1307922488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;149322400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.76 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$26630172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.71 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$56100982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249914 |
| &nbsp;&nbsp;&nbsp;&nbsp;European Union tax reclaim | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6267399) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50812843 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11195455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42837 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11630963 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154300) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11476663 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39336180 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(28256003) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1909) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(695861) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(28953773) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(187179309) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187041) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(187364675) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(216318448) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(176982268)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$39336180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26725642 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28953773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105917445 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(187364675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27873646) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(176982268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104769441 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32784196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27325440) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(485576) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33351443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27811016) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15248669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340649920 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(225582380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417608345 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;1560135040 | &nbsp;&nbsp;&nbsp;&nbsp;1142526695 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1334552660** | &nbsp;&nbsp;**$1560135040** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;994398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8557367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60886063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621648130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;3422150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32784196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27325440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (6497245) | &nbsp;&nbsp;&nbsp;&nbsp;(59175715) | &nbsp;&nbsp;&nbsp;&nbsp;(33410457) | &nbsp;&nbsp;&nbsp;&nbsp;(313506452) |
| &nbsp;&nbsp;Net increase (decrease) | (2080697) | &nbsp;&nbsp;&nbsp;&nbsp;(17834152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30245003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335467118 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;487207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6527468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(271046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2312641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1830242) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;275558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5182802 |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(1805139)** | &nbsp;&nbsp;&nbsp;&nbsp;**(15248669)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30758386** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**340649920** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $10.12 | &nbsp;&nbsp;0.25<sup>(c)</sup> | &nbsp;&nbsp;(1.39) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;$9.26 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;&nbsp;$9.71 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.17 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $11.47 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;(2.23) | &nbsp;&nbsp;(1.94) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $10.07 | &nbsp;&nbsp;0.23<sup>(c)</sup> | &nbsp;&nbsp;(1.40) | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;$9.21 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;&nbsp;$9.69 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.15 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.64) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $11.44 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(2.22) | &nbsp;&nbsp;(1.96) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.33) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Net investment income per share includes European Union tax reclaims. The effect of these reclaims amounted to $0.01 per share. |
| (d) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$8.76 | (11.46%) | 0.85% | 0.84% | 2.90% | 21% | $1307922 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.12 | 11.80% | 0.86% | 0.84% | 1.95% | 73% | $1532143 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;$9.26 | &nbsp;&nbsp;(3.82%) | 0.88%<sup>(d)</sup> | 0.85%<sup>(d)</sup> | 1.72% | 77% | $1121635 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;$9.71 | 13.53% | 0.88%<sup>(d)</sup> | 0.88%<sup>(d)</sup> | 3.17% | 22% | $1028139 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;$9.17 | (17.30%) | 0.83% | 0.83% | 2.70% | 16% | &nbsp;&nbsp;$821718 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$8.71 | (11.75%) | 1.10% | 1.09% | 2.65% | 21% | &nbsp;&nbsp;&nbsp;&nbsp;$26630 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.07 | 11.64% | 1.11% | 1.09% | 1.80% | 73% | &nbsp;&nbsp;&nbsp;&nbsp;$27992 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;$9.21 | &nbsp;&nbsp;(4.14%) | 1.13%<sup>(d)</sup> | 1.10%<sup>(d)</sup> | 1.54% | 77% | &nbsp;&nbsp;&nbsp;&nbsp;$20892 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;$9.69 | 13.20% | 1.13%<sup>(d)</sup> | 1.13%<sup>(d)</sup> | 2.93% | 22% | &nbsp;&nbsp;&nbsp;&nbsp;$23667 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;$9.15 | (17.48%) | 1.09% | 1.09% | 2.41% | 16% | &nbsp;&nbsp;&nbsp;&nbsp;$19537 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – Partners International Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

20 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

The Fund may file withholding tax reclaims in certain European Union countries to recover a portion of foreign taxes previously withheld on dividends earned, which may be reclaimable based upon certain provisions in the Treaty on the Functioning of the European Union (EU) and subsequent rulings by the European Court of Justice. The Fund may record a reclaim receivable when the amount is known, the Fund has received notice of a pending refund, and there are no significant uncertainties on collectability. Income received from EU reclaims is included in the Statement of Operations.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed quarterly. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that

22 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.87% to 0.67% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.82% of the Fund's average daily net assets.

#### Subadvisory agreements
The Investment Manager has entered into Subadvisory Agreements with Pzena Investment Management, LLC and Thompson, Siegel & Walmsley LLC, each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | 0.84% |
| &nbsp;&nbsp;Class 2 | 1.09 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (pfic) holdings, capital loss carryforwards, trustees' deferred compensation, foreign currency transactions and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;823576 | (1552922) | 729346 |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

24 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;33351443 |  | 33351443 | 27811016 |  | 27811016 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;30022757 – (47487236) | (141388854) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;1467526233 | 71103856 | (212492710) | (141388854) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;— | (47487236) | (47487236) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $283,485,779 and $277,072,852, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Financial sector risk
The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.

#### Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer's country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the

26 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

#### Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund.

*Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund's investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.*

*Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, whether in the public or private sector, significant debt problems of a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, the Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. The departure of the United Kingdom (UK) from the EU single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking effect on December 31, 2020. The impact of Brexit on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.*

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

28 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Notes to Financial Statements (continued)

December 31, 2022

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Partners International Value Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Partners International Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

30 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

## Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign<br> taxes paid<br> to foreign<br> countries** | **Foreign<br> taxes paid<br> per share<br> to foreign<br> countries** | **Foreign<br> source<br> income** | **Foreign<br> source<br> income per<br> share** |
| &nbsp;&nbsp;$6251271 | $0.04 | $56100976 | $0.37 |

---

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

The Fund (or fund in which the Fund invests) has received a refund of foreign taxes previously reported and passed through in prior years (a "foreign tax redetermination"). Shareholders who claimed foreign tax credits with respect to such foreign taxes previously reported in prior years may also have a foreign tax redetermination and may need to file amended tax returns to account for such taxes refunded to the Fund. The amount of tax refunded, and years to which the tax relates, are available on the Taxes & Distributions page of columbiathreadneedleus.com/investor/, along with certain other information about the refunded tax. See your tax advisor. The amounts reported in the table above have not been reduced for any foreign tax redeterminations.

Foreign taxes are deemed to be passed through to shareholders with dividends paid after the close of the taxable year, on the next regularly scheduled distribution date of March 30, 2023.

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |

---

32 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |

---

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |

---

34 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |

---

36 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

## Approval of Subadvisory Agreement
(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc., serves as the investment manager to Variable Portfolio – Partners International Value Fund (the Fund). On November 4, 2022, the Fund's Board of Trustees (the Board), including a majority of the Board members who are not interested persons of the Fund within the meaning of the Investment Company Act of 1940 (the Independent Trustees), upon the recommendation of the Investment Manager, unanimously approved a proposed Subadvisory Agreement (the Subadvisory Agreement) between the Investment Manager and Thompson, Siegel & Walmsley LLC (TSW), with respect to the Fund, that would take effect upon consummation of the acquisition of TSW by Perpetual Limited (the Transaction).

At meetings held in June 2022, October 2022 and November 2022, independent legal counsel to the Independent Trustees reviewed with the Board the legal standards for consideration by directors/trustees of advisory and subadvisory agreements and referred to the various written materials and oral presentations received by the Board, its Contracts, Compliance and Investment Review Committees and its Investment Review Committee subcommittees in connection with the Board's evaluation of TSW's proposed services.

The Trustees held discussions with the Investment Manager and reviewed and considered various written materials and oral presentations in connection with the evaluation of TSW's proposed services, including reports from management with respect to the fees and terms of the proposed Subadvisory Agreement and TSW's investment strategy/style and performance and from the Compliance Committee, with respect to TSW's code of ethics and compliance program. In considering the Subadvisory Agreement, the Board reviewed, among other things:

• Terms of the Subadvisory Agreement;

• Subadvisory fees payable by the Investment Manager under the Subadvisory Agreement;

• Information regarding the Transaction and the experience and resources of TSW;

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

## Approval of Subadvisory Agreement (continued) (Unaudited)
• Information regarding the capabilities of TSW's compliance program; and

• The profitability of the Investment Manager and its affiliates from their relationships with the Fund.

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the Subadvisory Agreement on November 4, 2022.

Nature, Extent and Quality of Services

The Board considered its analysis of the reports and presentations it received. The Board considered that no material portfolio management team, investment process or compliance-related changes were expected to occur as a result of the Transaction. The Board also considered TSW's confirmation that there would not be any change to the nature or quality of the services provided as a result of the Transaction. The Board observed the Fund's Chief Compliance Officer had reviewed TSW's compliance program and determined that it is reasonably designed to prevent violation of the federal securities laws by the Fund. The Board also took into account the Investment Manager's view that the Transaction would not adversely impact TSW's ability to provide services to the Fund.

The Board also discussed the acceptability of the terms of the proposed Subadvisory Agreement. Independent legal counsel noted that the proposed Subadvisory Agreement was substantially similar in scope and form to the current subadvisory agreement.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund supported the approval of the Subadvisory Agreement.

Investment Performance of TSW

The Board observed TSW's relevant performance results versus the Fund's benchmark and versus peers over various periods.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of TSW, in light of other considerations, supported the approval of the Subadvisory Agreement.

Comparative Fees, Costs of Services Provided and Profitability

The Board reviewed the proposed level of subadvisory fees under the proposed Subadvisory Agreement, noting that the proposed subadvisory fees payable to TSW would be paid by the Investment Manager and would not impact the fees paid by the Fund. The Board observed that the proposed subadvisory fees for TSW, which were not proposed to change as a result of the Transaction, were within a reasonable range of subadvisory fees paid by the Investment Manager to the subadvisers of other Funds with similar strategies. The Trustees observed that management fees, which were not proposed to change, remained within the range of other peers and that the Fund's expense ratio also remained within the range of other peers.

Additionally, the Board considered that no change was expected in the total profitability of the Investment Manager and its affiliates in connection with the hiring of TSW. Because the Subadvisory Agreement was negotiated at arms-length by the Investment Manager, which is responsible for payments to TSW thereunder, the Board did not consider the profitability to TSW from its relationship with the Fund.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the proposed level of subadvisory fees, anticipated costs of services provided and the expected profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the approval of the Subadvisory Agreement.

Economies of Scale

The Board also considered the economies of scale that may be realized by the Investment Manager and its affiliates as the Fund grows and took note of the extent to which shareholders might also benefit from such growth. The Board considered, in this regard, that no change in profitability to the Investment Manager from its management agreement with the Fund was expected as a result of the proposed Subadvisory Agreement. The Board also observed that fees to be paid under the

38 Variable Portfolio – Partners International Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

## Approval of Subadvisory Agreement (continued) (Unaudited) Subadvisory Agreement would not impact fees paid by the Fund because subadvisory fees are paid by the Investment Manager and not the Fund. The Board observed that the Fund's management agreement with the Investment Manager continues to provide for sharing of economies of scale as management fees decline as assets increase at pre-established breakpoints.
Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the Subadvisory Agreement. In reaching its conclusions, no single factor was determinative.

On November 4, 2022, the Board, including all of the Independent Trustees, determined that fees payable under the Subadvisory Agreement appeared fair and reasonable in light of the services proposed to be provided and, taking into account the factors described above, approved the Subadvisory Agreement.

Variable Portfolio – Partners International Value Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_22300_ad9eda7c-5cb9-4625-85fe-2e8145de8c4a_TOC)

#### Variable Portfolio – Partners International Value Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img259441642.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7056_12_B01_(02/23)

------

![](img5c33ad981.jpg)

Annual Report

December 31, 2022

![](imgc4a337502.jpg)

Variable Portfolio – Partners International Core Equity Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_895d906f-f868-4389-b5aa-d8d565b1ea4e_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_895d906f-f868-4389-b5aa-d8d565b1ea4e_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_1873f9af-4f4f-4cef-8637-5c5c5c5ef2e4_1)<br>| 7 |
| [Portfolio of Investments](#xx_9f02edae-1d8b-4716-b62a-44bdb03af17a_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_a508b44e-eb6a-4745-b117-e64fc85011f1_1)<br>| 12 |
| [Statement of Operations](#xx_a508b44e-eb6a-4745-b117-e64fc85011f1_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_a508b44e-eb6a-4745-b117-e64fc85011f1_3)<br>| 14 |
| [Financial Highlights](#xx_d3cfbd98-74c6-4e39-b5b1-702b9cfb7be6_2)<br>| 16 |
| [Notes to Financial Statements](#xx_1d1e463b-2954-497a-9afc-f03caa9c2714_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_1723e031-5628-4eb4-a327-457a03302e41_1)<br>| 28 |
| [Federal Income Tax Information](#xx_eec6cecd-9128-4e87-8310-ccf3c6fb6ca5_1)<br>| 29 |
| [Trustees and Officers](#xx_eec6cecd-9128-4e87-8310-ccf3c6fb6ca5_1)<br>| 29 |
| [Approval of Subadvisory Agreement Amendment](#xx_eec6cecd-9128-4e87-8310-ccf3c6fb6ca5_7)<br>| 35 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Partners International Core Equity Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term growth of capital.

Portfolio management

#### Schroder Investment Management North America Inc. (subadviser) Schroder Investment Management North America Limited (sub-subadviser)
James Gautrey, CFA

Simon Webber, CFA

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-19.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-19.64 | &nbsp;&nbsp;&nbsp;&nbsp;-0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 |
| &nbsp;&nbsp;MSCI EAFE Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;-14.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img290975e83.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Partners International Core Equity Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;12.9 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;16.0 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;12.1 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;18.8 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;13.7 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;7.9 |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;11.4 |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;14.6 |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;12.3 |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;16.8 |
| &nbsp;&nbsp;United States<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer's place of organization/incorporation. Percentages indicated are based upon total investments, excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 98.90% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – Partners International Core Equity Fund returned -19.64%. The Fund underperformed its benchmark, the MSCI EAFE Index (Net), which returned -14.45% over the same time period.

Market overview

International equities saw steep declines in 2022. Despite relatively resilient earnings through much of the year, inflation, tightening monetary conditions and geopolitical tensions drove increased volatility across equity, bond and currency markets. Russia's invasion of Ukraine in late February 2022 caused a global shock, with equities declining and commodity prices soaring, given supply disruptions in oil, gas, wheat and other impacted commodities. This contributed to a further surge in inflation as well as supply chain disruption. The era of loose monetary policy across many developed markets came to an end as central banks moved to raise rates and halt asset purchase programs to address the higher-than-expected inflationary pressures. This dynamic kept share prices under pressure through spring and summer of 2022, as investors moved to price in interest-rate rises and an increased risk of recession. Value stocks significantly outperformed growth stocks as the higher discount rate environment negatively impacted the valuation multiples of longer dated growth stocks.

The Fund's notable detractors during the period

• The Fund's underperformance of its benchmark during the period was driven by a combination of style factors, stock selection and sector allocation effects.

• Stock selection within the consumer staples, industrials and health care sectors was the primary detractor.

• The Fund was also negatively impacted by underweight to materials, as well as overweights in the consumer discretionary and information technology sectors, which were the two weakest performing sectors in the
benchmark.

• Our factor attribution indicates that nearly half of the underperformance was attributable to negative style factors as value dominated.

• In terms of regions, our holdings in Continental Europe, Japan, and Pacific ex-Japan detracted.

• Among holdings, Zalando, Recruit Holdings and Hong Kong Exchange were leading detractors from Fund performance.

○ German retailer Zalando, which operates in 23 markets across Europe, enjoyed a significant boost to its profits during the pandemic caused by COVID-19. However, the company faced a challenging start to 2022 due to
ongoing supply chain issues and strong competition. Ultimately Zalando mismanaged its inventory, which led the company to report weaker than expected earnings and notably underperform in the first half of the year.
The Fund sold its position in Zalando due to concerns that the management team was overly optimistic on the strength of the company's balance sheet in the current environment.

○ Global recruitment and human resources technology company Recruit Holdings detracted from performance over the period on investor fears that the Ukraine/Russia crisis and rising interest rates could derail activity,
weakening the jobs market. In spite of this, the Japanese company, which operates the Glassdoor and Indeed job recruitment websites, has managed its costs well amid uncertainty in the global job market as a result of
the COVID-19 pandemic. Recruit remains a global leader in online recruitment, and we believe it is attractively valued, well managed and well positioned for growth as the job market recovers.

○ Hong Kong Exchange underperformed in 2022 on investors' fears surrounding Chinese President Xi's policies potentially becoming less market friendly, combined with
increasing U.S.-China tensions. We believe this increased risk undermines the Fund's investment thesis and have sold the position.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

The Fund's notable contributors during the period

• The Fund's energy and utilities stocks added the most value as the Russian invasion of Ukraine impacted global energy supplies and led to significantly higher prices.

• The Fund's positions in oil and gas companies, for example, were leading contributors to relative returns as these companies posted supernormal profits owing to soaring energy prices.

• Traditional defensive stocks were also particularly resilient during the period as investors sought relative safety in a volatile environment.

• Among holdings, Equinor, Shell and AstraZeneca made the strongest positive contributions to Fund performance.

○ Norwegian energy company Equinor achieved robust performance in 2022, as gas prices surged and the company announced a more than doubling of net profits in the first quarter of 2022 compared to a year earlier. We
believe the reopening of the company's Hammerfest liquified natural gas (LNG) facility should enable it to increase capacity by more than four million tons of gas annually. We believe Equinor is better prepared
for the transition to a low-emission economy than most major oil companies, with a decent offshore wind pipeline, including a local advantage in the Norwegian Continental Shelf, and strong gas portfolio. We trimmed
the Fund's position in Equinor as it outperformed, to manage the position size.

○ Shell outperformed in 2022 after the company reported robust growth in revenue and profit for the second half of the year due to higher energy prices and higher refining margins. Shell has good exposure to the LNG
market, which is likely to remain tight in the short to medium term due to a shortfall in global liquefaction capacity and strong demand, which will support very strong free cash flow. We believe Shell is better
positioned than many of its industry peers to make the energy transition through investments in electrification, hydrogen, wind and alternative energy assets. We trimmed our position in Shell as it outperformed, to
manage the position size.

○ Pharmaceutical company AstraZeneca also outperformed in 2022. The drug maker reported stronger-than-expected sales and profit in the first quarter of the year, driven by its COVID-19
vaccine. The company also benefited from very positive clinical data in phase 3 testing of its breast cancer treatment Enhertu. The drug maker said it expected sales to continue to rise in 2023 and raised its dividend
payment to investors for the first time in a decade after beating fourth-quarter profit expectations. AstraZeneca remains one of our preferred names in the sector and is one of the fastest growing large cap
pharmaceutical stocks, underpinned by an attractive existing product line-up and strong pipeline of new products. We added to the Fund's position in AstraZeneca.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1043.90 | &nbsp;&nbsp;&nbsp;&nbsp;1020.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1043.10 | &nbsp;&nbsp;&nbsp;&nbsp;1019.65 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 97.1%** | &nbsp;&nbsp;**Common Stocks 97.1%** | &nbsp;&nbsp;**Common Stocks 97.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Argentina 1.9%** | &nbsp;&nbsp;**Argentina 1.9%** | &nbsp;&nbsp;**Argentina 1.9%** |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40402 | &nbsp;&nbsp;&nbsp;&nbsp;34189788 |
| &nbsp;&nbsp;**Austria 1.8%** | &nbsp;&nbsp;**Austria 1.8%** | &nbsp;&nbsp;**Austria 1.8%** |
| &nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;1006047 | &nbsp;&nbsp;&nbsp;&nbsp;32188715 |
| &nbsp;&nbsp;**Canada 3.5%** | &nbsp;&nbsp;**Canada 3.5%** | &nbsp;&nbsp;**Canada 3.5%** |
| &nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;253834 | &nbsp;&nbsp;&nbsp;&nbsp;30152630 |
| &nbsp;&nbsp;Toronto-Dominion Bank (The) | &nbsp;&nbsp;&nbsp;&nbsp;511246 | &nbsp;&nbsp;&nbsp;&nbsp;33102612 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**63255242** |
| &nbsp;&nbsp;**Denmark 2.4%** | &nbsp;&nbsp;**Denmark 2.4%** | &nbsp;&nbsp;**Denmark 2.4%** |
| &nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;1469229 | &nbsp;&nbsp;&nbsp;&nbsp;42858384 |
| &nbsp;&nbsp;**France 7.8%** | &nbsp;&nbsp;**France 7.8%** | &nbsp;&nbsp;**France 7.8%** |
| &nbsp;&nbsp;Carrefour SA | &nbsp;&nbsp;1660774 | &nbsp;&nbsp;&nbsp;&nbsp;27778029 |
| &nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;380791 | &nbsp;&nbsp;&nbsp;&nbsp;30532482 |
| &nbsp;&nbsp;Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;359804 | &nbsp;&nbsp;&nbsp;&nbsp;34694672 |
| &nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;338416 | &nbsp;&nbsp;&nbsp;&nbsp;47439722 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**140444905** |
| &nbsp;&nbsp;**Germany 9.6%** | &nbsp;&nbsp;**Germany 9.6%** | &nbsp;&nbsp;**Germany 9.6%** |
| &nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;252158 | &nbsp;&nbsp;&nbsp;&nbsp;22324827 |
| &nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;1314221 | &nbsp;&nbsp;&nbsp;&nbsp;39941709 |
| &nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;545083 | &nbsp;&nbsp;&nbsp;&nbsp;56274771 |
| &nbsp;&nbsp;Siemens AG, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;392591 | &nbsp;&nbsp;&nbsp;&nbsp;54119189 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**172660496** |
| &nbsp;&nbsp;**Hong Kong 3.3%** | &nbsp;&nbsp;**Hong Kong 3.3%** | &nbsp;&nbsp;**Hong Kong 3.3%** |
| &nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;5355000 | &nbsp;&nbsp;&nbsp;&nbsp;59137362 |
| &nbsp;&nbsp;**India 2.0%** | &nbsp;&nbsp;**India 2.0%** | &nbsp;&nbsp;**India 2.0%** |
| &nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;523207 | &nbsp;&nbsp;&nbsp;&nbsp;35792591 |
| &nbsp;&nbsp;**Italy 2.0%** | &nbsp;&nbsp;**Italy 2.0%** | &nbsp;&nbsp;**Italy 2.0%** |
| &nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;2211009 | &nbsp;&nbsp;&nbsp;&nbsp;36716283 |
| &nbsp;&nbsp;**Japan 14.5%** | &nbsp;&nbsp;**Japan 14.5%** | &nbsp;&nbsp;**Japan 14.5%** |
| &nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;1029800 | &nbsp;&nbsp;&nbsp;&nbsp;36462209 |
| &nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;1005400 | &nbsp;&nbsp;&nbsp;&nbsp;30490661 |
| &nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101700 | &nbsp;&nbsp;&nbsp;&nbsp;39484494 |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;7728000 | &nbsp;&nbsp;&nbsp;&nbsp;51881283 |
| &nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;908300 | &nbsp;&nbsp;&nbsp;&nbsp;28431586 |
| &nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78700 | &nbsp;&nbsp;&nbsp;&nbsp;32861485 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;531900 | &nbsp;&nbsp;&nbsp;&nbsp;40542280 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**260153998** |
| &nbsp;&nbsp;**Netherlands 5.6%** | &nbsp;&nbsp;**Netherlands 5.6%** | &nbsp;&nbsp;**Netherlands 5.6%** |
| &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85873 | &nbsp;&nbsp;&nbsp;&nbsp;46822434 |
| &nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;1870517 | &nbsp;&nbsp;&nbsp;&nbsp;53042979 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**99865413** |
| &nbsp;&nbsp;**Norway 1.8%** | &nbsp;&nbsp;**Norway 1.8%** | &nbsp;&nbsp;**Norway 1.8%** |
| &nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;912178 | &nbsp;&nbsp;&nbsp;&nbsp;32783929 |
| &nbsp;&nbsp;**South Korea 2.0%** | &nbsp;&nbsp;**South Korea 2.0%** | &nbsp;&nbsp;**South Korea 2.0%** |
| &nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;811378 | &nbsp;&nbsp;&nbsp;&nbsp;35614012 |
| &nbsp;&nbsp;**Spain 2.2%** | &nbsp;&nbsp;**Spain 2.2%** | &nbsp;&nbsp;**Spain 2.2%** |
| &nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;3369995 | &nbsp;&nbsp;&nbsp;&nbsp;39339645 |
| &nbsp;&nbsp;**Sweden 2.4%** | &nbsp;&nbsp;**Sweden 2.4%** | &nbsp;&nbsp;**Sweden 2.4%** |
| &nbsp;&nbsp;Nibe Industrier AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;792087 | &nbsp;&nbsp;&nbsp;&nbsp;7393167 |
| &nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;3514483 | &nbsp;&nbsp;&nbsp;&nbsp;35383796 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**42776963** |
| &nbsp;&nbsp;**Switzerland 12.2%** | &nbsp;&nbsp;**Switzerland 12.2%** | &nbsp;&nbsp;**Switzerland 12.2%** |
| &nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672 | &nbsp;&nbsp;&nbsp;&nbsp;37417826 |
| &nbsp;&nbsp;Lonza Group AG, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66515 | &nbsp;&nbsp;&nbsp;&nbsp;32650581 |
| &nbsp;&nbsp;Nestlé SA, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;608365 | &nbsp;&nbsp;&nbsp;&nbsp;70271897 |
| &nbsp;&nbsp;Roche Holding AG, Genusschein Shares | &nbsp;&nbsp;&nbsp;&nbsp;183664 | &nbsp;&nbsp;&nbsp;&nbsp;57714126 |
| &nbsp;&nbsp;Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89377 | &nbsp;&nbsp;&nbsp;&nbsp;21486518 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**219540948** |
| &nbsp;&nbsp;**Taiwan 1.4%** | &nbsp;&nbsp;**Taiwan 1.4%** | &nbsp;&nbsp;**Taiwan 1.4%** |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;325670 | &nbsp;&nbsp;&nbsp;&nbsp;24259158 |
| &nbsp;&nbsp;**United Kingdom 16.7%** | &nbsp;&nbsp;**United Kingdom 16.7%** | &nbsp;&nbsp;**United Kingdom 16.7%** |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;435785 | &nbsp;&nbsp;&nbsp;&nbsp;58970157 |
| &nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;850462 | &nbsp;&nbsp;&nbsp;&nbsp;28295009 |
| &nbsp;&nbsp;Burberry Group PLC | &nbsp;&nbsp;1213211 | &nbsp;&nbsp;&nbsp;&nbsp;29495787 |
| &nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;1022588 | &nbsp;&nbsp;&nbsp;&nbsp;44760594 |
| &nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;1738235 | &nbsp;&nbsp;&nbsp;&nbsp;30042324 |
| &nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;2375724 | &nbsp;&nbsp;&nbsp;&nbsp;28459647 |
| &nbsp;&nbsp;NMC Health PLC<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;293698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;604707 | &nbsp;&nbsp;&nbsp;&nbsp;41916093 |
| &nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;1141059 | &nbsp;&nbsp;&nbsp;&nbsp;31548036 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp;2404467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6479724 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**299967372** |
| &nbsp;&nbsp;**United States 4.0%** | &nbsp;&nbsp;**United States 4.0%** | &nbsp;&nbsp;**United States 4.0%** |
| &nbsp;&nbsp;Booking Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41847289 |
| &nbsp;&nbsp;lululemon athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29828980 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71676269** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,787,918,486) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,787,918,486) | &nbsp;&nbsp;**1743221473** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Stocks 1.7%** | &nbsp;&nbsp;**Preferred Stocks 1.7%** | &nbsp;&nbsp;**Preferred Stocks 1.7%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Germany 1.7%** | &nbsp;&nbsp;**Germany 1.7%** | &nbsp;&nbsp;**Germany 1.7%** |
| &nbsp;&nbsp;Porsche AG<sup>(a)</sup> | &nbsp;&nbsp;309325 | &nbsp;&nbsp;31215084 |
| &nbsp;&nbsp;Total Preferred Stocks<br> (Cost $24,996,692) | &nbsp;&nbsp;Total Preferred Stocks<br> (Cost $24,996,692) | &nbsp;&nbsp;**31215084** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 0.6%** | &nbsp;&nbsp;**Money Market Funds 0.6%** | &nbsp;&nbsp;**Money Market Funds 0.6%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(d),(e)</sup> | &nbsp;&nbsp;10945389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10942105 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $10,942,105) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $10,942,105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10942105** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $1,823,857,283)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $1,823,857,283)** | &nbsp;&nbsp;&nbsp;&nbsp;**1785378662** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9976265** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$1795354927** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2022, the total value of these securities amounted to $1, which
represents less than 0.01% of total net assets.

(c) Valuation based on significant unobservable inputs.

(d) The rate shown is the seven-day current annualized yield at December 31, 2022.

(e) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 42084558 | &nbsp;&nbsp;752864021 | &nbsp;&nbsp;(784006474) | &nbsp;&nbsp;— | &nbsp;&nbsp;10942105 | &nbsp;&nbsp;11020 | &nbsp;&nbsp;278012 | &nbsp;&nbsp;10945389 |

---

#### Abbreviation Legend
ADR American Depositary Receipt

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;34189788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34189788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32188715 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32188715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;63255242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63255242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42858384 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42858384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140444905 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140444905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172660496 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172660496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59137362 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59137362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;35792591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35792591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36716283 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36716283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260153998 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260153998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99865413 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99865413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32783929 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32783929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35614012 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35614012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39339645 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39339645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42776963 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42776963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219540948 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219540948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;24259158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24259158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299967371 | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299967372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;71676269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71676269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 229173048 | &nbsp;&nbsp;&nbsp;&nbsp;1514048424 | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;1743221473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31215084 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31215084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31215084 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31215084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;10942105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10942105 |
| &nbsp;&nbsp;Total Investments in Securities | 240115153 | &nbsp;&nbsp;&nbsp;&nbsp;1545263508 | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;1785378662 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.**

#### The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,812,915,178) | $1774436557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $10,942,105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10942105 |
| &nbsp;&nbsp;Foreign currency (cost $252,870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256015 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9567907 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23447 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1799573466 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68649 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4218539 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1795354927** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;1861058349 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65703422) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1795354927** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1777599540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;201934310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.80 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$17755387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.71 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$48074664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;European Union tax reclaim | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5478992) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43463987 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15239176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51885 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15738149 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27725838 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(49946878) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139713 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(49796145) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(429991963) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460853) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(430452816) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(480248961) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(452523123)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$27725838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37693986 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49796145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451483269 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(430452816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161227626) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(452523123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327949629 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(375784857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48867259) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3057530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224826) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(378842387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49092085) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;458146208 | &nbsp;&nbsp;&nbsp;(1250633312) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(373219302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(971775768) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;2168574229 | &nbsp;&nbsp;&nbsp;&nbsp;3140349997 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1795354927** | &nbsp;&nbsp;**$2168574229** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;29584504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347254537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22834420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291109718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;42765251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375784857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48867259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (28928037) | &nbsp;&nbsp;&nbsp;&nbsp;(271468552) | &nbsp;&nbsp;&nbsp;&nbsp;(124994532) | &nbsp;&nbsp;&nbsp;&nbsp;(1597873548) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;43421718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451570842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98280008) | &nbsp;&nbsp;&nbsp;&nbsp;(1257896571) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5445468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7629194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(192674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1927632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590761) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6575366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7263259 |
| &nbsp;&nbsp;**Total net increase (decrease)** | &nbsp;&nbsp;**44128024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**458146208** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(97719259)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1250633312)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $13.57 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(2.82) | &nbsp;&nbsp;(2.68) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(1.86) | &nbsp;&nbsp;(2.09) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $12.19 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.03 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.70 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $11.92 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(2.18) | &nbsp;&nbsp;(1.93) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $13.44 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(2.78) | &nbsp;&nbsp;(2.67) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(1.86) | &nbsp;&nbsp;(2.06) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $12.09 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.96 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $11.84 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;(1.94) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.26) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$8.80 | (19.51%) | 0.82%<sup>(c)</sup> | 0.82%<sup>(c)</sup> | 1.45% | &nbsp;&nbsp;46% | $1777600 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $13.57 | 13.55% | 0.80%<sup>(c)</sup> | 0.80%<sup>(c)</sup> | 1.56% | &nbsp;&nbsp;57% | $2150661 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $12.19 | 11.16% | 0.80% | 0.80% | 1.59% | 163% | $3131021 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.03 | 18.76% | 0.79% | 0.79% | 2.74% | &nbsp;&nbsp;94% | $2893855 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;$9.70 | (16.53%) | 0.83% | 0.83% | 2.23% | 105% | $2766782 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$8.71 | (19.64%) | 1.07%<sup>(c)</sup> | 1.07%<sup>(c)</sup> | 1.16% | &nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;$17755 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $13.44 | 13.18% | 1.06%<sup>(c)</sup> | 1.06%<sup>(c)</sup> | 1.40% | &nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;$17913 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $12.09 | 10.96% | 1.05% | 1.05% | 1.33% | 163% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9329 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.96 | 18.41% | 1.04% | 1.04% | 2.45% | &nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8279 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;$9.64 | (16.69%) | 1.08% | 1.08% | 1.99% | 105% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6925 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – Partners International Core Equity Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

The Fund may file withholding tax reclaims in certain European Union countries to recover a portion of foreign taxes previously withheld on dividends earned, which may be reclaimable based upon certain provisions in the Treaty on the Functioning of the European Union (EU) and subsequent rulings by the European Court of Justice. The Fund may record a reclaim receivable when the amount is known, the Fund has received notice of a pending refund, and there are no significant uncertainties on collectability. Income received from EU reclaims is included in the Statement of Operations.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed quarterly. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that

20 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.87% to 0.67% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.80% of the Fund's average daily net assets.

#### Subadvisory agreements
The Investment Manager has entered into a Subadvisory Agreement with Schroder Investment Management North America Inc. (SIMNA Inc.) to serve as a subadviser to the Fund. Schroder Investment Management North America Limited (SIMNA Ltd.), an affiliate of SIMNA Inc., assists in providing day-to-day portfolio management of the Fund pursuant to a Sub-Subadvisory Agreement between SIMNA Inc. and SIMNA Ltd. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | 0.88% |
| &nbsp;&nbsp;Class 2 | 1.13 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, capital loss carryforwards, trustees' deferred compensation, foreign currency transactions, distribution reclassifications and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;(990595) | 400397 | 590198 |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

22 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;235223675 | 143618712 | 378842387 | 49092085 |  | 49092085 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;26570601 – (50135356) | (41803351) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;1827182013 | 90697048 | (132500399) | (41803351) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(50135356) – (50135356) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,007,771,898 and $871,823,453, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | &nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Lender | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;2 |

---

Interest income earned and interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer's country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other

24 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

#### Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund.

*Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund's investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.*

*Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, whether in the public or private sector, significant debt problems of a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, the Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. The departure of the United Kingdom (UK) from the EU single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking effect on December 31, 2020. The impact of Brexit on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.*

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could

26 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Partners International Core Equity Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Partners International Core Equity Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

28 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

## Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign<br> taxes paid<br> to foreign<br> countries** | **Foreign<br> taxes paid<br> per share<br> to foreign<br> countries** | **Foreign<br> source<br> income** | **Foreign<br> source<br> income per<br> share** |
| &nbsp;&nbsp;$5478992 | $0.03 | $53943160 | $0.26 |

---

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

The Fund (or fund in which the Fund invests) has received a refund of foreign taxes previously reported and passed through in prior years (a "foreign tax redetermination"). Shareholders who claimed foreign tax credits with respect to such foreign taxes previously reported in prior years may also have a foreign tax redetermination and may need to file amended tax returns to account for such taxes refunded to the Fund. The amount of tax refunded, and years to which the tax relates, are available on the Taxes & Distributions page of columbiathreadneedleus.com/investor/, along with certain other information about the refunded tax. See your tax advisor. The amounts reported in the table above have not been reduced for any foreign tax redeterminations.

Foreign taxes are deemed to be passed through to shareholders with dividends paid after the close of the taxable year, on the next regularly scheduled distribution date of March 30, 2023.

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |

---

30 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |

---

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |

---

32 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |

---

34 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

## Approval of Subadvisory Agreement Amendment
(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Variable Portfolio - Partners International Core Equity Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under the subadvisory agreement between the Investment Manager and Schroder Investment Management North America Inc. and the sub-subadvisory agreement between Schroder Investment Management North America Inc. (Schroder) and Schroder Investment Management North America Limited (Schroder and Schroder Investment Management North America Limited, collectively, the Subadvisers, and the subadvisory agreement and sub-subadvisory agreement, collectively, the Subadvisory Agreements), the Subadvisers provide portfolio management and related services for the Fund. At their meeting on November 4, 2022, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), approved an amendment to the Subadvisory Agreement between the Investment Manager and Schroder (the Schroder Subadvisory Agreement) for the purpose of reducing the fees payable thereunder by the Investment Manager to Schroder.

The Independent Trustees considered how the amendment to the Schroder Subadvisory Agreement would reduce the subadvisory fee rate paid to Schroder by the Investment Manager under the current Schroder Subadvisory Agreement. The Independent Trustees also considered that the Investment Manager had confirmed that there would not be any change to the nature or quality of the subadvisory services provided as a result of entering into the amendment, and that the Schroder Subadvisory Agreement, as amended, was substantially similar to the current subadvisory agreement in place except for the reduced fee. The Independent Trustees reviewed the performance of the Fund as well as the level of management fees paid by the Fund. The Independent Trustees noted that no management fees were proposed to change and that the level of services provided by the Investment Manager was also not proposed to change. The Independent Trustees also noted that the Contracts Committee, as part of the 2023 15(c) process, would review the continued reasonableness of each Fund's management fee, including taking into account the reduced subadvisory fee levels.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) The Independent Trustees noted the discussion, which is described below, relating to the renewal and approval of the advisory and subadvisory agreements for the Fund at the Contracts Committee and Board meetings in June 2022 (the June Meeting) and, in that connection, the discussion by independent legal counsel of the Board's responsibilities pursuant to Sections 15(c) and 36(b) of the 1940 Act and the factors that should be considered in determining whether to approve or renew an investment management agreement. The Independent Trustees considered that they should apply these factors in considering the amendment to the Schroder Subadvisory Agreement. The Independent Trustees also considered that they should take into account the variety of written materials and oral presentations they received at their meetings in November 2022 as well as all of the information previously considered at the June Meeting regarding the proposed 15(c) renewal of the existing Funds' advisory and subadvisory agreements.
After considering the factors described above relating to the amendment of the Schroder Subadvisory Agreement, and taking into account all of the factors considered, as described below, as part of the approval of the continuance of the Fund's current Schroder Subadvisory Agreement in June 2022, the Board, including all of the Independent Trustees, approved the proposed amendment to the Schroder Subadvisory Agreement.

General conclusions in connection with the Trustees' previous approval of the continuance of the Fund's existing advisory agreements

On an annual basis, the Board, including the Independent Trustees, considers renewal of the Management Agreement and the Subadvisory Agreements (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Oversight Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its June 23, 2022 Board meeting, considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory and subadvisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and
certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net
assets;

• Terms of the Advisory Agreements;

• Subadvisory fees payable by the Investment Manager under the Subadvisory Agreements;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and
shareholder services to the Fund;

36 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited)
• Descriptions of various services performed by the Investment Manager and the Subadvisers under the Advisory Agreements, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager and Subadvisers, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager and the Subadvisers with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.

Nature, extent and quality of services provided by the Investment Manager and the Subadvisers

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadvisers, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated Subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight, over the past several years, as well as planned 2022 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial's acquisition of BMO Financial Group's Europe, Middle East, and Africa (EMEA) asset management business.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring each Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered each Subadviser's organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered each Subadviser's capability and wherewithal to carry out its responsibilities under the applicable Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreements, including the scope of services required to be performed. The Board noted that the terms of

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) the Subadvisory Agreements are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreements. The Board took into account the Investment Manager's representation that each Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager's subadvisory oversight team and their significant resources added in recent years.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and the Subadvisory Agreements.

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund's performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

Additionally, the Board reviewed the performance of each of the Subadvisers and the Investment Manager's process for monitoring such Subadvisers' performance. The Board considered, in particular, management's rationale for recommending the continued retention of each Subadviser and management's representations that the Investment Manager's profitability is not the key factor driving their recommendation to select, renew or terminate the Subadvisers.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's and Subadvisers' performance and reputation generally, and the Investment Manager's evaluation of each Subadviser's contribution to the Fund's broader investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadvisers, in light of other considerations, supported the continuation of the Management Agreement and the Subadvisory Agreements.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe's median expense ratio.

Additionally, the Board reviewed the level of subadvisory fees paid to each Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and the Subadvisory Agreements.

38 Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Subadvisory Agreements were negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Board did not consider the profitability to each Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and the Subadvisory Agreements.
Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds and to the Investment Manager as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement provided for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and the Subadvisory Agreements. In reaching its conclusions, no single factor was determinative.

On June 23, 2022, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

Variable Portfolio – Partners International Core Equity Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_22400_1a9575ae-04ea-4782-8e75-8c20da571da3_TOC)

#### Variable Portfolio – Partners International Core Equity Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgc4a337502.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7054_12_B01_(02/23)

------

![](imge7aebefb1.jpg)

Annual Report

December 31, 2022

![](img5f3ee92e2.jpg)

CTIVP® – MFS® Value Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_97def929-ea15-4a96-b934-402dc80c4bec_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_97def929-ea15-4a96-b934-402dc80c4bec_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_cd73c827-4d80-4795-a2f3-05d17d1a7b8c_1)<br>| 7 |
| [Portfolio of Investments](#xx_9d617915-6905-41d5-b242-c755d07cf4b8_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_ae4cf3a5-17bf-4b2a-8d55-921301fdcd39_1)<br>| 12 |
| [Statement of Operations](#xx_ae4cf3a5-17bf-4b2a-8d55-921301fdcd39_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_ae4cf3a5-17bf-4b2a-8d55-921301fdcd39_3)<br>| 14 |
| [Financial Highlights](#xx_11133ef9-f857-42dd-89b0-14239a7cd6d8_2)<br>| 16 |
| [Notes to Financial Statements](#xx_27352e0a-b436-4e79-a0dc-e8f2aa451bb3_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_60a717fb-0517-438c-9ce4-2592eca577ff_1)<br>| 26 |
| [Trustees and Officers](#xx_8f28ce7d-0889-4df2-b86f-bb5a7b0e4cd5_1)<br>| 27 |
| [Approval of Subadvisory Agreement Amendment](#xx_8f28ce7d-0889-4df2-b86f-bb5a7b0e4cd5_7)<br>| 33 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which CTIVP® – MFS® Value Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### Massachusetts Financial Services Company
Katherine Cannan

Nevin Chitkara

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-6.10 | &nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp;&nbsp;&nbsp;11.02 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-6.36 | &nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.74 |
| &nbsp;&nbsp;Russell 1000 Value Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-7.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

CTIVP® – MFS® Value Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img38bbaa113.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of CTIVP® – MFS® Value Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;98.9 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;25.5 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;19.4 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;17.9 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 93.87% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of CTIVP<sup>®</sup> – MFS<sup>®</sup> Value Fund returned -6.36%. While absolute returns disappointed, the Fund outperformed its benchmark, the Russell 1000 Value Index, which returned -7.54% over the same period.

Market overview

The year 2022 was a challenging one for investors, with nearly all asset classes, except for select commodities, finishing the period in negative territory. For the last 40 years, interest rates have generally fallen, creating a long-term bull market for bond investors, and equity and fixed-income markets have usually been inversely correlated. Everything changed in 2022. With the U.S. Federal Reserve (Fed) taking the most aggressive action since the early 1980s to fight burgeoning inflationary pressures, raising interest rates by 425 basis points during the year, both equity and bond markets finished 2022 with negative returns. (A basis point is 1/100th of a percentage point.)

After several years of relative underperformance, value stocks had their best year versus growth stocks since the collapse of the technology bubble in 2000. The Russell 1000 Value Index posted an annual return of -7.54%, nearly 2200 basis points ahead of the Russell 1000 Growth Index, which returned -29.14% for the annual period. Such outperformance of the value style was helped in part by the blistering performance of the energy sector, the only sector that meaningfully appreciated during the period. The consumer staples, utilities and health care sectors finished roughly flat for the year, with all other sectors posting more significant negative returns.

The Fund's notable contributors during the period

• Stock selection was the primary positive contributor to the Fund's relative performance during the period, especially in the information technology, financials and real estate sectors.

• Relative sector positioning, which is a result of our bottom-up stock selection process, also added value to the Fund's results during the period. More specifically, having underweights to the information
technology and real estate sectors, which each lagged the benchmark during the period, helped.

• Notably, a disciplined focus within the Fund on both valuation and the durability of companies we look to invest in also added value amid the period's challenging market
environment.

○ The beginning of the year was difficult for our investment strategy, as the cheapest, lowest-quality companies rallied sharply in January. However, heading into the second quarter, quality leadership began to take
hold as market conditions became more difficult.

○ Our focus on downside risk mitigation enabled our strategy to outperform through the remainder of the period, including the fourth quarter when our underweight to high beta, or high
volatility, companies, which underperformed, proved especially beneficial.

• From an individual security perspective, among the top positive contributors to the Fund's results was Northrop Grumman Corp. The multinational aerospace and defense technology company benefited during the
period from improved execution efforts to minimize labor and supply-chain challenges while delivering in-line sales with margin upside.

• Having an overweight position in global health services provider Cigna Corp. added value. Its stock price rose as the company's financial results beat market expectations, led
by strong performance in its Cigna HealthCare health maintenance organization subsidiaries, which posted better than anticipated medical loss ratio rebates and strong operating income growth. (Medical loss ratio is a
measure of the percentage of premium dollars that a health plan spends on medical claims and quality improvements versus administrative costs.)

CTIVP® – MFS® Value Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• McKesson Corp., a health services and information technology company, was a notable positive contributor. During the period, its stock price advanced as the company reported strong revenue results and favorable
forward-looking guidance.

The Fund's notable detractors during the period

• Having an underweighted allocation to the energy sector, the strongest performing sector in the benchmark during the period, detracted most. Stock selection within the energy sector also hurt.

• Stock selection within the materials and consumer staples sectors further dampened relative results.

• Among the Fund's biggest individual detractors was an overweight position in information technology services firm Accenture plc. During the period, the company reported strong results that easily beat
consensus expectations, but its stock price dropped along with the broad equity markets as the Russia/Ukraine war escalated.

• Not holding positions in integrated oil and gas companies ExxonMobil Corp. and Chevron Corp. hindered the Fund's relative performance as well. Each company posted better than
consensus expected financial results, and each was further supported by global energy shortages and increased consumer demand that pushed energy prices higher.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. Dividend payments are not guaranteed and the amount, if any, can vary over time. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1082.80 | &nbsp;&nbsp;&nbsp;&nbsp;1021.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1081.20 | &nbsp;&nbsp;&nbsp;&nbsp;1020.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

CTIVP® – MFS® Value Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 99.0%** | &nbsp;&nbsp;**Common Stocks 99.0%** | &nbsp;&nbsp;**Common Stocks 99.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 3.1%** | &nbsp;&nbsp;**Communication Services 3.1%** | &nbsp;&nbsp;**Communication Services 3.1%** |
| &nbsp;&nbsp;**Media 3.1%** | &nbsp;&nbsp;**Media 3.1%** | &nbsp;&nbsp;**Media 3.1%** |
| &nbsp;&nbsp;Charter Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;43797 | &nbsp;&nbsp;14851563 |
| &nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;960587 | &nbsp;&nbsp;33591727 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;48443290 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**48443290** |
| &nbsp;&nbsp;**Consumer Discretionary 4.2%** | &nbsp;&nbsp;**Consumer Discretionary 4.2%** | &nbsp;&nbsp;**Consumer Discretionary 4.2%** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.0%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.0%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.0%** |
| &nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;105692 | &nbsp;&nbsp;15736482 |
| &nbsp;&nbsp;**Multiline Retail 1.3%** | &nbsp;&nbsp;**Multiline Retail 1.3%** | &nbsp;&nbsp;**Multiline Retail 1.3%** |
| &nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;127671 | &nbsp;&nbsp;19028086 |
| &nbsp;&nbsp;**Specialty Retail 1.9%** | &nbsp;&nbsp;**Specialty Retail 1.9%** | &nbsp;&nbsp;**Specialty Retail 1.9%** |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;148407 | &nbsp;&nbsp;29568610 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**64333178** |
| &nbsp;&nbsp;**Consumer Staples 5.7%** | &nbsp;&nbsp;**Consumer Staples 5.7%** | &nbsp;&nbsp;**Consumer Staples 5.7%** |
| &nbsp;&nbsp;**Beverages 2.5%** | &nbsp;&nbsp;**Beverages 2.5%** | &nbsp;&nbsp;**Beverages 2.5%** |
| &nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;541129 | &nbsp;&nbsp;23686231 |
| &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80698 | &nbsp;&nbsp;14578901 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;38265132 |
| &nbsp;&nbsp;**Food Products 1.8%** | &nbsp;&nbsp;**Food Products 1.8%** | &nbsp;&nbsp;**Food Products 1.8%** |
| &nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;61146 | &nbsp;&nbsp;&nbsp;&nbsp;5677406 |
| &nbsp;&nbsp;Nestlé SA, Registered Shares | &nbsp;&nbsp;197975 | &nbsp;&nbsp;22867980 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;28545386 |
| &nbsp;&nbsp;**Household Products 1.4%** | &nbsp;&nbsp;**Household Products 1.4%** | &nbsp;&nbsp;**Household Products 1.4%** |
| &nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96165 | &nbsp;&nbsp;13054399 |
| &nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;114457 | &nbsp;&nbsp;&nbsp;&nbsp;7933743 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;20988142 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**87798660** |
| &nbsp;&nbsp;**Energy 4.6%** | &nbsp;&nbsp;**Energy 4.6%** | &nbsp;&nbsp;**Energy 4.6%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 4.6%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 4.6%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 4.6%** |
| &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;279452 | &nbsp;&nbsp;32975336 |
| &nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;106721 | &nbsp;&nbsp;13822504 |
| &nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;109019 | &nbsp;&nbsp;24898849 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;71696689 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**71696689** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Financials 25.3%** | &nbsp;&nbsp;**Financials 25.3%** | &nbsp;&nbsp;**Financials 25.3%** |
| &nbsp;&nbsp;**Banks 6.3%** | &nbsp;&nbsp;**Banks 6.3%** | &nbsp;&nbsp;**Banks 6.3%** |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;347535 | &nbsp;&nbsp;&nbsp;&nbsp;15719008 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;430210 | &nbsp;&nbsp;&nbsp;&nbsp;57691161 |
| &nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;102365 | &nbsp;&nbsp;&nbsp;&nbsp;16167528 |
| &nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;186955 | &nbsp;&nbsp;&nbsp;&nbsp;8044674 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;97622371 |
| &nbsp;&nbsp;**Capital Markets 6.6%** | &nbsp;&nbsp;**Capital Markets 6.6%** | &nbsp;&nbsp;**Capital Markets 6.6%** |
| &nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28606 | &nbsp;&nbsp;&nbsp;&nbsp;20271070 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;24404 | &nbsp;&nbsp;&nbsp;&nbsp;8379845 |
| &nbsp;&nbsp;KKR & Co., Inc., Class A | &nbsp;&nbsp;179166 | &nbsp;&nbsp;&nbsp;&nbsp;8316886 |
| &nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38716 | &nbsp;&nbsp;&nbsp;&nbsp;10787052 |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;323409 | &nbsp;&nbsp;&nbsp;&nbsp;27496233 |
| &nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;418055 | &nbsp;&nbsp;&nbsp;&nbsp;25647674 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;100898760 |
| &nbsp;&nbsp;**Consumer Finance 1.6%** | &nbsp;&nbsp;**Consumer Finance 1.6%** | &nbsp;&nbsp;**Consumer Finance 1.6%** |
| &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;165085 | &nbsp;&nbsp;&nbsp;&nbsp;24391309 |
| &nbsp;&nbsp;**Insurance 10.8%** | &nbsp;&nbsp;**Insurance 10.8%** | &nbsp;&nbsp;**Insurance 10.8%** |
| &nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;122057 | &nbsp;&nbsp;&nbsp;&nbsp;36634188 |
| &nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;155907 | &nbsp;&nbsp;&nbsp;&nbsp;34393084 |
| &nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;216551 | &nbsp;&nbsp;&nbsp;&nbsp;35834860 |
| &nbsp;&nbsp;Progressive Corp. (The) | &nbsp;&nbsp;280530 | &nbsp;&nbsp;&nbsp;&nbsp;36387546 |
| &nbsp;&nbsp;Travelers Companies, Inc. (The) | &nbsp;&nbsp;123759 | &nbsp;&nbsp;&nbsp;&nbsp;23203575 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;166453253 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**389365693** |
| &nbsp;&nbsp;**Health Care 19.2%** | &nbsp;&nbsp;**Health Care 19.2%** | &nbsp;&nbsp;**Health Care 19.2%** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 3.7%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 3.7%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 3.7%** |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;211670 | &nbsp;&nbsp;&nbsp;&nbsp;23239249 |
| &nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;392813 | &nbsp;&nbsp;&nbsp;&nbsp;18175458 |
| &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;202274 | &nbsp;&nbsp;&nbsp;&nbsp;15720735 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;57135442 |
| &nbsp;&nbsp;**Health Care Providers & Services 4.7%** | &nbsp;&nbsp;**Health Care Providers & Services 4.7%** | &nbsp;&nbsp;**Health Care Providers & Services 4.7%** |
| &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;147907 | &nbsp;&nbsp;&nbsp;&nbsp;49007505 |
| &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63863 | &nbsp;&nbsp;&nbsp;&nbsp;23956289 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;72963794 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Life Sciences Tools & Services 2.8%** | &nbsp;&nbsp;**Life Sciences Tools & Services 2.8%** | &nbsp;&nbsp;**Life Sciences Tools & Services 2.8%** |
| &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47680 | &nbsp;&nbsp;&nbsp;&nbsp;12655226 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54532 | &nbsp;&nbsp;&nbsp;&nbsp;30030227 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;42685453 |
| &nbsp;&nbsp;**Pharmaceuticals 8.0%** | &nbsp;&nbsp;**Pharmaceuticals 8.0%** | &nbsp;&nbsp;**Pharmaceuticals 8.0%** |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;272024 | &nbsp;&nbsp;&nbsp;&nbsp;48053040 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;272751 | &nbsp;&nbsp;&nbsp;&nbsp;30261723 |
| &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;780373 | &nbsp;&nbsp;&nbsp;&nbsp;39986312 |
| &nbsp;&nbsp;Roche Holding AG, Genusschein Shares | &nbsp;&nbsp;&nbsp;&nbsp;17672 | &nbsp;&nbsp;&nbsp;&nbsp;5553206 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;123854281 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**296638970** |
| &nbsp;&nbsp;**Industrials 17.7%** | &nbsp;&nbsp;**Industrials 17.7%** | &nbsp;&nbsp;**Industrials 17.7%** |
| &nbsp;&nbsp;**Aerospace & Defense 5.1%** | &nbsp;&nbsp;**Aerospace & Defense 5.1%** | &nbsp;&nbsp;**Aerospace & Defense 5.1%** |
| &nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;110491 | &nbsp;&nbsp;&nbsp;&nbsp;27413922 |
| &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74836 | &nbsp;&nbsp;&nbsp;&nbsp;40831270 |
| &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;104148 | &nbsp;&nbsp;&nbsp;&nbsp;10510616 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;78755808 |
| &nbsp;&nbsp;**Building Products 2.9%** | &nbsp;&nbsp;**Building Products 2.9%** | &nbsp;&nbsp;**Building Products 2.9%** |
| &nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;331074 | &nbsp;&nbsp;&nbsp;&nbsp;21188736 |
| &nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;181801 | &nbsp;&nbsp;&nbsp;&nbsp;8484653 |
| &nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;88745 | &nbsp;&nbsp;&nbsp;&nbsp;14917147 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;44590536 |
| &nbsp;&nbsp;**Electrical Equipment 1.4%** | &nbsp;&nbsp;**Electrical Equipment 1.4%** | &nbsp;&nbsp;**Electrical Equipment 1.4%** |
| &nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;137612 | &nbsp;&nbsp;&nbsp;&nbsp;21598203 |
| &nbsp;&nbsp;**Industrial Conglomerates 2.4%** | &nbsp;&nbsp;**Industrial Conglomerates 2.4%** | &nbsp;&nbsp;**Industrial Conglomerates 2.4%** |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;173481 | &nbsp;&nbsp;&nbsp;&nbsp;37176978 |
| &nbsp;&nbsp;**Machinery 2.4%** | &nbsp;&nbsp;**Machinery 2.4%** | &nbsp;&nbsp;**Machinery 2.4%** |
| &nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;108775 | &nbsp;&nbsp;&nbsp;&nbsp;23963132 |
| &nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64115 | &nbsp;&nbsp;&nbsp;&nbsp;5020846 |
| &nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76409 | &nbsp;&nbsp;&nbsp;&nbsp;7562199 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;36546177 |
| &nbsp;&nbsp;**Professional Services 1.2%** | &nbsp;&nbsp;**Professional Services 1.2%** | &nbsp;&nbsp;**Professional Services 1.2%** |
| &nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93563 | &nbsp;&nbsp;&nbsp;&nbsp;18184905 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Road & Rail 2.3%** | &nbsp;&nbsp;**Road & Rail 2.3%** | &nbsp;&nbsp;**Road & Rail 2.3%** |
| &nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;76769 | &nbsp;&nbsp;&nbsp;&nbsp;9126299 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;129269 | &nbsp;&nbsp;&nbsp;&nbsp;26767732 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;35894031 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**272746638** |
| &nbsp;&nbsp;**Information Technology 7.0%** | &nbsp;&nbsp;**Information Technology 7.0%** | &nbsp;&nbsp;**Information Technology 7.0%** |
| &nbsp;&nbsp;**IT Services 1.8%** | &nbsp;&nbsp;**IT Services 1.8%** | &nbsp;&nbsp;**IT Services 1.8%** |
| &nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;101905 | &nbsp;&nbsp;&nbsp;&nbsp;27192330 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.2%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.2%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.2%** |
| &nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67378 | &nbsp;&nbsp;&nbsp;&nbsp;11052013 |
| &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49152 | &nbsp;&nbsp;&nbsp;&nbsp;18531779 |
| &nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;95177 | &nbsp;&nbsp;&nbsp;&nbsp;15040821 |
| &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;217588 | &nbsp;&nbsp;&nbsp;&nbsp;35949890 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;80574503 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**107766833** |
| &nbsp;&nbsp;**Materials 4.3%** | &nbsp;&nbsp;**Materials 4.3%** | &nbsp;&nbsp;**Materials 4.3%** |
| &nbsp;&nbsp;**Chemicals 4.3%** | &nbsp;&nbsp;**Chemicals 4.3%** | &nbsp;&nbsp;**Chemicals 4.3%** |
| &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;313065 | &nbsp;&nbsp;&nbsp;&nbsp;21485651 |
| &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57296 | &nbsp;&nbsp;&nbsp;&nbsp;6006913 |
| &nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;170603 | &nbsp;&nbsp;&nbsp;&nbsp;21451621 |
| &nbsp;&nbsp;Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;70208 | &nbsp;&nbsp;&nbsp;&nbsp;16662465 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;65606650 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;**65606650** |
| &nbsp;&nbsp;**Real Estate 1.2%** | &nbsp;&nbsp;**Real Estate 1.2%** | &nbsp;&nbsp;**Real Estate 1.2%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.2%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.2%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.2%** |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;121592 | &nbsp;&nbsp;&nbsp;&nbsp;13707066 |
| &nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;19799 | &nbsp;&nbsp;&nbsp;&nbsp;5547482 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;19254548 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**19254548** |
| &nbsp;&nbsp;**Utilities 6.7%** | &nbsp;&nbsp;**Utilities 6.7%** | &nbsp;&nbsp;**Utilities 6.7%** |
| &nbsp;&nbsp;**Electric Utilities 5.3%** | &nbsp;&nbsp;**Electric Utilities 5.3%** | &nbsp;&nbsp;**Electric Utilities 5.3%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95792 | &nbsp;&nbsp;&nbsp;&nbsp;9095450 |
| &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;307217 | &nbsp;&nbsp;&nbsp;&nbsp;31640279 |
| &nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96627 | &nbsp;&nbsp;&nbsp;&nbsp;4177185 |
| &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;383574 | &nbsp;&nbsp;&nbsp;&nbsp;27391019 |
| &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;139260 | &nbsp;&nbsp;&nbsp;&nbsp;9763519 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;82067452 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – MFS® Value Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Multi-Utilities 1.4%** | &nbsp;&nbsp;**Multi-Utilities 1.4%** | &nbsp;&nbsp;**Multi-Utilities 1.4%** |
| &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21095797 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**103163249** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,193,082,153) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,193,082,153) | &nbsp;&nbsp;**1526814398** |
| &nbsp;&nbsp;**Money Market Funds 1.1%** | &nbsp;&nbsp;**Money Market Funds 1.1%** | &nbsp;&nbsp;**Money Market Funds 1.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;16339538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16334636 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $16,334,450) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $16,334,450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16334636** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,209,416,603)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,209,416,603)** | &nbsp;&nbsp;**1543149034** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1423593)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**1541725441** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 8587856 | &nbsp;&nbsp;261948598 | &nbsp;&nbsp;(254202857) | &nbsp;&nbsp;1039 | &nbsp;&nbsp;16334636 | &nbsp;&nbsp;(5601) | &nbsp;&nbsp;190297 | &nbsp;&nbsp;16339538 |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;48443290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48443290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;64333178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64333178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;33310706 | &nbsp;&nbsp;&nbsp;&nbsp;54487954 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87798660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;71696689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71696689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;389365693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389365693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;291085764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553206 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296638970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;272746638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272746638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;107766833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107766833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;65606650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65606650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;19254548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19254548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;103163249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103163249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 1466773238 | &nbsp;&nbsp;&nbsp;&nbsp;60041160 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1526814398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;16334636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16334636 |
| &nbsp;&nbsp;Total Investments in Securities | 1483107874 | &nbsp;&nbsp;&nbsp;&nbsp;60041160 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1543149034 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – MFS® Value Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,193,082,153) | $1526814398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $16,334,450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16334636 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16118 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1544853872 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16130 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2901102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28560 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128431 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1541725441** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $1541725441 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1541725441** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1457732599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40979683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35.57 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$83992842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34.48 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$37939016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350520) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37778793 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11337365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28464 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11743449 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201354) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11542095 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26236698 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;156226404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5601) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25033) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;156195770 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(304186026) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(304184987) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(147989217) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(121752519)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – MFS® Value Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$26236698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25097226 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;156195770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172546236 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(304184987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233409169 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(121752519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431052631 |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(275258048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279254817) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(397010567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151797814 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;1938736008 | &nbsp;&nbsp;&nbsp;&nbsp;1786938194 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1541725441** | &nbsp;&nbsp;**$1938736008** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;126441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4338303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11549033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359209880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (8048313) | &nbsp;&nbsp;&nbsp;&nbsp;(282830627) | &nbsp;&nbsp;&nbsp;&nbsp;(19571121) | &nbsp;&nbsp;&nbsp;&nbsp;(639860567) |
| &nbsp;&nbsp;Net decrease | (7921872) | &nbsp;&nbsp;&nbsp;&nbsp;(278492324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8022088) | &nbsp;&nbsp;&nbsp;&nbsp;(280650687) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;244469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8324601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8139195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(151977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5090325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6743325) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395870 |
| &nbsp;&nbsp;**Total net decrease** | **(7829380)** | &nbsp;&nbsp;&nbsp;&nbsp;**(275258048)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7980799)** | &nbsp;&nbsp;&nbsp;&nbsp;**(279254817)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

CTIVP® – MFS® Value Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $37.88 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;(2.87) | &nbsp;&nbsp;(2.31) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $30.20 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp;&nbsp;&nbsp;7.68 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.16 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $22.46 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.70 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $24.96 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;(3.00) | &nbsp;&nbsp;(2.50) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $36.82 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;(2.80) | &nbsp;&nbsp;(2.34) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $29.43 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;7.39 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $28.48 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $21.99 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $24.50 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;(2.95) | &nbsp;&nbsp;(2.51) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |
| (d) | Ratios include line of credit interest expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $35.57 | &nbsp;&nbsp;(6.10%) 0.70%<sup>(c)</sup> 0.68%<sup>(c)</sup> | 1.60% | 13% | $1457733 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $37.88 | 25.43% 0.69%<sup>(c)</sup> | 1.33% | 10% | $1852472 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $30.20 | &nbsp;&nbsp;&nbsp;3.57% 0.71%<sup>(c),(d)</sup> | 1.59% | 38% | $1719205 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $29.16 | 29.83% 0.70%<sup>(c)</sup> | 1.62% | 12% | $1493599 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $22.46 | (10.02%) 0.69%<sup>(c)</sup> | 2.00% | &nbsp;&nbsp;8% | $1588214 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $34.48 | &nbsp;&nbsp;(6.36%) 0.95%<sup>(c)</sup> 0.93%<sup>(c)</sup> | 1.36% | 13% | &nbsp;&nbsp;&nbsp;&nbsp;$83993 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $36.82 | 25.11% 0.94%<sup>(c)</sup> | 1.08% | 10% | &nbsp;&nbsp;&nbsp;&nbsp;$86264 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $29.43 | &nbsp;&nbsp;&nbsp;3.33% 0.96%<sup>(c),(d)</sup> | 1.36% | 38% | &nbsp;&nbsp;&nbsp;&nbsp;$67733 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $28.48 | 29.51% 0.95%<sup>(c)</sup> | 1.36% | 12% | &nbsp;&nbsp;&nbsp;&nbsp;$63976 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $21.99 | (10.25%) 0.94%<sup>(c)</sup> | 1.80% | &nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;$45033 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – MFS® Value Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

CTIVP® – MFS® Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

CTIVP® – MFS® Value Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's

20 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.71% to 0.53% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.68% of the Fund's average daily net assets.

#### Subadvisory agreement
The Investment Manager has entered into a Subadvisory Agreement with Massachusetts Financial Services Company to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

CTIVP® – MFS® Value Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.68% | 0.72% |
| &nbsp;&nbsp;Class 2 | 0.93 | 0.97 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $219,559,224 and $477,473,418, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

22 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 385714 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;7 |

---

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Financial sector risk
The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events

CTIVP® – MFS® Value Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual

24 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Notes to Financial Statements (continued)

December 31, 2022

(10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

CTIVP® – MFS® Value Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP® – MFS® Value Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP® – MFS® Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

26 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

CTIVP® – MFS® Value Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

28 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

CTIVP® – MFS® Value Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

30 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

CTIVP® – MFS® Value Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

32 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

## Approval of Subadvisory Agreement Amendment
(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to CTIVP® – MFS® Value Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between the Investment Manager and Massachusetts Financial Services Company (the Subadviser), the Subadviser provides portfolio management and related services for the Fund. At their meeting on November 4, 2022, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), approved an amendment to the Subadvisory Agreement for the purpose of reducing the fees payable thereunder by the Investment Manager to the Subadviser.

The Independent Trustees considered how the amendment to the Subadvisory Agreement would reduce the subadvisory fee rate paid to the Subadviser by the Investment Manager under the current Subadvisory Agreement. The Independent Trustees also considered that the Investment Manager had confirmed that there would not be any change to the nature or quality of the subadvisory services provided as a result of entering into the amendment, and that the Subadvisory Agreement, as amended, was substantially similar to the current subadvisory agreement in place except for the reduced fee. The Independent Trustees reviewed the performance of the Fund as well as the level of management fees paid by the Fund. The Independent Trustees noted that no management fees were proposed to change and that the level of services provided by the Investment Manager was also not proposed to change. The Independent Trustees also noted that the Contracts Committee, as part of the 2023 15(c) process, would review the continued reasonableness of each Fund's management fee, including taking into account the reduced subadvisory fee levels.

The Independent Trustees noted the discussion, which is described below, relating to the renewal and approval of the advisory and subadvisory agreements for the Fund at the Contracts Committee and Board meetings in June 2022 (the June Meeting) and, in that connection, the discussion by independent legal counsel of the Board's responsibilities pursuant to Sections 15(c) and 36(b) of the 1940 Act and the factors that should be considered in determining whether to approve or renew an investment management agreement. The Independent Trustees considered that they should apply these factors in considering the amendment to the Subadvisory Agreement. The Independent Trustees also considered that they should take into account the variety of written materials and oral presentations they received at their meetings in November 2022 as well as all of the information previously considered at the June Meeting regarding the proposed 15(c) renewal of the existing Funds' advisory and subadvisory agreements.

After considering the factors described above relating to the amendment of the Subadvisory Agreement, and taking into account all of the factors considered, as described below, as part of the approval of the continuance of the Fund's current Subadvisory Agreement in June 2022, the Board, including all of the Independent Trustees, approved the proposed amendment to the Subadvisory Agreement.

General conclusions in connection with the Trustees' previous approval of the continuance of the Fund's existing advisory agreements

On an annual basis, the Board, including the Independent Trustees, considers renewal of the Management Agreement and the Subadvisory Agreement (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Oversight Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

CTIVP® – MFS® Value Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) The Board, at its June 23, 2022 Board meeting, considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory and subadvisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:
• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and
certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net
assets;

• Terms of the Advisory Agreements;

• Subadvisory fees payable by the Investment Manager under the Subadvisory Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and
shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager and the Subadviser under the Advisory Agreements, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager and the Subadviser, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager and the Subadviser with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement and the Subadvisory Agreement.

Nature, extent and quality of services provided by the Investment Manager and the Subadviser

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadviser, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated Subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight, over the past several years, as well as planned 2022 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight.

34 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial's acquisition of BMO Financial Group's Europe, Middle East, and Africa (EMEA) asset management business.
In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring the Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered the Subadviser's organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser's capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreement. The Board took into account the Investment Manager's representation that the Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager's subadvisory oversight team and their significant resources added in recent years.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and the Subadvisory Agreement.

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund's performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

Additionally, the Board reviewed the performance of the Subadviser and the Investment Manager's process for monitoring the Subadviser's performance. The Board considered, in particular, management's rationale for recommending the continued retention of the Subadviser and management's representations that the Investment Manager's profitability is not the key factor driving their recommendation to select, renew or terminate the Subadviser.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

CTIVP® – MFS® Value Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) The Board also considered the Investment Manager's and Subadviser's performance and reputation generally, and the Investment Manager's evaluation of the Subadviser's contribution to the Fund's broader investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadviser, in light of other considerations, supported the continuation of the Management Agreement and the Subadvisory Agreement.
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe's median expense ratio.

Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing the Subadviser to provide comparable subadvisory services. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and the Subadvisory Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Subadvisory Agreement was negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadviser thereunder, the Board did not consider the profitability to the Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and the Subadvisory Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds and to the Investment Manager as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took

36 CTIVP® – MFS® Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement provided for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders. The Board also noted that the breakpoints in the Subadvisory Agreement did not occur at the same levels as the breakpoints in the Management Agreement. In this regard, the Board noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context.
Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and the Subadvisory Agreement. In reaching its conclusions, no single factor was determinative.

On June 23, 2022, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

CTIVP® – MFS® Value Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_231_5d6b82c4-b6ac-4b69-b8e1-3804cbf1297f_TOC)

#### CTIVP® – MFS® Value Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img5f3ee92e2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7034_12_B01_(02/23)

------

![](img18c73d9d1.jpg)

Annual Report

December 31, 2022

![](img160b0ea22.jpg)

Variable Portfolio – Partners International Growth Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_59d037f1-382a-4225-9100-a24668864751_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_59d037f1-382a-4225-9100-a24668864751_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_0d062640-3039-41b0-9785-cce45eae3c6a_1)<br>| 9 |
| [Portfolio of Investments](#xx_44a1cb51-fb6e-48af-bb13-ebea42ae3ec2_1)<br>| 10 |
| [Statement of Assets and Liabilities](#xx_212061fe-7cf1-4bb2-b1a0-9fa43076ae60_1)<br>| 14 |
| [Statement of Operations](#xx_212061fe-7cf1-4bb2-b1a0-9fa43076ae60_2)<br>| 15 |
| [Statement of Changes in Net Assets](#xx_212061fe-7cf1-4bb2-b1a0-9fa43076ae60_3)<br>| 16 |
| [Financial Highlights](#xx_97b5e9d2-2e19-4f20-9a67-4b429d366b47_2)<br>| 18 |
| [Notes to Financial Statements](#xx_92962047-44a2-4a33-88f8-f2e0e845f583_1)<br>| 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_7d84b6c2-2b9c-45bf-8797-d8d44b2e4607_1)<br>| 30 |
| [Federal Income Tax Information](#xx_33d2afda-5761-462c-a2dc-857d482278f3_1)<br>| 31 |
| [Trustees and Officers](#xx_33d2afda-5761-462c-a2dc-857d482278f3_1)<br>| 31 |
| [Approval of Subadvisory Agreement Amendment](#xx_33d2afda-5761-462c-a2dc-857d482278f3_7)<br>| 37 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Partners International Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### Walter Scott & Partners Limited
Roy Leckie

Charlie Macquaker

Jane Henderson

Fraser Fox, CFA

Maxim Skorniakov, CFA

#### William Blair Investment Management, LLC
Alaina Anderson, CFA

Simon Fennell

Kenneth McAtamney

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-26.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-26.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 |
| &nbsp;&nbsp;MSCI EAFE Growth Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;-22.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to May 2020 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadvisers and strategies had been in place for the prior periods, results shown may have been different.

The MSCI EAFE Growth Index (Net) captures large and mid-cap securities exhibiting overall growth style characteristics across developed market countries around the world, excluding the US and Canada.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Growth Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](imgd4060c913.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Partners International Growth Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;12.6 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;12.0 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;17.2 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;23.6 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;16.1 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Country breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;13.1 |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.9 |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;17.2 |
| &nbsp;&nbsp;United States<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer's place of organization/incorporation. Percentages indicated are based upon total investments, excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 96.34% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

*During the annual period ended December 31, 2022, the Fund was managed by two subadvisers and each invested a portion of the Fund's assets. As of December 31, 2022, Walter Scott & Partners Limited (Walter Scott) managed approximately 26.90% and William Blair Investment Management, LLC (William Blair) managed approximately 73.10% of the Fund's assets.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio – Partners International Growth Fund returned -26.87%. The Fund underperformed its benchmark, the MSCI EAFE Growth Index (Net), which returned -22.95% for the same time period.

Market overview

It was a turbulent year for equity markets. Russia's invasion of Ukraine in February 2022 was the unexpected event that undermined already fragile confidence in the outlook for the global economy, disrupting supply chains and turbocharging nascent price pressures in the global commodity complex. Inflation, and the subsequent response of central banks, dominated investor concern during the year, as the U.S. Federal Reserve (Fed) ditched its 'transitory' language and embarked on an aggressive rate hiking cycle. The new narrative around inflation and interest rates – higher for longer – drove a powerful market rotation from growth stocks to value stocks. Global equities, as measured by the MSCI World Index (Gross) declined 17.73% in 2022 (in USD terms), marking the end to the worst year for global equities in more than a decade. Growth equities underperformed value-oriented equities, as equity markets rallied behind a more dovish outlook for Fed rate hikes and loosened COVID-19 restrictions in China.

The Fund's notable detractors during the period

Walter Scott

• The information technology sector was very weak over the course of 2022. The overweight exposure in our portion of the Fund detracted both from an allocation and a selection perspective.

• Security selection within the health care sector was a key detractor from relative returns.

• Similarly, selection in the industrials sector weighed on relative returns. An overweight exposure to the sector was also negative, though to a lesser extent.

• The top individual detractors from performance in our portion of the Fund during the period included Adidas AG (Germany), VAT Group AG (Switzerland), and Sysmex Corp. (Japan).

○ It was a difficult year for Adidas due to three principal factors. Firstly, the challenging market environment, particularly in China, resulted in multiple profit warnings. Second, the departure of its CEO dented
investor confidence and signaled cultural and leadership issues. Finally, the controversy surrounding its 'Yeezy' collaboration with Kanye West negatively impacted the company.

○ VAT Group is the world's dominant supplier of high-end vacuum sealing technologies, which are critical to manufacturing processes requiring ultra-clean process environments. The company's largest
customers are original equipment manufacturers whose products are used by manufacturers of semiconductors and flat panel displays. VAT Group's share price was weak in 2022 after a very strong run over the
previous couple of years. Despite seeing continued strong demand growth, particularly from its customers in the semiconductor industry, investors began to factor in a weaker demand outlook.

○ Sysmex is a world's leading player in in-vitro diagnostic testing. In 2022, the company's shares underperformed due to the rotation away from highly valued stocks, the
impact of yen depreciation and volatile performance in China.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Country and sector weights are outputs of our bottom-up approach, as opposed to a fundamental input. Many of the businesses in which we invest have a global reach, and their country of domicile is of little
importance. That said, from a country perspective, Japanese stocks were the most notable relative detractors in our portion of the Fund, followed by German and Taiwanese stocks.

William Blair

• Our preference toward high-quality stocks, which typically offer protection in down markets, weighed on returns in our portion of the Fund amid the largely indiscriminate sell-off in high-growth, high-multiple
stocks during the period.

• Our portion of the Fund is constructed from the bottom up, seeking to add value through stock selection. Sector level positioning is the result from the conviction we have in underlying stocks we select.

• The health care, information technology and industrials sectors detracted from both a stock selection and allocation perspective.

• We were underweight in the health care sector, relative to the benchmark, and overweight in the information technology and industrials sector.

• Individual holdings in our portion of the Fund that detracted most from results during the period included Straumann Holding AG (Switzerland), Atlassian Corp. PLC (United States) and
Kingspan Group PLC (Ireland).

○ Straumann Holding is a global leader in esthetic dentistry. The categories that the company participates in are growing well above global dental market rates. Recent results have been strong, with revenue up 27% in
the period. Despite those results, price-to-earnings multiples have compressed significantly, from approximately 58 times to 33 times this year.

○ Atlassian Corp. designs and develops enterprise software for project management, collaboration, issue tracking, integration, deployment, and support services. Layoffs and the slower pace of hiring among customers
are leading to slower growth at Atlassian and its business is more sensitive to economic conditions than we previously thought. Full year 2023 guidance was recently lowered. We exited the position during the period.

○ Kingspan Group is a leading building materials company that has developed a differentiated technology within insulated panels. While recent results were strong, with revenue up 48%
year-over-year and ahead of consensus, the company signaled a slowdown in orders amid economic weakness. The position was trimmed throughout 2022 and fully liquidated in December.

• Just as sector allocation is a by-product of stock selection in our portion of the Fund, so is country-level positioning. That said, Australia, Switzerland and the United Kingdom were all areas of detraction for our
portion of the Fund.

The Fund's notable contributors during the period

Walter Scott

• In a strong year for energy stocks, sector allocation (an overweight) and security selection in our portion of the Fund was positive, both from an absolute and a relative perspective.

• The consumer discretionary sector, to which our portion of the Fund had an underweight exposure, was positive from both an allocation and selection perspective.

• An overweighted exposure to the health care sector was positive from an allocation perspective.

• Security selection within the real estate sector contributed positively to relative returns in our portion of the Fund.

• Over the year TotalEnergies SE (France), Alimentation Couche-Tard, Inc. (Canada) and Novo Nordisk A/S (Denmark) were the top contributors to performance at a stock level.

6 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

○ TotalEnergies benefited from the spike in energy prices that followed Russia's invasion of Ukraine, as well as improved profitability in its refining and chemicals operations. TotalEnergies' gas business
had been exceptional in 2022 as the company has played an important role in sourcing additional gas cargos for the energy-starved European market.

○ Alimentation Couche-Tard is one of the largest convenience store operators in the highly fragmented North American market and has a growing presence in Europe and Asia. The convenience store sector is gaining market
share from other categories of retail by virtue of its proximity benefits, faster transaction speeds, extended opening hours and one-stop-shop offerings. Alimentation Couche-Tard is a world-class convenience store
operator and over the course of 2022 delivered good results. We believe that its execution of strategy was excellent, and the company remained highly cash generative.

○ Novo Nordisk is a global leader in the treatment of diabetes and obesity. The business had a very strong year, with very strong sales of its new obesity drug, Wegovy. In November
2022, the company reported that its overall sales grew in the first nine months of 2022, with operating profit also rising. Diabetes and obesity sales were robust. While insulin sales, which accounted for 31% of Novo
Nordisk's total sales, remained under pressure given ongoing price pressure in the U.S., the success of diabetes drugs Rybelsus and Ozempic enabled management to raise full-year guidance.

• From a geographical perspective, Canada, Hong Kong and France represented the three most significant positive relative contributors.

William Blair

• The energy, consumer discretionary and materials sectors were the largest contributing sectors to our portion of the Fund, from both a stock selection and allocation perspective. We were overweight in the energy
sector, relative to the benchmark, and underweight in the consumer discretionary and materials sectors.

• Individual holdings in our portion of the Fund that contributed most to results during the period included Canadian National Railway Co. (Canada), Reliance Industries Ltd. (India) and
Compass Group PLC (United Kingdom).

○ Shares of Canadian National Railway bounced off 2022 lows following a better-than-expected second quarter earnings report in July 2022. However, we liquidated our position in Canadian National in favor of Canadian
Pacific in August following Canadian Pacific's acquisition of Kansas City Southern.

○ Our position in Reliance Industries bolstered relative performance as the company delivered very strong results, benefiting from robust retail trends amid India reopening, rising gas prices, and wireless tariff
increases. We believe that Reliance's transformation from an asset-heavy, cyclical energy business to more diversified, end-consumer businesses with large and expanding total addressable markets is
under-appreciated and will continue to drive strong growth and returns over the long term while the commodity business will continue to provide earnings support in the near term.

○ Compass Group is a global leader in outsourced foodservice and other support services to private businesses, schools and colleges, hospitals, and in remote environments. The company
is benefiting from the ongoing global trend toward outsourcing foodservice and hospitality services. Share prices outperformed on stronger-than-anticipated organic growth across segments and regions as revenue
exceeded pre-COVID levels.

• India, Luxembourg and Canada were all areas of strength for our portion of the Fund during the period.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund is managed by multiple advisers independently of one another, which may result in contradicting trades (i.e., with no net benefit to the Fund), while increasing transaction costs. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective*

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

8 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1032.90 | &nbsp;&nbsp;&nbsp;&nbsp;1020.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1032.20 | &nbsp;&nbsp;&nbsp;&nbsp;1019.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.6%** | &nbsp;&nbsp;**Common Stocks 98.6%** | &nbsp;&nbsp;**Common Stocks 98.6%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Argentina 1.0%** | &nbsp;&nbsp;**Argentina 1.0%** | &nbsp;&nbsp;**Argentina 1.0%** |
| &nbsp;&nbsp;Globant SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23994 | &nbsp;&nbsp;&nbsp;&nbsp;4034831 |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8571 | &nbsp;&nbsp;&nbsp;&nbsp;7253123 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**11287954** |
| &nbsp;&nbsp;**Australia 2.5%** | &nbsp;&nbsp;**Australia 2.5%** | &nbsp;&nbsp;**Australia 2.5%** |
| &nbsp;&nbsp;Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;289365 | &nbsp;&nbsp;&nbsp;&nbsp;5962599 |
| &nbsp;&nbsp;Cochlear Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp;&nbsp;&nbsp;3521740 |
| &nbsp;&nbsp;CSL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;100809 | &nbsp;&nbsp;19657160 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**29141499** |
| &nbsp;&nbsp;**Belgium 1.1%** | &nbsp;&nbsp;**Belgium 1.1%** | &nbsp;&nbsp;**Belgium 1.1%** |
| &nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;205954 | &nbsp;&nbsp;13260416 |
| &nbsp;&nbsp;**Brazil 0.5%** | &nbsp;&nbsp;**Brazil 0.5%** | &nbsp;&nbsp;**Brazil 0.5%** |
| &nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;2494600 | &nbsp;&nbsp;&nbsp;&nbsp;6241520 |
| &nbsp;&nbsp;**Canada 7.6%** | &nbsp;&nbsp;**Canada 7.6%** | &nbsp;&nbsp;**Canada 7.6%** |
| &nbsp;&nbsp;Alimentation Couche-Tard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216700 | &nbsp;&nbsp;&nbsp;&nbsp;9522637 |
| &nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66900 | &nbsp;&nbsp;&nbsp;&nbsp;7946969 |
| &nbsp;&nbsp;Canadian Pacific Railway Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;346478 | &nbsp;&nbsp;25843794 |
| &nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281427 | &nbsp;&nbsp;16459530 |
| &nbsp;&nbsp;Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98510 | &nbsp;&nbsp;14180638 |
| &nbsp;&nbsp;Toronto-Dominion Bank (The) | &nbsp;&nbsp;&nbsp;&nbsp;252648 | &nbsp;&nbsp;16358678 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**90312246** |
| &nbsp;&nbsp;**China 1.9%** | &nbsp;&nbsp;**China 1.9%** | &nbsp;&nbsp;**China 1.9%** |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;290897 | &nbsp;&nbsp;&nbsp;&nbsp;9004328 |
| &nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80500 | &nbsp;&nbsp;&nbsp;&nbsp;4536002 |
| &nbsp;&nbsp;Shenzhen Inovance Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;894491 | &nbsp;&nbsp;&nbsp;&nbsp;8925102 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**22465432** |
| &nbsp;&nbsp;**Denmark 6.3%** | &nbsp;&nbsp;**Denmark 6.3%** | &nbsp;&nbsp;**Denmark 6.3%** |
| &nbsp;&nbsp;Chr. Hansen Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79500 | &nbsp;&nbsp;&nbsp;&nbsp;5718657 |
| &nbsp;&nbsp;Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;107648 | &nbsp;&nbsp;12611256 |
| &nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75193 | &nbsp;&nbsp;11890810 |
| &nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;280621 | &nbsp;&nbsp;38112699 |
| &nbsp;&nbsp;Novozymes AS, Class B | &nbsp;&nbsp;&nbsp;&nbsp;120700 | &nbsp;&nbsp;&nbsp;&nbsp;6123559 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**74456981** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Finland 1.5%** | &nbsp;&nbsp;**Finland 1.5%** | &nbsp;&nbsp;**Finland 1.5%** |
| &nbsp;&nbsp;KONE OYJ, Class B | &nbsp;&nbsp;&nbsp;&nbsp;113500 | &nbsp;&nbsp;&nbsp;&nbsp;5876094 |
| &nbsp;&nbsp;Neste OYJ | &nbsp;&nbsp;&nbsp;&nbsp;262732 | &nbsp;&nbsp;&nbsp;&nbsp;12116409 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**17992503** |
| &nbsp;&nbsp;**France 13.1%** | &nbsp;&nbsp;**France 13.1%** | &nbsp;&nbsp;**France 13.1%** |
| &nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43780 | &nbsp;&nbsp;&nbsp;&nbsp;6213933 |
| &nbsp;&nbsp;Airbus Group SE | &nbsp;&nbsp;&nbsp;&nbsp;138125 | &nbsp;&nbsp;&nbsp;&nbsp;16423408 |
| &nbsp;&nbsp;Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;348198 | &nbsp;&nbsp;&nbsp;&nbsp;12521085 |
| &nbsp;&nbsp;Hermes International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 | &nbsp;&nbsp;&nbsp;&nbsp;3776760 |
| &nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50138 | &nbsp;&nbsp;&nbsp;&nbsp;17954305 |
| &nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44885 | &nbsp;&nbsp;&nbsp;&nbsp;32662513 |
| &nbsp;&nbsp;Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;108449 | &nbsp;&nbsp;&nbsp;&nbsp;13583671 |
| &nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31333 | &nbsp;&nbsp;&nbsp;&nbsp;10182226 |
| &nbsp;&nbsp;Teleperformance SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39235 | &nbsp;&nbsp;&nbsp;&nbsp;9379733 |
| &nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;137200 | &nbsp;&nbsp;&nbsp;&nbsp;8612484 |
| &nbsp;&nbsp;VINCI SA | &nbsp;&nbsp;&nbsp;&nbsp;237377 | &nbsp;&nbsp;&nbsp;&nbsp;23663404 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**154973522** |
| &nbsp;&nbsp;**Germany 2.8%** | &nbsp;&nbsp;**Germany 2.8%** | &nbsp;&nbsp;**Germany 2.8%** |
| &nbsp;&nbsp;Adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35900 | &nbsp;&nbsp;&nbsp;&nbsp;4865399 |
| &nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;448885 | &nbsp;&nbsp;&nbsp;&nbsp;13642480 |
| &nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40600 | &nbsp;&nbsp;&nbsp;&nbsp;7833380 |
| &nbsp;&nbsp;Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780289 |
| &nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53900 | &nbsp;&nbsp;&nbsp;&nbsp;5564676 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**32686224** |
| &nbsp;&nbsp;**Hong Kong 3.5%** | &nbsp;&nbsp;**Hong Kong 3.5%** | &nbsp;&nbsp;**Hong Kong 3.5%** |
| &nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;2155000 | &nbsp;&nbsp;&nbsp;&nbsp;23798509 |
| &nbsp;&nbsp;CLP Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;603000 | &nbsp;&nbsp;&nbsp;&nbsp;4393200 |
| &nbsp;&nbsp;Hang Lung Properties Ltd. | &nbsp;&nbsp;2101000 | &nbsp;&nbsp;&nbsp;&nbsp;4092770 |
| &nbsp;&nbsp;Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;139700 | &nbsp;&nbsp;&nbsp;&nbsp;7106657 |
| &nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;213500 | &nbsp;&nbsp;&nbsp;&nbsp;2371312 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**41762448** |
| &nbsp;&nbsp;**India 4.3%** | &nbsp;&nbsp;**India 4.3%** | &nbsp;&nbsp;**India 4.3%** |
| &nbsp;&nbsp;Housing Development Finance Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;453379 | &nbsp;&nbsp;&nbsp;&nbsp;14413356 |
| &nbsp;&nbsp;Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;666135 | &nbsp;&nbsp;&nbsp;&nbsp;12144507 |
| &nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;798752 | &nbsp;&nbsp;&nbsp;&nbsp;24522176 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**51080039** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Ireland 1.5%** | &nbsp;&nbsp;**Ireland 1.5%** | &nbsp;&nbsp;**Ireland 1.5%** |
| &nbsp;&nbsp;ICON PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91176 | &nbsp;&nbsp;&nbsp;&nbsp;17710938 |
| &nbsp;&nbsp;**Italy 0.2%** | &nbsp;&nbsp;**Italy 0.2%** | &nbsp;&nbsp;**Italy 0.2%** |
| &nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59100 | &nbsp;&nbsp;&nbsp;&nbsp;2456657 |
| &nbsp;&nbsp;**Japan 8.7%** | &nbsp;&nbsp;**Japan 8.7%** | &nbsp;&nbsp;**Japan 8.7%** |
| &nbsp;&nbsp;Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;117300 | &nbsp;&nbsp;&nbsp;&nbsp;17796006 |
| &nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;&nbsp;&nbsp;4534291 |
| &nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;166800 | &nbsp;&nbsp;&nbsp;&nbsp;15975868 |
| &nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63640 | &nbsp;&nbsp;&nbsp;&nbsp;24707898 |
| &nbsp;&nbsp;MISUMI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125600 | &nbsp;&nbsp;&nbsp;&nbsp;2729830 |
| &nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96400 | &nbsp;&nbsp;&nbsp;&nbsp;4753984 |
| &nbsp;&nbsp;Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;3229799 |
| &nbsp;&nbsp;Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89500 | &nbsp;&nbsp;&nbsp;&nbsp;2533735 |
| &nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;127700 | &nbsp;&nbsp;&nbsp;&nbsp;15593730 |
| &nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;5428200 |
| &nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94500 | &nbsp;&nbsp;&nbsp;&nbsp;5705022 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**102988363** |
| &nbsp;&nbsp;**Luxembourg 1.9%** | &nbsp;&nbsp;**Luxembourg 1.9%** | &nbsp;&nbsp;**Luxembourg 1.9%** |
| &nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;1284775 | &nbsp;&nbsp;&nbsp;&nbsp;22532017 |
| &nbsp;&nbsp;**Netherlands 3.1%** | &nbsp;&nbsp;**Netherlands 3.1%** | &nbsp;&nbsp;**Netherlands 3.1%** |
| &nbsp;&nbsp;Adyen NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8871 | &nbsp;&nbsp;&nbsp;&nbsp;12315165 |
| &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44890 | &nbsp;&nbsp;&nbsp;&nbsp;24476367 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**36791532** |
| &nbsp;&nbsp;**Norway 1.1%** | &nbsp;&nbsp;**Norway 1.1%** | &nbsp;&nbsp;**Norway 1.1%** |
| &nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;362397 | &nbsp;&nbsp;&nbsp;&nbsp;13024649 |
| &nbsp;&nbsp;TOMRA Systems ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383606 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**13408255** |
| &nbsp;&nbsp;**Singapore 0.5%** | &nbsp;&nbsp;**Singapore 0.5%** | &nbsp;&nbsp;**Singapore 0.5%** |
| &nbsp;&nbsp;CapitaLand Ascendas REIT | &nbsp;&nbsp;3165024 | &nbsp;&nbsp;&nbsp;&nbsp;6482193 |
| &nbsp;&nbsp;**Spain 2.3%** | &nbsp;&nbsp;**Spain 2.3%** | &nbsp;&nbsp;**Spain 2.3%** |
| &nbsp;&nbsp;Amadeus IT Group SA, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400031 | &nbsp;&nbsp;&nbsp;&nbsp;20752718 |
| &nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;250500 | &nbsp;&nbsp;&nbsp;&nbsp;6653543 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**27406261** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Sweden 3.9%** | &nbsp;&nbsp;**Sweden 3.9%** | &nbsp;&nbsp;**Sweden 3.9%** |
| &nbsp;&nbsp;Atlas Copco AB, Class A | &nbsp;&nbsp;1000768 | &nbsp;&nbsp;&nbsp;&nbsp;11857498 |
| &nbsp;&nbsp;Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;321800 | &nbsp;&nbsp;&nbsp;&nbsp;3433494 |
| &nbsp;&nbsp;Evolution AB | &nbsp;&nbsp;&nbsp;&nbsp;131220 | &nbsp;&nbsp;&nbsp;&nbsp;12781411 |
| &nbsp;&nbsp;Hexagon AB, Class B | &nbsp;&nbsp;1348426 | &nbsp;&nbsp;&nbsp;&nbsp;14138371 |
| &nbsp;&nbsp;Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;210131 | &nbsp;&nbsp;&nbsp;&nbsp;4261350 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**46472124** |
| &nbsp;&nbsp;**Switzerland 8.8%** | &nbsp;&nbsp;**Switzerland 8.8%** | &nbsp;&nbsp;**Switzerland 8.8%** |
| &nbsp;&nbsp;Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp;7369703 |
| &nbsp;&nbsp;Lonza Group AG, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37980 | &nbsp;&nbsp;&nbsp;&nbsp;18643450 |
| &nbsp;&nbsp;Nestlé SA, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57500 | &nbsp;&nbsp;&nbsp;&nbsp;6641792 |
| &nbsp;&nbsp;Novartis AG, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;6606314 |
| &nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10760 | &nbsp;&nbsp;&nbsp;&nbsp;9527806 |
| &nbsp;&nbsp;Roche Holding AG, Genusschein Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp;6096209 |
| &nbsp;&nbsp;SGS SA, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp;5054668 |
| &nbsp;&nbsp;Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29186 | &nbsp;&nbsp;&nbsp;&nbsp;7016408 |
| &nbsp;&nbsp;Straumann Holding AG, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87620 | &nbsp;&nbsp;&nbsp;&nbsp;10047489 |
| &nbsp;&nbsp;VAT Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp;&nbsp;5270736 |
| &nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46638 | &nbsp;&nbsp;&nbsp;&nbsp;22296571 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**104571146** |
| &nbsp;&nbsp;**Taiwan 2.1%** | &nbsp;&nbsp;**Taiwan 2.1%** | &nbsp;&nbsp;**Taiwan 2.1%** |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;1133000 | &nbsp;&nbsp;&nbsp;&nbsp;16455084 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;8789820 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**25244904** |
| &nbsp;&nbsp;**United Kingdom 17.2%** | &nbsp;&nbsp;**United Kingdom 17.2%** | &nbsp;&nbsp;**United Kingdom 17.2%** |
| &nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;215388 | &nbsp;&nbsp;&nbsp;&nbsp;12235071 |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;191474 | &nbsp;&nbsp;&nbsp;&nbsp;25910143 |
| &nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;481254 | &nbsp;&nbsp;&nbsp;&nbsp;16011399 |
| &nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;1460999 | &nbsp;&nbsp;&nbsp;&nbsp;33737437 |
| &nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;551760 | &nbsp;&nbsp;&nbsp;&nbsp;24151570 |
| &nbsp;&nbsp;Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;614552 | &nbsp;&nbsp;&nbsp;&nbsp;20813853 |
| &nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;335624 | &nbsp;&nbsp;&nbsp;&nbsp;7992869 |
| &nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46786 | &nbsp;&nbsp;&nbsp;&nbsp;15260658 |
| &nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;163749 | &nbsp;&nbsp;&nbsp;&nbsp;14069510 |
| &nbsp;&nbsp;Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;499000 | &nbsp;&nbsp;&nbsp;&nbsp;6804012 |
| &nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;2284032 | &nbsp;&nbsp;&nbsp;&nbsp;14032562 |
| &nbsp;&nbsp;Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;657752 | &nbsp;&nbsp;&nbsp;&nbsp;6059383 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Spirax-Sarco Engineering PLC | &nbsp;&nbsp;48488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6193401 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**203271868** |
| &nbsp;&nbsp;**United States 1.2%** | &nbsp;&nbsp;**United States 1.2%** | &nbsp;&nbsp;**United States 1.2%** |
| &nbsp;&nbsp;lululemon athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp;42788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13708420 |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,181,187,036) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,181,187,036) | &nbsp;&nbsp;**1168705462** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 1.1%** | &nbsp;&nbsp;**Money Market Funds 1.1%** | &nbsp;&nbsp;**Money Market Funds 1.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;12700334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12696524 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $12,695,980) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $12,695,980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12696524** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $1,193,883,016)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $1,193,883,016)** | &nbsp;&nbsp;&nbsp;&nbsp;**1181401986** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3499151** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$1184901137** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 31084383 | &nbsp;&nbsp;222332697 | &nbsp;&nbsp;(240723839) | &nbsp;&nbsp;3283 | &nbsp;&nbsp;12696524 | &nbsp;&nbsp;(8439) | &nbsp;&nbsp;237408 | &nbsp;&nbsp;12700334 |

---

#### Abbreviation Legend
ADR American Depositary Receipt

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;11287954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11287954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29141499 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29141499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13260416 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13260416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;6241520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6241520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;90312246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90312246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22465432 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22465432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74456981 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74456981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17992503 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17992503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154973522 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154973522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32686224 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32686224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41762448 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41762448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51080039 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51080039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;17710938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17710938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2456657 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2456657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102988363 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102988363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22532017 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22532017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36791532 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36791532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13408255 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13408255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482193 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27406261 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27406261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46472124 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46472124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104571146 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104571146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;8789820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16455084 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25244904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;15260658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188011210 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203271868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;13708420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13708420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 163311556 | &nbsp;&nbsp;&nbsp;&nbsp;1005393906 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1168705462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;12696524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12696524 |
| &nbsp;&nbsp;Total Investments in Securities | 176008080 | &nbsp;&nbsp;&nbsp;&nbsp;1005393906 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1181401986 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,181,187,036) | $1168705462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $12,695,980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12696524 |
| &nbsp;&nbsp;Foreign currency (cost $242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12899 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1186201474 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains taxes deferred | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59006 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300337 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1184901137** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;1230763166 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45862029) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1184901137** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1145609453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;113893854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.06 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$39291684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.94 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$19623831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 |
| &nbsp;&nbsp;&nbsp;&nbsp;European Union tax reclaim | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2251122) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18560368 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10825891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26853 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11290406 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499946) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10790460 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7769908 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(33346966) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(979059) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(34334464) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(391243822) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42948) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179066 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(391104421) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(425438885) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(417668977)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7769908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$830175 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34334464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72560718 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(391104421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56489164 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(417668977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129880057 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69892196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66545822) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2488406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2343808) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72380602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68889630) |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;110892225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324521353 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(379157354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385511780 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;1564058491 | &nbsp;&nbsp;&nbsp;&nbsp;1178546711 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1184901137** | &nbsp;&nbsp;**$1564058491** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;4736256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50439097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30014523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435939035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;7161085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69892196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4675920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66545822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;(1132300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11913933) | &nbsp;&nbsp;&nbsp;&nbsp;(13367843) | &nbsp;&nbsp;&nbsp;&nbsp;(184912011) |
| &nbsp;&nbsp;Net increase | 10765041 | &nbsp;&nbsp;&nbsp;&nbsp;108417360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21322600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317572846 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;332832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7982696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;257599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(359260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3775962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3377997) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;231171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6948507 |
| &nbsp;&nbsp;**Total net increase** | **10996212** | &nbsp;&nbsp;&nbsp;&nbsp;**110892225** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21812439** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**324521353** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.07<sup>(c)</sup> | &nbsp;&nbsp;(4.00) | &nbsp;&nbsp;(3.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;(0.65) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $13.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.66) | &nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $12.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;(2.35) | &nbsp;&nbsp;(2.24) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.59) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $14.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.04<sup>(c)</sup> | &nbsp;&nbsp;(3.96) | &nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;(0.65) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $13.77 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.66) | &nbsp;&nbsp;(0.66) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.40 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$9.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $12.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(2.32) | &nbsp;&nbsp;(2.25) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.57) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Net investment income per share includes European Union tax reclaims. The effect of these reclaims amounted to $0.01 per share. |
| (d) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $10.06 | (26.69%) | 0.91% | 0.87% | 0.64% | &nbsp;&nbsp;35% | $1145609 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.64 | 10.63% | 0.90% | 0.88% | 0.06% | &nbsp;&nbsp;26% | $1510036 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.86 | 22.62% | 0.93%<sup>(d)</sup> | 0.92%<sup>(d)</sup> | 0.15% | &nbsp;&nbsp;73% | $1134033 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.46 | 26.70% | 0.93% | 0.92% | 0.92% | 113% | $1057916 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;$9.46 | (18.95%) | 0.91% | 0.91% | 0.92% | &nbsp;&nbsp;19% | &nbsp;&nbsp;$793614 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$9.94 | (26.87%) | 1.16% | 1.12% | 0.41% | &nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;$39292 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $14.51 | 10.33% | 1.15% | 1.13% | (0.21%) | &nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;$54022 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $13.77 | 22.30% | 1.18%<sup>(d)</sup> | 1.17%<sup>(d)</sup> | (0.10%) | &nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;$44514 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.40 | 26.36% | 1.18% | 1.17% | 0.67% | 113% | &nbsp;&nbsp;&nbsp;&nbsp;$35306 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;$9.42 | (19.10%) | 1.17% | 1.17% | 0.64% | &nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;$29694 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – Partners International Growth Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

20 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

The Fund may file withholding tax reclaims in certain European Union countries to recover a portion of foreign taxes previously withheld on dividends earned, which may be reclaimable based upon certain provisions in the Treaty on the Functioning of the European Union (EU) and subsequent rulings by the European Court of Justice. The Fund may record a reclaim receivable when the amount is known, the Fund has received notice of a pending refund, and there are no significant uncertainties on collectability. Income received from EU reclaims is included in the Statement of Operations.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed quarterly. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that

22 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Notes to Financial Statements (continued)

December 31, 2022

certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.92% to 0.75% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.88% of the Fund's average daily net assets.

#### Subadvisory agreements
The Investment Manager has entered into Subadvisory Agreements with Walter Scott & Partners Limited and William Blair Investment Management, LLC, each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **December 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> December 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.86% | 0.87% |
| &nbsp;&nbsp;Class 2 | 1.11 | 1.12 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December, 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (pfic) holdings, capital loss carryforwards, trustees' deferred compensation, foreign currency transactions, distribution reclassifications and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;(2228203) | 1278456 | 949747 |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

24 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;4277239 | 68103363 | 72380602 | 1016046 | 67873584 | 68889630 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;5812976 – (33133326) | (17574621) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;1198976607 | 68874086 | (86448707) | (17574621) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(33133326) – (33133326) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $493,628,801 and $431,023,501, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 3625000 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;4 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer's country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is

26 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Notes to Financial Statements (continued)

December 31, 2022

unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

#### Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund.

*Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund's investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.*

*Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, whether in the public or private sector, significant debt problems of a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, the Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. The departure of the United Kingdom (UK) from the EU single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking effect on December 31, 2020. The impact of Brexit on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.*

#### Industrials sector risk
The Fund is more susceptible to the particular risks that may affect companies in the industrials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors including government regulation, world events and economic conditions and risks for environmental damage and product liability claims.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Notes to Financial Statements (continued)

December 31, 2022

such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual

28 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Notes to Financial Statements (continued)

December 31, 2022

(10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Partners International Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Partners International Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

30 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

## Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign<br> taxes paid<br> to foreign<br> countries** | **Foreign<br> taxes paid<br> per share<br> to foreign<br> countries** | **Foreign<br> source<br> income** | **Foreign<br> source<br> income per<br> share** |
| &nbsp;&nbsp;$2189913 | $0.02 | $19623792 | $0.17 |

---

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

The Fund (or fund in which the Fund invests) has received a refund of foreign taxes previously reported and passed through in prior years (a "foreign tax redetermination"). Shareholders who claimed foreign tax credits with respect to such foreign taxes previously reported in prior years may also have a foreign tax redetermination and may need to file amended tax returns to account for such taxes refunded to the Fund. The amount of tax refunded, and years to which the tax relates, are available on the Taxes & Distributions page of columbiathreadneedleus.com/investor/, along with certain other information about the refunded tax. See your tax advisor. The amounts reported in the table above have not been reduced for any foreign tax redeterminations.

Foreign taxes are deemed to be passed through to shareholders with dividends paid after the close of the taxable year, on the next regularly scheduled distribution date of March 30, 2023.

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |

---

32 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |

---

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |

---

34 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |

---

36 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

## Approval of Subadvisory Agreement Amendment
(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Variable Portfolio - Partners International Growth Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under the subadvisory agreements (the Subadvisory Agreements) between the Investment Manager and each of William Blair Investment Management, LLC (William Blair) and Walter Scott & Partners Limited (collectively, the Subadvisers), the Subadvisers provide portfolio management and related services for the Fund. At their meeting on December 15, 2022, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), approved an amendment to the Subadvisory Agreement between the Investment Manager and William Blair (the William Blair Subadvisory Agreement) for the purpose of reducing the fees payable thereunder by the Investment Manager to William Blair.

The Independent Trustees considered how the amendment to the William Blair Subadvisory Agreement would reduce the subadvisory fee rate paid to William Blair by the Investment Manager under the current William Blair Subadvisory Agreement. The Independent Trustees also considered that the Investment Manager had confirmed that there would not be any change to the nature or quality of the subadvisory services provided as a result of entering into the amendment, and that the William Blair Subadvisory Agreement, as amended, was substantially similar to the current subadvisory agreement in place except for the reduced fee. The Independent Trustees reviewed the performance of the Fund as well as the level of management fees and total expenses paid by the Fund. The Independent Trustees noted that no management fees were proposed to change and that the level of services provided by each of the Investment Manager and William Blair was also not proposed to change. The Independent Trustees also noted that the Board, as part of the 2023 15(c) process, would review the continued reasonableness of each Fund's management fee, including taking into account the reduced subadvisory fee levels. The Independent Trustees considered the Investment Manager's voluntary agreement to reduce the expense cap of the Fund by 1 basis point to its Lipper expense universe median, effective December 1, 2022.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) The Independent Trustees noted the discussion, which is described below, relating to the renewal and approval of the advisory and subadvisory agreements for the Fund at the Contracts Committee and Board meetings in June 2022 (the June Meeting) and, in that connection, the discussion by independent legal counsel of the Board's responsibilities pursuant to Sections 15(c) and 36(b) of the 1940 Act and the factors that should be considered in determining whether to approve or renew an investment management agreement. The Independent Trustees considered that they should apply these factors in considering the amendment to the William Blair Subadvisory Agreement. The Independent Trustees also considered that they should take into account the variety of written materials and oral presentations they received at their meeting on December 15, 2022 as well as all of the information previously considered at the June Meeting regarding the proposed 15(c) renewal of the existing Funds' advisory and subadvisory agreements.
After considering the factors described above relating to the amendment of the William Blair Subadvisory Agreement, and taking into account all of the factors considered, as described below, as part of the approval of the continuance of the Fund's current William Blair Subadvisory Agreement in June 2022, the Board, including all of the Independent Trustees, approved the proposed amendment to the William Blair Subadvisory Agreement.

General conclusions in connection with the Trustees' previous approval of the continuance of the Fund's existing advisory agreements

On an annual basis, the Board, including the Independent Trustees, considers renewal of the Management Agreement and the Subadvisory Agreements (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Oversight Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its June 23, 2022 Board meeting, considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory and subadvisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and
certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net
assets;

• Terms of the Advisory Agreements;

• Subadvisory fees payable by the Investment Manager under the Subadvisory Agreements;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and
shareholder services to the Fund;

38 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited)
• Descriptions of various services performed by the Investment Manager and the Subadvisers under the Advisory Agreements, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager and Subadvisers, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager and the Subadvisers with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.

Nature, extent and quality of services provided by the Investment Manager and the Subadvisers

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadvisers, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated Subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight, over the past several years, as well as planned 2022 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial's acquisition of BMO Financial Group's Europe, Middle East, and Africa (EMEA) asset management business.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring each Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered each Subadviser's organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered each Subadviser's capability and wherewithal to carry out its responsibilities under the applicable Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreements, including the scope of services required to be performed. The Board noted that the terms of

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) the Subadvisory Agreements are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreements. The Board took into account the Investment Manager's representation that each Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager's subadvisory oversight team and their significant resources added in recent years.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and the Subadvisory Agreements.

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund's performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

Additionally, the Board reviewed the performance of each of the Subadvisers and the Investment Manager's process for monitoring such Subadvisers' performance. The Board considered, in particular, management's rationale for recommending the continued retention of each Subadviser and management's representations that the Investment Manager's profitability is not the key factor driving their recommendation to select, renew or terminate the Subadvisers.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's and Subadvisers' performance and reputation generally, and the Investment Manager's evaluation of each Subadviser's contribution to the Fund's broader investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadvisers, in light of other considerations, supported the continuation of the Management Agreement and the Subadvisory Agreements.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe's median expense ratio.

Additionally, the Board reviewed the level of subadvisory fees paid to each Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing each Subadviser to provide comparable subadvisory services. After reviewing

40 Variable Portfolio – Partners International Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and the Subadvisory Agreements.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Subadvisory Agreements were negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Board did not consider the profitability to each Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and the Subadvisory Agreements.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds and to the Investment Manager as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement provided for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders. The Board also noted that the breakpoints in the Subadvisory Agreements did not occur at the same levels as the breakpoints in the Management Agreement. In this regard, the Board noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and the Subadvisory Agreements. In reaching its conclusions, no single factor was determinative.

On June 23, 2022, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

Variable Portfolio – Partners International Growth Fund \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_22500_c58c6ea8-c1f2-49f9-b396-9360f53e3c40_TOC)

#### Variable Portfolio – Partners International Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img160b0ea22.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7055_12_B01_(02/23)

------

![](img674ace631.jpg)

Annual Report

December 31, 2022

![](img394bbe292.jpg)

CTIVP® – T. Rowe Price Large Cap Value Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_747f6432-dddf-4321-bd25-dfa09ee296e8_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_747f6432-dddf-4321-bd25-dfa09ee296e8_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_6d89d9ed-2a57-4cd2-83ca-4cc6286a6190_1)<br>| 7 |
| [Portfolio of Investments](#xx_6b2c8882-adae-4fcb-b24e-84e856cc1ad9_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_aff0b07e-09f5-48e3-8c73-34b91aef7592_1)<br>| 12 |
| [Statement of Operations](#xx_aff0b07e-09f5-48e3-8c73-34b91aef7592_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_aff0b07e-09f5-48e3-8c73-34b91aef7592_3)<br>| 14 |
| [Financial Highlights](#xx_947e1184-73c6-4ef1-acec-2ce107469111_2)<br>| 16 |
| [Notes to Financial Statements](#xx_fabe77c6-c7f1-46c7-996b-cd8741eefdb0_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_07f4f097-e3ba-4e1e-860b-ad51ce697e0c_1)<br>| 25 |
| [Trustees and Officers](#xx_c6ca657a-eec5-4177-a328-4bb25435e163_1)<br>| 26 |
| [Approval of Subadvisory Agreement Amendment](#xx_c6ca657a-eec5-4177-a328-4bb25435e163_7)<br>| 32 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which CTIVP® – T. Rowe Price Large Cap Value Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term growth of capital and income.

Portfolio management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc.

John Linehan, CFA

Gabriel Solomon

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-4.96 | &nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-5.17 | &nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.92 |
| &nbsp;&nbsp;Russell 1000 Value Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-7.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to November 2016 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different.

The Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img393e7a183.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of CTIVP® – T. Rowe Price Large Cap Value Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;97.9 |
| &nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;9.1 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;17.5 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;21.0 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;9.9 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 97.20% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund returned -5.17%. While absolute returns disappointed, the Fund outperformed its benchmark, the Russell 1000 Value Index, which returned -7.54% over the same period.

Market overview

U.S. equities recorded losses in each of the first three quarters of 2022, as the markets contended with rising interest rates and concerns around inflation, compounded by the Russia/Ukraine war and the already-stressed supply-chain disruptions it caused. Early in the period, investors also worried about the impact of the COVID-19 Omicron variant. In the months that followed, the U.S. Federal Reserve's (Fed) aggressive tightening path — raising interest rates a total of seven times in an effort to curb the highest inflation in four decades — dominated investor sentiment. Higher interest rates caused investors to place less value on a company's future earnings, punishing high-growth stocks in particular, including several mega-cap technology and internet-related companies. Amid somewhat lower inflation data, albeit from still-high levels, in the third quarter, hopes heightened that "peak inflation" would result in a "soft landing." But such hopes faded when Fed Chair Powell acknowledged that "no one knows whether this process [of raising rates] will lead to a recession or, if so, how significant that recession would be."

In the fourth quarter, U.S. equities recorded a modest gain, as investors appeared encouraged that headline consumer inflation moderated in the last months of the year, renewing hopes that a recession might be averted. Still, gains achieved in the October and November rally were largely given back following the Fed's December policy meeting, which revealed that officials expected further interest rate hikes in 2023. At the end of the period, whether or not earnings expectations accurately reflected a possible recession may have been the main dividing line between bullish and bearish outlooks for the new year.

For the annual period overall, the benchmark finished lower. The energy sector was the best performer during the period, followed by consumer staples, utilities and health care. Conversely, the information technology sector fared the worst, as companies in the sector struggled amid weak economic growth, an inflationary backdrop and a higher interest rate environment.

The Fund's notable contributors during the period

• During the period, the Fund outperformed the benchmark, with both stock selection and selector allocation decisions overall contributing positively.

• More specifically, stock selection in the financials, consumer discretionary and consumer staples sectors contributed positively.

• Having an underweighted allocation to the consumer discretionary sector, which underperformed the benchmark during the period, also helped.

• From an individual security perspective, among the Fund's greatest positive contributors to relative results during the annual period was TotalEnergies SE, a French integrated energy company. Early in the
year, TotalEnergies was pressured as the company's Russian assets and investments were quickly written down by the market following Russia's invasion of Ukraine. However, its shares then rebounded as the
company was selected to participate in a $29 billion liquefied natural gas project in Qatar.

• A position in oil and natural gas exploration and production company ConocoPhillips added significant value, recording positive absolute returns on demonstrated operational excellence
and shareholder-friendly policies during the period. ConocoPhillips also posted a series of quarterly results, wherein earnings and production exceeded consensus expectations amid a favorable backdrop for the energy
industry.

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Multinational managed health care and insurance company Cigna Corp. contributed positively, performing well on solid results, driven by strength in both its pharmacy benefits and health care segments, including a
better than consensus expected medical loss ratio. (Medical loss ratio is a measure of the percentage of premium dollars that a health plan spends on medical claims and quality improvements versus administrative
costs.)

The Fund's notable detractors during the period

• Stock selection in the energy, industrials and materials sectors detracted from the Fund's relative results during the period.

• Having an underweighted allocation to energy, which was the best performing sector in the benchmark during the period, and an overweighted allocation to materials, which lagged the benchmark during the period, also
hurt.

• Among the individual holdings that detracted most from the Fund's relative results during the period was semiconductor company QUALCOMM, Inc. Despite reporting earnings and revenues that beat consensus
expectations for the majority of 2022, the company was negatively affected as inflation concerns and Fed interest rate hikes drove the broader stock market, particularly the information technology sector, lower.

• Similarly, software behemoth Microsoft Corp. was a notable detractor amid a broad information technology sector decline due to rising inflation and declining consumer demand. Its stock was also hurt when a peer
announced weak personal computer sales, news that caused investor concern around Microsoft's personal computer-related business.

• Integrated energy company Chevron Corp. was among the biggest detractors from relative results during the period because the Fund did not own its strongly performing stock. Chevron
benefited during the period from robust global demand for oil and gas amid a highly supportive macroeconomic backdrop for the energy sector.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. Dividend payments are not guaranteed and the amount, if any, can vary over time. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.* 

6 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1056.40 | &nbsp;&nbsp;&nbsp;&nbsp;1021.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1055.50 | &nbsp;&nbsp;&nbsp;&nbsp;1020.31 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.0%** | &nbsp;&nbsp;**Common Stocks 98.0%** | &nbsp;&nbsp;**Common Stocks 98.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 5.4%** | &nbsp;&nbsp;**Communication Services 5.4%** | &nbsp;&nbsp;**Communication Services 5.4%** |
| &nbsp;&nbsp;**Diversified Telecommunication Services 0.3%** | &nbsp;&nbsp;**Diversified Telecommunication Services 0.3%** | &nbsp;&nbsp;**Diversified Telecommunication Services 0.3%** |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132000 | &nbsp;&nbsp;&nbsp;&nbsp;5200800 |
| &nbsp;&nbsp;**Entertainment 1.6%** | &nbsp;&nbsp;**Entertainment 1.6%** | &nbsp;&nbsp;**Entertainment 1.6%** |
| &nbsp;&nbsp;Walt Disney Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;338030 | &nbsp;&nbsp;29368046 |
| &nbsp;&nbsp;**Interactive Media & Services 1.3%** | &nbsp;&nbsp;**Interactive Media & Services 1.3%** | &nbsp;&nbsp;**Interactive Media & Services 1.3%** |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109900 | &nbsp;&nbsp;&nbsp;&nbsp;9751427 |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;123594 | &nbsp;&nbsp;14873302 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;24624729 |
| &nbsp;&nbsp;**Media 2.2%** | &nbsp;&nbsp;**Media 2.2%** | &nbsp;&nbsp;**Media 2.2%** |
| &nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;370976 | &nbsp;&nbsp;12973031 |
| &nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;1455166 | &nbsp;&nbsp;26484021 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;39457052 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**98650627** |
| &nbsp;&nbsp;**Consumer Discretionary 3.1%** | &nbsp;&nbsp;**Consumer Discretionary 3.1%** | &nbsp;&nbsp;**Consumer Discretionary 3.1%** |
| &nbsp;&nbsp;**Auto Components 0.5%** | &nbsp;&nbsp;**Auto Components 0.5%** | &nbsp;&nbsp;**Auto Components 0.5%** |
| &nbsp;&nbsp;Magna International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147373 | &nbsp;&nbsp;&nbsp;&nbsp;8279415 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.6%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.6%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.6%** |
| &nbsp;&nbsp;Las Vegas Sands Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;210219 | &nbsp;&nbsp;10105227 |
| &nbsp;&nbsp;**Multiline Retail 0.4%** | &nbsp;&nbsp;**Multiline Retail 0.4%** | &nbsp;&nbsp;**Multiline Retail 0.4%** |
| &nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;309879 | &nbsp;&nbsp;&nbsp;&nbsp;7824445 |
| &nbsp;&nbsp;**Specialty Retail 1.6%** | &nbsp;&nbsp;**Specialty Retail 1.6%** | &nbsp;&nbsp;**Specialty Retail 1.6%** |
| &nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;18849350 |
| &nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;134828 | &nbsp;&nbsp;10732309 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;29581659 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**55790746** |
| &nbsp;&nbsp;**Consumer Staples 9.0%** | &nbsp;&nbsp;**Consumer Staples 9.0%** | &nbsp;&nbsp;**Consumer Staples 9.0%** |
| &nbsp;&nbsp;**Beverages 0.8%** | &nbsp;&nbsp;**Beverages 0.8%** | &nbsp;&nbsp;**Beverages 0.8%** |
| &nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;244310 | &nbsp;&nbsp;15540559 |
| &nbsp;&nbsp;**Food & Staples Retailing 2.3%** | &nbsp;&nbsp;**Food & Staples Retailing 2.3%** | &nbsp;&nbsp;**Food & Staples Retailing 2.3%** |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293476 | &nbsp;&nbsp;41611962 |
| &nbsp;&nbsp;**Food Products 2.0%** | &nbsp;&nbsp;**Food Products 2.0%** | &nbsp;&nbsp;**Food Products 2.0%** |
| &nbsp;&nbsp;ConAgra Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;931526 | &nbsp;&nbsp;36050056 |
| &nbsp;&nbsp;**Household Products 1.6%** | &nbsp;&nbsp;**Household Products 1.6%** | &nbsp;&nbsp;**Household Products 1.6%** |
| &nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;212755 | &nbsp;&nbsp;28881492 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Tobacco 2.3%** | &nbsp;&nbsp;**Tobacco 2.3%** | &nbsp;&nbsp;**Tobacco 2.3%** |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;417342 | &nbsp;&nbsp;&nbsp;&nbsp;42239184 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**164323253** |
| &nbsp;&nbsp;**Energy 8.2%** | &nbsp;&nbsp;**Energy 8.2%** | &nbsp;&nbsp;**Energy 8.2%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 8.2%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 8.2%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 8.2%** |
| &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;&nbsp;&nbsp;259035 | &nbsp;&nbsp;&nbsp;&nbsp;30566130 |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;281448 | &nbsp;&nbsp;&nbsp;&nbsp;31043714 |
| &nbsp;&nbsp;TC Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;786284 | &nbsp;&nbsp;&nbsp;&nbsp;31341280 |
| &nbsp;&nbsp;TotalEnergies SE, ADR | &nbsp;&nbsp;&nbsp;&nbsp;920206 | &nbsp;&nbsp;&nbsp;&nbsp;57126389 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;150077513 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**150077513** |
| &nbsp;&nbsp;**Financials 17.2%** | &nbsp;&nbsp;**Financials 17.2%** | &nbsp;&nbsp;**Financials 17.2%** |
| &nbsp;&nbsp;**Banks 8.8%** | &nbsp;&nbsp;**Banks 8.8%** | &nbsp;&nbsp;**Banks 8.8%** |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;1182172 | &nbsp;&nbsp;&nbsp;&nbsp;39153537 |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;370900 | &nbsp;&nbsp;&nbsp;&nbsp;16775807 |
| &nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;650153 | &nbsp;&nbsp;&nbsp;&nbsp;21331520 |
| &nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;2153893 | &nbsp;&nbsp;&nbsp;&nbsp;30369891 |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;1281190 | &nbsp;&nbsp;&nbsp;&nbsp;52900335 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;160531090 |
| &nbsp;&nbsp;**Capital Markets 0.6%** | &nbsp;&nbsp;**Capital Markets 0.6%** | &nbsp;&nbsp;**Capital Markets 0.6%** |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34707 | &nbsp;&nbsp;&nbsp;&nbsp;11917690 |
| &nbsp;&nbsp;**Diversified Financial Services 1.4%** | &nbsp;&nbsp;**Diversified Financial Services 1.4%** | &nbsp;&nbsp;**Diversified Financial Services 1.4%** |
| &nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;866040 | &nbsp;&nbsp;&nbsp;&nbsp;24855348 |
| &nbsp;&nbsp;**Insurance 6.4%** | &nbsp;&nbsp;**Insurance 6.4%** | &nbsp;&nbsp;**Insurance 6.4%** |
| &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;641654 | &nbsp;&nbsp;&nbsp;&nbsp;40578199 |
| &nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;212724 | &nbsp;&nbsp;&nbsp;&nbsp;46926914 |
| &nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;378587 | &nbsp;&nbsp;&nbsp;&nbsp;28708252 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;116213365 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**313517493** |
| &nbsp;&nbsp;**Health Care 20.4%** | &nbsp;&nbsp;**Health Care 20.4%** | &nbsp;&nbsp;**Health Care 20.4%** |
| &nbsp;&nbsp;**Biotechnology 1.4%** | &nbsp;&nbsp;**Biotechnology 1.4%** | &nbsp;&nbsp;**Biotechnology 1.4%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163865 | &nbsp;&nbsp;&nbsp;&nbsp;26482223 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 6.4%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 6.4%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 6.4%** |
| &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;160122 | &nbsp;&nbsp;&nbsp;&nbsp;40719025 |
| &nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;152920 | &nbsp;&nbsp;&nbsp;&nbsp;11439945 |
| &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;370599 | &nbsp;&nbsp;&nbsp;&nbsp;28802954 |
| &nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;288175 | &nbsp;&nbsp;&nbsp;&nbsp;36742312 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;117704236 |
| &nbsp;&nbsp;**Health Care Providers & Services 4.9%** | &nbsp;&nbsp;**Health Care Providers & Services 4.9%** | &nbsp;&nbsp;**Health Care Providers & Services 4.9%** |
| &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;107086 | &nbsp;&nbsp;&nbsp;&nbsp;35481875 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;170453 | &nbsp;&nbsp;&nbsp;&nbsp;15884515 |
| &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74771 | &nbsp;&nbsp;&nbsp;&nbsp;38355280 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;89721670 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 0.8%** | &nbsp;&nbsp;**Life Sciences Tools & Services 0.8%** | &nbsp;&nbsp;**Life Sciences Tools & Services 0.8%** |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26388 | &nbsp;&nbsp;&nbsp;&nbsp;14531608 |
| &nbsp;&nbsp;**Pharmaceuticals 6.9%** | &nbsp;&nbsp;**Pharmaceuticals 6.9%** | &nbsp;&nbsp;**Pharmaceuticals 6.9%** |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;201508 | &nbsp;&nbsp;&nbsp;&nbsp;14498501 |
| &nbsp;&nbsp;Elanco Animal Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;923239 | &nbsp;&nbsp;&nbsp;&nbsp;11281980 |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;311235 | &nbsp;&nbsp;&nbsp;&nbsp;54979663 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;219728 | &nbsp;&nbsp;&nbsp;&nbsp;24378822 |
| &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;392909 | &nbsp;&nbsp;&nbsp;&nbsp;20132657 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;125271623 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**373711360** |
| &nbsp;&nbsp;**Industrials 9.8%** | &nbsp;&nbsp;**Industrials 9.8%** | &nbsp;&nbsp;**Industrials 9.8%** |
| &nbsp;&nbsp;**Aerospace & Defense 1.6%** | &nbsp;&nbsp;**Aerospace & Defense 1.6%** | &nbsp;&nbsp;**Aerospace & Defense 1.6%** |
| &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;137749 | &nbsp;&nbsp;&nbsp;&nbsp;28680719 |
| &nbsp;&nbsp;**Air Freight & Logistics 1.6%** | &nbsp;&nbsp;**Air Freight & Logistics 1.6%** | &nbsp;&nbsp;**Air Freight & Logistics 1.6%** |
| &nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;171124 | &nbsp;&nbsp;&nbsp;&nbsp;29748196 |
| &nbsp;&nbsp;**Airlines 0.4%** | &nbsp;&nbsp;**Airlines 0.4%** | &nbsp;&nbsp;**Airlines 0.4%** |
| &nbsp;&nbsp;Southwest Airlines Co.<sup>(a)</sup> | &nbsp;&nbsp;243601 | &nbsp;&nbsp;&nbsp;&nbsp;8202046 |
| &nbsp;&nbsp;**Commercial Services & Supplies 0.2%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.2%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.2%** |
| &nbsp;&nbsp;Stericycle, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60825 | &nbsp;&nbsp;&nbsp;&nbsp;3034559 |
| &nbsp;&nbsp;**Industrial Conglomerates 3.3%** | &nbsp;&nbsp;**Industrial Conglomerates 3.3%** | &nbsp;&nbsp;**Industrial Conglomerates 3.3%** |
| &nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;387505 | &nbsp;&nbsp;&nbsp;&nbsp;32469044 |
| &nbsp;&nbsp;Siemens AG, ADR | &nbsp;&nbsp;392867 | &nbsp;&nbsp;&nbsp;&nbsp;27068536 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;59537580 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Machinery 2.7%** | &nbsp;&nbsp;**Machinery 2.7%** | &nbsp;&nbsp;**Machinery 2.7%** |
| &nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;121991 | &nbsp;&nbsp;&nbsp;&nbsp;29557200 |
| &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;264000 | &nbsp;&nbsp;&nbsp;&nbsp;19831680 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;49388880 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**178591980** |
| &nbsp;&nbsp;**Information Technology 7.9%** | &nbsp;&nbsp;**Information Technology 7.9%** | &nbsp;&nbsp;**Information Technology 7.9%** |
| &nbsp;&nbsp;**Communications Equipment 0.6%** | &nbsp;&nbsp;**Communications Equipment 0.6%** | &nbsp;&nbsp;**Communications Equipment 0.6%** |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;235878 | &nbsp;&nbsp;&nbsp;&nbsp;11237228 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.3%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.3%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 0.3%** |
| &nbsp;&nbsp;TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;47905 | &nbsp;&nbsp;&nbsp;&nbsp;5499494 |
| &nbsp;&nbsp;**IT Services 2.3%** | &nbsp;&nbsp;**IT Services 2.3%** | &nbsp;&nbsp;**IT Services 2.3%** |
| &nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp;414698 | &nbsp;&nbsp;&nbsp;&nbsp;41913527 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.0%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.0%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.0%** |
| &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44458 | &nbsp;&nbsp;&nbsp;&nbsp;4329320 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;352637 | &nbsp;&nbsp;&nbsp;&nbsp;38768912 |
| &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73686 | &nbsp;&nbsp;&nbsp;&nbsp;12174401 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;55272633 |
| &nbsp;&nbsp;**Software 0.7%** | &nbsp;&nbsp;**Software 0.7%** | &nbsp;&nbsp;**Software 0.7%** |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54441 | &nbsp;&nbsp;&nbsp;&nbsp;13056040 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 1.0%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 1.0%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 1.0%** |
| &nbsp;&nbsp;Western Digital Corp.<sup>(a)</sup> | &nbsp;&nbsp;572000 | &nbsp;&nbsp;&nbsp;&nbsp;18046600 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**145025522** |
| &nbsp;&nbsp;**Materials 4.5%** | &nbsp;&nbsp;**Materials 4.5%** | &nbsp;&nbsp;**Materials 4.5%** |
| &nbsp;&nbsp;**Chemicals 2.8%** | &nbsp;&nbsp;**Chemicals 2.8%** | &nbsp;&nbsp;**Chemicals 2.8%** |
| &nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;163695 | &nbsp;&nbsp;&nbsp;&nbsp;13946814 |
| &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;232021 | &nbsp;&nbsp;&nbsp;&nbsp;24325082 |
| &nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;134650 | &nbsp;&nbsp;&nbsp;&nbsp;13121642 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;51393538 |
| &nbsp;&nbsp;**Containers & Packaging 1.7%** | &nbsp;&nbsp;**Containers & Packaging 1.7%** | &nbsp;&nbsp;**Containers & Packaging 1.7%** |
| &nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;888029 | &nbsp;&nbsp;&nbsp;&nbsp;30752444 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;**82145982** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Real Estate 4.7%** | &nbsp;&nbsp;**Real Estate 4.7%** | &nbsp;&nbsp;**Real Estate 4.7%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 4.7%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 4.7%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 4.7%** |
| &nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;252139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40725491 |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17518778 |
| &nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;915237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28372347 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86616616 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**86616616** |
| &nbsp;&nbsp;**Utilities 7.8%** | &nbsp;&nbsp;**Utilities 7.8%** | &nbsp;&nbsp;**Utilities 7.8%** |
| &nbsp;&nbsp;**Electric Utilities 3.6%** | &nbsp;&nbsp;**Electric Utilities 3.6%** | &nbsp;&nbsp;**Electric Utilities 3.6%** |
| &nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7340625 |
| &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;818960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58481934 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65822559 |
| &nbsp;&nbsp;**Multi-Utilities 4.2%** | &nbsp;&nbsp;**Multi-Utilities 4.2%** | &nbsp;&nbsp;**Multi-Utilities 4.2%** |
| &nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;235787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20966180 |
| &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20051640 |
| &nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;236700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36579618 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77597438 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**143419997** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,668,214,905) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $1,668,214,905) | &nbsp;&nbsp;**1791871089** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks 0.2%** |
| &nbsp;&nbsp;**Issuer** |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Health Care 0.2%** | &nbsp;&nbsp;**Health Care 0.2%** | &nbsp;&nbsp;**Health Care 0.2%** | &nbsp;&nbsp;**Health Care 0.2%** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 0.2%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 0.2%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 0.2%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 0.2%** |
| &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;74140 | &nbsp;&nbsp;3714414 |
| &nbsp;&nbsp;**Pharmaceuticals 0.0%** | &nbsp;&nbsp;**Pharmaceuticals 0.0%** | &nbsp;&nbsp;**Pharmaceuticals 0.0%** | &nbsp;&nbsp;**Pharmaceuticals 0.0%** |
| &nbsp;&nbsp;Elanco Animal Health, Inc. | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10173 | &nbsp;&nbsp;&nbsp;&nbsp;199899 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**3914313** |
| &nbsp;&nbsp;Total Convertible Preferred Stocks<br> (Cost $4,331,118) | &nbsp;&nbsp;Total Convertible Preferred Stocks<br> (Cost $4,331,118) | &nbsp;&nbsp;Total Convertible Preferred Stocks<br> (Cost $4,331,118) | &nbsp;&nbsp;**3914313** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 1.8%** | &nbsp;&nbsp;**Money Market Funds 1.8%** | &nbsp;&nbsp;**Money Market Funds 1.8%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;33798984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33788844 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $33,786,451) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $33,786,451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33788844** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,706,332,474)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $1,706,332,474)** | &nbsp;&nbsp;**1829574246** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(595564)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**1828978682** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 35772647 | &nbsp;&nbsp;263029813 | &nbsp;&nbsp;(265018299) | &nbsp;&nbsp;4683 | &nbsp;&nbsp;33788844 | &nbsp;&nbsp;(7370) | &nbsp;&nbsp;553602 | &nbsp;&nbsp;33798984 |

---

#### Abbreviation Legend
ADR American Depositary Receipt

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued) Fair value inputs are summarized in the three broad levels listed below:
**■** **Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.** 

**■** **Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).** 

**■** **Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).** 

**Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;98650627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98650627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;55790746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55790746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;164323253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164323253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;150077513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150077513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;313517493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313517493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;373711360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373711360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;151523444 | &nbsp;&nbsp;&nbsp;&nbsp;27068536 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178591980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;145025522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145025522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;82145982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82145982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;86616616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86616616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;143419997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143419997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 1764802553 | &nbsp;&nbsp;&nbsp;&nbsp;27068536 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1791871089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914313 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914313 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;33788844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33788844 |
| &nbsp;&nbsp;Total Investments in Securities | 1798591397 | &nbsp;&nbsp;&nbsp;&nbsp;30982849 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1829574246 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,672,546,023) | $1795785402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $33,786,451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33788844 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9823 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285520 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16388 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1834850517 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29129 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5871835 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1828978682** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $1828978682 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1828978682** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1781787476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55641608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.02 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$47191206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.03 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$48170023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1430874) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47292751 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13441793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86778 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13797822 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33494929 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;234287997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7370) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7151) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;234273476 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(374640638) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(579) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(374636534) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(140363058) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(106868129)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$33494929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30610234 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;234273476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201747978 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(374636534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260054219 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(106868129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492412431 |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(347573294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152636535 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(454441423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645048966 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;2283420105 | &nbsp;&nbsp;&nbsp;&nbsp;1638371139 |
| &nbsp;&nbsp;**Net assets at end of year** | **$1828978682** | &nbsp;&nbsp;**$2283420105** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5344497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20279983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566807255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (11052167) | &nbsp;&nbsp;&nbsp;&nbsp;(360238515) | &nbsp;&nbsp;&nbsp;&nbsp;(13563239) | &nbsp;&nbsp;&nbsp;&nbsp;(418510276) |
| &nbsp;&nbsp;Net increase (decrease) | (10879864) | &nbsp;&nbsp;&nbsp;&nbsp;(354894018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6716744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148296979 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9926306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7705657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2605582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3366101) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7320724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339556 |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(10652071)** | &nbsp;&nbsp;&nbsp;&nbsp;**(347573294)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6858396** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**152636535** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $33.69 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;(2.21) | &nbsp;&nbsp;(1.67) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $26.89 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;6.36 | &nbsp;&nbsp;&nbsp;&nbsp;6.80 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $26.19 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.20<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $20.69 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;5.50 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $22.81 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;(2.56) | &nbsp;&nbsp;(2.12) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $32.72 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;(2.15) | &nbsp;&nbsp;(1.69) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $26.19 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;6.53 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $25.56 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.19<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $20.25 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;5.31 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $22.38 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;(2.51) | &nbsp;&nbsp;(2.13) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
| (d) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $32.02 | (4.96%) | 0.69% | 0.69% | 1.69% | 30% | $1781787 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $33.69 | 25.29% | 0.68% | 0.68% | 1.40% | 32% | $2241102 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $26.89 | &nbsp;&nbsp;2.67% | 0.70%<sup>(d)</sup> | 0.70%<sup>(d)</sup> | 2.20% | 37% | $1608218 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $26.19 | 26.58% | 0.69% | 0.69% | 2.17% | 28% | $1987789 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.69 | (9.30%) | 0.67% | 0.67% | 1.91% | 20% | $1939941 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $31.03 | (5.17%) | 0.94% | 0.94% | 1.48% | 30% | &nbsp;&nbsp;&nbsp;&nbsp;$47191 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $32.72 | 24.93% | 0.93% | 0.93% | 1.14% | 32% | &nbsp;&nbsp;&nbsp;&nbsp;$42318 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $26.19 | &nbsp;&nbsp;2.47% | 0.96%<sup>(d)</sup> | 0.96%<sup>(d)</sup> | 1.96% | 37% | &nbsp;&nbsp;&nbsp;&nbsp;$30153 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $25.56 | 26.22% | 0.94% | 0.94% | 1.94% | 28% | &nbsp;&nbsp;&nbsp;&nbsp;$27449 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.25 | (9.52%) | 0.92% | 0.92% | 1.70% | 20% | &nbsp;&nbsp;&nbsp;&nbsp;$20084 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

CTIVP® – T. Rowe Price Large Cap Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

18 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's

20 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Notes to Financial Statements (continued)

December 31, 2022

subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.71% to 0.53% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.68% of the Fund's average daily net assets.

#### Subadvisory agreement
The Investment Manager has entered into a Subadvisory Agreement with T. Rowe Price Associates, Inc. to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | 0.71% |
| &nbsp;&nbsp;Class 2 | 0.96 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $596,996,127 and $905,112,756, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2022.

22 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Health care sector risk
The Fund is more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the health care sector are subject to certain risks, including restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, and the rising cost of medical products and services (especially for companies dependent upon a relatively limited number of products or services). Performance of such companies may be affected by factors including government regulation, obtaining and protecting patents (or the failure to do so), product liability and other similar litigation as well as product obsolescence.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Notes to Financial Statements (continued)

December 31, 2022

market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

24 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP® – T. Rowe Price Large Cap Value Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP® – T. Rowe Price Large Cap Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

26 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

28 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

30 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

## Approval of Subadvisory Agreement Amendment
(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to CTIVP® – T. Rowe Price Large Cap Value Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between the Investment Manager and T. Rowe Price Associates, Inc. (the Subadviser), the Subadviser provides portfolio management and related services for the Fund. At their meeting on September 9, 2022, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), approved an amendment to the Subadvisory Agreement for the purpose of reducing the fees payable thereunder by the Investment Manager to the Subadviser.

The Independent Trustees reviewed and discussed the presentation made at the Contracts Committee meeting on September 8, 2022 regarding the proposed amendment to the Subadvisory Agreement, including information indicating that there would not be any change to the nature or quality of the subadvisory services provided as a result of entering into the amendment. The Independent Trustees considered that the amendment to the Subadvisory Agreement would reduce the fees paid by the Investment Manager to the Subadviser when assets approached or fell slightly below a breakpoint. The Independent Trustees considered that there would be no other changes to the Subadvisory Agreement. It was also observed that the Contracts Committee, as part of the 2023 15(c) process, would review the continued reasonableness of each Fund's management fee, including taking into account the reduced subadvisory fee levels.

The Independent Trustees noted the discussion, which is described below, relating to the renewal and approval of the advisory and subadvisory agreements for the Fund at the Contracts Committee and Board meetings in June 2022 (the June Meeting) and, in that connection, the discussion by independent legal counsel of the Board's responsibilities pursuant to Sections 15(c) and 36(b) of the 1940 Act and the factors that should be considered in determining whether to approve or renew an investment management agreement. The Independent Trustees considered that they should apply these factors in considering the amendment to the Subadvisory Agreement. The Independent Trustees also considered that they should take into account the variety of written materials and oral presentations they received at their meetings in September 2022 as well as all of the information previously considered at the June Meeting regarding the proposed 15(c) renewal of the existing Funds' advisory and subadvisory agreements.

After considering the factors described above relating to the amendment of the Subadvisory Agreement, and taking into account all of the factors considered, as described below, as part of the approval of the continuance of the fund's current Subadvisory Agreement in June 2022, the Board, including all of the Independent Trustees, approved the proposed amendment to the Subadvisory Agreement.

General conclusions in connection with the Trustees' previous approval of the continuance of the Fund's existing advisory agreements

On an annual basis, the Board, including the Independent Trustees, considers renewal of the Management Agreement and the Subadvisory Agreement (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Oversight Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its June 23, 2022 Board meeting, considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory and subadvisory agreements and the Board's legal responsibilities related

32 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:
• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and
certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net
assets;

• Terms of the Advisory Agreements;

• Subadvisory fees payable by the Investment Manager under the Subadvisory Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and
shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager and the Subadviser under the Advisory Agreements, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager and the Subadviser, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager and the Subadviser with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement and the Subadvisory Agreement.

Nature, extent and quality of services provided by the Investment Manager and the Subadviser

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadviser, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated Subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight, over the past several years, as well as planned 2022 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage,

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial's acquisition of BMO Financial Group's Europe, Middle East, and Africa (EMEA) asset management business.
In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring the Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered the Subadviser's organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser's capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreement. The Board took into account the Investment Manager's representation that the Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager's subadvisory oversight team and their significant resources added in recent years.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and the Subadvisory Agreement.

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund's performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.

Additionally, the Board reviewed the performance of the Subadviser and the Investment Manager's process for monitoring the Subadviser's performance. The Board considered, in particular, management's rationale for recommending the continued retention of the Subadviser and management's representations that the Investment Manager's profitability is not the key factor driving their recommendation to select, renew or terminate the Subadviser.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's and Subadviser's performance and reputation generally, and the Investment Manager's evaluation of the Subadviser's contribution to the Fund's broader investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadviser, in light of other considerations, supported the continuation of the Management Agreement and the Subadvisory Agreement.

34 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe's median expense ratio.

Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing the Subadviser to provide comparable subadvisory services. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and the Subadvisory Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Subadvisory Agreement was negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadviser thereunder, the Board did not consider the profitability to the Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and the Subadvisory Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds and to the Investment Manager as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement provided for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities

CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

## Approval of Subadvisory Agreement Amendment (continued) (Unaudited) through other means for sharing economies of scale with shareholders. The Board also noted that the breakpoints in the Subadvisory Agreement did not occur at the same levels as the breakpoints in the Management Agreement. In this regard, the Board noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context.
Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and the Subadvisory Agreement. In reaching its conclusions, no single factor was determinative.

On June 23, 2022, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

36 CTIVP® – T. Rowe Price Large Cap Value Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_230_e642dd96-22ef-47d8-8fb8-6a83d7903118_TOC)

#### CTIVP® – T. Rowe Price Large Cap Value Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img394bbe292.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7036_12_B01_(02/23)

------

![](imgfa97da891.jpg)

Annual Report

December 31, 2022

![](img4a64c38e2.jpg)

CTIVP® – CenterSquare Real Estate Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_80ac58de-bcbd-4e2b-96ba-891209b193d8_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_80ac58de-bcbd-4e2b-96ba-891209b193d8_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_93ffd51c-8125-48a4-8b5c-af5efac68a3c_1)<br>| 8 |
| [Portfolio of Investments](#xx_639862d2-c5da-46a7-bbe2-9a8279c4cf29_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_70ff4f49-672b-492e-8cfc-6cf510f6ba02_1)<br>| 12 |
| [Statement of Operations](#xx_70ff4f49-672b-492e-8cfc-6cf510f6ba02_2)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_70ff4f49-672b-492e-8cfc-6cf510f6ba02_3)<br>| 14 |
| [Financial Highlights](#xx_3021129a-a4eb-461e-942c-7819f1d23900_2)<br>| 16 |
| [Notes to Financial Statements](#xx_47f0a681-91a2-4e59-8549-588cf5a236d7_1)<br>| 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_eaf38ad4-5322-4b19-9b34-6dc0ef419e03_1)<br>| 26 |
| [Federal Income Tax Information](#xx_95af6b54-f12b-4920-88a1-fa178af47c25_1)<br>| 27 |
| [Trustees and Officers](#xx_95af6b54-f12b-4920-88a1-fa178af47c25_1)<br>| 27 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which CTIVP® – CenterSquare Real Estate Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with current income and capital appreciation.

Portfolio management

#### CenterSquare Investment Management LLC
Dean Frankel, CFA

Eric Rothman, CFA

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-24.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-24.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 |
| &nbsp;&nbsp;FTSE Nareit Equity REITs Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-24.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;6.53 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to June 2016 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different.

The FTSE Nareit Equity REITs Index reflects performance of all publicly traded equity real estate investment trusts (REITs), other than those designated as timber REITs.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img4420c43e3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of CTIVP® – CenterSquare Real Estate Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;99.1 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sub-industry breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sub-industry breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;**Real Estate** |  |
| &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Health Care REITs | &nbsp;&nbsp;&nbsp;10.9 |
| &nbsp;&nbsp;Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;20.4 |
| &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;17.3 |
| &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;24.7 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 84.49% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of CTIVP<sup>®</sup> – CenterSquare Real Estate Fund returned -24.33%. While absolute returns disappointed, the Fund performed in line with its benchmark, the FTSE Nareit Equity REITs Index, which returned -24.37% during the same period.

Market overview

The U.S. real estate investment trust (REIT) market, as measured by the benchmark, underperformed the broad U.S. equities market, as measured by the -18.11% return of the S&P 500 Index, during the annual period. The U.S. Federal Reserve (Fed) reacted to rising inflation by tightening monetary policy for the first time since the end of 2018. The Fed not only began raising interest rates in the first quarter of 2022, but also ended its quantitative easing policy of buying bonds. The Fed then continued to raise interest rates another six times throughout the annual period, including multiple hikes of 75 basis points. (A basis point is 1/100th of a percentage point.) The yield on the 10-year U.S. Treasury note climbed from 1.52% at the start of 2022 to 3.88% at the end of the year, with a peak above 4% in the fourth quarter. Shorter dated U.S. Treasury yields rose even more, resulting in an inverted yield curve, wherein yields on shorter term maturities were higher than yields on longer term maturities. The Fed's response seemed to have cooled inflation in the last several months of the annual period, but the ultimate effects of its policy on economic growth remains to be seen.

U.S. equities suffered setbacks in the first three quarters of the year in anticipation of constrictive monetary policy. There was a rally early in the fourth quarter, as investors grew optimistic that the Fed may have been getting close to ending its interest rate hikes or possibly even lowering rates in early 2023. Overall, publicly-listed U.S. real estate securities saw the end to a rally that had begun in the spring of 2020.

The Fund's notable contributors during the period

• Effective stock selection in the health care sub-sector contributed most positively to the Fund's relative results during the period. The Fund benefited most from overweight positions in residential health
care names owning senior housing and skilled nursing facility properties.

○ After facing challenges from the COVID-19 Omicron variant, REITs like Ventas Inc. and Omega Healthcare Investors, Inc., in which the Fund held overweight positions, began 2022 with what many investors saw as
attractive valuations.

○ As the wave of COVID-19 infections dissipated and operating metrics rebounded, senior housing and skilled nursing facility stocks performed well.

• Favorable stock selection in the industrial sub-sector also added to the Fund's performance. The industrial sub-sector was generally out of favor with investors in 2022 due to elevated valuations and the
potential for a recession to negatively affect its fundamentals.

○ The Fund benefited from merger and acquisition activity that generated excess returns for Duke Realty Corp., in which the Fund had an overweight position.

○ The Fund also benefited from an overweight to cold storage warehouse REIT Americold Realty Trust, Inc., which recovered during the annual period from previous operational missteps.

• Both an underweight to and stock selection in the office sub-sector contributed positively to the Fund's relative results.

○ We believe uncertainty about office space needs in a more flexible in-person work environment and potential recession were drags on the sub-sector's performance during the annual period, and the Fund's
underweight to this poorly performing sub-sector proved beneficial.

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

○ Our preference for owners of high-quality office space in Sunbelt markets, compared to coastal names, and REITs with higher leverage also added to the Fund's relative results.

• Ventas, Inc., mentioned earlier, a REIT specializing in the ownership and management of health care facilities, was the biggest individual positive contributor to the Fund's relative performance during the
annual period. Ventas emerged from the worst of the Omicron wave of COVID-19 with what many saw as an attractive valuation, stable fundamentals and recovering occupancy.

• Sabra Health Care REIT, Inc., a skilled nursing facility owner, similarly emerged from the COVID-19 pandemic in an advantageous position and recovered strongly during the annual period, adding value to the
Fund's relative results.

• Agree Realty Corp., which acquires and develops properties net-leased to leading retailers, was a top contributor, performing well along with the net-lease sub-sector broadly on
favorable growth trends and underlying tenant credit.

The Fund's notable detractors during the period

• Being underweight the specialty sub-sector, which performed well during the period, detracted from the Fund's relative results, more than offsetting effective stock selection within the sub-sector.

○ The Fund was underweight the sub-sector, which is a collection of unrelated property types without a unifying theme, because of our low confidence in the sub-sector's long-term growth trajectory.

○ However, the defensive nature of some of the sub-sector's constituents, particularly casino REITs, found favor with investors in 2022.

• An underweight to the strongly performing net-lease sub-sector detracted as well. We were concerned about growth of net-lease names in a rising interest rate environment, but the market favored the sub-sector for
its steady, if unspectacular, growth during the annual period.

• Having an overweight to and weak stock selection in the alternative housing sub-sector further dampened the Fund's relative results.

○ We favored single-family rental names. As mortgage rates rose throughout the year, the housing market slowed considerably, and, in response, investors sold single-family rental positions.

○ The Fund remained overweight because we do not believe sub-sector valuations reflected, at the end of the period, the underlying supply and demand imbalance, which should, in our
view, keep demand high for rentals.

• Outfront Media, Inc., which owns billboards and other outdoor advertising space, was the biggest individual detractor from the Fund's results during the period. This specialty sub-sector name generated weak
performance due to lower-than-expected revenues from advertising on mass transit platforms amid a lack of return to offices and the lingering effects of the COVID-19 pandemic.

• Broadstone Net Lease, Inc. is a REIT that acquires, owns and manages primarily single-tenant commercial real estate properties that are net-leased on a long-term basis to a diversified group of tenants. The company
detracted from Fund results, as it experienced idiosyncratic tenant issues, causing its stock to decline during the period. However, as the effect of its weak performance on underlying fundamentals was not
significant, in our view, we maintained a Fund overweight in its stock.

• Medical Properties Trust, Inc., a REIT that invests in health care facilities, detracted, as a series of tenant issues lowered market confidence, leading to negative stock returns. In
our view, its underlying business remained strong, and the drop in performance made its valuation attractive.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investments in real estate investment trusts (REITs) and in securities of other companies principally engaged in the real estate industry subject the Fund to, among other things, risks similar to those of direct investments in real estate and the real estate industry in general, including risks related to general and local economic conditions, possible lack of availability of financing and changes in interest rates or property values. Like real estate, real estate investment trusts (REITs) are subject to illiquidity, valuation and financing complexities, taxes, default, bankruptcy and other economic, political or regulatory occurrences. See the Fund's prospectus for more information on these and other risks.***

6 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;933.90 | &nbsp;&nbsp;&nbsp;&nbsp;1021.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;931.90 | &nbsp;&nbsp;&nbsp;&nbsp;1019.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

8 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.8%** | &nbsp;&nbsp;**Common Stocks 98.8%** | &nbsp;&nbsp;**Common Stocks 98.8%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Real Estate 98.8%** | &nbsp;&nbsp;**Real Estate 98.8%** | &nbsp;&nbsp;**Real Estate 98.8%** |
| &nbsp;&nbsp;**Diversified REITs 1.3%** | &nbsp;&nbsp;**Diversified REITs 1.3%** | &nbsp;&nbsp;**Diversified REITs 1.3%** |
| &nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;144620 | &nbsp;&nbsp;&nbsp;&nbsp;2344290 |
| &nbsp;&nbsp;**Total Diversified REITs** | &nbsp;&nbsp;**Total Diversified REITs** | &nbsp;&nbsp;&nbsp;&nbsp;**2344290** |
| &nbsp;&nbsp;**Health Care REITs 10.8%** | &nbsp;&nbsp;**Health Care REITs 10.8%** | &nbsp;&nbsp;**Health Care REITs 10.8%** |
| &nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79330 | &nbsp;&nbsp;&nbsp;&nbsp;1988803 |
| &nbsp;&nbsp;Medical Properties Trust, Inc. | &nbsp;&nbsp;236570 | &nbsp;&nbsp;&nbsp;&nbsp;2635390 |
| &nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762755 |
| &nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;155300 | &nbsp;&nbsp;&nbsp;&nbsp;1930379 |
| &nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;129386 | &nbsp;&nbsp;&nbsp;&nbsp;5828839 |
| &nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;104132 | &nbsp;&nbsp;&nbsp;&nbsp;6825853 |
| &nbsp;&nbsp;**Total Health Care REITs** | &nbsp;&nbsp;**Total Health Care REITs** | &nbsp;&nbsp;**19972019** |
| &nbsp;&nbsp;**Hotel & Resort REITs 3.2%** | &nbsp;&nbsp;**Hotel & Resort REITs 3.2%** | &nbsp;&nbsp;**Hotel & Resort REITs 3.2%** |
| &nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882891 |
| &nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;87700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718263 |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;134980 | &nbsp;&nbsp;&nbsp;&nbsp;2166429 |
| &nbsp;&nbsp;Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756211 |
| &nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;109290 | &nbsp;&nbsp;&nbsp;&nbsp;1440442 |
| &nbsp;&nbsp;**Total Hotel & Resort REITs** | &nbsp;&nbsp;**Total Hotel & Resort REITs** | &nbsp;&nbsp;&nbsp;&nbsp;**5964236** |
| &nbsp;&nbsp;**Industrial REITs 14.8%** | &nbsp;&nbsp;**Industrial REITs 14.8%** | &nbsp;&nbsp;**Industrial REITs 14.8%** |
| &nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67660 | &nbsp;&nbsp;&nbsp;&nbsp;1915454 |
| &nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81850 | &nbsp;&nbsp;&nbsp;&nbsp;3950081 |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;162045 | &nbsp;&nbsp;18267333 |
| &nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60292 | &nbsp;&nbsp;&nbsp;&nbsp;3294355 |
| &nbsp;&nbsp;**Total Industrial REITs** | &nbsp;&nbsp;**Total Industrial REITs** | &nbsp;&nbsp;**27427223** |
| &nbsp;&nbsp;**Office REITs 7.0%** | &nbsp;&nbsp;**Office REITs 7.0%** | &nbsp;&nbsp;**Office REITs 7.0%** |
| &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32050 | &nbsp;&nbsp;&nbsp;&nbsp;4668724 |
| &nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62770 | &nbsp;&nbsp;&nbsp;&nbsp;1587453 |
| &nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp;104780 | &nbsp;&nbsp;&nbsp;&nbsp;1642950 |
| &nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61230 | &nbsp;&nbsp;&nbsp;&nbsp;1713215 |
| &nbsp;&nbsp;Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70418 | &nbsp;&nbsp;&nbsp;&nbsp;2723064 |
| &nbsp;&nbsp;Veris Residential, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624584 |
| &nbsp;&nbsp;**Total Office REITs** | &nbsp;&nbsp;**Total Office REITs** | &nbsp;&nbsp;**12959990** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Residential REITs 20.2%** | &nbsp;&nbsp;**Residential REITs 20.2%** | &nbsp;&nbsp;**Residential REITs 20.2%** |
| &nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;92360 | &nbsp;&nbsp;&nbsp;&nbsp;2783730 |
| &nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38960 | &nbsp;&nbsp;&nbsp;&nbsp;6292819 |
| &nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;106900 | &nbsp;&nbsp;&nbsp;&nbsp;6307100 |
| &nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;1377480 |
| &nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;207850 | &nbsp;&nbsp;&nbsp;&nbsp;6160674 |
| &nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22700 | &nbsp;&nbsp;&nbsp;&nbsp;3563673 |
| &nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47540 | &nbsp;&nbsp;&nbsp;&nbsp;6798220 |
| &nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;103490 | &nbsp;&nbsp;&nbsp;&nbsp;4008168 |
| &nbsp;&nbsp;**Total Residential REITs** | &nbsp;&nbsp;**Total Residential REITs** | &nbsp;&nbsp;**37291864** |
| &nbsp;&nbsp;**Retail REITs 17.1%** | &nbsp;&nbsp;**Retail REITs 17.1%** | &nbsp;&nbsp;**Retail REITs 17.1%** |
| &nbsp;&nbsp;Acadia Realty Trust | &nbsp;&nbsp;106580 | &nbsp;&nbsp;&nbsp;&nbsp;1529423 |
| &nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63090 | &nbsp;&nbsp;&nbsp;&nbsp;4474974 |
| &nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;162070 | &nbsp;&nbsp;&nbsp;&nbsp;3674127 |
| &nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993695 |
| &nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;128080 | &nbsp;&nbsp;&nbsp;&nbsp;8124114 |
| &nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40350 | &nbsp;&nbsp;&nbsp;&nbsp;2521875 |
| &nbsp;&nbsp;RPT Realty | &nbsp;&nbsp;158742 | &nbsp;&nbsp;&nbsp;&nbsp;1593770 |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52990 | &nbsp;&nbsp;&nbsp;&nbsp;6225265 |
| &nbsp;&nbsp;Spirit Realty Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38600 | &nbsp;&nbsp;&nbsp;&nbsp;1541298 |
| &nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;65050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916554 |
| &nbsp;&nbsp;**Total Retail REITs** | &nbsp;&nbsp;**Total Retail REITs** | &nbsp;&nbsp;**31595095** |
| &nbsp;&nbsp;**Specialized REITs 24.4%** | &nbsp;&nbsp;**Specialized REITs 24.4%** | &nbsp;&nbsp;**Specialized REITs 24.4%** |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16769 | &nbsp;&nbsp;&nbsp;&nbsp;3552680 |
| &nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;29830 | &nbsp;&nbsp;&nbsp;&nbsp;1200658 |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66070 | &nbsp;&nbsp;&nbsp;&nbsp;6624839 |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15509 | &nbsp;&nbsp;10158860 |
| &nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15199 | &nbsp;&nbsp;&nbsp;&nbsp;2236989 |
| &nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859839 |
| &nbsp;&nbsp;Life Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36890 | &nbsp;&nbsp;&nbsp;&nbsp;3633665 |
| &nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779277 |
| &nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;29450 | &nbsp;&nbsp;&nbsp;&nbsp;8251595 |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14530 | &nbsp;&nbsp;&nbsp;&nbsp;4072904 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712457 |
| &nbsp;&nbsp;**Total Specialized REITs** | &nbsp;&nbsp;**Total Specialized REITs** | &nbsp;&nbsp;&nbsp;&nbsp;**45083763** |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**182638480** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost: $197,531,966) | &nbsp;&nbsp;Total Common Stocks<br> (Cost: $197,531,966) | &nbsp;&nbsp;&nbsp;&nbsp;**182638480** |
| &nbsp;&nbsp;**Money Market Funds 0.9%** | &nbsp;&nbsp;**Money Market Funds 0.9%** | &nbsp;&nbsp;**Money Market Funds 0.9%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;1713557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713043 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost: $1,712,993) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost: $1,712,993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1713043** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $199,244,959)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $199,244,959)** | &nbsp;&nbsp;&nbsp;&nbsp;**184351523** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**488629** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$184840152** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 839660 | &nbsp;&nbsp;24228691 | &nbsp;&nbsp;(23355358) | &nbsp;&nbsp;50 | &nbsp;&nbsp;1713043 | &nbsp;&nbsp;(354) | &nbsp;&nbsp;22921 | &nbsp;&nbsp;1713557 |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 182638480 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;182638480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 182638480 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;182638480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1713043 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713043 |
| &nbsp;&nbsp;Total Investments in Securities | 184351523 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;184351523 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $197,531,966) | $182638480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $1,712,993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713043 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913114 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7147 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;185341005 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20944 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500853 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$184840152** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;184502161 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337991 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$184840152** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $158574381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;25990790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.10 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$26265771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.04 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$5530260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22921 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553181 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8736 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759901 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3793280 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;14606656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;14606302 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(78142315) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(78142265) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(63535963) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(59742683)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$3793280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3186952 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;14606302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44366045 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(78142265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43627913 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(59742683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91180910 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;(37423414) | &nbsp;&nbsp;&nbsp;&nbsp;(24506165) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;(6236896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3210746) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(43660310) | &nbsp;&nbsp;&nbsp;&nbsp;(27716911) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;23981207 | &nbsp;&nbsp;&nbsp;&nbsp;(48319714) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(79421786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15144285 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;264261938 | &nbsp;&nbsp;&nbsp;&nbsp;249117653 |
| &nbsp;&nbsp;**Net assets at end of year** | **$184840152** | &nbsp;&nbsp;**$264261938** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;225693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;5278338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37423414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24506165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2257777) | &nbsp;&nbsp;&nbsp;&nbsp;(21156150) | &nbsp;&nbsp;&nbsp;&nbsp;(8235957) | &nbsp;&nbsp;&nbsp;&nbsp;(76302493) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;3246254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17969098 | &nbsp;&nbsp;&nbsp;&nbsp;(5394813) | &nbsp;&nbsp;&nbsp;&nbsp;(50440779) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;333845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4196638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;887183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6236896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(375722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2819767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(585103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5286319) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;845306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121065 |
| &nbsp;&nbsp;**Total net increase (decrease)** | &nbsp;&nbsp;**4091560** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23981207** | &nbsp;&nbsp;&nbsp;&nbsp;**(5159869)** | &nbsp;&nbsp;&nbsp;&nbsp;**(48319714)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $10.08 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(2.32) | &nbsp;&nbsp;(2.18) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(1.66) | &nbsp;&nbsp;(1.80) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;$7.94 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.91) | &nbsp;&nbsp;(1.04) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;&nbsp;$9.85 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;(1.32) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$7.94 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;&nbsp;$8.64 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $10.00 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(2.30) | &nbsp;&nbsp;(2.18) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(1.66) | &nbsp;&nbsp;(1.78) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;$7.88 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.91) | &nbsp;&nbsp;(1.02) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;&nbsp;$9.79 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;(1.30) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;&nbsp;$7.89 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;&nbsp;$8.59 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.21) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$6.10 | (24.12%) | 0.80%<sup>(c)</sup> | 0.80%<sup>(c)</sup> | 1.83% | 49% | $158574 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.08 | 41.44% | 0.80%<sup>(c)</sup> | 0.80%<sup>(c)</sup> | 1.24% | 57% | $229250 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;$7.94 | &nbsp;&nbsp;(4.87%) | 0.79% | 0.79% | 1.37% | 98% | $223363 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;$9.85 | 26.41% | 0.77% | 0.77% | 2.05% | 70% | $508863 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;$7.94 | &nbsp;&nbsp;(5.58%) | 0.77% | 0.77% | 2.03% | 51% | $402354 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$6.04 | (24.33%) | 1.05%<sup>(c)</sup> | 1.05%<sup>(c)</sup> | 1.60% | 49% | &nbsp;&nbsp;$26266 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.00 | 41.20% | 1.05%<sup>(c)</sup> | 1.05%<sup>(c)</sup> | 1.03% | 57% | &nbsp;&nbsp;$35012 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | &nbsp;&nbsp;$7.88 | &nbsp;&nbsp;(5.18%) | 1.05% | 1.05% | 1.31% | 98% | &nbsp;&nbsp;$25754 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | &nbsp;&nbsp;$9.79 | 26.16% | 1.02% | 1.02% | 1.81% | 70% | &nbsp;&nbsp;$30302 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | &nbsp;&nbsp;$7.89 | &nbsp;&nbsp;(5.85%) | 1.02% | 1.02% | 1.76% | 51% | &nbsp;&nbsp;$24164 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

CTIVP® – CenterSquare Real Estate Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

18 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are recorded on the ex-dividend date.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.75% to 0.66% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.75% of the Fund's average daily net assets.

#### Subadvisory agreement
The Investment Manager has entered into a Subadvisory Agreement with CenterSquare Investment Management LLC to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

20 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.85% | 0.89% |
| &nbsp;&nbsp;Class 2 | 1.10 | 1.14 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December, 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees' deferred compensation and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> gain ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;(49962) | 49962 |  |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;22047827 | 21612483 | 43660310 | 3335025 | 24381886 | 27716911 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Undistributed<br> long-term<br> capital gains ($)** |
| &nbsp;&nbsp;3798298 | 12758889 – (16158374) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;200509897 | 6095715 | (22254089) | (16158374) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $105,166,967 and $120,056,177, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

22 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;2 |

---

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 9. Significant risks

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Real estate sector risk
The risks associated with investments in real estate investment trusts (REITs) subject the Fund to risks similar to those of direct investments in real estate and the real estate industry in general. These include risks related to general and local economic conditions, possible lack of availability of financing and changes in interest rates or property values. The value of such investments may be affected by, among other factors, changes in the value of the underlying properties owned by the issuer, changes in the prospect for earnings and/or cash flow growth of the investment, defaults by borrowers or tenants, market saturation, decreases in market rates for rents, and other economic, political, or regulatory occurrences affecting the real estate industry, including REITs.

REITs depend upon specialized management skills, may have limited financial resources, may have less trading volume in their securities, and may be subject to more abrupt or erratic price movements than the overall securities markets. REITs are also subject to the risk of failing to qualify for favorable tax treatment. Some REITs (especially mortgage REITs) are affected by risks similar to those associated with investments in debt securities including changes in interest rates and the quality of credit extended.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

24 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP® – CenterSquare Real Estate Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP® – CenterSquare Real Estate Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

26 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

## Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2022.

---

| |
|:---|
| &nbsp;&nbsp;**Capital<br> gain<br> dividend** |
| &nbsp;&nbsp;$13475473 |

---

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |

---

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |

---

28 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |

---

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

30 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited)
\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

32 CTIVP® – CenterSquare Real Estate Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_229_2cb2ceae-76fa-44f1-857a-5ccfd8a61e7e_TOC)

#### CTIVP® – CenterSquare Real Estate Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img4a64c38e2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7030_12_B01_(02/23)

------

![](imge55ba3481.jpg)

Annual Report

December 31, 2022

![](imge35128252.jpg)

CTIVP® – Westfield Mid Cap Growth Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_03a57aca-4c46-4d57-ba10-06f25107ccc4_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_03a57aca-4c46-4d57-ba10-06f25107ccc4_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_643b5018-58d7-44fe-9c04-8f5590553915_1)<br>| 7 |
| [Portfolio of Investments](#xx_513eb9e9-7a88-4d9c-bcfe-57cfc85e34c7_1)<br>| 8 |
| [Statement of Assets and Liabilities](#xx_e912c8f7-fcb1-46ed-adda-caa8b7daf970_1)<br>| 11 |
| [Statement of Operations](#xx_e912c8f7-fcb1-46ed-adda-caa8b7daf970_2)<br>| 12 |
| [Statement of Changes in Net Assets](#xx_e912c8f7-fcb1-46ed-adda-caa8b7daf970_3)<br>| 13 |
| [Financial Highlights](#xx_d00514b4-dbcc-4c7e-9960-c2ff34510af6_1)<br>| 14 |
| [Notes to Financial Statements](#xx_e54ccdfc-6ae7-4626-881a-97b21218ea85_1)<br>| 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_62ff0823-d839-493c-85df-534e2b9eecd5_1)<br>| 24 |
| [Trustees and Officers](#xx_8be7e9dd-1352-4fa0-b819-b9f47172efe6_1)<br>| 25 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which CTIVP® – Westfield Mid Cap Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### Westfield Capital Management Company, L.P.
William Muggia

Richard Lee, CFA

Ethan Meyers, CFA

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-25.60 | &nbsp;&nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;&nbsp;&nbsp;10.19 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-25.79 | &nbsp;&nbsp;&nbsp;&nbsp;8.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.91 |
| &nbsp;&nbsp;Russell Midcap Growth Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-26.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.64 | &nbsp;&nbsp;&nbsp;&nbsp;11.41 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Russell Midcap Growth Index, an unmanaged index, measures the performance of those Russell Midcap Index companies with higher price-to-book ratios and forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img3c66eed93.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of CTIVP® – Westfield Mid Cap Growth Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;97.3 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;15.9 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;19.3 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;19.4 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;24.6 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*At December 31, 2022, approximately 91.04% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund returned -25.79%. The Fund outperformed its benchmark, the Russell Midcap Growth Index, which returned -26.72% over the same time period.

Market overview

2022 was characterized by a series of low highs and even lower lows, accompanied by high volatility throughout the year. Fears of inflation, as well as the Federal Reserve's (Fed) reaction to it, were the year's central storylines as policy transitioned from being highly accommodative to rapid tightening – a trend that played out across the globe. This shift in monetary policy led to the repricing of all types of risk assets as the "everything bubble" burst in private equity, unicorns, meme stocks, and cryptocurrency. With headline inflation starting to roll over late in the year, the Fed telegraphed the possibility of pause. However, stickier pockets of inflation, such as wages and housing costs, are likely to remain elevated. We think the process of price normalization will take longer than many expect and that inflation is likely to remain relatively high a while longer. Given this environment, there were very few places to hide as the correlation across asset classes was far higher than in recent memory. In fact, 2022 marked a terrible year for the traditional 60/40 stock and bond portfolio, as both declined materially for the year. As speculative pockets of the market get repriced, and mega-cap tech leadership fades, the backdrop for active stock picking continues to improve. We believe the growth-at-any-price investment mentality can no longer work, and a disciplined approach with a focus on high-quality operators trading at reasonable valuations is the best way to navigate this market.

The Fund's notable contributors during the period

• The consumer discretionary sector was the strongest relative performer for the Fund during the period, with performance driven by strong stock selection. The sector provided negative absolute returns and
underperformed the broader market. The Fund was underweighted in the sector during the period and generated strong relative returns through stock selection and not owning many higher growth, high valuation stocks
within the sector.

• The industrials sector also contributed positively to relative performance during the year, primarily driven by strong stock selection. The Fund's overweight positioning in the sector also provided a tailwind
as the sector outperformed the benchmark.

• The financials sector was another source of relative strength, driven by a combination of strong stock selection and our overweight positioning of the sector. Financials outperformed the broader market, but absolute
returns were negative for the year.

• Oil and natural gas exploration and production company, Devon Energy Corp. was the top contributor to relative performance. Devon outperformed throughout the year, as we believe investors have come to view the
company as a best-in-class operator with strong free cash flow and capital returns.

• LPL Financial Holdings, a provider of integrated brokerage and investment advisory services, was a top contributor. LPL is sensitive to short-term interest rates and benefited from the swift rise in rates and future
rate expectations. The company continues to provide organic growth and remains a key holding in the Fund.

• Arthur J. Gallagher & Co., a provider of insurance brokerage and risk management services, also contributed to relative results. The company continues to benefit from strong
pricing conditions within the property/casualty insurance segment and has guided organic growth higher than peers, which helped to further boost the shares.

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

The Fund's notable detractors during the period

• The information technology sector was the biggest detractor from relative returns during the period. The sector underperformed the broader market, driven by the software and IT services groups. The Fund was modestly
underweight in the sector during the year, and, importantly, we did not own the high growth, high valuation stocks within software and internet that significantly underperformed throughout the year.

• The consumer staples sector was also a source of relative weakness, an area where the Fund had no exposure throughout the year. The sector outperformed the broader market, despite negative absolute returns, and the
Fund's underweight allocation was a headwind.

• The energy sector also detracted from relative returns during the year. While the Fund's sole investment within the sector, Devon Energy Corp. generated positive absolute returns and significantly outperformed
the broader market, our underweight exposure to the sector relative to the benchmark was a performance headwind.

• ZoomInfo Technologies, a cloud-based sales and marketing information, leadership and development provider, was the Fund's top detractor. The company underperformed after missing Q3 billings and reducing
their full-year 2022 guide, citing a worsening macro environment. We have exited our position in ZoomInfo based on reduced conviction in our original thesis.

• Disruptive network security pioneer, Zscaler Inc, also detracted from relative returns. Shares drifted lower in the fourth quarter following the release of quarterly earnings in which the company missed buy-side
billings expectations and didn't raise their full-year guidance, citing a worsening macro environment. We continue to favor Zscaler and its combination of growth and profitability while serving a high-priority
end-market (cybersecurity).

• Marvell Technology, Inc., a provider of data infrastructure and semiconductor solutions, detracted from relative results after the company reduced guidance significantly in the fourth
quarter, citing weakening data center spending, especially storage, as the main driver, disappointing investors. We continue to have conviction in Marvell as the company has numerous product cycles and is seeing
strength in multiple end-markets including carrier infrastructure, enterprise and autos.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Investments in mid-cap companies involve risks and volatility greater than investments in larger, more established companies. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

6 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1039.70 | &nbsp;&nbsp;&nbsp;&nbsp;1020.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1038.50 | &nbsp;&nbsp;&nbsp;&nbsp;1019.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 97.1%** | &nbsp;&nbsp;**Common Stocks 97.1%** | &nbsp;&nbsp;**Common Stocks 97.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 1.4%** | &nbsp;&nbsp;**Communication Services 1.4%** | &nbsp;&nbsp;**Communication Services 1.4%** |
| &nbsp;&nbsp;**Entertainment 1.4%** | &nbsp;&nbsp;**Entertainment 1.4%** | &nbsp;&nbsp;**Entertainment 1.4%** |
| &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;61600 | &nbsp;&nbsp;&nbsp;&nbsp;4295984 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp;**4295984** |
| &nbsp;&nbsp;**Consumer Discretionary 15.5%** | &nbsp;&nbsp;**Consumer Discretionary 15.5%** | &nbsp;&nbsp;**Consumer Discretionary 15.5%** |
| &nbsp;&nbsp;**Auto Components 1.0%** | &nbsp;&nbsp;**Auto Components 1.0%** | &nbsp;&nbsp;**Auto Components 1.0%** |
| &nbsp;&nbsp;Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33180 | &nbsp;&nbsp;&nbsp;&nbsp;3090053 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 7.3%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 7.3%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 7.3%** |
| &nbsp;&nbsp;Chipotle Mexican Grill, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5974 | &nbsp;&nbsp;&nbsp;&nbsp;8288865 |
| &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66030 | &nbsp;&nbsp;&nbsp;&nbsp;8343551 |
| &nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27310 | &nbsp;&nbsp;&nbsp;&nbsp;6509339 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;23141755 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 2.0%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 2.0%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 2.0%** |
| &nbsp;&nbsp;Etsy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53130 | &nbsp;&nbsp;&nbsp;&nbsp;6363912 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 5.2%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 5.2%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 5.2%** |
| &nbsp;&nbsp;lululemon athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30707 | &nbsp;&nbsp;&nbsp;&nbsp;9837908 |
| &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;175471 | &nbsp;&nbsp;&nbsp;&nbsp;6681936 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;16519844 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**49115564** |
| &nbsp;&nbsp;**Energy 3.1%** | &nbsp;&nbsp;**Energy 3.1%** | &nbsp;&nbsp;**Energy 3.1%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 3.1%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 3.1%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 3.1%** |
| &nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;161820 | &nbsp;&nbsp;&nbsp;&nbsp;9953548 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;&nbsp;&nbsp;**9953548** |
| &nbsp;&nbsp;**Financials 8.9%** | &nbsp;&nbsp;**Financials 8.9%** | &nbsp;&nbsp;**Financials 8.9%** |
| &nbsp;&nbsp;**Banks 1.3%** | &nbsp;&nbsp;**Banks 1.3%** | &nbsp;&nbsp;**Banks 1.3%** |
| &nbsp;&nbsp;First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;33230 | &nbsp;&nbsp;&nbsp;&nbsp;4050405 |
| &nbsp;&nbsp;**Capital Markets 3.9%** | &nbsp;&nbsp;**Capital Markets 3.9%** | &nbsp;&nbsp;**Capital Markets 3.9%** |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24868 | &nbsp;&nbsp;&nbsp;&nbsp;5375715 |
| &nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15465 | &nbsp;&nbsp;&nbsp;&nbsp;7193854 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;12569569 |
| &nbsp;&nbsp;**Insurance 3.7%** | &nbsp;&nbsp;**Insurance 3.7%** | &nbsp;&nbsp;**Insurance 3.7%** |
| &nbsp;&nbsp;Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;36350 | &nbsp;&nbsp;&nbsp;&nbsp;4929060 |
| &nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;36070 | &nbsp;&nbsp;&nbsp;&nbsp;6800638 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;11729698 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**28349672** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Health Care 18.8%** | &nbsp;&nbsp;**Health Care 18.8%** | &nbsp;&nbsp;**Health Care 18.8%** |
| &nbsp;&nbsp;**Biotechnology 3.5%** | &nbsp;&nbsp;**Biotechnology 3.5%** | &nbsp;&nbsp;**Biotechnology 3.5%** |
| &nbsp;&nbsp;Ascendis Pharma A/S ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53040 | &nbsp;&nbsp;&nbsp;&nbsp;6477775 |
| &nbsp;&nbsp;Sarepta Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35980 | &nbsp;&nbsp;&nbsp;&nbsp;4662288 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;11140063 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 9.4%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 9.4%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 9.4%** |
| &nbsp;&nbsp;Cooper Companies, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;18659 | &nbsp;&nbsp;&nbsp;&nbsp;6169972 |
| &nbsp;&nbsp;DexCom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;92650 | &nbsp;&nbsp;10491686 |
| &nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19070 | &nbsp;&nbsp;&nbsp;&nbsp;7779797 |
| &nbsp;&nbsp;Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18408 | &nbsp;&nbsp;&nbsp;&nbsp;5419131 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;29860586 |
| &nbsp;&nbsp;**Health Care Providers & Services 1.9%** | &nbsp;&nbsp;**Health Care Providers & Services 1.9%** | &nbsp;&nbsp;**Health Care Providers & Services 1.9%** |
| &nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38200 | &nbsp;&nbsp;&nbsp;&nbsp;5976008 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 4.0%** | &nbsp;&nbsp;**Life Sciences Tools & Services 4.0%** | &nbsp;&nbsp;**Life Sciences Tools & Services 4.0%** |
| &nbsp;&nbsp;Avantor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;244826 | &nbsp;&nbsp;&nbsp;&nbsp;5163380 |
| &nbsp;&nbsp;ICON PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38590 | &nbsp;&nbsp;&nbsp;&nbsp;7496108 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;12659488 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**59636145** |
| &nbsp;&nbsp;**Industrials 18.8%** | &nbsp;&nbsp;**Industrials 18.8%** | &nbsp;&nbsp;**Industrials 18.8%** |
| &nbsp;&nbsp;**Aerospace & Defense 2.7%** | &nbsp;&nbsp;**Aerospace & Defense 2.7%** | &nbsp;&nbsp;**Aerospace & Defense 2.7%** |
| &nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13883 | &nbsp;&nbsp;&nbsp;&nbsp;8741431 |
| &nbsp;&nbsp;**Commercial Services & Supplies 3.2%** | &nbsp;&nbsp;**Commercial Services & Supplies 3.2%** | &nbsp;&nbsp;**Commercial Services & Supplies 3.2%** |
| &nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;96440 | &nbsp;&nbsp;&nbsp;&nbsp;5872232 |
| &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31650 | &nbsp;&nbsp;&nbsp;&nbsp;4195524 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10067756 |
| &nbsp;&nbsp;**Electrical Equipment 4.9%** | &nbsp;&nbsp;**Electrical Equipment 4.9%** | &nbsp;&nbsp;**Electrical Equipment 4.9%** |
| &nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50700 | &nbsp;&nbsp;&nbsp;&nbsp;7083804 |
| &nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33385 | &nbsp;&nbsp;&nbsp;&nbsp;8598975 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;15682779 |
| &nbsp;&nbsp;**Machinery 2.0%** | &nbsp;&nbsp;**Machinery 2.0%** | &nbsp;&nbsp;**Machinery 2.0%** |
| &nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28380 | &nbsp;&nbsp;&nbsp;&nbsp;6480005 |
| &nbsp;&nbsp;**Professional Services 2.8%** | &nbsp;&nbsp;**Professional Services 2.8%** | &nbsp;&nbsp;**Professional Services 2.8%** |
| &nbsp;&nbsp;CoStar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;71590 | &nbsp;&nbsp;&nbsp;&nbsp;5532475 |
| &nbsp;&nbsp;FTI Consulting, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20930 | &nbsp;&nbsp;&nbsp;&nbsp;3323684 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;8856159 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Trading Companies & Distributors 3.2%** | &nbsp;&nbsp;**Trading Companies & Distributors 3.2%** | &nbsp;&nbsp;**Trading Companies & Distributors 3.2%** |
| &nbsp;&nbsp;WESCO International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;80260 | &nbsp;&nbsp;10048552 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**59876682** |
| &nbsp;&nbsp;**Information Technology 23.9%** | &nbsp;&nbsp;**Information Technology 23.9%** | &nbsp;&nbsp;**Information Technology 23.9%** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 1.6%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 1.6%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 1.6%** |
| &nbsp;&nbsp;Teledyne Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12855 | &nbsp;&nbsp;&nbsp;&nbsp;5140843 |
| &nbsp;&nbsp;**IT Services 4.7%** | &nbsp;&nbsp;**IT Services 4.7%** | &nbsp;&nbsp;**IT Services 4.7%** |
| &nbsp;&nbsp;Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;91280 | &nbsp;&nbsp;&nbsp;&nbsp;4228090 |
| &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56500 | &nbsp;&nbsp;&nbsp;&nbsp;5611580 |
| &nbsp;&nbsp;MongoDB, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25890 | &nbsp;&nbsp;&nbsp;&nbsp;5096187 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;14935857 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.8%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.8%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.8%** |
| &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;145940 | &nbsp;&nbsp;&nbsp;&nbsp;5405618 |
| &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95650 | &nbsp;&nbsp;&nbsp;&nbsp;6719412 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;12125030 |
| &nbsp;&nbsp;**Software 12.0%** | &nbsp;&nbsp;**Software 12.0%** | &nbsp;&nbsp;**Software 12.0%** |
| &nbsp;&nbsp;Ceridian HCM Holding, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;92370 | &nbsp;&nbsp;&nbsp;&nbsp;5925535 |
| &nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;164140 | &nbsp;&nbsp;&nbsp;&nbsp;8024805 |
| &nbsp;&nbsp;HubSpot, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21790 | &nbsp;&nbsp;&nbsp;&nbsp;6300143 |
| &nbsp;&nbsp;Lightspeed Commerce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;135619 | &nbsp;&nbsp;&nbsp;&nbsp;1939352 |
| &nbsp;&nbsp;NiCE Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25570 | &nbsp;&nbsp;&nbsp;&nbsp;4917111 |
| &nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55960 | &nbsp;&nbsp;&nbsp;&nbsp;7808658 |
| &nbsp;&nbsp;Zscaler, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27860 | &nbsp;&nbsp;&nbsp;&nbsp;3117534 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;38033138 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 1.8%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 1.8%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 1.8%** |
| &nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94695 | &nbsp;&nbsp;&nbsp;&nbsp;5687382 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**75922250** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Materials 3.4%** | &nbsp;&nbsp;**Materials 3.4%** | &nbsp;&nbsp;**Materials 3.4%** |
| &nbsp;&nbsp;**Chemicals 1.6%** | &nbsp;&nbsp;**Chemicals 1.6%** | &nbsp;&nbsp;**Chemicals 1.6%** |
| &nbsp;&nbsp;Celanese Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50630 | &nbsp;&nbsp;&nbsp;&nbsp;5176411 |
| &nbsp;&nbsp;**Construction Materials 1.8%** | &nbsp;&nbsp;**Construction Materials 1.8%** | &nbsp;&nbsp;**Construction Materials 1.8%** |
| &nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33040 | &nbsp;&nbsp;&nbsp;&nbsp;5785635 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;**10962046** |
| &nbsp;&nbsp;**Real Estate 3.3%** | &nbsp;&nbsp;**Real Estate 3.3%** | &nbsp;&nbsp;**Real Estate 3.3%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 3.3%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 3.3%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 3.3%** |
| &nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29360 | &nbsp;&nbsp;&nbsp;&nbsp;6221971 |
| &nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30030 | &nbsp;&nbsp;&nbsp;&nbsp;4294290 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;10516261 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**10516261** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $301,835,993) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $301,835,993) | &nbsp;&nbsp;**308628152** |
| &nbsp;&nbsp;**Money Market Funds 2.7%** | &nbsp;&nbsp;**Money Market Funds 2.7%** | &nbsp;&nbsp;**Money Market Funds 2.7%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;8640651 | &nbsp;&nbsp;&nbsp;&nbsp;8638059 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $8,637,433) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $8,637,433) | &nbsp;&nbsp;&nbsp;&nbsp;**8638059** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $310,473,426)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $310,473,426)** | &nbsp;&nbsp;**317266211** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**663519** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**317929730** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 9142488 | &nbsp;&nbsp;105087941 | &nbsp;&nbsp;(105592996) | &nbsp;&nbsp;626 | &nbsp;&nbsp;8638059 | &nbsp;&nbsp;(1579) | &nbsp;&nbsp;82810 | &nbsp;&nbsp;8640651 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Abbreviation Legend
ADR American Depositary Receipt

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;4295984 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;49115564 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49115564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;9953548 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9953548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;28349672 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28349672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;59636145 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59636145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;59876682 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59876682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;75922250 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75922250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;10962046 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10962046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;10516261 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10516261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 308628152 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;308628152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;8638059 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8638059 |
| &nbsp;&nbsp;Total Investments in Securities | 317266211 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;317266211 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $301,835,993) | $308628152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $8,637,433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8638059 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9047 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;318083172 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5791 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153442 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$317929730** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $317929730 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$317929730** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $291820040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8189869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35.63 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$26109690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34.48 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2997651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4790) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075848 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11275 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962925 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6595) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956330 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119518 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4012941) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1579) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4014520) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(104689896) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(104689270) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(108703790) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(108584272)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$119518 | &nbsp;&nbsp;&nbsp;&nbsp;$(1538118) |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(4014520) | &nbsp;&nbsp;&nbsp;&nbsp;161419806 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(104689270) | &nbsp;&nbsp;&nbsp;&nbsp;(92818320) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;(108584272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67063368 |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79485 | &nbsp;&nbsp;&nbsp;(309829368) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;(108504787) | &nbsp;&nbsp;&nbsp;(242766000) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;426434517 | &nbsp;&nbsp;&nbsp;&nbsp;669200517 |
| &nbsp;&nbsp;**Net assets at end of year** | **$317929730** | &nbsp;&nbsp;**$426434517** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;238398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8573368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (225469) | &nbsp;&nbsp;&nbsp;&nbsp;(8747179) | &nbsp;&nbsp;&nbsp;&nbsp;(7419513) | &nbsp;&nbsp;&nbsp;&nbsp;(310614653) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;12929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173811) | &nbsp;&nbsp;&nbsp;&nbsp;(7385958) | &nbsp;&nbsp;&nbsp;&nbsp;(309151415) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;76858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2924539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(70047) | &nbsp;&nbsp;&nbsp;&nbsp;(2671243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3457740) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(677953) |
| &nbsp;&nbsp;**Total net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**19740** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**79485** | &nbsp;&nbsp;&nbsp;&nbsp;**(7402556)** | &nbsp;&nbsp;&nbsp;&nbsp;**(309829368)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $47.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(12.28) | &nbsp;&nbsp;(12.26) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $41.03 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $32.18 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;8.96 | &nbsp;&nbsp;&nbsp;&nbsp;8.85 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $22.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;9.47 | &nbsp;&nbsp;&nbsp;&nbsp;9.54 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $23.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $46.46 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(11.91) | &nbsp;&nbsp;(11.98) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $39.91 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp;&nbsp;&nbsp;6.55 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $31.38 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;&nbsp;&nbsp;8.53 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $22.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;9.25 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $22.96 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $35.63 | (25.60%) | 0.84% | 0.84% | 0.06% | 60% | $291820 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $47.89 | 16.72% | 0.84%<sup>(c)</sup> | 0.84%<sup>(c)</sup> | (0.32%) | 58% | $391573 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $41.03 | 27.50% | 0.83%<sup>(c)</sup> | 0.83%<sup>(c)</sup> | (0.35%) | 75% | $638591 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $32.18 | 42.14% | 0.83% | 0.83% | 0.25% | 70% | $555819 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $22.64 | &nbsp;&nbsp;(3.37%) | 0.84% | 0.84% | 0.05% | 72% | $491881 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $34.48 | (25.79%) | 1.09% | 1.09% | (0.19%) | 60% | &nbsp;&nbsp;$26110 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $46.46 | 16.41% | 1.09%<sup>(c)</sup> | 1.09%<sup>(c)</sup> | (0.56%) | 58% | &nbsp;&nbsp;$34861 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $39.91 | 27.18% | 1.08%<sup>(c)</sup> | 1.08%<sup>(c)</sup> | (0.60%) | 75% | &nbsp;&nbsp;$30610 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $31.38 | 41.80% | 1.08% | 1.08% | 0.02% | 70% | &nbsp;&nbsp;$26048 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $22.13 | &nbsp;&nbsp;(3.61%) | 1.09% | 1.09% | (0.20%) | 72% | &nbsp;&nbsp;$18181 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

CTIVP® – Westfield Mid Cap Growth Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

16 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.81% to 0.68% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.81% of the Fund's average daily net assets.

#### Subadvisory agreement
The Investment Manager has entered into a Subadvisory Agreement with Westfield Capital Management Company, L.P. to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

18 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | 0.84% |
| &nbsp;&nbsp;Class 2 | 1.09 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $206,548,653 and $206,823,570, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 4700000 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to

20 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

#### Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could

22 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Notes to Financial Statements (continued)

December 31, 2022

result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP® – Westfield Mid Cap Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP® – Westfield Mid Cap Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

24 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

26 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

28 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

30 CTIVP® – Westfield Mid Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_228_a5beb888-da50-4c8e-a6bd-906ccdec36e3_TOC)

#### CTIVP® – Westfield Mid Cap Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imge35128252.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7040_12_B01_(02/23)

------

![](img56a0233e1.jpg)

Annual Report

December 31, 2022

![](img17919aec2.jpg)

Variable Portfolio – Partners Small Cap Growth Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_e8010aa4-4aff-4e57-a262-464f335a86d6_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_e8010aa4-4aff-4e57-a262-464f335a86d6_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_dfb3cbd5-1729-466f-99a4-ba17fb63ccdf_1)<br>| 8 |
| [Portfolio of Investments](#xx_4b8db2f8-4310-42be-ab19-eae378edfd95_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_2ded91a8-6b6d-4cf4-aa34-db082be7ce82_1)<br>| 14 |
| [Statement of Operations](#xx_2ded91a8-6b6d-4cf4-aa34-db082be7ce82_2)<br>| 15 |
| [Statement of Changes in Net Assets](#xx_2ded91a8-6b6d-4cf4-aa34-db082be7ce82_3)<br>| 16 |
| [Financial Highlights](#xx_44b3125b-f215-4f9c-b840-763e49da04db_2)<br>| 18 |
| [Notes to Financial Statements](#xx_2a873df0-d972-4876-8197-c0efd03eb083_1)<br>| 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_43756b76-f2d5-4dbb-a629-5df720739aa5_1)<br>| 28 |
| [Trustees and Officers](#xx_0e790b84-0609-463d-a5e6-0d475fd7763a_1)<br>| 29 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Variable Portfolio – Partners Small Cap Growth Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### Allspring Global Investments, LLC
Thomas Ognar, CFA

Robert Gruendyke, CFA

David Nazaret, CFA

#### Scout Investments, Inc.
James McBride, CFA

Timothy Miller, CFA

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-28.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;7.58 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-29.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;7.31 |
| &nbsp;&nbsp;Russell 2000 Growth Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-26.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;9.20 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadvisers. If the Fund's current subadvisers had been in place for the prior periods, results shown may have been different.

The Russell 2000 Growth Index, an unmanaged index, measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img4fac526b3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of Variable Portfolio – Partners Small Cap Growth Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;98.7 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;10.1 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;27.0 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;16.8 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;29.0 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Manager Discussion of Fund Performance

(Unaudited)

*During the annual period ended December 31, 2022, the Fund was managed by two independent money management firms and each invested a portion of the portfolio's assets. Allspring Global Investments, LLC (Allspring), and Scout Investments, Inc. (Scout) managed approximately 48.4% and 51.6% of the portfolio, respectively.*

*At December 31, 2022, approximately 96.86% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of Variable Portfolio - Partners Small Cap Growth Fund returned -29.13%. The Fund underperformed its benchmark, the Russell 2000 Growth Index, which returned -26.36% over the same time period.

Market overview

Inflation and monetary policy drove markets during the year. The continued response of the U.S. Federal Reserve (Fed) to elevated inflation fueled recession fears and negative sentiment among investors. Persistent COVID-19 disruptions also led to global supply chain issues. In addition, the ongoing war in Ukraine continued to impact oil supply and prices. The U.S. economy shrank modestly in real terms in the first two quarters before rebounding in the third quarter of 2022, with gross domestic product advancing at a 3.2% annualized rate. The Fed continued its tightening campaign by increasing its target rate by 4.25% in 2022, primarily in 75 basis point increments (although the last increase was 50 basis points), one of the sharpest increases in short-term rates in recent history. (A basis point is 1/100 of a percent.) In part driven by anticipated rate hikes, markets rotated away from unprofitable high growth stocks beginning in November of 2021. This rotation towards quality and profitability was most prominent in the first two quarters of 2022, with a rebound in interest in growth stocks in the third quarter, and another return to outperformance by larger more profitable stocks within the benchmark Russell 2000 Growth Index in the fourth quarter.

The Fund's notable detractors during the period

Allspring

• The information technology sector was a notable underperformer for our portion of the Fund given our overweight in the sector that saw broad-based valuation compression. Our investment process focuses on stocks that
fit our emphasis on robust and sustainable growth, but higher interest rates severely cut into valuations for stocks in the information technology sector.

• The consumer discretionary and energy sectors also detracted.

○ Energy stocks did well due to higher energy prices, which became a drag on Fund performance because of our underweight. Our investment process emphasizes companies with sustainable growth that is tied to secular
drivers, as opposed to simply benefiting from cyclical growth tied to the economy. Energy is often in the latter group, so while it's having its revival moment due to global supply constraints amplified by the
war in Ukraine, our portfolio will likely maintain an underweight relative to the benchmark.

• Holdings in our portion of the Fund that detracted from performance included Codexis, Inc., a leading protein engineering company with a particular specialty in enzyme optimization. Shares fell as investors began to
abandon companies that were thought to be COVID-19 beneficiaries. We sold our position in Codexis.

• Rapid7, Inc. provides security data and analytics solutions that enable organizations to implement active cybersecurity. It offers penetration test services, vulnerability management,
detection and response services, internet-of-things services, and training and certification. Its platform collects data, making it easy for teams to manage vulnerabilities, monitor for malicious behavior, investigate
and shut down attacks and automate a company's operations. This process

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

---

| | |
|:---|:---|
|  | allows teams to act quickly to respond to issues that reduce the total cost of ownership. The company reported slowing growth and we determined that its total addressable market may not be as big as competitors with more full-scale solutions. We sold the stock. |
| • | Semtech Corp. is a supplier of analog and mixed-signal semiconductor products and advanced algorithms. The company designs, develops and markets a range of products for commercial applications, which are sold into the enterprise computing, communications, consumer, commercial and industrial end markets. The company's shares tumbled during the period after it reported disappointing sequential quarterly bookings with particular weakness from its high-end consumer market segments. Inflationary pressures, supply chain challenges, and the impacts of COVID-19 in China were headwinds for Semtech and its semiconductor peers. |

---

Scout

• Negative performance from the industrials, energy and materials sectors hurt our portion of the Fund's performance.

• Negative stock selection in machinery, healthcare equipment and supplies, construction/engineering and distributors detracted.

• Overweights relative to the benchmark in information technology, health care and an underweight in the energy sector also hurt performance.

• Among holdings, Omnicell, Inc., Ambarella, Inc. and Semtech were the weakest performers.

○ Omnicell, a health care technology company, struggled as its profitability was pressured by rising input costs and, later in the year, as the company faced implementation headwinds as hospital clients struggled with
staffing required to implement new systems.

○ Semiconductor design company Ambarella underperformed, as the company faced supply constraints and the semiconductor industry underperformed as a group. During the year Ambarella continued to build a strong position
in computer vision and won placements with key automotive component suppliers.

○ Semtech lowered guidance as supply constraints and the impact of Chinese COVID-19 restrictions hampered production. The company announced the acquisition of Sierra Wireless,
which was poorly received by the market. We eliminated our position in Semtech in the fourth quarter.

The Fund's notable contributors during the period

Allspring

• The financials sector was the best-performing sector in our portion of the Fund due to stock selection, notably top positions Kinsale Capital Group, Inc. and Stifel Financial Corp., which performed well during the
period.

• The real estate sector is a small part of the benchmark, and we typically do not find holdings that fit our investment process. The Fund's lack of exposure to real estate was positive given the sector's
underperformance during the period.

• Fund holdings that contributed to performance included Shockwave Medical, Inc., a medical device company that provides the only intravascular lithotripsy (IVL) catheter in the coronary artery disease and peripheral
arterial disease market. Shockwave Medical has a differentiated offering given its ease of use, ability to treat calcium and safety profile, all of which position the company to drive widespread adoption within
multiple areas. The company's stock price rose during the period after the company continuously beat estimates and showed strong growth.

• Kinsale Capital Group, Inc. is a pure-play excess and surplus (E&S) insurer. E&S is a segment of the insurance market that provides property and casualty insurance through
brokers for consumers with either poor loss history or unique risks that traditional property and casualty market will not cover. The company pays a lower commission to these brokers, but the speed with which the
insurance gets underwritten and sold is a key differentiator of the firm's capabilities. During the period, the stock rose, as the company continues to deliver premium growth and earnings growth. We believe the
company remains well positioned given its favorable cost structure over its peers, which is largely due to its technology innovation and lower commission payouts to brokers.

6 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Manager Discussion of Fund Performance (continued)

(Unaudited)

• Calix, Inc. is a provider of cloud and software platforms, systems and services that is focused on the access network – the portion of the network that governs available bandwidth and determines the range of
services that can be offered to subscribers. Calix develops and markets its cloud and software platforms, systems, and services to broadband service providers (BSPs) through its direct sales force as well as select
resellers. Its role-based cloud platforms enable BSP teams, such as operations, marketing and support, to leverage real-time behavioral analytics to anticipate the subscriber's needs. Calix serves many rural
markets where there is strong funding support that we think can sustain growth for years to come. Its shares outperformed during the period.

Scout

• Our portion of the Fund benefited from its positions in the information technology, health care and consumer discretionary sectors.

• Favorable stock selection in semiconductors, electronic equipment, life sciences tools and services, and biotechnology also helped.

• Among Fund holdings, Halozyme Therapeutics, Inc., Impinj, Inc. and HealthEquity, Inc. were the three strongest stocks.

○ Halozyme is a biopharma technology platform focused on facilitating the delivery of injected drugs. It reduces a normal intravenous procedure to a subcutaneous procedure, saving significant time. The
company also purchased auto-injector Antares, a transaction that has been favorably received.

○ Impinj is a leading producer of radio frequency identification (RFID) chips used in retail tags, RFID scanners and point-of-sale readers. In our opinion, demand continues to look robust across multiple
end-markets and the company is beginning to see improving wafer supply to meet this strong demand, which we believe should drive positive margin leverage.

○ HealthEquity provides healthcare savings accounts, consumer-directed benefit plans and other reimbursement arrangements. Rising interest rates and continued market share gains
have benefited the company.

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund is managed by multiple advisers independently of one another, which may result in contradicting trades (i.e., with no net benefit to the Fund), while increasing transaction costs. Investments in small-cap companies involve risks and volatility greater than investments in larger, more established companies. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.40 | &nbsp;&nbsp;&nbsp;&nbsp;1020.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.20 | &nbsp;&nbsp;&nbsp;&nbsp;1019.55 | &nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

8 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.7%** | &nbsp;&nbsp;**Common Stocks 98.7%** | &nbsp;&nbsp;**Common Stocks 98.7%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 1.5%** | &nbsp;&nbsp;**Communication Services 1.5%** | &nbsp;&nbsp;**Communication Services 1.5%** |
| &nbsp;&nbsp;**Interactive Media & Services 0.8%** | &nbsp;&nbsp;**Interactive Media & Services 0.8%** | &nbsp;&nbsp;**Interactive Media & Services 0.8%** |
| &nbsp;&nbsp;Ziff Davis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;56156 | &nbsp;&nbsp;&nbsp;&nbsp;4441940 |
| &nbsp;&nbsp;**Media 0.7%** | &nbsp;&nbsp;**Media 0.7%** | &nbsp;&nbsp;**Media 0.7%** |
| &nbsp;&nbsp;Magnite, Inc.<sup>(a)</sup> | &nbsp;&nbsp;265624 | &nbsp;&nbsp;&nbsp;&nbsp;2812958 |
| &nbsp;&nbsp;TechTarget, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982538 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3795496 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp;**8237436** |
| &nbsp;&nbsp;**Consumer Discretionary 9.9%** | &nbsp;&nbsp;**Consumer Discretionary 9.9%** | &nbsp;&nbsp;**Consumer Discretionary 9.9%** |
| &nbsp;&nbsp;**Auto Components 1.9%** | &nbsp;&nbsp;**Auto Components 1.9%** | &nbsp;&nbsp;**Auto Components 1.9%** |
| &nbsp;&nbsp;Fox Factory Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45265 | &nbsp;&nbsp;&nbsp;&nbsp;4129526 |
| &nbsp;&nbsp;Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60397 | &nbsp;&nbsp;&nbsp;&nbsp;3660058 |
| &nbsp;&nbsp;Stoneridge, Inc.<sup>(a)</sup> | &nbsp;&nbsp;140652 | &nbsp;&nbsp;&nbsp;&nbsp;3032457 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10822041 |
| &nbsp;&nbsp;**Automobiles 0.6%** | &nbsp;&nbsp;**Automobiles 0.6%** | &nbsp;&nbsp;**Automobiles 0.6%** |
| &nbsp;&nbsp;Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42803 | &nbsp;&nbsp;&nbsp;&nbsp;3231199 |
| &nbsp;&nbsp;**Diversified Consumer Services 0.7%** | &nbsp;&nbsp;**Diversified Consumer Services 0.7%** | &nbsp;&nbsp;**Diversified Consumer Services 0.7%** |
| &nbsp;&nbsp;OneSpaWorld Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;388312 | &nbsp;&nbsp;&nbsp;&nbsp;3622951 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 3.4%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 3.4%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 3.4%** |
| &nbsp;&nbsp;Cheesecake Factory, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;91084 | &nbsp;&nbsp;&nbsp;&nbsp;2888274 |
| &nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26075 | &nbsp;&nbsp;&nbsp;&nbsp;2470346 |
| &nbsp;&nbsp;First Watch Restaurant Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;87159 | &nbsp;&nbsp;&nbsp;&nbsp;1179261 |
| &nbsp;&nbsp;Hilton Grand Vacations, Inc.<sup>(a)</sup> | &nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;4092948 |
| &nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;174082 | &nbsp;&nbsp;&nbsp;&nbsp;1340431 |
| &nbsp;&nbsp;Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64955 | &nbsp;&nbsp;&nbsp;&nbsp;5346446 |
| &nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14394 | &nbsp;&nbsp;&nbsp;&nbsp;1980902 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;19298608 |
| &nbsp;&nbsp;**Household Durables 1.5%** | &nbsp;&nbsp;**Household Durables 1.5%** | &nbsp;&nbsp;**Household Durables 1.5%** |
| &nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57130 | &nbsp;&nbsp;&nbsp;&nbsp;4890328 |
| &nbsp;&nbsp;LGI Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39791 | &nbsp;&nbsp;&nbsp;&nbsp;3684647 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;8574975 |
| &nbsp;&nbsp;**Specialty Retail 0.9%** | &nbsp;&nbsp;**Specialty Retail 0.9%** | &nbsp;&nbsp;**Specialty Retail 0.9%** |
| &nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914355 |
| &nbsp;&nbsp;Leslie's, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;92173 | &nbsp;&nbsp;&nbsp;&nbsp;1125432 |
| &nbsp;&nbsp;Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65885 | &nbsp;&nbsp;&nbsp;&nbsp;2978002 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5017789 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.9%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.9%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.9%** |
| &nbsp;&nbsp;Crocs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23560 | &nbsp;&nbsp;&nbsp;&nbsp;2554611 |
| &nbsp;&nbsp;Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702122 |
| &nbsp;&nbsp;G-III Apparel Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;138690 | &nbsp;&nbsp;&nbsp;&nbsp;1901440 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5158173 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**55725736** |
| &nbsp;&nbsp;**Consumer Staples 4.3%** | &nbsp;&nbsp;**Consumer Staples 4.3%** | &nbsp;&nbsp;**Consumer Staples 4.3%** |
| &nbsp;&nbsp;**Beverages 1.1%** | &nbsp;&nbsp;**Beverages 1.1%** | &nbsp;&nbsp;**Beverages 1.1%** |
| &nbsp;&nbsp;Celsius Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22530 | &nbsp;&nbsp;&nbsp;&nbsp;2344021 |
| &nbsp;&nbsp;Duckhorn Portfolio, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;168555 | &nbsp;&nbsp;&nbsp;&nbsp;2792957 |
| &nbsp;&nbsp;MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829764 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5966742 |
| &nbsp;&nbsp;**Food & Staples Retailing 2.1%** | &nbsp;&nbsp;**Food & Staples Retailing 2.1%** | &nbsp;&nbsp;**Food & Staples Retailing 2.1%** |
| &nbsp;&nbsp;Performance Food Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;109056 | &nbsp;&nbsp;&nbsp;&nbsp;6367780 |
| &nbsp;&nbsp;The Chefs' Warehouse<sup>(a)</sup> | &nbsp;&nbsp;162605 | &nbsp;&nbsp;&nbsp;&nbsp;5411494 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;11779274 |
| &nbsp;&nbsp;**Food Products 0.6%** | &nbsp;&nbsp;**Food Products 0.6%** | &nbsp;&nbsp;**Food Products 0.6%** |
| &nbsp;&nbsp;Simply Good Foods Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;82593 | &nbsp;&nbsp;&nbsp;&nbsp;3141012 |
| &nbsp;&nbsp;**Personal Products 0.5%** | &nbsp;&nbsp;**Personal Products 0.5%** | &nbsp;&nbsp;**Personal Products 0.5%** |
| &nbsp;&nbsp;elf Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;52964 | &nbsp;&nbsp;&nbsp;&nbsp;2928909 |
| &nbsp;&nbsp;Thorne HealthTech, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113866 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3042775 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**23929803** |
| &nbsp;&nbsp;**Energy 3.5%** | &nbsp;&nbsp;**Energy 3.5%** | &nbsp;&nbsp;**Energy 3.5%** |
| &nbsp;&nbsp;**Energy Equipment & Services 1.3%** | &nbsp;&nbsp;**Energy Equipment & Services 1.3%** | &nbsp;&nbsp;**Energy Equipment & Services 1.3%** |
| &nbsp;&nbsp;Core Laboratories NV | &nbsp;&nbsp;158273 | &nbsp;&nbsp;&nbsp;&nbsp;3208194 |
| &nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78800 | &nbsp;&nbsp;&nbsp;&nbsp;3906116 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7114310 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 2.2%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 2.2%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 2.2%** |
| &nbsp;&nbsp;Excelerate Energy, Inc., Class A | &nbsp;&nbsp;129523 | &nbsp;&nbsp;&nbsp;&nbsp;3244551 |
| &nbsp;&nbsp;Kimbell Royalty Partners LP | &nbsp;&nbsp;176380 | &nbsp;&nbsp;&nbsp;&nbsp;2945546 |
| &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;45500 | &nbsp;&nbsp;&nbsp;&nbsp;2604420 |
| &nbsp;&nbsp;Talos Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777856 |
| &nbsp;&nbsp;Viper Energy Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;88400 | &nbsp;&nbsp;&nbsp;&nbsp;2810236 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;12382609 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**19496919** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Financials 5.1%** | &nbsp;&nbsp;**Financials 5.1%** | &nbsp;&nbsp;**Financials 5.1%** |
| &nbsp;&nbsp;**Banks 0.6%** | &nbsp;&nbsp;**Banks 0.6%** | &nbsp;&nbsp;**Banks 0.6%** |
| &nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;103982 | &nbsp;&nbsp;&nbsp;&nbsp;3120500 |
| &nbsp;&nbsp;**Capital Markets 2.1%** | &nbsp;&nbsp;**Capital Markets 2.1%** | &nbsp;&nbsp;**Capital Markets 2.1%** |
| &nbsp;&nbsp;Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79581 | &nbsp;&nbsp;&nbsp;&nbsp;5137749 |
| &nbsp;&nbsp;PJT Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56914 | &nbsp;&nbsp;&nbsp;&nbsp;4193993 |
| &nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44570 | &nbsp;&nbsp;&nbsp;&nbsp;2601551 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;11933293 |
| &nbsp;&nbsp;**Insurance 1.6%** | &nbsp;&nbsp;**Insurance 1.6%** | &nbsp;&nbsp;**Insurance 1.6%** |
| &nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34791 | &nbsp;&nbsp;&nbsp;&nbsp;9098542 |
| &nbsp;&nbsp;**Thrifts & Mortgage Finance 0.8%** | &nbsp;&nbsp;**Thrifts & Mortgage Finance 0.8%** | &nbsp;&nbsp;**Thrifts & Mortgage Finance 0.8%** |
| &nbsp;&nbsp;Axos Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;110305 | &nbsp;&nbsp;&nbsp;&nbsp;4215857 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**28368192** |
| &nbsp;&nbsp;**Health Care 26.6%** | &nbsp;&nbsp;**Health Care 26.6%** | &nbsp;&nbsp;**Health Care 26.6%** |
| &nbsp;&nbsp;**Biotechnology 6.0%** | &nbsp;&nbsp;**Biotechnology 6.0%** | &nbsp;&nbsp;**Biotechnology 6.0%** |
| &nbsp;&nbsp;Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;1137620 |
| &nbsp;&nbsp;Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;235947 | &nbsp;&nbsp;&nbsp;&nbsp;3492016 |
| &nbsp;&nbsp;Coherus Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;339777 | &nbsp;&nbsp;&nbsp;&nbsp;2691034 |
| &nbsp;&nbsp;Cytokinetics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40600 | &nbsp;&nbsp;&nbsp;&nbsp;1860292 |
| &nbsp;&nbsp;Eagle Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72631 | &nbsp;&nbsp;&nbsp;&nbsp;2123004 |
| &nbsp;&nbsp;Halozyme Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;213167 | &nbsp;&nbsp;12129202 |
| &nbsp;&nbsp;Immunocore Holdings PLC, ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp;1204177 |
| &nbsp;&nbsp;Insmed, Inc.<sup>(a)</sup> | &nbsp;&nbsp;164807 | &nbsp;&nbsp;&nbsp;&nbsp;3292844 |
| &nbsp;&nbsp;Vericel Corp.<sup>(a)</sup> | &nbsp;&nbsp;210776 | &nbsp;&nbsp;&nbsp;&nbsp;5551840 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;33482029 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 10.7%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 10.7%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 10.7%** |
| &nbsp;&nbsp;Axonics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;94100 | &nbsp;&nbsp;&nbsp;&nbsp;5884073 |
| &nbsp;&nbsp;ICU Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23487 | &nbsp;&nbsp;&nbsp;&nbsp;3698733 |
| &nbsp;&nbsp;Inari Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;4131400 |
| &nbsp;&nbsp;Inspire Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19049 | &nbsp;&nbsp;&nbsp;&nbsp;4798062 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;56639 | &nbsp;&nbsp;&nbsp;&nbsp;3877506 |
| &nbsp;&nbsp;iRhythm Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33300 | &nbsp;&nbsp;&nbsp;&nbsp;3119211 |
| &nbsp;&nbsp;Lantheus Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36467 | &nbsp;&nbsp;&nbsp;&nbsp;1858358 |
| &nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;104328 | &nbsp;&nbsp;&nbsp;&nbsp;4801174 |
| &nbsp;&nbsp;Omnicell, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58940 | &nbsp;&nbsp;&nbsp;&nbsp;2971755 |
| &nbsp;&nbsp;OrthoPediatrics Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57025 | &nbsp;&nbsp;&nbsp;&nbsp;2265603 |
| &nbsp;&nbsp;Outset Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60370 | &nbsp;&nbsp;&nbsp;&nbsp;1558753 |
| &nbsp;&nbsp;Shockwave Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17360 | &nbsp;&nbsp;&nbsp;&nbsp;3569390 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;SI-BONE, Inc.<sup>(a)</sup> | &nbsp;&nbsp;154620 | &nbsp;&nbsp;&nbsp;&nbsp;2102832 |
| &nbsp;&nbsp;Silk Road Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75733 | &nbsp;&nbsp;&nbsp;&nbsp;4002489 |
| &nbsp;&nbsp;TransMedics Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;124483 | &nbsp;&nbsp;&nbsp;&nbsp;7683091 |
| &nbsp;&nbsp;Treace Medical Concepts, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;1770230 |
| &nbsp;&nbsp;Varex Imaging Corp.<sup>(a)</sup> | &nbsp;&nbsp;106129 | &nbsp;&nbsp;&nbsp;&nbsp;2154419 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;60247079 |
| &nbsp;&nbsp;**Health Care Providers & Services 5.2%** | &nbsp;&nbsp;**Health Care Providers & Services 5.2%** | &nbsp;&nbsp;**Health Care Providers & Services 5.2%** |
| &nbsp;&nbsp;AdaptHealth Corp.<sup>(a)</sup> | &nbsp;&nbsp;218415 | &nbsp;&nbsp;&nbsp;&nbsp;4197936 |
| &nbsp;&nbsp;AMN Healthcare Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;64403 | &nbsp;&nbsp;&nbsp;&nbsp;6621917 |
| &nbsp;&nbsp;Castle Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;78138 | &nbsp;&nbsp;&nbsp;&nbsp;1839369 |
| &nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;152608 | &nbsp;&nbsp;&nbsp;&nbsp;9406757 |
| &nbsp;&nbsp;ModivCare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32140 | &nbsp;&nbsp;&nbsp;&nbsp;2883922 |
| &nbsp;&nbsp;Privia Health Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57369 | &nbsp;&nbsp;&nbsp;&nbsp;1302850 |
| &nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35627 | &nbsp;&nbsp;&nbsp;&nbsp;2886856 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;29139607 |
| &nbsp;&nbsp;**Health Care Technology 0.4%** | &nbsp;&nbsp;**Health Care Technology 0.4%** | &nbsp;&nbsp;**Health Care Technology 0.4%** |
| &nbsp;&nbsp;Evolent Health, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72650 | &nbsp;&nbsp;&nbsp;&nbsp;2040012 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 1.6%** | &nbsp;&nbsp;**Life Sciences Tools & Services 1.6%** | &nbsp;&nbsp;**Life Sciences Tools & Services 1.6%** |
| &nbsp;&nbsp;Akoya Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391336 |
| &nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35204 | &nbsp;&nbsp;&nbsp;&nbsp;7477682 |
| &nbsp;&nbsp;NeoGenomics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;138179 | &nbsp;&nbsp;&nbsp;&nbsp;1276774 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9145792 |
| &nbsp;&nbsp;**Pharmaceuticals 2.7%** | &nbsp;&nbsp;**Pharmaceuticals 2.7%** | &nbsp;&nbsp;**Pharmaceuticals 2.7%** |
| &nbsp;&nbsp;Amylyx Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58610 | &nbsp;&nbsp;&nbsp;&nbsp;2165639 |
| &nbsp;&nbsp;Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;2314200 |
| &nbsp;&nbsp;Pacira Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;76821 | &nbsp;&nbsp;&nbsp;&nbsp;2966059 |
| &nbsp;&nbsp;Revance Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;108687 | &nbsp;&nbsp;&nbsp;&nbsp;2006362 |
| &nbsp;&nbsp;Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;158685 | &nbsp;&nbsp;&nbsp;&nbsp;5660294 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;15112554 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**149167073** |
| &nbsp;&nbsp;**Industrials 16.6%** | &nbsp;&nbsp;**Industrials 16.6%** | &nbsp;&nbsp;**Industrials 16.6%** |
| &nbsp;&nbsp;**Aerospace & Defense 0.6%** | &nbsp;&nbsp;**Aerospace & Defense 0.6%** | &nbsp;&nbsp;**Aerospace & Defense 0.6%** |
| &nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;328726 | &nbsp;&nbsp;&nbsp;&nbsp;3392452 |
| &nbsp;&nbsp;**Air Freight & Logistics 1.0%** | &nbsp;&nbsp;**Air Freight & Logistics 1.0%** | &nbsp;&nbsp;**Air Freight & Logistics 1.0%** |
| &nbsp;&nbsp;Forward Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51008 | &nbsp;&nbsp;&nbsp;&nbsp;5350229 |
| &nbsp;&nbsp;**Building Products 0.7%** | &nbsp;&nbsp;**Building Products 0.7%** | &nbsp;&nbsp;**Building Products 0.7%** |
| &nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;192145 | &nbsp;&nbsp;&nbsp;&nbsp;4063867 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Commercial Services & Supplies 2.0%** | &nbsp;&nbsp;**Commercial Services & Supplies 2.0%** | &nbsp;&nbsp;**Commercial Services & Supplies 2.0%** |
| &nbsp;&nbsp;Aris Water Solution, Inc. | &nbsp;&nbsp;227461 | &nbsp;&nbsp;&nbsp;&nbsp;3277713 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;102280 | &nbsp;&nbsp;&nbsp;&nbsp;8111827 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;11389540 |
| &nbsp;&nbsp;**Construction & Engineering 1.3%** | &nbsp;&nbsp;**Construction & Engineering 1.3%** | &nbsp;&nbsp;**Construction & Engineering 1.3%** |
| &nbsp;&nbsp;Construction Partners, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44040 | &nbsp;&nbsp;&nbsp;&nbsp;1175428 |
| &nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;66409 | &nbsp;&nbsp;&nbsp;&nbsp;6215882 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7391310 |
| &nbsp;&nbsp;**Electrical Equipment 1.9%** | &nbsp;&nbsp;**Electrical Equipment 1.9%** | &nbsp;&nbsp;**Electrical Equipment 1.9%** |
| &nbsp;&nbsp;Array Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247424 |
| &nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664689 |
| &nbsp;&nbsp;Shoals Technologies Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;135716 | &nbsp;&nbsp;&nbsp;&nbsp;3348114 |
| &nbsp;&nbsp;TPI Composites, Inc.<sup>(a)</sup> | &nbsp;&nbsp;163143 | &nbsp;&nbsp;&nbsp;&nbsp;1654270 |
| &nbsp;&nbsp;Vicor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;81075 | &nbsp;&nbsp;&nbsp;&nbsp;4357781 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10272278 |
| &nbsp;&nbsp;**Machinery 3.1%** | &nbsp;&nbsp;**Machinery 3.1%** | &nbsp;&nbsp;**Machinery 3.1%** |
| &nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;53062 | &nbsp;&nbsp;&nbsp;&nbsp;5231383 |
| &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38823 | &nbsp;&nbsp;&nbsp;&nbsp;4473574 |
| &nbsp;&nbsp;Evoqua Water Technologies Corp.<sup>(a)</sup> | &nbsp;&nbsp;108300 | &nbsp;&nbsp;&nbsp;&nbsp;4288680 |
| &nbsp;&nbsp;SPX Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51227 | &nbsp;&nbsp;&nbsp;&nbsp;3363053 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;17356690 |
| &nbsp;&nbsp;**Professional Services 2.5%** | &nbsp;&nbsp;**Professional Services 2.5%** | &nbsp;&nbsp;**Professional Services 2.5%** |
| &nbsp;&nbsp;ASGN, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;84785 | &nbsp;&nbsp;&nbsp;&nbsp;6908282 |
| &nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62458 | &nbsp;&nbsp;&nbsp;&nbsp;7095229 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;14003511 |
| &nbsp;&nbsp;**Road & Rail 0.5%** | &nbsp;&nbsp;**Road & Rail 0.5%** | &nbsp;&nbsp;**Road & Rail 0.5%** |
| &nbsp;&nbsp;Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;54700 | &nbsp;&nbsp;&nbsp;&nbsp;1081966 |
| &nbsp;&nbsp;Saia, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8480 | &nbsp;&nbsp;&nbsp;&nbsp;1778086 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2860052 |
| &nbsp;&nbsp;**Trading Companies & Distributors 3.0%** | &nbsp;&nbsp;**Trading Companies & Distributors 3.0%** | &nbsp;&nbsp;**Trading Companies & Distributors 3.0%** |
| &nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86337 | &nbsp;&nbsp;10881052 |
| &nbsp;&nbsp;Global Industrial Co. | &nbsp;&nbsp;119873 | &nbsp;&nbsp;&nbsp;&nbsp;2820612 |
| &nbsp;&nbsp;SiteOne Landscape Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27920 | &nbsp;&nbsp;&nbsp;&nbsp;3275574 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;16977238 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**93057167** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Information Technology 28.6%** | &nbsp;&nbsp;**Information Technology 28.6%** | &nbsp;&nbsp;**Information Technology 28.6%** |
| &nbsp;&nbsp;**Communications Equipment 1.8%** | &nbsp;&nbsp;**Communications Equipment 1.8%** | &nbsp;&nbsp;**Communications Equipment 1.8%** |
| &nbsp;&nbsp;Calix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;130400 | &nbsp;&nbsp;&nbsp;&nbsp;8923272 |
| &nbsp;&nbsp;Harmonic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;82700 | &nbsp;&nbsp;&nbsp;&nbsp;1083370 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;10006642 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 5.1%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 5.1%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 5.1%** |
| &nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47546 | &nbsp;&nbsp;&nbsp;&nbsp;4078496 |
| &nbsp;&nbsp;Coherent Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;96813 | &nbsp;&nbsp;&nbsp;&nbsp;3398136 |
| &nbsp;&nbsp;ePlus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;85246 | &nbsp;&nbsp;&nbsp;&nbsp;3774693 |
| &nbsp;&nbsp;Fabrinet<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44751 | &nbsp;&nbsp;&nbsp;&nbsp;5737973 |
| &nbsp;&nbsp;Novanta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53213 | &nbsp;&nbsp;&nbsp;&nbsp;7230051 |
| &nbsp;&nbsp;Plexus Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;43814 | &nbsp;&nbsp;&nbsp;&nbsp;4509775 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;28729124 |
| &nbsp;&nbsp;**IT Services 6.0%** | &nbsp;&nbsp;**IT Services 6.0%** | &nbsp;&nbsp;**IT Services 6.0%** |
| &nbsp;&nbsp;DigitalOcean Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;119432 | &nbsp;&nbsp;&nbsp;&nbsp;3041933 |
| &nbsp;&nbsp;Endava PLC, ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;37698 | &nbsp;&nbsp;&nbsp;&nbsp;2883897 |
| &nbsp;&nbsp;Evo Payments, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;125105 | &nbsp;&nbsp;&nbsp;&nbsp;4233553 |
| &nbsp;&nbsp;ExlService Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31800 | &nbsp;&nbsp;&nbsp;&nbsp;5387874 |
| &nbsp;&nbsp;Flywire Corp.<sup>(a)</sup> | &nbsp;&nbsp;168319 | &nbsp;&nbsp;&nbsp;&nbsp;4118766 |
| &nbsp;&nbsp;I3 Verticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;178939 | &nbsp;&nbsp;&nbsp;&nbsp;4355375 |
| &nbsp;&nbsp;Shift4 Payments, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75300 | &nbsp;&nbsp;&nbsp;&nbsp;4211529 |
| &nbsp;&nbsp;TTEC Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47558 | &nbsp;&nbsp;&nbsp;&nbsp;2098735 |
| &nbsp;&nbsp;WNS Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40200 | &nbsp;&nbsp;&nbsp;&nbsp;3215598 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;33547260 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 7.0%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 7.0%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 7.0%** |
| &nbsp;&nbsp;Allegro MicroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;175059 | &nbsp;&nbsp;&nbsp;&nbsp;5255271 |
| &nbsp;&nbsp;Ambarella, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;61724 | &nbsp;&nbsp;&nbsp;&nbsp;5075564 |
| &nbsp;&nbsp;Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;324090 | &nbsp;&nbsp;&nbsp;&nbsp;4313638 |
| &nbsp;&nbsp;Diodes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;73400 | &nbsp;&nbsp;&nbsp;&nbsp;5588676 |
| &nbsp;&nbsp;Impinj, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53089 | &nbsp;&nbsp;&nbsp;&nbsp;5796257 |
| &nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52995 | &nbsp;&nbsp;&nbsp;&nbsp;3800801 |
| &nbsp;&nbsp;Semtech Corp.<sup>(a)</sup> | &nbsp;&nbsp;151240 | &nbsp;&nbsp;&nbsp;&nbsp;4339076 |
| &nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20025 | &nbsp;&nbsp;&nbsp;&nbsp;2716792 |
| &nbsp;&nbsp;Ultra Clean Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72945 | &nbsp;&nbsp;&nbsp;&nbsp;2418127 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;39304202 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Software 8.7%** | &nbsp;&nbsp;**Software 8.7%** | &nbsp;&nbsp;**Software 8.7%** |
| &nbsp;&nbsp;Box, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;196066 | &nbsp;&nbsp;&nbsp;&nbsp;6103535 |
| &nbsp;&nbsp;CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24449 | &nbsp;&nbsp;&nbsp;&nbsp;3169813 |
| &nbsp;&nbsp;Descartes Systems Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;66564 | &nbsp;&nbsp;&nbsp;&nbsp;4636183 |
| &nbsp;&nbsp;EngageSmart, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;88800 | &nbsp;&nbsp;&nbsp;&nbsp;1562880 |
| &nbsp;&nbsp;Envestnet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;56728 | &nbsp;&nbsp;&nbsp;&nbsp;3500118 |
| &nbsp;&nbsp;Jamf Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;106595 | &nbsp;&nbsp;&nbsp;&nbsp;2270473 |
| &nbsp;&nbsp;Paycor HCM, Inc.<sup>(a)</sup> | &nbsp;&nbsp;165471 | &nbsp;&nbsp;&nbsp;&nbsp;4049075 |
| &nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36483 | &nbsp;&nbsp;&nbsp;&nbsp;4094487 |
| &nbsp;&nbsp;Sprout Social, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;64930 | &nbsp;&nbsp;&nbsp;&nbsp;3665948 |
| &nbsp;&nbsp;SPS Commerce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79368 | &nbsp;&nbsp;&nbsp;&nbsp;10193232 |
| &nbsp;&nbsp;Verint Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;98252 | &nbsp;&nbsp;&nbsp;&nbsp;3564582 |
| &nbsp;&nbsp;Workiva, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21760 | &nbsp;&nbsp;&nbsp;&nbsp;1827187 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;48637513 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**160224741** |
| &nbsp;&nbsp;**Materials 1.5%** | &nbsp;&nbsp;**Materials 1.5%** | &nbsp;&nbsp;**Materials 1.5%** |
| &nbsp;&nbsp;**Chemicals 0.9%** | &nbsp;&nbsp;**Chemicals 0.9%** | &nbsp;&nbsp;**Chemicals 0.9%** |
| &nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40915 | &nbsp;&nbsp;&nbsp;&nbsp;4996130 |
| &nbsp;&nbsp;**Metals & Mining 0.6%** | &nbsp;&nbsp;**Metals & Mining 0.6%** | &nbsp;&nbsp;**Metals & Mining 0.6%** |
| &nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38586 | &nbsp;&nbsp;&nbsp;&nbsp;3376661 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;**8372791** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Real Estate 1.1%** | &nbsp;&nbsp;**Real Estate 1.1%** | &nbsp;&nbsp;**Real Estate 1.1%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.1%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.1%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.1%** |
| &nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;210934 | &nbsp;&nbsp;&nbsp;&nbsp;3919153 |
| &nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149648 | &nbsp;&nbsp;&nbsp;&nbsp;2409333 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6328486 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**6328486** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $553,704,467) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $553,704,467) | &nbsp;&nbsp;**552908344** |
| &nbsp;&nbsp;**Money Market Funds 1.3%** | &nbsp;&nbsp;**Money Market Funds 1.3%** | &nbsp;&nbsp;**Money Market Funds 1.3%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(b),(c)</sup> | &nbsp;&nbsp;7129732 | &nbsp;&nbsp;&nbsp;&nbsp;7127593 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $7,127,020) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $7,127,020) | &nbsp;&nbsp;&nbsp;&nbsp;**7127593** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $560,831,487)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $560,831,487)** | &nbsp;&nbsp;**560035937** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**173454** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**560209391** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at December 31, 2022.

(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 4604054 | &nbsp;&nbsp;117999245 | &nbsp;&nbsp;(115476363) | &nbsp;&nbsp;657 | &nbsp;&nbsp;7127593 | &nbsp;&nbsp;(338) | &nbsp;&nbsp;175537 | &nbsp;&nbsp;7129732 |

---

#### Abbreviation Legend
ADR American Depositary Receipt

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Portfolio of Investments (continued)

December 31, 2022

**Fair value measurements (continued) pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.**

#### Fair value inputs are summarized in the three broad levels listed below:
**■** **Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.** 

**■** **Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).** 

**■** **Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).** 

**Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;8237436 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8237436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;55725736 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55725736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;23929803 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23929803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;19496919 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19496919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;28368192 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28368192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 149167073 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;149167073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;93057167 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93057167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 160224741 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;160224741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;8372791 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8372791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;6328486 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 552908344 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;552908344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;7127593 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7127593 |
| &nbsp;&nbsp;Total Investments in Securities | 560035937 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;560035937 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $553,704,467) | $552908344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $7,127,020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7127593 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10422 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;560361424 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8230 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152033 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$560209391** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Trust capital | $560209391 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$560209391** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $543776382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;20070227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.09 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$16433009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.25 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2280708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(649) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455781 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15646 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5220228 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159575) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060653 |
| &nbsp;&nbsp;**Net investment loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2604872) |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(44176541) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(44176879) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(164731812) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(164731155) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(208908034) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(211512906)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;$(2604872) | &nbsp;&nbsp;&nbsp;&nbsp;$(4822844) |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(44176879) | &nbsp;&nbsp;&nbsp;&nbsp;163650235 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(164731155) | &nbsp;&nbsp;&nbsp;&nbsp;(84366066) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;(211512906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74461325 |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;39980602 | &nbsp;&nbsp;&nbsp;(166372322) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;(171532304) | &nbsp;&nbsp;&nbsp;&nbsp;(91910997) |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;731741695 | &nbsp;&nbsp;&nbsp;&nbsp;823652692 |
| &nbsp;&nbsp;**Net assets at end of year** | **$560209391** | &nbsp;&nbsp;**$731741695** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 1762453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47637402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47088309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(372704) | &nbsp;&nbsp;&nbsp;&nbsp;(10819341) | &nbsp;&nbsp;&nbsp;&nbsp;(5509554) | &nbsp;&nbsp;&nbsp;&nbsp;(215620168) |
| &nbsp;&nbsp;Net increase (decrease) | 1389749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36818061 | &nbsp;&nbsp;&nbsp;&nbsp;(4256015) | &nbsp;&nbsp;&nbsp;&nbsp;(168531859) |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;148910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(42994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1216139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2834814) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;105916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3162541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159537 |
| &nbsp;&nbsp;**Total net increase (decrease)** | **1495665** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39980602** | &nbsp;&nbsp;&nbsp;&nbsp;**(4198705)** | &nbsp;&nbsp;&nbsp;&nbsp;**(166372322)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $38.14 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(10.92) | &nbsp;&nbsp;(11.05) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $35.22 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $25.38 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $20.93 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $21.95 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;(1.02) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $37.04 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(10.60) | &nbsp;&nbsp;(10.79) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $34.29 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $24.77 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $20.48 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $21.53 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;(1.05) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $27.09 | (28.97%) | 0.88% | 0.86% | (0.44%) | &nbsp;&nbsp;39% | $543776 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $38.14 | &nbsp;&nbsp;&nbsp;8.29% | 0.87%<sup>(c)</sup> | 0.87%<sup>(c)</sup> | (0.61%) | &nbsp;&nbsp;48% | $712475 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $35.22 | 38.77% | 0.88% | 0.87% | (0.52%) | &nbsp;&nbsp;63% | $807783 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $25.38 | 21.26% | 0.88% | 0.87% | (0.38%) | &nbsp;&nbsp;90% | $574507 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.93 | &nbsp;&nbsp;(4.65%) | 0.87% | 0.86% | (0.46%) | 113% | $579389 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $26.25 | (29.13%) | 1.13% | 1.11% | (0.68%) | &nbsp;&nbsp;39% | &nbsp;&nbsp;$16433 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $37.04 | &nbsp;&nbsp;&nbsp;8.02% | 1.12%<sup>(c)</sup> | 1.12%<sup>(c)</sup> | (0.85%) | &nbsp;&nbsp;48% | &nbsp;&nbsp;$19267 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $34.29 | 38.43% | 1.13% | 1.12% | (0.77%) | &nbsp;&nbsp;63% | &nbsp;&nbsp;$15870 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $24.77 | 20.95% | 1.13% | 1.12% | (0.62%) | &nbsp;&nbsp;90% | &nbsp;&nbsp;$11277 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $20.48 | &nbsp;&nbsp;(4.88%) | 1.12% | 1.11% | (0.70%) | 113% | &nbsp;&nbsp;&nbsp;$8375 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

Variable Portfolio – Partners Small Cap Growth Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

20 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

#### Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The components of the Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.87% to 0.75% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.86% of the Fund's average daily net assets.

#### Subadvisory agreements
The Investment Manager has entered into Subadvisory Agreements with Allspring Global Investments, LLC and Scout Investments, Inc., each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

22 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **May 1, 2022<br> through<br> April 30, 2023** | **Prior to<br> May 1, 2022** |
| &nbsp;&nbsp;Class 1 | 0.85% | 0.87% |
| &nbsp;&nbsp;Class 2 | 1.10 | 1.12 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Notes to Financial Statements (continued)

December 31, 2022

pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $264,206,858 and $229,093,346, respectively, for the year ended December 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to

24 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Notes to Financial Statements (continued)

December 31, 2022

its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

Note 8. Significant risks

#### Health care sector risk
The Fund is more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the health care sector are subject to certain risks, including restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, and the rising cost of medical products and services (especially for companies dependent upon a relatively limited number of products or services). Performance of such companies may be affected by factors including government regulation, obtaining and protecting patents (or the failure to do so), product liability and other similar litigation as well as product obsolescence.

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Notes to Financial Statements (continued)

December 31, 2022

sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

#### Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

26 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Notes to Financial Statements (continued)

December 31, 2022

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Partners Small Cap Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Partners Small Cap Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

28 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

30 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

32 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

34 Variable Portfolio – Partners Small Cap Growth Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_22600_b06dc41e-180a-45cf-80fd-f264ed23f055_TOC)

#### Variable Portfolio – Partners Small Cap Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img17919aec2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7057_12_B01_(02/23)

------

![](imgdb0eab2d1.jpg)

Annual Report

December 31, 2022

![](imgc94ff2732.jpg)

CTIVP® – TCW Core Plus Bond Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_4d30b9a7-a9fa-4e49-96ba-a5e753d57105_1)<br>| 3 |
| [Manager Discussion of Fund Performance](#xx_4d30b9a7-a9fa-4e49-96ba-a5e753d57105_3)<br>| 5 |
| [Understanding Your Fund's Expenses](#xx_eff7ff23-b9ff-443b-8615-d8b083ca108c_1)<br>| 8 |
| [Portfolio of Investments](#xx_630b9c94-5de7-4f09-9fe3-250536db864c_1)<br>| 9 |
| [Statement of Assets and Liabilities](#xx_e6a33241-77be-4fc5-9312-af63c5282cf6_1)<br>| 31 |
| [Statement of Operations](#xx_e6a33241-77be-4fc5-9312-af63c5282cf6_2)<br>| 32 |
| [Statement of Changes in Net Assets](#xx_e6a33241-77be-4fc5-9312-af63c5282cf6_3)<br>| 33 |
| [Financial Highlights](#xx_b663fb25-6d7e-4701-8167-56936f8a345d_1)<br>| 34 |
| [Notes to Financial Statements](#xx_7e57a051-7158-4ed4-8c1e-5ff4a783553c_1)<br>| 36 |
| [Report of Independent Registered Public Accounting Firm](#xx_c8d453d4-7690-442c-b509-ab92216b4276_1)<br>| 50 |
| [Trustees and Officers](#xx_f93462f1-abdc-4f11-bea8-e9a69154323d_1)<br>| 51 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which CTIVP® – TCW Core Plus Bond Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with total return through current income and capital appreciation.

Portfolio management

#### TCW Investment Management Company LLC
Laird Landmann

Stephen Kane, CFA

Bryan Whalen, CFA

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended December 31, 2022)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-14.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;05/07/10 | &nbsp;&nbsp;&nbsp;&nbsp;-14.31 | &nbsp;&nbsp;&nbsp;&nbsp;-0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-13.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |

---

**Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your financial advisor or insurance representative.**

**Performance results reflect the effect of any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect the effect of all fund expenses, but do not include any fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.**

The Fund's performance prior to March 2014 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 3

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Fund at a Glance (continued)

(Unaudited)

#### Performance of a hypothetical $10,000 investment (December 31, 2012 — December 31, 2022)
![](img3b0d836e3.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Class 2 shares of CTIVP® – TCW Core Plus Bond Fund during the stated time period, and does not reflect the deduction of taxes, if any, that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The returns also do not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy or qualified pension or retirement plan, if any.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;22.9 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Inflation-Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Money Market Funds<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;18.6 |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;29.4 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Treasury Bills | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund's investment in derivatives as part of its principal investment strategies. For a
description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial
Statements.

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at December 31, 2022)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;58.1 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;11.1 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;16.4 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;CCC rating | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;CC rating | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

MANAGER DISCUSSION OF FUND PERFORMANCE

(Unaudited)

*At December 31, 2022, approximately 99.37% of the Fund's shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may also experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.*

For the 12-month period that ended December 31, 2022, Class 2 shares of CTIVP<sup>®</sup> – TCW Core Plus Bond Fund returned -14.31%. The Fund underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -13.01% during the same period.

Market overview

Much as any year brings its share of the unexpected, possibly the biggest surprise of 2022 was the U.S. Federal Reserve (Fed) finding a long-lost resolve in the face of a capital markets-wide selloff, precipitated by inflation propagated by the COVID-19 pandemic. The tumult of the year on the markets would be hard to overstate. Pricing weakness was felt across asset classes, with broad stock and bond measures dropping significantly, a rarity in the record books and a nemesis to diversification. Compounding the deleterious effect of one of the most hawkish and synchronized central bank tightening campaigns in history, low bond yields and relatively lofty stock valuations to start the year set the stage for such disappointing results. (Hawkish tends to suggest higher interest rates; opposite of dovish.) What periodic relief there was in 2022 manifested itself as a pattern of sporadic bear market rallies and a near obsession with the word "pivot," though optimism proved unsustainable.

Although we believe it was late to take action to combat inflation, the Fed initiated its aggressive tightening measures in March 2022 and then implemented an additional six interest rate hikes, bringing the targeted federal funds rate to a range of 4.25% to 4.50% by the end of the year. Resilient labor markets, provided continuing cover for expectations of further tightening early in 2023 and a peak federal funds rate near 5%. Fed action has historically worked with a lag, but the first effects of slowing economic activity showed up in the interest rate-sensitive housing market. Existing home sales fell for ten consecutive months in 2022 and were down more than 35% on a year-over-year basis at the end of the annual period, as mortgage rates rose off historically low levels and affordability sharply deteriorated for new homebuyers on the higher financing costs and still high house prices.

Finding 4% for the first time since 2010 in early October 2022 and reaching a high of 4.24% later in the same month, the 10-year U.S. Treasury yield stabilized somewhat lower to close 2022 at 3.89%, though still nearly 240 basis points above where it started the period. Fixed income remediated into the fourth quarter on reduced rate volatility, with the benchmark actually gaining 1.9% in the quarter. But earlier losses were too steep to overcome, and the benchmark fell more than 13% for the annual period overall. Credit markets lagged in 2022, as spreads, or yield differentials to U.S. Treasuries, widened in both the investment-grade and high-yield markets. Despite a fourth quarter rally, the amount of distressed debt in the U.S. alone jumped more than 300% in 12 months.

Even more affected than the corporate bond market, agency mortgage-backed securities spreads reached levels similar to where they were in 2008 and delivered a double-digit negative return despite rallying in the fourth quarter. Similarly, non-agency mortgage-backed securities spreads reflected weaker economic expectations than those priced by credit markets, resulting in deeply negative annual returns, albeit better than the agency mortgage-backed securities sector. Meanwhile, commercial real estate remained vulnerable, as the work-from-home dynamic weighed on office properties, adding to stress in brick-and-mortar retailers and translating to lagging results and an increasing percentage of commercial mortgage-backed securities (CMBS) collateral loans going to special servicing. Both agency and non-agency CMBS tumbled during the annual period, with the agency market dragged down mostly on duration, while non-agency CMBS experienced more pronounced spread widening. On the asset-backed securities front, early signs of stress were emerging despite a more modestly negative annual return, with delinquencies and write-offs picking up, especially among the highest risk borrowers.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 5

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

(Unaudited)

The Fund's notable detractors during the period

• The Fund's yield curve positioning detracted from performance, as the Fund maintained a curve steepening bias throughout the period, with an overweight to two- and five-year maturities and an underweight to
longer maturities. This positioning detracted as rates rose substantially during the period, led by shorter maturities, and the yield curve flattened.

• Within the corporate credit sector, an increased emphasis on banking credits hurt, as banking credits trailed duration-adjusted U.S. Treasuries, other corporate credit segments and the broader benchmark during the
period, largely as a result of programmatic issuance and heavy supply.

• Issue selection among communications and health care names within the corporate credit sector also detracted.

• Securitized holdings also detracted from performance, mainly within the Fund's residential mortgage-backed securities position.

○ The Fund's overweight to agency mortgage-backed securities dampened relative results, as the sector significantly lagged duration-adjusted U.S. Treasuries during the period.

○ The Fund's exposure to non-agency mortgage-backed securities also hurt, as broad macroeconomic uncertainty and elevated volatility pushed these securities' yield spreads wider and prices lower.

○ Allocations to CMBS and asset-backed securities further detracted, as each trailed duration-adjusted U.S. Treasuries during the period.

The Fund's notable contributors during the period

• The Fund's defensive positioning was one of the overarching themes that benefited results during the period — expressed in two main ways.

• First, the Fund's duration positioning overall boosted its relative results. A shorter duration means that a fund is less sensitive to changes in interest rates.

○ The Fund maintained a shorter duration than that of the benchmark for the first several months of the period, as a combination of low yields and rich valuations informed the cautious stance. With the Fed embarking
on the most aggressive hiking cycle in decades, the Fund was initially insulated from the worst of the effects of rising rates.

○ With U.S. Treasury yields surging in March, we lengthened duration in a disciplined manner, moving to a longer position than the benchmark in April and maintained that positioning
through the end of the period. While the longer duration stance detracted in months when rates rose, the notable decline in rates in November proved effective.

• Second, in accordance with our value-oriented process, the Fund was prudently underweight corporate credit early in the period, as many issues were trading through historical average spread ranges, with valuations
not compelling enough, in our view, to warrant a substantial underwriting of risk. As economic conditions became increasingly strained during 2022, especially in the second quarter, a combination of wider yield spread
levels, improving valuations and market dislocations provided an opportunity for us to add Fund exposure at what we saw as favorable levels and move to an overweight position in corporate credit, a position maintained
through the end of the period.

○ Additions were focused largely on our preferred defensive sectors, including non-cyclicals. The emphasis on non-cyclicals benefited Fund performance, as they outperformed the benchmark during the period.

• Within the securitized sector, positions in collateralized loan obligations performed well.

Derivatives usage

The Fund held Treasury futures during the period as a method of managing duration and yield curve positioning. These derivative positions had a modestly negative effect on the Fund's results during the period, largely due to increased funding costs from the rise in rates.

6 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

(Unaudited)

***Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. Mortgage- and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market and sovereign debt issuers. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. See the Fund's prospectus for more information on these and other risks.***

*The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.*

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 7

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

The information below does not reflect fees and expenses imposed under your variable annuity contract and/or variable life insurance policy (collectively, Contracts) or qualified pension and retirement plan (Qualified Plan), if any. The total fees and expenses you bear may therefore be higher than those shown below.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees, or expenses that apply to the subaccount or the Contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If the fees and expenses imposed under your Contract or Qualified Plan, if any, were included, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** | &nbsp;&nbsp;**July 1, 2022 — December 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;965.10 | &nbsp;&nbsp;&nbsp;&nbsp;1022.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;964.20 | &nbsp;&nbsp;&nbsp;&nbsp;1021.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

8 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

## Portfolio of Investments December 31, 2022
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 5.0%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 5.0%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 5.0%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 5.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;AIMCO CLO<sup>(a),(b)</sup> | &nbsp;&nbsp;AIMCO CLO<sup>(a),(b)</sup> | &nbsp;&nbsp;AIMCO CLO<sup>(a),(b)</sup> | &nbsp;&nbsp;AIMCO CLO<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2015-AA Class AR2 | &nbsp;&nbsp;Series 2015-AA Class AR2 | &nbsp;&nbsp;Series 2015-AA Class AR2 | &nbsp;&nbsp;Series 2015-AA Class AR2 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.140%<br> Floor 1.140%<br> 10/17/2034 | &nbsp;&nbsp;5.219% | 10475000 | &nbsp;&nbsp;10165883 |
| &nbsp;&nbsp;Aligned Data Centers Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Aligned Data Centers Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Aligned Data Centers Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;Aligned Data Centers Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 |
| &nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;1.937% | &nbsp;&nbsp;7600000 | &nbsp;&nbsp;&nbsp;&nbsp;6491128 |
| &nbsp;&nbsp;Apidos CLO XXII<sup>(a),(b)</sup> | &nbsp;&nbsp;Apidos CLO XXII<sup>(a),(b)</sup> | &nbsp;&nbsp;Apidos CLO XXII<sup>(a),(b)</sup> | &nbsp;&nbsp;Apidos CLO XXII<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2015-22A Class A1R | &nbsp;&nbsp;Series 2015-22A Class A1R | &nbsp;&nbsp;Series 2015-22A Class A1R | &nbsp;&nbsp;Series 2015-22A Class A1R |
| &nbsp;&nbsp;3-month USD LIBOR + 1.060%<br> Floor 1.060%<br> 04/20/2031 | &nbsp;&nbsp;5.303% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;7878816 |
| &nbsp;&nbsp;BlueMountain Fuji US Clo I Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;BlueMountain Fuji US Clo I Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;BlueMountain Fuji US Clo I Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;BlueMountain Fuji US Clo I Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2017-1A Class A1R | &nbsp;&nbsp;Series 2017-1A Class A1R | &nbsp;&nbsp;Series 2017-1A Class A1R | &nbsp;&nbsp;Series 2017-1A Class A1R |
| &nbsp;&nbsp;3-month USD LIBOR + 0.980%<br> Floor 0.980%<br> 07/20/2029 | &nbsp;&nbsp;5.223% | &nbsp;&nbsp;8981239 | &nbsp;&nbsp;&nbsp;&nbsp;8846278 |
| &nbsp;&nbsp;Cedar Funding XII CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Cedar Funding XII CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Cedar Funding XII CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Cedar Funding XII CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-12A Class A1R | &nbsp;&nbsp;Series 2020-12A Class A1R | &nbsp;&nbsp;Series 2020-12A Class A1R | &nbsp;&nbsp;Series 2020-12A Class A1R |
| &nbsp;&nbsp;3-month USD LIBOR + 1.130%<br> Floor 1.130%<br> 10/25/2034 | &nbsp;&nbsp;5.488% | &nbsp;&nbsp;7200000 | &nbsp;&nbsp;&nbsp;&nbsp;6988975 |
| &nbsp;&nbsp;Cedar Funding XIV CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Cedar Funding XIV CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Cedar Funding XIV CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Cedar Funding XIV CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-14A Class A | &nbsp;&nbsp;Series 2021-14A Class A | &nbsp;&nbsp;Series 2021-14A Class A | &nbsp;&nbsp;Series 2021-14A Class A |
| &nbsp;&nbsp;3-month USD LIBOR + 1.100%<br> Floor 1.100%<br> 07/15/2033 | &nbsp;&nbsp;5.179% | &nbsp;&nbsp;8765000 | &nbsp;&nbsp;&nbsp;&nbsp;8563414 |
| &nbsp;&nbsp;CIFC Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;CIFC Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;CIFC Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;CIFC Funding Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-7A Class B | &nbsp;&nbsp;Series 2021-7A Class B | &nbsp;&nbsp;Series 2021-7A Class B | &nbsp;&nbsp;Series 2021-7A Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 1.600%<br> Floor 1.600%<br> 01/23/2035 | &nbsp;&nbsp;4.383% | &nbsp;&nbsp;9300000 | &nbsp;&nbsp;&nbsp;&nbsp;8880077 |
| &nbsp;&nbsp;Eaton Vance CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eaton Vance CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eaton Vance CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eaton Vance CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2019-1A Class AR | &nbsp;&nbsp;Series 2019-1A Class AR | &nbsp;&nbsp;Series 2019-1A Class AR | &nbsp;&nbsp;Series 2019-1A Class AR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.100%<br> Floor 1.100%<br> 04/15/2031 | &nbsp;&nbsp;5.179% | &nbsp;&nbsp;9100000 | &nbsp;&nbsp;&nbsp;&nbsp;8925244 |
| &nbsp;&nbsp;Education Loan Asset-Backed Trust I<sup>(a),(b)</sup> | &nbsp;&nbsp;Education Loan Asset-Backed Trust I<sup>(a),(b)</sup> | &nbsp;&nbsp;Education Loan Asset-Backed Trust I<sup>(a),(b)</sup> | &nbsp;&nbsp;Education Loan Asset-Backed Trust I<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2013-1 Class A2 | &nbsp;&nbsp;Series 2013-1 Class A2 | &nbsp;&nbsp;Series 2013-1 Class A2 | &nbsp;&nbsp;Series 2013-1 Class A2 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.800%<br> Floor 0.800%<br> 04/26/2032 | &nbsp;&nbsp;5.189% | &nbsp;&nbsp;1551994 | &nbsp;&nbsp;&nbsp;&nbsp;1534189 |
| &nbsp;&nbsp;Global SC Finance II SRL<sup>(a)</sup> | &nbsp;&nbsp;Global SC Finance II SRL<sup>(a)</sup> | &nbsp;&nbsp;Global SC Finance II SRL<sup>(a)</sup> | &nbsp;&nbsp;Global SC Finance II SRL<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2014-1A Class A2 | &nbsp;&nbsp;Series 2014-1A Class A2 | &nbsp;&nbsp;Series 2014-1A Class A2 | &nbsp;&nbsp;Series 2014-1A Class A2 |
| &nbsp;&nbsp;07/17/2029 | &nbsp;&nbsp;3.090% | &nbsp;&nbsp;&nbsp;&nbsp;867069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835286 |
| &nbsp;&nbsp;Henderson Receivables LLC<sup>(a)</sup> | &nbsp;&nbsp;Henderson Receivables LLC<sup>(a)</sup> | &nbsp;&nbsp;Henderson Receivables LLC<sup>(a)</sup> | &nbsp;&nbsp;Henderson Receivables LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2014-2A Class A | &nbsp;&nbsp;Series 2014-2A Class A | &nbsp;&nbsp;Series 2014-2A Class A | &nbsp;&nbsp;Series 2014-2A Class A |
| &nbsp;&nbsp;01/17/2073 | &nbsp;&nbsp;3.610% | &nbsp;&nbsp;2134152 | &nbsp;&nbsp;&nbsp;&nbsp;1864262 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;LCM<sup>(a),(b)</sup> | &nbsp;&nbsp;LCM<sup>(a),(b)</sup> | &nbsp;&nbsp;LCM<sup>(a),(b)</sup> | &nbsp;&nbsp;LCM<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2019A Class AR | &nbsp;&nbsp;Series 2019A Class AR | &nbsp;&nbsp;Series 2019A Class AR | &nbsp;&nbsp;Series 2019A Class AR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.240%<br> Floor 1.240%<br> 07/15/2027 | &nbsp;&nbsp;5.319% | 1724778 | &nbsp;&nbsp;1718136 |
| &nbsp;&nbsp;Navient Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Navient Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Navient Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Navient Student Loan Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2014-1 Class A3 | &nbsp;&nbsp;Series 2014-1 Class A3 | &nbsp;&nbsp;Series 2014-1 Class A3 | &nbsp;&nbsp;Series 2014-1 Class A3 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.510%<br> Floor 0.510%<br> 06/25/2031 | &nbsp;&nbsp;4.899% | 3650251 | &nbsp;&nbsp;3553213 |
| &nbsp;&nbsp;Series 2014-3 Class A | &nbsp;&nbsp;Series 2014-3 Class A | &nbsp;&nbsp;Series 2014-3 Class A | &nbsp;&nbsp;Series 2014-3 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.620%<br> Floor 0.620%<br> 03/25/2083 | &nbsp;&nbsp;5.009% | 4076491 | &nbsp;&nbsp;3944769 |
| &nbsp;&nbsp;Series 2014-4 Class A | &nbsp;&nbsp;Series 2014-4 Class A | &nbsp;&nbsp;Series 2014-4 Class A | &nbsp;&nbsp;Series 2014-4 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.620%<br> Floor 0.620%<br> 03/25/2083 | &nbsp;&nbsp;5.009% | 2888595 | &nbsp;&nbsp;2869138 |
| &nbsp;&nbsp;Series 2015-2 Class A3 | &nbsp;&nbsp;Series 2015-2 Class A3 | &nbsp;&nbsp;Series 2015-2 Class A3 | &nbsp;&nbsp;Series 2015-2 Class A3 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.570%<br> Floor 0.570%<br> 11/26/2040 | &nbsp;&nbsp;4.959% | 7534997 | &nbsp;&nbsp;7342031 |
| &nbsp;&nbsp;Navient Student Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Navient Student Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Navient Student Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Navient Student Loan Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2016-2 Class A3 | &nbsp;&nbsp;Series 2016-2 Class A3 | &nbsp;&nbsp;Series 2016-2 Class A3 | &nbsp;&nbsp;Series 2016-2 Class A3 |
| &nbsp;&nbsp;1-month USD LIBOR + 1.500%<br> 06/25/2065 | &nbsp;&nbsp;5.889% | 7075362 | &nbsp;&nbsp;7011058 |
| &nbsp;&nbsp;Nelnet Student Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Nelnet Student Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Nelnet Student Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Nelnet Student Loan Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2014-4A Class A2 | &nbsp;&nbsp;Series 2014-4A Class A2 | &nbsp;&nbsp;Series 2014-4A Class A2 | &nbsp;&nbsp;Series 2014-4A Class A2 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.950%<br> Floor 0.950%<br> 11/25/2048 | &nbsp;&nbsp;5.339% | 4345000 | &nbsp;&nbsp;4250088 |
| &nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 43 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 43 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 43 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 43 Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-43A Class B | &nbsp;&nbsp;Series 2021-43A Class B | &nbsp;&nbsp;Series 2021-43A Class B | &nbsp;&nbsp;Series 2021-43A Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 1.600%<br> Floor 1.600%<br> 07/17/2035 | &nbsp;&nbsp;5.679% | 8500000 | &nbsp;&nbsp;8138282 |
| &nbsp;&nbsp;New Economy Assets Phase 1 Sponsor LLC<sup>(a)</sup> | &nbsp;&nbsp;New Economy Assets Phase 1 Sponsor LLC<sup>(a)</sup> | &nbsp;&nbsp;New Economy Assets Phase 1 Sponsor LLC<sup>(a)</sup> | &nbsp;&nbsp;New Economy Assets Phase 1 Sponsor LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1 Class B1 | &nbsp;&nbsp;Subordinated Series 2021-1 Class B1 | &nbsp;&nbsp;Subordinated Series 2021-1 Class B1 | &nbsp;&nbsp;Subordinated Series 2021-1 Class B1 |
| &nbsp;&nbsp;10/20/2061 | &nbsp;&nbsp;2.410% | 8935000 | &nbsp;&nbsp;7340235 |
| &nbsp;&nbsp;Regatta XIII Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Regatta XIII Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Regatta XIII Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Regatta XIII Funding Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-2A Class A2 | &nbsp;&nbsp;Series 2018-2A Class A2 | &nbsp;&nbsp;Series 2018-2A Class A2 | &nbsp;&nbsp;Series 2018-2A Class A2 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> 07/15/2031 | &nbsp;&nbsp;5.829% | 3500000 | &nbsp;&nbsp;3364106 |
| &nbsp;&nbsp;Rockford Tower CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Rockford Tower CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Rockford Tower CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Rockford Tower CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A |
| &nbsp;&nbsp;3-month USD LIBOR + 1.280%<br> 01/20/2032 | &nbsp;&nbsp;5.523% | 8000000 | &nbsp;&nbsp;7881432 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 9

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;SLC Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;SLC Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;SLC Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;SLC Student Loan Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2006-1 Class B | &nbsp;&nbsp;Series 2006-1 Class B | &nbsp;&nbsp;Series 2006-1 Class B | &nbsp;&nbsp;Series 2006-1 Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 0.210%<br> Floor 0.210%<br> 03/15/2055 | &nbsp;&nbsp;3.503% | &nbsp;&nbsp;&nbsp;246149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219260 |
| &nbsp;&nbsp;SLM Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;SLM Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;SLM Student Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;SLM Student Loan Trust<sup>(b)</sup> |
| &nbsp;&nbsp;Series 2007-7 Class A4 | &nbsp;&nbsp;Series 2007-7 Class A4 | &nbsp;&nbsp;Series 2007-7 Class A4 | &nbsp;&nbsp;Series 2007-7 Class A4 |
| &nbsp;&nbsp;3-month USD LIBOR + 0.330%<br> Floor 0.330%<br> 12/25/2023 | &nbsp;&nbsp;4.688% | 3771849 | &nbsp;&nbsp;&nbsp;&nbsp;3666811 |
| &nbsp;&nbsp;Series 2007-7 Class B | &nbsp;&nbsp;Series 2007-7 Class B | &nbsp;&nbsp;Series 2007-7 Class B | &nbsp;&nbsp;Series 2007-7 Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 0.750%<br> Floor 0.750%<br> 10/27/2070 | &nbsp;&nbsp;5.108% | 1990000 | &nbsp;&nbsp;&nbsp;&nbsp;1723942 |
| &nbsp;&nbsp;Series 2008-4 Class A4 | &nbsp;&nbsp;Series 2008-4 Class A4 | &nbsp;&nbsp;Series 2008-4 Class A4 | &nbsp;&nbsp;Series 2008-4 Class A4 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.650%<br> Floor 1.650%<br> 07/25/2023 | &nbsp;&nbsp;6.008% | 1091437 | &nbsp;&nbsp;&nbsp;&nbsp;1088971 |
| &nbsp;&nbsp;Series 2008-5 Class B | &nbsp;&nbsp;Series 2008-5 Class B | &nbsp;&nbsp;Series 2008-5 Class B | &nbsp;&nbsp;Series 2008-5 Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 1.850%<br> Floor 1.850%<br> 07/25/2073 | &nbsp;&nbsp;6.208% | 5860000 | &nbsp;&nbsp;&nbsp;&nbsp;5534163 |
| &nbsp;&nbsp;Series 2008-6 Class A4 | &nbsp;&nbsp;Series 2008-6 Class A4 | &nbsp;&nbsp;Series 2008-6 Class A4 | &nbsp;&nbsp;Series 2008-6 Class A4 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.100%<br> Floor 1.100%<br> 07/25/2023 | &nbsp;&nbsp;5.458% | 4008380 | &nbsp;&nbsp;&nbsp;&nbsp;3878935 |
| &nbsp;&nbsp;Series 2008-8 Class A4 | &nbsp;&nbsp;Series 2008-8 Class A4 | &nbsp;&nbsp;Series 2008-8 Class A4 | &nbsp;&nbsp;Series 2008-8 Class A4 |
| &nbsp;&nbsp;3-month USD LIBOR + 1.500%<br> Floor 1.500%<br> 04/25/2023 | &nbsp;&nbsp;5.858% | &nbsp;&nbsp;&nbsp;944095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941440 |
| &nbsp;&nbsp;Series 2008-9 Class B | &nbsp;&nbsp;Series 2008-9 Class B | &nbsp;&nbsp;Series 2008-9 Class B | &nbsp;&nbsp;Series 2008-9 Class B |
| &nbsp;&nbsp;3-month USD LIBOR + 2.250%<br> Floor 2.250%<br> 10/25/2083 | &nbsp;&nbsp;6.608% | 5775000 | &nbsp;&nbsp;&nbsp;&nbsp;5367871 |
| &nbsp;&nbsp;SLM Student Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SLM Student Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SLM Student Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SLM Student Loan Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2009-3 Class A | &nbsp;&nbsp;Series 2009-3 Class A | &nbsp;&nbsp;Series 2009-3 Class A | &nbsp;&nbsp;Series 2009-3 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.750%<br> Floor 0.750%<br> 01/25/2045 | &nbsp;&nbsp;5.139% | 2144855 | &nbsp;&nbsp;&nbsp;&nbsp;2067572 |
| &nbsp;&nbsp;Wachovia Student Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wachovia Student Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wachovia Student Loan Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wachovia Student Loan Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2006-1 Class A6 | &nbsp;&nbsp;Series 2006-1 Class A6 | &nbsp;&nbsp;Series 2006-1 Class A6 | &nbsp;&nbsp;Series 2006-1 Class A6 |
| &nbsp;&nbsp;3-month USD LIBOR + 0.170%<br> Floor 0.170%<br> 04/25/2040 | &nbsp;&nbsp;4.528% | 6952520 | &nbsp;&nbsp;&nbsp;&nbsp;6636923 |
| &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $164,775,247) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $164,775,247) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $164,775,247) | &nbsp;&nbsp;**159511928** |
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 0.7%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 0.7%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 0.7%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 0.7%** |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
| &nbsp;&nbsp;Series K155 Class A3 | &nbsp;&nbsp;Series K155 Class A3 | &nbsp;&nbsp;Series K155 Class A3 | &nbsp;&nbsp;Series K155 Class A3 |
| &nbsp;&nbsp;04/25/2033 | &nbsp;&nbsp;3.750% | 6990000 | &nbsp;&nbsp;&nbsp;&nbsp;6549696 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association |
| &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;2.455% | &nbsp;&nbsp;4525000 | &nbsp;&nbsp;&nbsp;&nbsp;3130740 |
| &nbsp;&nbsp;Series 2001-M2 Class Z2 | &nbsp;&nbsp;Series 2001-M2 Class Z2 | &nbsp;&nbsp;Series 2001-M2 Class Z2 | &nbsp;&nbsp;Series 2001-M2 Class Z2 |
| &nbsp;&nbsp;06/25/2031 | &nbsp;&nbsp;6.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9119 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(c),(d)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(c),(d)</sup> |
| &nbsp;&nbsp;Series 2012-55 Class IO | &nbsp;&nbsp;Series 2012-55 Class IO | &nbsp;&nbsp;Series 2012-55 Class IO | &nbsp;&nbsp;Series 2012-55 Class IO |
| &nbsp;&nbsp;04/16/2052 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;368158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association |
| &nbsp;&nbsp;Series 2020-193 Class AC | &nbsp;&nbsp;Series 2020-193 Class AC | &nbsp;&nbsp;Series 2020-193 Class AC | &nbsp;&nbsp;Series 2020-193 Class AC |
| &nbsp;&nbsp;09/16/2062 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;1604798 | &nbsp;&nbsp;&nbsp;&nbsp;1264115 |
| &nbsp;&nbsp;Series 2021-14 Class AB | &nbsp;&nbsp;Series 2021-14 Class AB | &nbsp;&nbsp;Series 2021-14 Class AB | &nbsp;&nbsp;Series 2021-14 Class AB |
| &nbsp;&nbsp;06/16/2063 | &nbsp;&nbsp;1.340% | &nbsp;&nbsp;1932717 | &nbsp;&nbsp;&nbsp;&nbsp;1500127 |
| &nbsp;&nbsp;Series 2021-2 Class AH | &nbsp;&nbsp;Series 2021-2 Class AH | &nbsp;&nbsp;Series 2021-2 Class AH | &nbsp;&nbsp;Series 2021-2 Class AH |
| &nbsp;&nbsp;06/16/2063 | &nbsp;&nbsp;1.500% | &nbsp;&nbsp;4480352 | &nbsp;&nbsp;&nbsp;&nbsp;3550626 |
| &nbsp;&nbsp;Series 2021-21 Class AH | &nbsp;&nbsp;Series 2021-21 Class AH | &nbsp;&nbsp;Series 2021-21 Class AH | &nbsp;&nbsp;Series 2021-21 Class AH |
| &nbsp;&nbsp;06/16/2063 | &nbsp;&nbsp;1.400% | &nbsp;&nbsp;3065397 | &nbsp;&nbsp;&nbsp;&nbsp;2394626 |
| &nbsp;&nbsp;Series 2021-31 Class B | &nbsp;&nbsp;Series 2021-31 Class B | &nbsp;&nbsp;Series 2021-31 Class B | &nbsp;&nbsp;Series 2021-31 Class B |
| &nbsp;&nbsp;01/16/2061 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;3329372 | &nbsp;&nbsp;&nbsp;&nbsp;2560097 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $23,252,493) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $23,252,493) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $23,252,493) | &nbsp;&nbsp;**20959150** |
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 3.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 3.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 3.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 3.6%** |
| &nbsp;&nbsp;BFLD Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BFLD Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BFLD Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BFLD Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-EYP Class A | &nbsp;&nbsp;Series 2020-EYP Class A | &nbsp;&nbsp;Series 2020-EYP Class A | &nbsp;&nbsp;Series 2020-EYP Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.150%<br> Floor 1.150%<br> 10/15/2035 | &nbsp;&nbsp;5.468% | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;7125326 |
| &nbsp;&nbsp;BPR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BPR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BPR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BPR Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2022-OANA Class A | &nbsp;&nbsp;Series 2022-OANA Class A | &nbsp;&nbsp;Series 2022-OANA Class A | &nbsp;&nbsp;Series 2022-OANA Class A |
| &nbsp;&nbsp;1-month Term SOFR + 1.898%<br> Floor 1.898%<br> 04/15/2037 | &nbsp;&nbsp;6.234% | &nbsp;&nbsp;8446000 | &nbsp;&nbsp;&nbsp;&nbsp;8243272 |
| &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2019-XL Class A | &nbsp;&nbsp;Series 2019-XL Class A | &nbsp;&nbsp;Series 2019-XL Class A | &nbsp;&nbsp;Series 2019-XL Class A |
| &nbsp;&nbsp;1-month Term SOFR + 1.034%<br> Floor 0.920%<br> 10/15/2036 | &nbsp;&nbsp;5.370% | 10011121 | &nbsp;&nbsp;&nbsp;&nbsp;9873738 |
| &nbsp;&nbsp;Series 2022-CSMO Class A | &nbsp;&nbsp;Series 2022-CSMO Class A | &nbsp;&nbsp;Series 2022-CSMO Class A | &nbsp;&nbsp;Series 2022-CSMO Class A |
| &nbsp;&nbsp;1-month Term SOFR + 2.115%<br> Floor 2.115%<br> 06/15/2027 | &nbsp;&nbsp;6.450% | &nbsp;&nbsp;6925000 | &nbsp;&nbsp;&nbsp;&nbsp;6873115 |
| &nbsp;&nbsp;Subordinated Series 2022-CSMO Class B | &nbsp;&nbsp;Subordinated Series 2022-CSMO Class B | &nbsp;&nbsp;Subordinated Series 2022-CSMO Class B | &nbsp;&nbsp;Subordinated Series 2022-CSMO Class B |
| &nbsp;&nbsp;1-month Term SOFR + 3.141%<br> Floor 3.141%<br> 06/15/2027 | &nbsp;&nbsp;7.476% | &nbsp;&nbsp;4080000 | &nbsp;&nbsp;&nbsp;&nbsp;4044341 |
| &nbsp;&nbsp;BX Trust<sup>(a)</sup> | &nbsp;&nbsp;BX Trust<sup>(a)</sup> | &nbsp;&nbsp;BX Trust<sup>(a)</sup> | &nbsp;&nbsp;BX Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-OC11 Class A | &nbsp;&nbsp;Series 2019-OC11 Class A | &nbsp;&nbsp;Series 2019-OC11 Class A | &nbsp;&nbsp;Series 2019-OC11 Class A |
| &nbsp;&nbsp;12/09/2041 | &nbsp;&nbsp;3.202% | &nbsp;&nbsp;1355000 | &nbsp;&nbsp;&nbsp;&nbsp;1137376 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;BXHPP Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BXHPP Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BXHPP Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BXHPP Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-FILM Class A | &nbsp;&nbsp;Series 2021-FILM Class A | &nbsp;&nbsp;Series 2021-FILM Class A | &nbsp;&nbsp;Series 2021-FILM Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.650%<br> Floor 0.650%<br> 08/15/2036 | &nbsp;&nbsp;4.968% | 8878000 | &nbsp;&nbsp;8302885 |
| &nbsp;&nbsp;BXSC Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BXSC Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BXSC Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BXSC Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2022-WSS Class D | &nbsp;&nbsp;Series 2022-WSS Class D | &nbsp;&nbsp;Series 2022-WSS Class D | &nbsp;&nbsp;Series 2022-WSS Class D |
| &nbsp;&nbsp;1-month Term SOFR + 3.188%<br> Floor 3.188%<br> 03/15/2035 | &nbsp;&nbsp;7.524% | 8939000 | &nbsp;&nbsp;8513498 |
| &nbsp;&nbsp;CF Hippolyta Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;CF Hippolyta Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;CF Hippolyta Issuer LLC<sup>(a)</sup> | &nbsp;&nbsp;CF Hippolyta Issuer LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-1 Class A1 | &nbsp;&nbsp;Series 2020-1 Class A1 | &nbsp;&nbsp;Series 2020-1 Class A1 | &nbsp;&nbsp;Series 2020-1 Class A1 |
| &nbsp;&nbsp;07/15/2060 | &nbsp;&nbsp;1.690% | 9947722 | &nbsp;&nbsp;8879258 |
| &nbsp;&nbsp;DBJPM Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;DBJPM Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;DBJPM Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;DBJPM Mortgage Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2016-SFC Class A | &nbsp;&nbsp;Series 2016-SFC Class A | &nbsp;&nbsp;Series 2016-SFC Class A | &nbsp;&nbsp;Series 2016-SFC Class A |
| &nbsp;&nbsp;08/10/2036 | &nbsp;&nbsp;2.833% | 3700000 | &nbsp;&nbsp;2996860 |
| &nbsp;&nbsp;Hudson Yards Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Hudson Yards Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Hudson Yards Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;Hudson Yards Mortgage Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-30HY Class A | &nbsp;&nbsp;Series 2019-30HY Class A | &nbsp;&nbsp;Series 2019-30HY Class A | &nbsp;&nbsp;Series 2019-30HY Class A |
| &nbsp;&nbsp;07/10/2039 | &nbsp;&nbsp;3.228% | 2770000 | &nbsp;&nbsp;2374817 |
| &nbsp;&nbsp;Invitation Homes Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Invitation Homes Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Invitation Homes Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Invitation Homes Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-SFR4 Class A | &nbsp;&nbsp;Series 2018-SFR4 Class A | &nbsp;&nbsp;Series 2018-SFR4 Class A | &nbsp;&nbsp;Series 2018-SFR4 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.100%<br> Floor 1.000%<br> 01/17/2038 | &nbsp;&nbsp;5.439% | 9943853 | &nbsp;&nbsp;9846079 |
| &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-OSB Class A | &nbsp;&nbsp;Series 2019-OSB Class A | &nbsp;&nbsp;Series 2019-OSB Class A | &nbsp;&nbsp;Series 2019-OSB Class A |
| &nbsp;&nbsp;06/05/2039 | &nbsp;&nbsp;3.397% | 2720000 | &nbsp;&nbsp;2369389 |
| &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-MHC Class A | &nbsp;&nbsp;Series 2021-MHC Class A | &nbsp;&nbsp;Series 2021-MHC Class A | &nbsp;&nbsp;Series 2021-MHC Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.800%<br> Floor 0.800%<br> 04/15/2038 | &nbsp;&nbsp;5.118% | 7374920 | &nbsp;&nbsp;7180444 |
| &nbsp;&nbsp;Manhattan West<sup>(a)</sup> | &nbsp;&nbsp;Manhattan West<sup>(a)</sup> | &nbsp;&nbsp;Manhattan West<sup>(a)</sup> | &nbsp;&nbsp;Manhattan West<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-1MW Class A | &nbsp;&nbsp;Series 2020-1MW Class A | &nbsp;&nbsp;Series 2020-1MW Class A | &nbsp;&nbsp;Series 2020-1MW Class A |
| &nbsp;&nbsp;09/10/2039 | &nbsp;&nbsp;2.130% | 3470000 | &nbsp;&nbsp;2963550 |
| &nbsp;&nbsp;MKT Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;MKT Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;MKT Mortgage Trust<sup>(a)</sup> | &nbsp;&nbsp;MKT Mortgage Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-525M Class A | &nbsp;&nbsp;Series 2020-525M Class A | &nbsp;&nbsp;Series 2020-525M Class A | &nbsp;&nbsp;Series 2020-525M Class A |
| &nbsp;&nbsp;02/12/2040 | &nbsp;&nbsp;2.694% | 2035000 | &nbsp;&nbsp;1597454 |
| &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-SRF4 Class G | &nbsp;&nbsp;Subordinated Series 2019-SRF4 Class G | &nbsp;&nbsp;Subordinated Series 2019-SRF4 Class G | &nbsp;&nbsp;Subordinated Series 2019-SRF4 Class G |
| &nbsp;&nbsp;10/17/2036 | &nbsp;&nbsp;3.927% | 2541000 | &nbsp;&nbsp;2405424 |
| &nbsp;&nbsp;RBS Commercial Funding, Inc., Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;RBS Commercial Funding, Inc., Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;RBS Commercial Funding, Inc., Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;RBS Commercial Funding, Inc., Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Series 2013-GSP Class A | &nbsp;&nbsp;Series 2013-GSP Class A | &nbsp;&nbsp;Series 2013-GSP Class A | &nbsp;&nbsp;Series 2013-GSP Class A |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;3.834% | 1475000 | &nbsp;&nbsp;1419648 |
| &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;SFO Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-555 Class A | &nbsp;&nbsp;Series 2021-555 Class A | &nbsp;&nbsp;Series 2021-555 Class A | &nbsp;&nbsp;Series 2021-555 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.150%<br> Floor 1.150%<br> 05/15/2038 | &nbsp;&nbsp;5.468% | 2703000 | &nbsp;&nbsp;2476901 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;StorageMart Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;StorageMart Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;StorageMart Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;StorageMart Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2022-MINI Class F | &nbsp;&nbsp;Subordinated Series 2022-MINI Class F | &nbsp;&nbsp;Subordinated Series 2022-MINI Class F | &nbsp;&nbsp;Subordinated Series 2022-MINI Class F |
| &nbsp;&nbsp;1-month Term SOFR + 3.350%<br> Floor 3.350%<br> 01/15/2039 | &nbsp;&nbsp;7.686% | &nbsp;&nbsp;6607000 | &nbsp;&nbsp;&nbsp;&nbsp;6013436 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2015-SG1 Class A4 | &nbsp;&nbsp;Series 2015-SG1 Class A4 | &nbsp;&nbsp;Series 2015-SG1 Class A4 | &nbsp;&nbsp;Series 2015-SG1 Class A4 |
| &nbsp;&nbsp;09/15/2048 | &nbsp;&nbsp;3.789% | 10705478 | &nbsp;&nbsp;&nbsp;&nbsp;10218576 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $121,506,231) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $121,506,231) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $121,506,231) | &nbsp;&nbsp;**114855387** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 0.1%** | &nbsp;&nbsp;**Common Stocks 0.1%** | &nbsp;&nbsp;**Common Stocks 0.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 0.0%** | &nbsp;&nbsp;**Communication Services 0.0%** | &nbsp;&nbsp;**Communication Services 0.0%** |
| &nbsp;&nbsp;**Media 0.0%** | &nbsp;&nbsp;**Media 0.0%** | &nbsp;&nbsp;**Media 0.0%** |
| &nbsp;&nbsp;Intelsat Jackson Holdings SA<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Intelsat Jackson Holdings SA<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;3372000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Intelsat Jackson Holdings SA<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;5923000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Intelsat Jackson Series A, CVR<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Intelsat Jackson Series B, CVR<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12** |
| &nbsp;&nbsp;**Financials 0.1%** | &nbsp;&nbsp;**Financials 0.1%** | &nbsp;&nbsp;**Financials 0.1%** |
| &nbsp;&nbsp;**Diversified Financial Services 0.1%** | &nbsp;&nbsp;**Diversified Financial Services 0.1%** | &nbsp;&nbsp;**Diversified Financial Services 0.1%** |
| &nbsp;&nbsp;Intelsat Emergence SA<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;114573 | &nbsp;&nbsp;2772667 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**2772667** |
| &nbsp;&nbsp;**Utilities 0.0%** | &nbsp;&nbsp;**Utilities 0.0%** | &nbsp;&nbsp;**Utilities 0.0%** |
| &nbsp;&nbsp;**Electric Utilities 0.0%** | &nbsp;&nbsp;**Electric Utilities 0.0%** | &nbsp;&nbsp;**Electric Utilities 0.0%** |
| &nbsp;&nbsp;Homer City Holdings<sup>(f),(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1763** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $5,832,928) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $5,832,928) | &nbsp;&nbsp;**2774442** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes 27.8%** | &nbsp;&nbsp;**Corporate Bonds & Notes 27.8%** | &nbsp;&nbsp;**Corporate Bonds & Notes 27.8%** | &nbsp;&nbsp;**Corporate Bonds & Notes 27.8%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Aerospace & Defense 0.2%** | &nbsp;&nbsp;**Aerospace & Defense 0.2%** | &nbsp;&nbsp;**Aerospace & Defense 0.2%** | &nbsp;&nbsp;**Aerospace & Defense 0.2%** |
| &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) |
| &nbsp;&nbsp;02/04/2024 | &nbsp;&nbsp;1.433% | 6730000 | &nbsp;&nbsp;6437829 |
| &nbsp;&nbsp;**Airlines 0.2%** | &nbsp;&nbsp;**Airlines 0.2%** | &nbsp;&nbsp;**Airlines 0.2%** | &nbsp;&nbsp;**Airlines 0.2%** |
| &nbsp;&nbsp;Delta Air Lines Pass-Through Trust | &nbsp;&nbsp;Delta Air Lines Pass-Through Trust | &nbsp;&nbsp;Delta Air Lines Pass-Through Trust | &nbsp;&nbsp;Delta Air Lines Pass-Through Trust |
| &nbsp;&nbsp;06/10/2028 | &nbsp;&nbsp;2.000% | 7654636 | &nbsp;&nbsp;6530059 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 11

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Apartment REIT 0.2%** | &nbsp;&nbsp;**Apartment REIT 0.2%** | &nbsp;&nbsp;**Apartment REIT 0.2%** | &nbsp;&nbsp;**Apartment REIT 0.2%** |
| &nbsp;&nbsp;American Homes 4 Rent LP | &nbsp;&nbsp;American Homes 4 Rent LP | &nbsp;&nbsp;American Homes 4 Rent LP | &nbsp;&nbsp;American Homes 4 Rent LP |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp;1465119 |
| &nbsp;&nbsp;Invitation Homes Operating Partnership LP | &nbsp;&nbsp;Invitation Homes Operating Partnership LP | &nbsp;&nbsp;Invitation Homes Operating Partnership LP | &nbsp;&nbsp;Invitation Homes Operating Partnership LP |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;4265000 | &nbsp;&nbsp;&nbsp;&nbsp;3147883 |
| &nbsp;&nbsp;01/15/2034 | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51225 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4664227** |
| &nbsp;&nbsp;**Automotive 0.0%** | &nbsp;&nbsp;**Automotive 0.0%** | &nbsp;&nbsp;**Automotive 0.0%** | &nbsp;&nbsp;**Automotive 0.0%** |
| &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;General Motors Co. |
| &nbsp;&nbsp;10/02/2023 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp;1318756 |
| &nbsp;&nbsp;**Banking 10.5%** | &nbsp;&nbsp;**Banking 10.5%** | &nbsp;&nbsp;**Banking 10.5%** | &nbsp;&nbsp;**Banking 10.5%** |
| &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;American Express Co. |
| &nbsp;&nbsp;03/04/2027 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;3535000 | &nbsp;&nbsp;&nbsp;&nbsp;3219172 |
| &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(h)</sup> |
| &nbsp;&nbsp;07/22/2027 | &nbsp;&nbsp;1.734% | 12270000 | &nbsp;&nbsp;10755073 |
| &nbsp;&nbsp;06/14/2029 | &nbsp;&nbsp;2.087% | &nbsp;&nbsp;9300000 | &nbsp;&nbsp;&nbsp;&nbsp;7822859 |
| &nbsp;&nbsp;02/07/2030 | &nbsp;&nbsp;3.974% | &nbsp;&nbsp;4925000 | &nbsp;&nbsp;&nbsp;&nbsp;4473756 |
| &nbsp;&nbsp;04/22/2032 | &nbsp;&nbsp;2.687% | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880079 |
| &nbsp;&nbsp;10/20/2032 | &nbsp;&nbsp;2.572% | 10650000 | &nbsp;&nbsp;&nbsp;&nbsp;8354447 |
| &nbsp;&nbsp;02/04/2033 | &nbsp;&nbsp;2.972% | &nbsp;&nbsp;6737000 | &nbsp;&nbsp;&nbsp;&nbsp;5432144 |
| &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;3-month USD LIBOR + 0.650%<br> 12/01/2026 | &nbsp;&nbsp;5.411% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944882 |
| &nbsp;&nbsp;Capital One Financial Corp.<sup>(h)</sup> | &nbsp;&nbsp;Capital One Financial Corp.<sup>(h)</sup> | &nbsp;&nbsp;Capital One Financial Corp.<sup>(h)</sup> | &nbsp;&nbsp;Capital One Financial Corp.<sup>(h)</sup> |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;3.273% | &nbsp;&nbsp;4950000 | &nbsp;&nbsp;&nbsp;&nbsp;4241713 |
| &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(h)</sup> |
| &nbsp;&nbsp;04/24/2025 | &nbsp;&nbsp;3.352% | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571985 |
| &nbsp;&nbsp;06/09/2027 | &nbsp;&nbsp;1.462% | &nbsp;&nbsp;1815000 | &nbsp;&nbsp;&nbsp;&nbsp;1575394 |
| &nbsp;&nbsp;02/24/2028 | &nbsp;&nbsp;3.070% | &nbsp;&nbsp;1760000 | &nbsp;&nbsp;&nbsp;&nbsp;1588078 |
| &nbsp;&nbsp;10/27/2028 | &nbsp;&nbsp;3.520% | &nbsp;&nbsp;1735000 | &nbsp;&nbsp;&nbsp;&nbsp;1580191 |
| &nbsp;&nbsp;11/05/2030 | &nbsp;&nbsp;2.976% | &nbsp;&nbsp;3060000 | &nbsp;&nbsp;&nbsp;&nbsp;2572150 |
| &nbsp;&nbsp;03/31/2031 | &nbsp;&nbsp;4.412% | &nbsp;&nbsp;3110000 | &nbsp;&nbsp;&nbsp;&nbsp;2858684 |
| &nbsp;&nbsp;06/03/2031 | &nbsp;&nbsp;2.572% | &nbsp;&nbsp;2325000 | &nbsp;&nbsp;&nbsp;&nbsp;1880603 |
| &nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;2.561% | &nbsp;&nbsp;5995000 | &nbsp;&nbsp;&nbsp;&nbsp;4733774 |
| &nbsp;&nbsp;11/03/2032 | &nbsp;&nbsp;2.520% | &nbsp;&nbsp;&nbsp;&nbsp;644000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500015 |
| &nbsp;&nbsp;01/25/2033 | &nbsp;&nbsp;3.057% | 11649000 | &nbsp;&nbsp;&nbsp;&nbsp;9406017 |
| &nbsp;&nbsp;Credit Suisse Group AG<sup>(a),(h)</sup> | &nbsp;&nbsp;Credit Suisse Group AG<sup>(a),(h)</sup> | &nbsp;&nbsp;Credit Suisse Group AG<sup>(a),(h)</sup> | &nbsp;&nbsp;Credit Suisse Group AG<sup>(a),(h)</sup> |
| &nbsp;&nbsp;02/02/2027 | &nbsp;&nbsp;1.305% | &nbsp;&nbsp;5350000 | &nbsp;&nbsp;&nbsp;&nbsp;4255499 |
| &nbsp;&nbsp;08/11/2028 | &nbsp;&nbsp;6.442% | &nbsp;&nbsp;2940000 | &nbsp;&nbsp;&nbsp;&nbsp;2677919 |
| &nbsp;&nbsp;05/14/2032 | &nbsp;&nbsp;3.091% | &nbsp;&nbsp;6300000 | &nbsp;&nbsp;&nbsp;&nbsp;4374492 |
| &nbsp;&nbsp;08/12/2033 | &nbsp;&nbsp;6.537% | 13590000 | &nbsp;&nbsp;11938520 |
| &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;9.016% | &nbsp;&nbsp;9602000 | &nbsp;&nbsp;&nbsp;&nbsp;9877632 |
| &nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;Discover Bank |
| &nbsp;&nbsp;08/08/2023 | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3972844 |
| &nbsp;&nbsp;DNB Bank ASA<sup>(a),(h)</sup> | &nbsp;&nbsp;DNB Bank ASA<sup>(a),(h)</sup> | &nbsp;&nbsp;DNB Bank ASA<sup>(a),(h)</sup> | &nbsp;&nbsp;DNB Bank ASA<sup>(a),(h)</sup> |
| &nbsp;&nbsp;09/16/2026 | &nbsp;&nbsp;1.127% | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569573 |
| &nbsp;&nbsp;03/30/2028 | &nbsp;&nbsp;1.605% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4228586 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;Fifth Third Bancorp |
| &nbsp;&nbsp;05/05/2027 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;4635000 | &nbsp;&nbsp;&nbsp;&nbsp;4171910 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) |
| &nbsp;&nbsp;02/23/2023 | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1745736 |
| &nbsp;&nbsp;12/06/2023 | &nbsp;&nbsp;1.217% | &nbsp;&nbsp;9325000 | &nbsp;&nbsp;&nbsp;&nbsp;9002378 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(h)</sup> |
| &nbsp;&nbsp;09/29/2025 | &nbsp;&nbsp;3.272% | &nbsp;&nbsp;2930000 | &nbsp;&nbsp;&nbsp;&nbsp;2817645 |
| &nbsp;&nbsp;12/09/2026 | &nbsp;&nbsp;1.093% | &nbsp;&nbsp;1092000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964064 |
| &nbsp;&nbsp;03/09/2027 | &nbsp;&nbsp;1.431% | 12950000 | &nbsp;&nbsp;11330643 |
| &nbsp;&nbsp;10/21/2027 | &nbsp;&nbsp;1.948% | &nbsp;&nbsp;9195000 | &nbsp;&nbsp;&nbsp;&nbsp;8024668 |
| &nbsp;&nbsp;07/21/2032 | &nbsp;&nbsp;2.383% | &nbsp;&nbsp;5140000 | &nbsp;&nbsp;&nbsp;&nbsp;3984501 |
| &nbsp;&nbsp;10/21/2032 | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;2525000 | &nbsp;&nbsp;&nbsp;&nbsp;1993035 |
| &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(h)</sup> |
| &nbsp;&nbsp;06/04/2026 | &nbsp;&nbsp;2.099% | &nbsp;&nbsp;8565000 | &nbsp;&nbsp;&nbsp;&nbsp;7807477 |
| &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;1.589% | &nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;1249625 |
| &nbsp;&nbsp;06/09/2028 | &nbsp;&nbsp;4.755% | &nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814358 |
| &nbsp;&nbsp;09/22/2028 | &nbsp;&nbsp;2.013% | &nbsp;&nbsp;8240000 | &nbsp;&nbsp;&nbsp;&nbsp;6876835 |
| &nbsp;&nbsp;08/17/2029 | &nbsp;&nbsp;2.206% | &nbsp;&nbsp;5105000 | &nbsp;&nbsp;&nbsp;&nbsp;4123155 |
| &nbsp;&nbsp;08/18/2031 | &nbsp;&nbsp;2.357% | &nbsp;&nbsp;1845000 | &nbsp;&nbsp;&nbsp;&nbsp;1413389 |
| &nbsp;&nbsp;05/24/2032 | &nbsp;&nbsp;2.804% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771924 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(h)</sup> |
| &nbsp;&nbsp;08/09/2025 | &nbsp;&nbsp;0.768% | &nbsp;&nbsp;2830000 | &nbsp;&nbsp;&nbsp;&nbsp;2610659 |
| &nbsp;&nbsp;12/10/2025 | &nbsp;&nbsp;1.561% | &nbsp;&nbsp;5705000 | &nbsp;&nbsp;&nbsp;&nbsp;5278680 |
| &nbsp;&nbsp;04/22/2027 | &nbsp;&nbsp;1.578% | &nbsp;&nbsp;4495000 | &nbsp;&nbsp;&nbsp;&nbsp;3956262 |
| &nbsp;&nbsp;02/24/2028 | &nbsp;&nbsp;2.947% | &nbsp;&nbsp;2290000 | &nbsp;&nbsp;&nbsp;&nbsp;2072935 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;2.739% | &nbsp;&nbsp;2320000 | &nbsp;&nbsp;&nbsp;&nbsp;1948269 |
| &nbsp;&nbsp;04/22/2032 | &nbsp;&nbsp;2.580% | &nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872044 |
| &nbsp;&nbsp;11/08/2032 | &nbsp;&nbsp;2.545% | &nbsp;&nbsp;6225000 | &nbsp;&nbsp;&nbsp;&nbsp;4919139 |
| &nbsp;&nbsp;01/25/2033 | &nbsp;&nbsp;2.963% | &nbsp;&nbsp;9245000 | &nbsp;&nbsp;&nbsp;&nbsp;7515603 |
| &nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;Lloyds Banking Group PLC |
| &nbsp;&nbsp;03/12/2024 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;3175000 | &nbsp;&nbsp;&nbsp;&nbsp;3116225 |
| &nbsp;&nbsp;Lloyds Banking Group PLC<sup>(h)</sup> | &nbsp;&nbsp;Lloyds Banking Group PLC<sup>(h)</sup> | &nbsp;&nbsp;Lloyds Banking Group PLC<sup>(h)</sup> | &nbsp;&nbsp;Lloyds Banking Group PLC<sup>(h)</sup> |
| &nbsp;&nbsp;07/09/2025 | &nbsp;&nbsp;3.870% | &nbsp;&nbsp;4114000 | &nbsp;&nbsp;&nbsp;&nbsp;3987015 |
| &nbsp;&nbsp;08/11/2033 | &nbsp;&nbsp;4.976% | &nbsp;&nbsp;2730000 | &nbsp;&nbsp;&nbsp;&nbsp;2503710 |
| &nbsp;&nbsp;Macquarie Group Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;Macquarie Group Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;Macquarie Group Ltd.<sup>(a),(h)</sup> | &nbsp;&nbsp;Macquarie Group Ltd.<sup>(a),(h)</sup> |
| &nbsp;&nbsp;01/12/2027 | &nbsp;&nbsp;1.340% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4344603 |
| &nbsp;&nbsp;01/14/2033 | &nbsp;&nbsp;2.871% | &nbsp;&nbsp;4360000 | &nbsp;&nbsp;&nbsp;&nbsp;3338935 |
| &nbsp;&nbsp;06/21/2033 | &nbsp;&nbsp;4.442% | &nbsp;&nbsp;2220000 | &nbsp;&nbsp;&nbsp;&nbsp;1927715 |
| &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(h)</sup> |
| &nbsp;&nbsp;05/30/2025 | &nbsp;&nbsp;0.790% | &nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903815 |
| &nbsp;&nbsp;10/21/2025 | &nbsp;&nbsp;1.164% | &nbsp;&nbsp;2745000 | &nbsp;&nbsp;&nbsp;&nbsp;2525753 |
| &nbsp;&nbsp;05/04/2027 | &nbsp;&nbsp;1.593% | &nbsp;&nbsp;5470000 | &nbsp;&nbsp;&nbsp;&nbsp;4801985 |
| &nbsp;&nbsp;07/20/2027 | &nbsp;&nbsp;1.512% | 10255000 | &nbsp;&nbsp;&nbsp;&nbsp;8905992 |
| &nbsp;&nbsp;04/28/2032 | &nbsp;&nbsp;1.928% | &nbsp;&nbsp;8020000 | &nbsp;&nbsp;&nbsp;&nbsp;6059440 |
| &nbsp;&nbsp;10/20/2032 | &nbsp;&nbsp;2.511% | &nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746415 |
| &nbsp;&nbsp;01/21/2033 | &nbsp;&nbsp;2.943% | &nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794818 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/16/2036 | &nbsp;&nbsp;2.484% | &nbsp;&nbsp;3725000 | &nbsp;&nbsp;&nbsp;&nbsp;2717141 |
| &nbsp;&nbsp;Nationwide Building Society<sup>(a),(h)</sup> | &nbsp;&nbsp;Nationwide Building Society<sup>(a),(h)</sup> | &nbsp;&nbsp;Nationwide Building Society<sup>(a),(h)</sup> | &nbsp;&nbsp;Nationwide Building Society<sup>(a),(h)</sup> |
| &nbsp;&nbsp;03/08/2024 | &nbsp;&nbsp;3.766% | &nbsp;&nbsp;4465000 | &nbsp;&nbsp;&nbsp;&nbsp;4441302 |
| &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;2.972% | &nbsp;&nbsp;4305000 | &nbsp;&nbsp;&nbsp;&nbsp;3790755 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(h)</sup> | &nbsp;&nbsp;PNC Financial Services Group, Inc. (The)<sup>(h)</sup> |
| &nbsp;&nbsp;10/28/2033 | &nbsp;&nbsp;6.037% | &nbsp;&nbsp;2840000 | &nbsp;&nbsp;&nbsp;&nbsp;2968601 |
| &nbsp;&nbsp;Royal Bank of Scotland Group PLC<sup>(h)</sup> | &nbsp;&nbsp;Royal Bank of Scotland Group PLC<sup>(h)</sup> | &nbsp;&nbsp;Royal Bank of Scotland Group PLC<sup>(h)</sup> | &nbsp;&nbsp;Royal Bank of Scotland Group PLC<sup>(h)</sup> |
| &nbsp;&nbsp;03/22/2025 | &nbsp;&nbsp;4.269% | &nbsp;&nbsp;6935000 | &nbsp;&nbsp;&nbsp;&nbsp;6773154 |
| &nbsp;&nbsp;Santander UK Group Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;Santander UK Group Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;Santander UK Group Holdings PLC<sup>(h)</sup> | &nbsp;&nbsp;Santander UK Group Holdings PLC<sup>(h)</sup> |
| &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;4.796% | &nbsp;&nbsp;8860000 | &nbsp;&nbsp;&nbsp;&nbsp;8713002 |
| &nbsp;&nbsp;03/15/2025 | &nbsp;&nbsp;1.089% | &nbsp;&nbsp;7235000 | &nbsp;&nbsp;&nbsp;&nbsp;6771601 |
| &nbsp;&nbsp;08/21/2026 | &nbsp;&nbsp;1.532% | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409351 |
| &nbsp;&nbsp;06/14/2027 | &nbsp;&nbsp;1.673% | &nbsp;&nbsp;2185000 | &nbsp;&nbsp;&nbsp;&nbsp;1852844 |
| &nbsp;&nbsp;01/11/2028 | &nbsp;&nbsp;2.469% | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885207 |
| &nbsp;&nbsp;UBS AG<sup>(a)</sup> | &nbsp;&nbsp;UBS AG<sup>(a)</sup> | &nbsp;&nbsp;UBS AG<sup>(a)</sup> | &nbsp;&nbsp;UBS AG<sup>(a)</sup> |
| &nbsp;&nbsp;08/09/2024 | &nbsp;&nbsp;0.700% | &nbsp;&nbsp;5210000 | &nbsp;&nbsp;&nbsp;&nbsp;4846720 |
| &nbsp;&nbsp;UBS Group AG<sup>(a),(h)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(a),(h)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(a),(h)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(a),(h)</sup> |
| &nbsp;&nbsp;05/12/2026 | &nbsp;&nbsp;4.488% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487921 |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(h)</sup> |
| &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;2.188% | 11945000 | &nbsp;&nbsp;&nbsp;&nbsp;11117787 |
| &nbsp;&nbsp;06/02/2028 | &nbsp;&nbsp;2.393% | &nbsp;&nbsp;4905000 | &nbsp;&nbsp;&nbsp;&nbsp;4325801 |
| &nbsp;&nbsp;03/02/2033 | &nbsp;&nbsp;3.350% | 15385000 | &nbsp;&nbsp;&nbsp;&nbsp;12937562 |
| &nbsp;&nbsp;07/25/2033 | &nbsp;&nbsp;4.897% | &nbsp;&nbsp;4375000 | &nbsp;&nbsp;&nbsp;&nbsp;4143169 |
| &nbsp;&nbsp;04/04/2051 | &nbsp;&nbsp;5.013% | &nbsp;&nbsp;4010000 | &nbsp;&nbsp;&nbsp;&nbsp;3566970 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**336256324** |
| &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.1%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.1%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.1%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.1%** |
| &nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;Intercontinental Exchange, Inc. |
| &nbsp;&nbsp;09/15/2032 | &nbsp;&nbsp;1.850% | &nbsp;&nbsp;3937000 | &nbsp;&nbsp;&nbsp;&nbsp;2962238 |
| &nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;Raymond James Financial, Inc. |
| &nbsp;&nbsp;07/15/2046 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922505 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3884743** |
| &nbsp;&nbsp;**Cable and Satellite 0.8%** | &nbsp;&nbsp;**Cable and Satellite 0.8%** | &nbsp;&nbsp;**Cable and Satellite 0.8%** | &nbsp;&nbsp;**Cable and Satellite 0.8%** |
| &nbsp;&nbsp;Cable One, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cable One, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cable One, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cable One, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588201 |
| &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital |
| &nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;4176127 |
| &nbsp;&nbsp;04/01/2048 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;4189000 | &nbsp;&nbsp;&nbsp;&nbsp;3445021 |
| &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;1335000 | &nbsp;&nbsp;&nbsp;&nbsp;1018692 |
| &nbsp;&nbsp;03/01/2050 | &nbsp;&nbsp;4.800% | &nbsp;&nbsp;2745000 | &nbsp;&nbsp;&nbsp;&nbsp;2008596 |
| &nbsp;&nbsp;04/01/2053 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2875000 | &nbsp;&nbsp;&nbsp;&nbsp;2246218 |
| &nbsp;&nbsp;Cox Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cox Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cox Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Cox Communications, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;2.600% | &nbsp;&nbsp;2610000 | &nbsp;&nbsp;&nbsp;&nbsp;2076515 |
| &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689202 |
| &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203307 |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;2664000 | &nbsp;&nbsp;&nbsp;&nbsp;2185748 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750201 |
| &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278000 |
| &nbsp;&nbsp;Intelsat Jackson Holdings SA<sup>(a)</sup> | &nbsp;&nbsp;Intelsat Jackson Holdings SA<sup>(a)</sup> | &nbsp;&nbsp;Intelsat Jackson Holdings SA<sup>(a)</sup> | &nbsp;&nbsp;Intelsat Jackson Holdings SA<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;6965000 | &nbsp;&nbsp;&nbsp;&nbsp;6250153 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Time Warner Cable LLC | &nbsp;&nbsp;Time Warner Cable LLC | &nbsp;&nbsp;Time Warner Cable LLC | &nbsp;&nbsp;Time Warner Cable LLC |
| &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709914 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**26625895** |
| &nbsp;&nbsp;**Chemicals 0.1%** | &nbsp;&nbsp;**Chemicals 0.1%** | &nbsp;&nbsp;**Chemicals 0.1%** | &nbsp;&nbsp;**Chemicals 0.1%** |
| &nbsp;&nbsp;EverArc Escrow Sarl<sup>(a)</sup> | &nbsp;&nbsp;EverArc Escrow Sarl<sup>(a)</sup> | &nbsp;&nbsp;EverArc Escrow Sarl<sup>(a)</sup> | &nbsp;&nbsp;EverArc Escrow Sarl<sup>(a)</sup> |
| &nbsp;&nbsp;10/30/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267371 |
| &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;09/26/2048 | &nbsp;&nbsp;5.000% | 5060000 | &nbsp;&nbsp;&nbsp;&nbsp;4345448 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4612819** |
| &nbsp;&nbsp;**Construction Machinery 0.0%** | &nbsp;&nbsp;**Construction Machinery 0.0%** | &nbsp;&nbsp;**Construction Machinery 0.0%** | &nbsp;&nbsp;**Construction Machinery 0.0%** |
| &nbsp;&nbsp;OT Merger Corp.<sup>(a)</sup> | &nbsp;&nbsp;OT Merger Corp.<sup>(a)</sup> | &nbsp;&nbsp;OT Merger Corp.<sup>(a)</sup> | &nbsp;&nbsp;OT Merger Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;7.875% | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216025 |
| &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.0%** |
| &nbsp;&nbsp;WASH Multifamily Acquisition, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WASH Multifamily Acquisition, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WASH Multifamily Acquisition, Inc.<sup>(a)</sup> | &nbsp;&nbsp;WASH Multifamily Acquisition, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329871 |
| &nbsp;&nbsp;**Consumer Products 0.1%** | &nbsp;&nbsp;**Consumer Products 0.1%** | &nbsp;&nbsp;**Consumer Products 0.1%** | &nbsp;&nbsp;**Consumer Products 0.1%** |
| &nbsp;&nbsp;Clorox Co. (The) | &nbsp;&nbsp;Clorox Co. (The) | &nbsp;&nbsp;Clorox Co. (The) | &nbsp;&nbsp;Clorox Co. (The) |
| &nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;4.600% | 1137000 | &nbsp;&nbsp;&nbsp;&nbsp;1091247 |
| &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. |
| &nbsp;&nbsp;04/01/2046 | &nbsp;&nbsp;5.750% | 1148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902619 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1993866** |
| &nbsp;&nbsp;**Diversified Manufacturing 0.1%** | &nbsp;&nbsp;**Diversified Manufacturing 0.1%** | &nbsp;&nbsp;**Diversified Manufacturing 0.1%** | &nbsp;&nbsp;**Diversified Manufacturing 0.1%** |
| &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> | &nbsp;&nbsp;General Electric Co.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.380%<br> 05/05/2026 | &nbsp;&nbsp;4.912% | 1886000 | &nbsp;&nbsp;&nbsp;&nbsp;1812338 |
| &nbsp;&nbsp;**Electric 1.2%** | &nbsp;&nbsp;**Electric 1.2%** | &nbsp;&nbsp;**Electric 1.2%** | &nbsp;&nbsp;**Electric 1.2%** |
| &nbsp;&nbsp;AEP Transmission Co. LLC | &nbsp;&nbsp;AEP Transmission Co. LLC | &nbsp;&nbsp;AEP Transmission Co. LLC | &nbsp;&nbsp;AEP Transmission Co. LLC |
| &nbsp;&nbsp;04/01/2050 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233872 |
| &nbsp;&nbsp;Appalachian Power Co. | &nbsp;&nbsp;Appalachian Power Co. | &nbsp;&nbsp;Appalachian Power Co. | &nbsp;&nbsp;Appalachian Power Co. |
| &nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;5.950% | 3225000 | &nbsp;&nbsp;&nbsp;&nbsp;3245659 |
| &nbsp;&nbsp;Duke Energy Carolinas LLC | &nbsp;&nbsp;Duke Energy Carolinas LLC | &nbsp;&nbsp;Duke Energy Carolinas LLC | &nbsp;&nbsp;Duke Energy Carolinas LLC |
| &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778856 |
| &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;Duke Energy Corp. |
| &nbsp;&nbsp;09/01/2046 | &nbsp;&nbsp;3.750% | 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827069 |
| &nbsp;&nbsp;Duke Energy Progress LLC | &nbsp;&nbsp;Duke Energy Progress LLC | &nbsp;&nbsp;Duke Energy Progress LLC | &nbsp;&nbsp;Duke Energy Progress LLC |
| &nbsp;&nbsp;04/01/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402911 |
| &nbsp;&nbsp;Entergy Louisiana LLC | &nbsp;&nbsp;Entergy Louisiana LLC | &nbsp;&nbsp;Entergy Louisiana LLC | &nbsp;&nbsp;Entergy Louisiana LLC |
| &nbsp;&nbsp;04/01/2025 | &nbsp;&nbsp;3.780% | 5900000 | &nbsp;&nbsp;&nbsp;&nbsp;5672273 |
| &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;4.600% | 3135000 | &nbsp;&nbsp;&nbsp;&nbsp;3092651 |
| &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(a)</sup> | &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(a)</sup> | &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(a)</sup> | &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(a)</sup> |
| &nbsp;&nbsp;04/01/2049 | &nbsp;&nbsp;4.550% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814031 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 13

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Florida Power & Light Co. | &nbsp;&nbsp;Florida Power & Light Co. | &nbsp;&nbsp;Florida Power & Light Co. | &nbsp;&nbsp;Florida Power & Light Co. |
| &nbsp;&nbsp;03/01/2049 | &nbsp;&nbsp;3.990% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1265963 |
| &nbsp;&nbsp;ITC Holdings Corp. | &nbsp;&nbsp;ITC Holdings Corp. | &nbsp;&nbsp;ITC Holdings Corp. | &nbsp;&nbsp;ITC Holdings Corp. |
| &nbsp;&nbsp;07/01/2023 | &nbsp;&nbsp;4.050% | 1740000 | &nbsp;&nbsp;&nbsp;&nbsp;1727816 |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;3.350% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919920 |
| &nbsp;&nbsp;Metropolitan Edison Co.<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Edison Co.<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Edison Co.<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Edison Co.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;4.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2868367 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.300% | 1752000 | &nbsp;&nbsp;&nbsp;&nbsp;1641155 |
| &nbsp;&nbsp;Mong Duong Finance Holdings BV<sup>(a)</sup> | &nbsp;&nbsp;Mong Duong Finance Holdings BV<sup>(a)</sup> | &nbsp;&nbsp;Mong Duong Finance Holdings BV<sup>(a)</sup> | &nbsp;&nbsp;Mong Duong Finance Holdings BV<sup>(a)</sup> |
| &nbsp;&nbsp;05/07/2029 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333294 |
| &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;4.625% | 2790000 | &nbsp;&nbsp;&nbsp;&nbsp;2751382 |
| &nbsp;&nbsp;Northern States Power Co. | &nbsp;&nbsp;Northern States Power Co. | &nbsp;&nbsp;Northern States Power Co. | &nbsp;&nbsp;Northern States Power Co. |
| &nbsp;&nbsp;08/15/2045 | &nbsp;&nbsp;4.000% | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;1838614 |
| &nbsp;&nbsp;PacifiCorp | &nbsp;&nbsp;PacifiCorp | &nbsp;&nbsp;PacifiCorp | &nbsp;&nbsp;PacifiCorp |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;3.350% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1917917 |
| &nbsp;&nbsp;PECO Energy Co. | &nbsp;&nbsp;PECO Energy Co. | &nbsp;&nbsp;PECO Energy Co. | &nbsp;&nbsp;PECO Energy Co. |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;4.600% | 2690000 | &nbsp;&nbsp;&nbsp;&nbsp;2432425 |
| &nbsp;&nbsp;Pennsylvania Electric Co.<sup>(a)</sup> | &nbsp;&nbsp;Pennsylvania Electric Co.<sup>(a)</sup> | &nbsp;&nbsp;Pennsylvania Electric Co.<sup>(a)</sup> | &nbsp;&nbsp;Pennsylvania Electric Co.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;3.250% | 6950000 | &nbsp;&nbsp;&nbsp;&nbsp;6253543 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**39017718** |
| &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** | &nbsp;&nbsp;**Environmental 0.1%** |
| &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;5.500% | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1550750 |
| &nbsp;&nbsp;**Finance Companies 1.0%** | &nbsp;&nbsp;**Finance Companies 1.0%** | &nbsp;&nbsp;**Finance Companies 1.0%** | &nbsp;&nbsp;**Finance Companies 1.0%** |
| &nbsp;&nbsp;AerCap Ireland Capital DAC/Global Aviation Trust | &nbsp;&nbsp;AerCap Ireland Capital DAC/Global Aviation Trust | &nbsp;&nbsp;AerCap Ireland Capital DAC/Global Aviation Trust | &nbsp;&nbsp;AerCap Ireland Capital DAC/Global Aviation Trust |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;4.450% | 3070000 | &nbsp;&nbsp;&nbsp;&nbsp;2955250 |
| &nbsp;&nbsp;10/29/2028 | &nbsp;&nbsp;3.000% | 6350000 | &nbsp;&nbsp;&nbsp;&nbsp;5329499 |
| &nbsp;&nbsp;01/30/2032 | &nbsp;&nbsp;3.300% | 3650000 | &nbsp;&nbsp;&nbsp;&nbsp;2851793 |
| &nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;Air Lease Corp. |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;3.250% | 2810000 | &nbsp;&nbsp;&nbsp;&nbsp;2668391 |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;3.375% | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;4243875 |
| &nbsp;&nbsp;Avolon Holdings Funding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Avolon Holdings Funding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Avolon Holdings Funding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Avolon Holdings Funding Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;3.250% | 2035000 | &nbsp;&nbsp;&nbsp;&nbsp;1747123 |
| &nbsp;&nbsp;11/18/2027 | &nbsp;&nbsp;2.528% | 3398000 | &nbsp;&nbsp;&nbsp;&nbsp;2743252 |
| &nbsp;&nbsp;FirstCash, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FirstCash, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FirstCash, Inc.<sup>(a)</sup> | &nbsp;&nbsp;FirstCash, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;5.625% | 1850000 | &nbsp;&nbsp;&nbsp;&nbsp;1652315 |
| &nbsp;&nbsp;Park Aerospace Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Park Aerospace Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Park Aerospace Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Park Aerospace Holdings Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2023 | &nbsp;&nbsp;4.500% | 5335000 | &nbsp;&nbsp;&nbsp;&nbsp;5321652 |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;733000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723983 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**30237133** |
| &nbsp;&nbsp;**Food and Beverage 1.2%** | &nbsp;&nbsp;**Food and Beverage 1.2%** | &nbsp;&nbsp;**Food and Beverage 1.2%** | &nbsp;&nbsp;**Food and Beverage 1.2%** |
| &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch Companies LLC/InBev Worldwide, Inc. |
| &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;4.900% | 5115000 | &nbsp;&nbsp;&nbsp;&nbsp;4680732 |
| &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. | &nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. |
| &nbsp;&nbsp;04/15/2048 | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501750 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;4.450% | 3375000 | &nbsp;&nbsp;&nbsp;&nbsp;3277170 |
| &nbsp;&nbsp;Constellation Brands, Inc. | &nbsp;&nbsp;Constellation Brands, Inc. | &nbsp;&nbsp;Constellation Brands, Inc. | &nbsp;&nbsp;Constellation Brands, Inc. |
| &nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;2.250% | 3400000 | &nbsp;&nbsp;&nbsp;&nbsp;2698747 |
| &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> | &nbsp;&nbsp;JBS USA LUX SA/Food Co./Finance, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/02/2029 | &nbsp;&nbsp;3.000% | 1565000 | &nbsp;&nbsp;&nbsp;&nbsp;1293914 |
| &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;3.750% | 2570000 | &nbsp;&nbsp;&nbsp;&nbsp;2096560 |
| &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;5.750% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1910755 |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;6.500% | 4280000 | &nbsp;&nbsp;&nbsp;&nbsp;4068988 |
| &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;Kraft Heinz Foods Co. |
| &nbsp;&nbsp;06/04/2042 | &nbsp;&nbsp;5.000% | 1414000 | &nbsp;&nbsp;&nbsp;&nbsp;1277365 |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;4.875% | 1680000 | &nbsp;&nbsp;&nbsp;&nbsp;1466085 |
| &nbsp;&nbsp;Kraft Heinz Foods Co. (The) | &nbsp;&nbsp;Kraft Heinz Foods Co. (The) | &nbsp;&nbsp;Kraft Heinz Foods Co. (The) | &nbsp;&nbsp;Kraft Heinz Foods Co. (The) |
| &nbsp;&nbsp;07/15/2045 | &nbsp;&nbsp;5.200% | 6570000 | &nbsp;&nbsp;&nbsp;&nbsp;6054011 |
| &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;4.250% | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1532119 |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;3.500% | 2215000 | &nbsp;&nbsp;&nbsp;&nbsp;1731371 |
| &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;5.750% | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1646178 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.625% | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3019582 |
| &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;4.625% | 1331000 | &nbsp;&nbsp;&nbsp;&nbsp;1089071 |
| &nbsp;&nbsp;Smithfield Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Smithfield Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Smithfield Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Smithfield Foods, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/13/2031 | &nbsp;&nbsp;2.625% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1076981 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**39421379** |
| &nbsp;&nbsp;**Gaming 0.7%** | &nbsp;&nbsp;**Gaming 0.7%** | &nbsp;&nbsp;**Gaming 0.7%** | &nbsp;&nbsp;**Gaming 0.7%** |
| &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325280 |
| &nbsp;&nbsp;Churchill Downs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Churchill Downs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Churchill Downs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Churchill Downs, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416113 |
| &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;8.125% | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;1032629 |
| &nbsp;&nbsp;GLP Capital LP/Financing II, Inc. | &nbsp;&nbsp;GLP Capital LP/Financing II, Inc. | &nbsp;&nbsp;GLP Capital LP/Financing II, Inc. | &nbsp;&nbsp;GLP Capital LP/Financing II, Inc. |
| &nbsp;&nbsp;11/01/2023 | &nbsp;&nbsp;5.375% | 3480000 | &nbsp;&nbsp;&nbsp;&nbsp;3468606 |
| &nbsp;&nbsp;09/01/2024 | &nbsp;&nbsp;3.350% | 1315000 | &nbsp;&nbsp;&nbsp;&nbsp;1259161 |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;5.250% | 1930000 | &nbsp;&nbsp;&nbsp;&nbsp;1900287 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744471 |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856708 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;5.300% | 2325000 | &nbsp;&nbsp;&nbsp;&nbsp;2195038 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.000% | 2418000 | &nbsp;&nbsp;&nbsp;&nbsp;2115567 |
| &nbsp;&nbsp;VICI Properties LP | &nbsp;&nbsp;VICI Properties LP | &nbsp;&nbsp;VICI Properties LP | &nbsp;&nbsp;VICI Properties LP |
| &nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;5.125% | 3375000 | &nbsp;&nbsp;&nbsp;&nbsp;3128524 |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;5.625% | 1774000 | &nbsp;&nbsp;&nbsp;&nbsp;1569010 |
| &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;VICI Properties LP/Note Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258882 |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;4.500% | 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952846 |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;5.750% | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;1164045 |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86373 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525844 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;3.875% | 1930000 | &nbsp;&nbsp;&nbsp;&nbsp;1696490 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**23695874** |
| &nbsp;&nbsp;**Health Care 1.6%** | &nbsp;&nbsp;**Health Care 1.6%** | &nbsp;&nbsp;**Health Care 1.6%** | &nbsp;&nbsp;**Health Care 1.6%** |
| &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. |
| &nbsp;&nbsp;06/06/2024 | &nbsp;&nbsp;3.363% | &nbsp;&nbsp;&nbsp;626000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610703 |
| &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. |
| &nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;4.800% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4659371 |
| &nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;CommonSpirit Health |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;1.547% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4499745 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;2.782% | 1575000 | &nbsp;&nbsp;&nbsp;&nbsp;1295343 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. |
| &nbsp;&nbsp;07/20/2035 | &nbsp;&nbsp;4.875% | 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;1039248 |
| &nbsp;&nbsp;07/20/2045 | &nbsp;&nbsp;5.125% | 1780000 | &nbsp;&nbsp;&nbsp;&nbsp;1621896 |
| &nbsp;&nbsp;03/25/2048 | &nbsp;&nbsp;5.050% | 8170000 | &nbsp;&nbsp;&nbsp;&nbsp;7374804 |
| &nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;Dentsply Sirona, Inc. |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;801000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663430 |
| &nbsp;&nbsp;Embecta Corp.<sup>(a)</sup> | &nbsp;&nbsp;Embecta Corp.<sup>(a)</sup> | &nbsp;&nbsp;Embecta Corp.<sup>(a)</sup> | &nbsp;&nbsp;Embecta Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;5.000% | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1508811 |
| &nbsp;&nbsp;Fresenius Medical Care US Finance III, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fresenius Medical Care US Finance III, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fresenius Medical Care US Finance III, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fresenius Medical Care US Finance III, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;1.875% | 3755000 | &nbsp;&nbsp;&nbsp;&nbsp;3175257 |
| &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;488000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485052 |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;5.250% | 4480000 | &nbsp;&nbsp;&nbsp;&nbsp;4427624 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.125% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3651611 |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;3.500% | 5236000 | &nbsp;&nbsp;&nbsp;&nbsp;4505079 |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;2.375% | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873597 |
| &nbsp;&nbsp;06/15/2047 | &nbsp;&nbsp;5.500% | 2405000 | &nbsp;&nbsp;&nbsp;&nbsp;2139440 |
| &nbsp;&nbsp;06/15/2049 | &nbsp;&nbsp;5.250% | 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;4708132 |
| &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;3.125% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909646 |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;3.625% | 1120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947325 |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;4.625% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783143 |
| &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235545 |
| &nbsp;&nbsp;Universal Health Services, Inc. | &nbsp;&nbsp;Universal Health Services, Inc. | &nbsp;&nbsp;Universal Health Services, Inc. | &nbsp;&nbsp;Universal Health Services, Inc. |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;1.650% | 1890000 | &nbsp;&nbsp;&nbsp;&nbsp;1622271 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**51737073** |
| &nbsp;&nbsp;**Healthcare Insurance 0.6%** | &nbsp;&nbsp;**Healthcare Insurance 0.6%** | &nbsp;&nbsp;**Healthcare Insurance 0.6%** | &nbsp;&nbsp;**Healthcare Insurance 0.6%** |
| &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;4.250% | 2155000 | &nbsp;&nbsp;&nbsp;&nbsp;2023648 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;2.450% | 8542000 | &nbsp;&nbsp;&nbsp;&nbsp;7207159 |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;2.500% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1564747 |
| &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;Humana, Inc. |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;4.875% | 1333000 | &nbsp;&nbsp;&nbsp;&nbsp;1300673 |
| &nbsp;&nbsp;Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Molina Healthcare, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;4.375% | 4438000 | &nbsp;&nbsp;&nbsp;&nbsp;4049356 |
| &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;3.875% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1698701 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. |
| &nbsp;&nbsp;12/15/2048 | &nbsp;&nbsp;4.450% | 1245000 | &nbsp;&nbsp;&nbsp;&nbsp;1110166 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**18954450** |
| &nbsp;&nbsp;**Healthcare REIT 0.2%** | &nbsp;&nbsp;**Healthcare REIT 0.2%** | &nbsp;&nbsp;**Healthcare REIT 0.2%** | &nbsp;&nbsp;**Healthcare REIT 0.2%** |
| &nbsp;&nbsp;Healthcare Realty Holdings LP | &nbsp;&nbsp;Healthcare Realty Holdings LP | &nbsp;&nbsp;Healthcare Realty Holdings LP | &nbsp;&nbsp;Healthcare Realty Holdings LP |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;3.625% | 1608000 | &nbsp;&nbsp;&nbsp;&nbsp;1422374 |
| &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;2.050% | &nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201957 |
| &nbsp;&nbsp;Healthcare Trust of America Holdings LP | &nbsp;&nbsp;Healthcare Trust of America Holdings LP | &nbsp;&nbsp;Healthcare Trust of America Holdings LP | &nbsp;&nbsp;Healthcare Trust of America Holdings LP |
| &nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;3.500% | 2367000 | &nbsp;&nbsp;&nbsp;&nbsp;2203336 |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104857 |
| &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;2.000% | 1625000 | &nbsp;&nbsp;&nbsp;&nbsp;1228814 |
| &nbsp;&nbsp;Physicians Realty LP | &nbsp;&nbsp;Physicians Realty LP | &nbsp;&nbsp;Physicians Realty LP | &nbsp;&nbsp;Physicians Realty LP |
| &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;2.625% | 1905000 | &nbsp;&nbsp;&nbsp;&nbsp;1485181 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6646519** |
| &nbsp;&nbsp;**Independent Energy 0.1%** | &nbsp;&nbsp;**Independent Energy 0.1%** | &nbsp;&nbsp;**Independent Energy 0.1%** | &nbsp;&nbsp;**Independent Energy 0.1%** |
| &nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;Hess Corp. |
| &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;5.600% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1893729 |
| &nbsp;&nbsp;Occidental Petroleum Corp.<sup>(i)</sup> | &nbsp;&nbsp;Occidental Petroleum Corp.<sup>(i)</sup> | &nbsp;&nbsp;Occidental Petroleum Corp.<sup>(i)</sup> | &nbsp;&nbsp;Occidental Petroleum Corp.<sup>(i)</sup> |
| &nbsp;&nbsp;10/10/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236295 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2130024** |
| &nbsp;&nbsp;**Life Insurance 0.7%** | &nbsp;&nbsp;**Life Insurance 0.7%** | &nbsp;&nbsp;**Life Insurance 0.7%** | &nbsp;&nbsp;**Life Insurance 0.7%** |
| &nbsp;&nbsp;Athene Global Funding<sup>(a),(b)</sup> | &nbsp;&nbsp;Athene Global Funding<sup>(a),(b)</sup> | &nbsp;&nbsp;Athene Global Funding<sup>(a),(b)</sup> | &nbsp;&nbsp;Athene Global Funding<sup>(a),(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.700%<br> 05/24/2024 | &nbsp;&nbsp;5.000% | 3780000 | &nbsp;&nbsp;&nbsp;&nbsp;3708622 |
| &nbsp;&nbsp;Athene Global Funding<sup>(a)</sup> | &nbsp;&nbsp;Athene Global Funding<sup>(a)</sup> | &nbsp;&nbsp;Athene Global Funding<sup>(a)</sup> | &nbsp;&nbsp;Athene Global Funding<sup>(a)</sup> |
| &nbsp;&nbsp;06/29/2026 | &nbsp;&nbsp;1.608% | 3760000 | &nbsp;&nbsp;&nbsp;&nbsp;3239072 |
| &nbsp;&nbsp;03/08/2027 | &nbsp;&nbsp;3.205% | 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;1380845 |
| &nbsp;&nbsp;01/07/2029 | &nbsp;&nbsp;2.717% | 1770000 | &nbsp;&nbsp;&nbsp;&nbsp;1463753 |
| &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> |
| &nbsp;&nbsp;08/25/2029 | &nbsp;&nbsp;4.300% | 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;5211184 |
| &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Insurance Co.<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;3.750% | 3235000 | &nbsp;&nbsp;&nbsp;&nbsp;2475591 |
| &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;3.300% | 3035000 | &nbsp;&nbsp;&nbsp;&nbsp;2129699 |
| &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a),(h)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a),(h)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a),(h)</sup> | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America<sup>(a),(h)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;09/15/2054 | &nbsp;&nbsp;4.375% | 3920000 | &nbsp;&nbsp;&nbsp;&nbsp;3755778 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**23364544** |
| &nbsp;&nbsp;**Media and Entertainment 0.6%** | &nbsp;&nbsp;**Media and Entertainment 0.6%** | &nbsp;&nbsp;**Media and Entertainment 0.6%** | &nbsp;&nbsp;**Media and Entertainment 0.6%** |
| &nbsp;&nbsp;Diamond Sports Group LLC/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Diamond Sports Group LLC/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Diamond Sports Group LLC/Finance Co.<sup>(a)</sup> | &nbsp;&nbsp;Diamond Sports Group LLC/Finance Co.<sup>(a)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.375% | 4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565530 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 15

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;4.279% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28858 |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;5.050% | &nbsp;&nbsp;6975000 | &nbsp;&nbsp;&nbsp;&nbsp;5363783 |
| &nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;5.141% | 14715000 | &nbsp;&nbsp;10804992 |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;Take-Two Interactive Software, Inc. |
| &nbsp;&nbsp;04/14/2032 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3355000 | &nbsp;&nbsp;&nbsp;&nbsp;2967806 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**19730969** |
| &nbsp;&nbsp;**Midstream 0.9%** | &nbsp;&nbsp;**Midstream 0.9%** | &nbsp;&nbsp;**Midstream 0.9%** | &nbsp;&nbsp;**Midstream 0.9%** |
| &nbsp;&nbsp;Enbridge Energy Partners LP | &nbsp;&nbsp;Enbridge Energy Partners LP | &nbsp;&nbsp;Enbridge Energy Partners LP | &nbsp;&nbsp;Enbridge Energy Partners LP |
| &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2540948 |
| &nbsp;&nbsp;Energy Transfer Operating LP | &nbsp;&nbsp;Energy Transfer Operating LP | &nbsp;&nbsp;Energy Transfer Operating LP | &nbsp;&nbsp;Energy Transfer Operating LP |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338913 |
| &nbsp;&nbsp;04/15/2049 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;3065000 | &nbsp;&nbsp;&nbsp;&nbsp;2862365 |
| &nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4350000 | &nbsp;&nbsp;&nbsp;&nbsp;3511813 |
| &nbsp;&nbsp;Energy Transfer Partners LP | &nbsp;&nbsp;Energy Transfer Partners LP | &nbsp;&nbsp;Energy Transfer Partners LP | &nbsp;&nbsp;Energy Transfer Partners LP |
| &nbsp;&nbsp;03/15/2045 | &nbsp;&nbsp;5.150% | &nbsp;&nbsp;3048000 | &nbsp;&nbsp;&nbsp;&nbsp;2530415 |
| &nbsp;&nbsp;12/15/2045 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;2225542 |
| &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC |
| &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;5.100% | &nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;1133775 |
| &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620845 |
| &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;03/31/2034 | &nbsp;&nbsp;2.160% | &nbsp;&nbsp;&nbsp;&nbsp;393905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334766 |
| &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. |
| &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;2175000 | &nbsp;&nbsp;&nbsp;&nbsp;1890930 |
| &nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(a)</sup> | &nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(a)</sup> | &nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(a)</sup> | &nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;1808000 | &nbsp;&nbsp;&nbsp;&nbsp;1706480 |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826229 |
| &nbsp;&nbsp;04/15/2040 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;1890000 | &nbsp;&nbsp;&nbsp;&nbsp;1587390 |
| &nbsp;&nbsp;Sabine Pass Liquefaction LLC | &nbsp;&nbsp;Sabine Pass Liquefaction LLC | &nbsp;&nbsp;Sabine Pass Liquefaction LLC | &nbsp;&nbsp;Sabine Pass Liquefaction LLC |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;2671000 | &nbsp;&nbsp;&nbsp;&nbsp;2480737 |
| &nbsp;&nbsp;Sunoco Logistics Partners Operations LP | &nbsp;&nbsp;Sunoco Logistics Partners Operations LP | &nbsp;&nbsp;Sunoco Logistics Partners Operations LP | &nbsp;&nbsp;Sunoco Logistics Partners Operations LP |
| &nbsp;&nbsp;05/15/2045 | &nbsp;&nbsp;5.350% | &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788369 |
| &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;5.400% | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1489495 |
| &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;2037000 | &nbsp;&nbsp;&nbsp;&nbsp;1771729 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**28640741** |
| &nbsp;&nbsp;**Office REIT 0.3%** | &nbsp;&nbsp;**Office REIT 0.3%** | &nbsp;&nbsp;**Office REIT 0.3%** | &nbsp;&nbsp;**Office REIT 0.3%** |
| &nbsp;&nbsp;Hudson Pacific Properties LP | &nbsp;&nbsp;Hudson Pacific Properties LP | &nbsp;&nbsp;Hudson Pacific Properties LP | &nbsp;&nbsp;Hudson Pacific Properties LP |
| &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;2621000 | &nbsp;&nbsp;&nbsp;&nbsp;2229349 |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;5.950% | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905934 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240298 |
| &nbsp;&nbsp;Kilroy Realty LP | &nbsp;&nbsp;Kilroy Realty LP | &nbsp;&nbsp;Kilroy Realty LP | &nbsp;&nbsp;Kilroy Realty LP |
| &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;&nbsp;&nbsp;628000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432083 |
| &nbsp;&nbsp;Piedmont Operating Partnership LP | &nbsp;&nbsp;Piedmont Operating Partnership LP | &nbsp;&nbsp;Piedmont Operating Partnership LP | &nbsp;&nbsp;Piedmont Operating Partnership LP |
| &nbsp;&nbsp;06/01/2023 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;4815000 | &nbsp;&nbsp;&nbsp;&nbsp;4767951 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8575615** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Oil Field Services 0.1%** | &nbsp;&nbsp;**Oil Field Services 0.1%** | &nbsp;&nbsp;**Oil Field Services 0.1%** | &nbsp;&nbsp;**Oil Field Services 0.1%** |
| &nbsp;&nbsp;Transocean Phoenix 2 Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Phoenix 2 Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Phoenix 2 Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Phoenix 2 Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2024 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;885599 | &nbsp;&nbsp;&nbsp;&nbsp;878355 |
| &nbsp;&nbsp;Transocean Poseidon Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Poseidon Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Poseidon Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Poseidon Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;6.875% | 1073625 | &nbsp;&nbsp;1046109 |
| &nbsp;&nbsp;Transocean Proteus Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Proteus Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Proteus Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Transocean Proteus Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2024 | &nbsp;&nbsp;6.250% | 1024000 | &nbsp;&nbsp;1013766 |
| &nbsp;&nbsp;USA Compression Partners LP/Finance Corp. | &nbsp;&nbsp;USA Compression Partners LP/Finance Corp. | &nbsp;&nbsp;USA Compression Partners LP/Finance Corp. | &nbsp;&nbsp;USA Compression Partners LP/Finance Corp. |
| &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;6.875% | 1650000 | &nbsp;&nbsp;1585167 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4523397** |
| &nbsp;&nbsp;**Other Financial Institutions 0.1%** | &nbsp;&nbsp;**Other Financial Institutions 0.1%** | &nbsp;&nbsp;**Other Financial Institutions 0.1%** | &nbsp;&nbsp;**Other Financial Institutions 0.1%** |
| &nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;ORIX Corp. |
| &nbsp;&nbsp;09/13/2032 | &nbsp;&nbsp;5.200% | 3065000 | &nbsp;&nbsp;2995523 |
| &nbsp;&nbsp;**Other Industry 0.0%** | &nbsp;&nbsp;**Other Industry 0.0%** | &nbsp;&nbsp;**Other Industry 0.0%** | &nbsp;&nbsp;**Other Industry 0.0%** |
| &nbsp;&nbsp;PowerTeam Services LLC<sup>(a)</sup> | &nbsp;&nbsp;PowerTeam Services LLC<sup>(a)</sup> | &nbsp;&nbsp;PowerTeam Services LLC<sup>(a)</sup> | &nbsp;&nbsp;PowerTeam Services LLC<sup>(a)</sup> |
| &nbsp;&nbsp;12/04/2025 | &nbsp;&nbsp;9.033% | &nbsp;&nbsp;&nbsp;961000 | &nbsp;&nbsp;&nbsp;&nbsp;801983 |
| &nbsp;&nbsp;**Other REIT 0.3%** | &nbsp;&nbsp;**Other REIT 0.3%** | &nbsp;&nbsp;**Other REIT 0.3%** | &nbsp;&nbsp;**Other REIT 0.3%** |
| &nbsp;&nbsp;American Assets Trust LP | &nbsp;&nbsp;American Assets Trust LP | &nbsp;&nbsp;American Assets Trust LP | &nbsp;&nbsp;American Assets Trust LP |
| &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;3.375% | 3650000 | &nbsp;&nbsp;2892126 |
| &nbsp;&nbsp;CubeSmart LP | &nbsp;&nbsp;CubeSmart LP | &nbsp;&nbsp;CubeSmart LP | &nbsp;&nbsp;CubeSmart LP |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;670050 |
| &nbsp;&nbsp;Extra Space Storage LP | &nbsp;&nbsp;Extra Space Storage LP | &nbsp;&nbsp;Extra Space Storage LP | &nbsp;&nbsp;Extra Space Storage LP |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;2.550% | 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;918556 |
| &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;2.350% | 3343000 | &nbsp;&nbsp;2531325 |
| &nbsp;&nbsp;Lexington Realty Trust | &nbsp;&nbsp;Lexington Realty Trust | &nbsp;&nbsp;Lexington Realty Trust | &nbsp;&nbsp;Lexington Realty Trust |
| &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;2.375% | 1895000 | &nbsp;&nbsp;1435466 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**8447523** |
| &nbsp;&nbsp;**Packaging 0.2%** | &nbsp;&nbsp;**Packaging 0.2%** | &nbsp;&nbsp;**Packaging 0.2%** | &nbsp;&nbsp;**Packaging 0.2%** |
| &nbsp;&nbsp;Berry Global Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Berry Global Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Berry Global Escrow Corp.<sup>(a)</sup> | &nbsp;&nbsp;Berry Global Escrow Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;582000 | &nbsp;&nbsp;&nbsp;&nbsp;562077 |
| &nbsp;&nbsp;Berry Global, Inc. | &nbsp;&nbsp;Berry Global, Inc. | &nbsp;&nbsp;Berry Global, Inc. | &nbsp;&nbsp;Berry Global, Inc. |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;1.570% | 3132000 | &nbsp;&nbsp;2796585 |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;1.650% | 2768000 | &nbsp;&nbsp;2360101 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5718763** |
| &nbsp;&nbsp;**Paper 0.1%** | &nbsp;&nbsp;**Paper 0.1%** | &nbsp;&nbsp;**Paper 0.1%** | &nbsp;&nbsp;**Paper 0.1%** |
| &nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;Weyerhaeuser Co. |
| &nbsp;&nbsp;03/09/2033 | &nbsp;&nbsp;3.375% | 3535000 | &nbsp;&nbsp;2951338 |
| &nbsp;&nbsp;**Pharmaceuticals 0.8%** | &nbsp;&nbsp;**Pharmaceuticals 0.8%** | &nbsp;&nbsp;**Pharmaceuticals 0.8%** | &nbsp;&nbsp;**Pharmaceuticals 0.8%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. |
| &nbsp;&nbsp;05/14/2035 | &nbsp;&nbsp;4.500% | 5852000 | &nbsp;&nbsp;5447931 |
| &nbsp;&nbsp;05/14/2045 | &nbsp;&nbsp;4.700% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;893285 |
| &nbsp;&nbsp;05/14/2046 | &nbsp;&nbsp;4.450% | 1425000 | &nbsp;&nbsp;1236562 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Bayer US Finance II LLC<sup>(a)</sup> | &nbsp;&nbsp;Bayer US Finance II LLC<sup>(a)</sup> | &nbsp;&nbsp;Bayer US Finance II LLC<sup>(a)</sup> | &nbsp;&nbsp;Bayer US Finance II LLC<sup>(a)</sup> |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;3.375% | 2860000 | &nbsp;&nbsp;&nbsp;&nbsp;2770275 |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;4.250% | 2780000 | &nbsp;&nbsp;&nbsp;&nbsp;2699646 |
| &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;4.375% | 2579000 | &nbsp;&nbsp;&nbsp;&nbsp;2426207 |
| &nbsp;&nbsp;06/25/2038 | &nbsp;&nbsp;4.625% | 2925000 | &nbsp;&nbsp;&nbsp;&nbsp;2552379 |
| &nbsp;&nbsp;06/25/2048 | &nbsp;&nbsp;4.875% | 8145000 | &nbsp;&nbsp;&nbsp;&nbsp;7041376 |
| &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692163 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**25759824** |
| &nbsp;&nbsp;**Property & Casualty 0.7%** | &nbsp;&nbsp;**Property & Casualty 0.7%** | &nbsp;&nbsp;**Property & Casualty 0.7%** | &nbsp;&nbsp;**Property & Casualty 0.7%** |
| &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301849 |
| &nbsp;&nbsp;Aon Corp./Global Holdings PLC | &nbsp;&nbsp;Aon Corp./Global Holdings PLC | &nbsp;&nbsp;Aon Corp./Global Holdings PLC | &nbsp;&nbsp;Aon Corp./Global Holdings PLC |
| &nbsp;&nbsp;02/28/2052 | &nbsp;&nbsp;3.900% | 3545000 | &nbsp;&nbsp;&nbsp;&nbsp;2743743 |
| &nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;Arthur J. Gallagher & Co. |
| &nbsp;&nbsp;03/09/2052 | &nbsp;&nbsp;3.050% | 2240000 | &nbsp;&nbsp;&nbsp;&nbsp;1422397 |
| &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. | &nbsp;&nbsp;Berkshire Hathaway Finance Corp. |
| &nbsp;&nbsp;01/15/2051 | &nbsp;&nbsp;2.500% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631193 |
| &nbsp;&nbsp;Farmers Exchange Capital<sup>(a)</sup> | &nbsp;&nbsp;Farmers Exchange Capital<sup>(a)</sup> | &nbsp;&nbsp;Farmers Exchange Capital<sup>(a)</sup> | &nbsp;&nbsp;Farmers Exchange Capital<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;7.050% | 3225000 | &nbsp;&nbsp;&nbsp;&nbsp;3340741 |
| &nbsp;&nbsp;Farmers Exchange Capital II<sup>(a),(h)</sup> | &nbsp;&nbsp;Farmers Exchange Capital II<sup>(a),(h)</sup> | &nbsp;&nbsp;Farmers Exchange Capital II<sup>(a),(h)</sup> | &nbsp;&nbsp;Farmers Exchange Capital II<sup>(a),(h)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;11/01/2053 | &nbsp;&nbsp;6.151% | 3810000 | &nbsp;&nbsp;&nbsp;&nbsp;3676563 |
| &nbsp;&nbsp;Nationwide Mutual Insurance Co.<sup>(a),(b)</sup> | &nbsp;&nbsp;Nationwide Mutual Insurance Co.<sup>(a),(b)</sup> | &nbsp;&nbsp;Nationwide Mutual Insurance Co.<sup>(a),(b)</sup> | &nbsp;&nbsp;Nationwide Mutual Insurance Co.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;3-month USD LIBOR + 2.290%<br> 12/15/2024 | &nbsp;&nbsp;7.059% | 6815000 | &nbsp;&nbsp;&nbsp;&nbsp;6800968 |
| &nbsp;&nbsp;Willis North America, Inc. | &nbsp;&nbsp;Willis North America, Inc. | &nbsp;&nbsp;Willis North America, Inc. | &nbsp;&nbsp;Willis North America, Inc. |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;2.950% | 3595000 | &nbsp;&nbsp;&nbsp;&nbsp;3023276 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**21940730** |
| &nbsp;&nbsp;**Railroads 0.0%** | &nbsp;&nbsp;**Railroads 0.0%** | &nbsp;&nbsp;**Railroads 0.0%** | &nbsp;&nbsp;**Railroads 0.0%** |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. |
| &nbsp;&nbsp;02/14/2042 | &nbsp;&nbsp;3.375% | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1391752 |
| &nbsp;&nbsp;**Restaurants 0.0%** | &nbsp;&nbsp;**Restaurants 0.0%** | &nbsp;&nbsp;**Restaurants 0.0%** | &nbsp;&nbsp;**Restaurants 0.0%** |
| &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282533 |
| &nbsp;&nbsp;**Retailers 0.1%** | &nbsp;&nbsp;**Retailers 0.1%** | &nbsp;&nbsp;**Retailers 0.1%** | &nbsp;&nbsp;**Retailers 0.1%** |
| &nbsp;&nbsp;Alimentation Couche-Tard, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Alimentation Couche-Tard, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Alimentation Couche-Tard, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Alimentation Couche-Tard, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;01/25/2030 | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;&nbsp;331000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279695 |
| &nbsp;&nbsp;Magic MergeCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magic MergeCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magic MergeCo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Magic MergeCo, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;7.875% | 3655000 | &nbsp;&nbsp;&nbsp;&nbsp;2466706 |
| &nbsp;&nbsp;Rent-A-Center, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rent-A-Center, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rent-A-Center, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Rent-A-Center, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283539 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3029940** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Technology 1.0%** | &nbsp;&nbsp;**Technology 1.0%** | &nbsp;&nbsp;**Technology 1.0%** | &nbsp;&nbsp;**Technology 1.0%** |
| &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;2.600% | 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;1461707 |
| &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;3.137% | 3100000 | &nbsp;&nbsp;&nbsp;&nbsp;2274335 |
| &nbsp;&nbsp;CommScope, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CommScope, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CommScope, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CommScope, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;4.750% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1211334 |
| &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;Global Payments, Inc. |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;5.950% | 3150000 | &nbsp;&nbsp;&nbsp;&nbsp;2862424 |
| &nbsp;&nbsp;Lenovo Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Lenovo Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Lenovo Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Lenovo Group Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;07/27/2032 | &nbsp;&nbsp;6.536% | 1580000 | &nbsp;&nbsp;&nbsp;&nbsp;1523458 |
| &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;814000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698449 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;5.125% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836295 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321509 |
| &nbsp;&nbsp;Open Text Corp.<sup>(a)</sup> | &nbsp;&nbsp;Open Text Corp.<sup>(a)</sup> | &nbsp;&nbsp;Open Text Corp.<sup>(a)</sup> | &nbsp;&nbsp;Open Text Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;6.900% | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655385 |
| &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. |
| &nbsp;&nbsp;03/25/2031 | &nbsp;&nbsp;2.875% | 1425000 | &nbsp;&nbsp;&nbsp;&nbsp;1182226 |
| &nbsp;&nbsp;11/09/2032 | &nbsp;&nbsp;6.250% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4200185 |
| &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212693 |
| &nbsp;&nbsp;04/01/2050 | &nbsp;&nbsp;3.600% | 5400000 | &nbsp;&nbsp;&nbsp;&nbsp;3683955 |
| &nbsp;&nbsp;03/25/2051 | &nbsp;&nbsp;3.950% | 4468000 | &nbsp;&nbsp;&nbsp;&nbsp;3219157 |
| &nbsp;&nbsp;11/09/2052 | &nbsp;&nbsp;6.900% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2164276 |
| &nbsp;&nbsp;S&P Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;S&P Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;S&P Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;S&P Global, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;4.750% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2471269 |
| &nbsp;&nbsp;Tencent Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Tencent Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Tencent Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Tencent Holdings Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/22/2051 | &nbsp;&nbsp;3.840% | 3570000 | &nbsp;&nbsp;&nbsp;&nbsp;2545118 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**31523775** |
| &nbsp;&nbsp;**Tobacco 0.7%** | &nbsp;&nbsp;**Tobacco 0.7%** | &nbsp;&nbsp;**Tobacco 0.7%** | &nbsp;&nbsp;**Tobacco 0.7%** |
| &nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;BAT Capital Corp. |
| &nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;4.390% | 3870000 | &nbsp;&nbsp;&nbsp;&nbsp;3009525 |
| &nbsp;&nbsp;08/15/2047 | &nbsp;&nbsp;4.540% | 9792000 | &nbsp;&nbsp;&nbsp;&nbsp;6960270 |
| &nbsp;&nbsp;03/16/2052 | &nbsp;&nbsp;5.650% | 1730000 | &nbsp;&nbsp;&nbsp;&nbsp;1433787 |
| &nbsp;&nbsp;Imperial Brands Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Imperial Brands Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Imperial Brands Finance PLC<sup>(a)</sup> | &nbsp;&nbsp;Imperial Brands Finance PLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/11/2023 | &nbsp;&nbsp;3.500% | 2005000 | &nbsp;&nbsp;&nbsp;&nbsp;1998484 |
| &nbsp;&nbsp;07/26/2024 | &nbsp;&nbsp;3.125% | 4145000 | &nbsp;&nbsp;&nbsp;&nbsp;3970868 |
| &nbsp;&nbsp;07/26/2026 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870583 |
| &nbsp;&nbsp;Reynolds American, Inc. | &nbsp;&nbsp;Reynolds American, Inc. | &nbsp;&nbsp;Reynolds American, Inc. | &nbsp;&nbsp;Reynolds American, Inc. |
| &nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;5.700% | 1185000 | &nbsp;&nbsp;&nbsp;&nbsp;1072082 |
| &nbsp;&nbsp;08/15/2045 | &nbsp;&nbsp;5.850% | 4180000 | &nbsp;&nbsp;&nbsp;&nbsp;3568505 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**22884104** |
| &nbsp;&nbsp;**Wireless 1.3%** | &nbsp;&nbsp;**Wireless 1.3%** | &nbsp;&nbsp;**Wireless 1.3%** | &nbsp;&nbsp;**Wireless 1.3%** |
| &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. | &nbsp;&nbsp;Sprint Corp. |
| &nbsp;&nbsp;09/15/2023 | &nbsp;&nbsp;7.875% | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274032 |
| &nbsp;&nbsp;Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup> | &nbsp;&nbsp;Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup> | &nbsp;&nbsp;Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup> | &nbsp;&nbsp;Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup> |
| &nbsp;&nbsp;03/20/2025 | &nbsp;&nbsp;4.738% | 9132188 | &nbsp;&nbsp;&nbsp;&nbsp;9015581 |
| &nbsp;&nbsp;03/20/2028 | &nbsp;&nbsp;5.152% | 4880000 | &nbsp;&nbsp;&nbsp;&nbsp;4814822 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 17

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;2.250% | 1970000 | &nbsp;&nbsp;&nbsp;&nbsp;1794125 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;2.625% | 5424000 | &nbsp;&nbsp;&nbsp;&nbsp;4967764 |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;3.750% | 2625000 | &nbsp;&nbsp;&nbsp;&nbsp;2474984 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;3.875% | 6375000 | &nbsp;&nbsp;&nbsp;&nbsp;5786751 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;2.550% | 2340000 | &nbsp;&nbsp;&nbsp;&nbsp;1906928 |
| &nbsp;&nbsp;04/15/2040 | &nbsp;&nbsp;4.375% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2573902 |
| &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(a)</sup> |
| &nbsp;&nbsp;01/31/2031 | &nbsp;&nbsp;4.250% | 1212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981783 |
| &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;Vodafone Group PLC |
| &nbsp;&nbsp;05/30/2048 | &nbsp;&nbsp;5.250% | 3110000 | &nbsp;&nbsp;&nbsp;&nbsp;2761584 |
| &nbsp;&nbsp;06/19/2049 | &nbsp;&nbsp;4.875% | 4340000 | &nbsp;&nbsp;&nbsp;&nbsp;3651402 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**41003658** |
| &nbsp;&nbsp;**Wirelines 0.9%** | &nbsp;&nbsp;**Wirelines 0.9%** | &nbsp;&nbsp;**Wirelines 0.9%** | &nbsp;&nbsp;**Wirelines 0.9%** |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. |
| &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;2.550% | 2335000 | &nbsp;&nbsp;&nbsp;&nbsp;1795614 |
| &nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563900 |
| &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;5.250% | 5640000 | &nbsp;&nbsp;&nbsp;&nbsp;5446732 |
| &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;4.850% | 2796000 | &nbsp;&nbsp;&nbsp;&nbsp;2502841 |
| &nbsp;&nbsp;12/15/2042 | &nbsp;&nbsp;4.300% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823974 |
| &nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;4.750% | 3360000 | &nbsp;&nbsp;&nbsp;&nbsp;2867270 |
| &nbsp;&nbsp;09/15/2055 | &nbsp;&nbsp;3.550% | 2375000 | &nbsp;&nbsp;&nbsp;&nbsp;1604119 |
| &nbsp;&nbsp;12/01/2057 | &nbsp;&nbsp;3.800% | 3060000 | &nbsp;&nbsp;&nbsp;&nbsp;2120849 |
| &nbsp;&nbsp;C&W Senior Financing DAC<sup>(a)</sup> | &nbsp;&nbsp;C&W Senior Financing DAC<sup>(a)</sup> | &nbsp;&nbsp;C&W Senior Financing DAC<sup>(a)</sup> | &nbsp;&nbsp;C&W Senior Financing DAC<sup>(a)</sup> |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445561 |
| &nbsp;&nbsp;Level 3 Financing, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Level 3 Financing, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Level 3 Financing, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Level 3 Financing, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349888 |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;3.875% | 9220000 | &nbsp;&nbsp;&nbsp;&nbsp;7267344 |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. |
| &nbsp;&nbsp;03/21/2031 | &nbsp;&nbsp;2.550% | 1845000 | &nbsp;&nbsp;&nbsp;&nbsp;1518430 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**27306522** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $1,008,029,248) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $1,008,029,248) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $1,008,029,248) | &nbsp;&nbsp;**888946906** |
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> 1.4%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> 1.4%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> 1.4%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> 1.4%** |
| &nbsp;&nbsp;**Azerbaijan 0.0%** | &nbsp;&nbsp;**Azerbaijan 0.0%** | &nbsp;&nbsp;**Azerbaijan 0.0%** | &nbsp;&nbsp;**Azerbaijan 0.0%** |
| &nbsp;&nbsp;Southern Gas Corridor CJSC<sup>(a)</sup> | &nbsp;&nbsp;Southern Gas Corridor CJSC<sup>(a)</sup> | &nbsp;&nbsp;Southern Gas Corridor CJSC<sup>(a)</sup> | &nbsp;&nbsp;Southern Gas Corridor CJSC<sup>(a)</sup> |
| &nbsp;&nbsp;03/24/2026 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615743 |
| &nbsp;&nbsp;**Bahrain 0.0%** | &nbsp;&nbsp;**Bahrain 0.0%** | &nbsp;&nbsp;**Bahrain 0.0%** | &nbsp;&nbsp;**Bahrain 0.0%** |
| &nbsp;&nbsp;Bahrain Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Bahrain Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Bahrain Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Bahrain Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/26/2026 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424791 |
| &nbsp;&nbsp;**Brazil 0.1%** | &nbsp;&nbsp;**Brazil 0.1%** | &nbsp;&nbsp;**Brazil 0.1%** | &nbsp;&nbsp;**Brazil 0.1%** |
| &nbsp;&nbsp;Brazilian Government International Bond | &nbsp;&nbsp;Brazilian Government International Bond | &nbsp;&nbsp;Brazilian Government International Bond | &nbsp;&nbsp;Brazilian Government International Bond |
| &nbsp;&nbsp;06/06/2025 | &nbsp;&nbsp;2.875% | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1605109 |
| &nbsp;&nbsp;06/12/2030 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803512 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2408621** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Chile 0.1%** | &nbsp;&nbsp;**Chile 0.1%** | &nbsp;&nbsp;**Chile 0.1%** | &nbsp;&nbsp;**Chile 0.1%** |
| &nbsp;&nbsp;Chile Government International Bond | &nbsp;&nbsp;Chile Government International Bond | &nbsp;&nbsp;Chile Government International Bond | &nbsp;&nbsp;Chile Government International Bond |
| &nbsp;&nbsp;01/31/2031 | &nbsp;&nbsp;2.450% | 1381000 | &nbsp;&nbsp;1147159 |
| &nbsp;&nbsp;01/27/2032 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;&nbsp;489000 | &nbsp;&nbsp;&nbsp;&nbsp;400820 |
| &nbsp;&nbsp;07/27/2033 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;203931 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1751910** |
| &nbsp;&nbsp;**Colombia 0.1%** | &nbsp;&nbsp;**Colombia 0.1%** | &nbsp;&nbsp;**Colombia 0.1%** | &nbsp;&nbsp;**Colombia 0.1%** |
| &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond | &nbsp;&nbsp;Colombia Government International Bond |
| &nbsp;&nbsp;01/28/2026 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;883788 |
| &nbsp;&nbsp;01/30/2030 | &nbsp;&nbsp;3.000% | 1340000 | &nbsp;&nbsp;1025159 |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;668834 |
| &nbsp;&nbsp;04/20/2033 | &nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;200631 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2778412** |
| &nbsp;&nbsp;**Dominican Republic 0.0%** | &nbsp;&nbsp;**Dominican Republic 0.0%** | &nbsp;&nbsp;**Dominican Republic 0.0%** | &nbsp;&nbsp;**Dominican Republic 0.0%** |
| &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> | &nbsp;&nbsp;Dominican Republic International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/30/2030 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;255751 |
| &nbsp;&nbsp;09/23/2032 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;682287 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**938038** |
| &nbsp;&nbsp;**Egypt 0.0%** | &nbsp;&nbsp;**Egypt 0.0%** | &nbsp;&nbsp;**Egypt 0.0%** | &nbsp;&nbsp;**Egypt 0.0%** |
| &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Egypt Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;10/06/2025 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;673268 |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;7.600% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;325191 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**998459** |
| &nbsp;&nbsp;**Guatemala 0.0%** | &nbsp;&nbsp;**Guatemala 0.0%** | &nbsp;&nbsp;**Guatemala 0.0%** | &nbsp;&nbsp;**Guatemala 0.0%** |
| &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> | &nbsp;&nbsp;Guatemala Government Bond<sup>(a)</sup> |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;4.900% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;236698 |
| &nbsp;&nbsp;10/07/2033 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;306000 | &nbsp;&nbsp;&nbsp;&nbsp;252357 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**489055** |
| &nbsp;&nbsp;**Hungary 0.0%** | &nbsp;&nbsp;**Hungary 0.0%** | &nbsp;&nbsp;**Hungary 0.0%** | &nbsp;&nbsp;**Hungary 0.0%** |
| &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Hungary Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/22/2031 | &nbsp;&nbsp;2.125% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;813564 |
| &nbsp;&nbsp;**Indonesia 0.1%** | &nbsp;&nbsp;**Indonesia 0.1%** | &nbsp;&nbsp;**Indonesia 0.1%** | &nbsp;&nbsp;**Indonesia 0.1%** |
| &nbsp;&nbsp;Indonesia Government International Bond | &nbsp;&nbsp;Indonesia Government International Bond | &nbsp;&nbsp;Indonesia Government International Bond | &nbsp;&nbsp;Indonesia Government International Bond |
| &nbsp;&nbsp;02/14/2030 | &nbsp;&nbsp;2.850% | &nbsp;&nbsp;&nbsp;701000 | &nbsp;&nbsp;&nbsp;&nbsp;629335 |
| &nbsp;&nbsp;PT Pertamina Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Pertamina Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Pertamina Persero<sup>(a)</sup> | &nbsp;&nbsp;PT Pertamina Persero<sup>(a)</sup> |
| &nbsp;&nbsp;08/25/2030 | &nbsp;&nbsp;3.100% | 1443000 | &nbsp;&nbsp;1241756 |
| &nbsp;&nbsp;PT Perusahaan Gas Negara Persero Tbk<sup>(a)</sup> | &nbsp;&nbsp;PT Perusahaan Gas Negara Persero Tbk<sup>(a)</sup> | &nbsp;&nbsp;PT Perusahaan Gas Negara Persero Tbk<sup>(a)</sup> | &nbsp;&nbsp;PT Perusahaan Gas Negara Persero Tbk<sup>(a)</sup> |
| &nbsp;&nbsp;05/16/2024 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp;&nbsp;&nbsp;473931 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2345022** |
| &nbsp;&nbsp;**Kazakhstan 0.0%** | &nbsp;&nbsp;**Kazakhstan 0.0%** | &nbsp;&nbsp;**Kazakhstan 0.0%** | &nbsp;&nbsp;**Kazakhstan 0.0%** |
| &nbsp;&nbsp;KazMunayGas National Co. JSC<sup>(a)</sup> | &nbsp;&nbsp;KazMunayGas National Co. JSC<sup>(a)</sup> | &nbsp;&nbsp;KazMunayGas National Co. JSC<sup>(a)</sup> | &nbsp;&nbsp;KazMunayGas National Co. JSC<sup>(a)</sup> |
| &nbsp;&nbsp;04/24/2030 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;534000 | &nbsp;&nbsp;&nbsp;&nbsp;478530 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;KazTransGas JSC<sup>(a)</sup> | &nbsp;&nbsp;KazTransGas JSC<sup>(a)</sup> | &nbsp;&nbsp;KazTransGas JSC<sup>(a)</sup> | &nbsp;&nbsp;KazTransGas JSC<sup>(a)</sup> |
| &nbsp;&nbsp;09/26/2027 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359205 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**837735** |
| &nbsp;&nbsp;**Malaysia 0.1%** | &nbsp;&nbsp;**Malaysia 0.1%** | &nbsp;&nbsp;**Malaysia 0.1%** | &nbsp;&nbsp;**Malaysia 0.1%** |
| &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Petronas Capital Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;04/21/2030 | &nbsp;&nbsp;3.500% | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1462203 |
| &nbsp;&nbsp;01/28/2032 | &nbsp;&nbsp;2.480% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742165 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2204368** |
| &nbsp;&nbsp;**Mexico 0.4%** | &nbsp;&nbsp;**Mexico 0.4%** | &nbsp;&nbsp;**Mexico 0.4%** | &nbsp;&nbsp;**Mexico 0.4%** |
| &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond |
| &nbsp;&nbsp;01/11/2028 | &nbsp;&nbsp;3.750% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1890598 |
| &nbsp;&nbsp;05/24/2031 | &nbsp;&nbsp;2.659% | 2496000 | &nbsp;&nbsp;&nbsp;&nbsp;2011168 |
| &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;Petroleos Mexicanos |
| &nbsp;&nbsp;09/21/2047 | &nbsp;&nbsp;6.750% | 3348000 | &nbsp;&nbsp;&nbsp;&nbsp;2142837 |
| &nbsp;&nbsp;01/23/2050 | &nbsp;&nbsp;7.690% | 5375000 | &nbsp;&nbsp;&nbsp;&nbsp;3724210 |
| &nbsp;&nbsp;01/28/2060 | &nbsp;&nbsp;6.950% | 1730000 | &nbsp;&nbsp;&nbsp;&nbsp;1095034 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10863847** |
| &nbsp;&nbsp;**Oman 0.0%** | &nbsp;&nbsp;**Oman 0.0%** | &nbsp;&nbsp;**Oman 0.0%** | &nbsp;&nbsp;**Oman 0.0%** |
| &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Oman Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/17/2028 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690604 |
| &nbsp;&nbsp;**Panama 0.1%** | &nbsp;&nbsp;**Panama 0.1%** | &nbsp;&nbsp;**Panama 0.1%** | &nbsp;&nbsp;**Panama 0.1%** |
| &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond | &nbsp;&nbsp;Panama Government International Bond |
| &nbsp;&nbsp;01/23/2030 | &nbsp;&nbsp;3.160% | 1486000 | &nbsp;&nbsp;&nbsp;&nbsp;1278764 |
| &nbsp;&nbsp;09/29/2032 | &nbsp;&nbsp;2.252% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222527 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1501291** |
| &nbsp;&nbsp;**Paraguay 0.0%** | &nbsp;&nbsp;**Paraguay 0.0%** | &nbsp;&nbsp;**Paraguay 0.0%** | &nbsp;&nbsp;**Paraguay 0.0%** |
| &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Paraguay Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;01/29/2033 | &nbsp;&nbsp;2.739% | 1465000 | &nbsp;&nbsp;&nbsp;&nbsp;1175633 |
| &nbsp;&nbsp;**Peru 0.0%** | &nbsp;&nbsp;**Peru 0.0%** | &nbsp;&nbsp;**Peru 0.0%** | &nbsp;&nbsp;**Peru 0.0%** |
| &nbsp;&nbsp;Peruvian Government International Bond | &nbsp;&nbsp;Peruvian Government International Bond | &nbsp;&nbsp;Peruvian Government International Bond | &nbsp;&nbsp;Peruvian Government International Bond |
| &nbsp;&nbsp;08/25/2027 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333300 |
| &nbsp;&nbsp;06/20/2030 | &nbsp;&nbsp;2.844% | &nbsp;&nbsp;&nbsp;482000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408609 |
| &nbsp;&nbsp;01/23/2031 | &nbsp;&nbsp;2.783% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332142 |
| &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;1.862% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146244 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1220295** |
| &nbsp;&nbsp;**Philippines 0.0%** | &nbsp;&nbsp;**Philippines 0.0%** | &nbsp;&nbsp;**Philippines 0.0%** | &nbsp;&nbsp;**Philippines 0.0%** |
| &nbsp;&nbsp;Philippine Government International Bond | &nbsp;&nbsp;Philippine Government International Bond | &nbsp;&nbsp;Philippine Government International Bond | &nbsp;&nbsp;Philippine Government International Bond |
| &nbsp;&nbsp;05/05/2030 | &nbsp;&nbsp;2.457% | &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673597 |
| &nbsp;&nbsp;06/10/2031 | &nbsp;&nbsp;1.648% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439796 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1113393** |
| &nbsp;&nbsp;**Poland 0.0%** | &nbsp;&nbsp;**Poland 0.0%** | &nbsp;&nbsp;**Poland 0.0%** | &nbsp;&nbsp;**Poland 0.0%** |
| &nbsp;&nbsp;Republic of Poland Government International Bond | &nbsp;&nbsp;Republic of Poland Government International Bond | &nbsp;&nbsp;Republic of Poland Government International Bond | &nbsp;&nbsp;Republic of Poland Government International Bond |
| &nbsp;&nbsp;11/16/2032 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182941 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(j)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Qatar 0.1%** | &nbsp;&nbsp;**Qatar 0.1%** | &nbsp;&nbsp;**Qatar 0.1%** | &nbsp;&nbsp;**Qatar 0.1%** |
| &nbsp;&nbsp;Qatar Energy<sup>(a)</sup> | &nbsp;&nbsp;Qatar Energy<sup>(a)</sup> | &nbsp;&nbsp;Qatar Energy<sup>(a)</sup> | &nbsp;&nbsp;Qatar Energy<sup>(a)</sup> |
| &nbsp;&nbsp;07/12/2031 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497428 |
| &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Qatar Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;04/23/2028 | &nbsp;&nbsp;4.500% | 1956000 | &nbsp;&nbsp;&nbsp;&nbsp;1967896 |
| &nbsp;&nbsp;04/16/2030 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764272 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3229596** |
| &nbsp;&nbsp;**Romania 0.0%** | &nbsp;&nbsp;**Romania 0.0%** | &nbsp;&nbsp;**Romania 0.0%** | &nbsp;&nbsp;**Romania 0.0%** |
| &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Romanian Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;02/14/2031 | &nbsp;&nbsp;3.000% | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897043 |
| &nbsp;&nbsp;**Saudi Arabia 0.1%** | &nbsp;&nbsp;**Saudi Arabia 0.1%** | &nbsp;&nbsp;**Saudi Arabia 0.1%** | &nbsp;&nbsp;**Saudi Arabia 0.1%** |
| &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(a)</sup> |
| &nbsp;&nbsp;11/24/2025 | &nbsp;&nbsp;1.625% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182273 |
| &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Saudi Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;03/04/2028 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691917 |
| &nbsp;&nbsp;10/22/2030 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556789 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1430979** |
| &nbsp;&nbsp;**South Africa 0.1%** | &nbsp;&nbsp;**South Africa 0.1%** | &nbsp;&nbsp;**South Africa 0.1%** | &nbsp;&nbsp;**South Africa 0.1%** |
| &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond | &nbsp;&nbsp;Republic of South Africa Government International Bond |
| &nbsp;&nbsp;10/12/2028 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802192 |
| &nbsp;&nbsp;09/30/2029 | &nbsp;&nbsp;4.850% | 1650000 | &nbsp;&nbsp;&nbsp;&nbsp;1469459 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2271651** |
| &nbsp;&nbsp;**Turkey 0.0%** | &nbsp;&nbsp;**Turkey 0.0%** | &nbsp;&nbsp;**Turkey 0.0%** | &nbsp;&nbsp;**Turkey 0.0%** |
| &nbsp;&nbsp;Turkey Government International Bond | &nbsp;&nbsp;Turkey Government International Bond | &nbsp;&nbsp;Turkey Government International Bond | &nbsp;&nbsp;Turkey Government International Bond |
| &nbsp;&nbsp;03/23/2023 | &nbsp;&nbsp;3.250% | 1070000 | &nbsp;&nbsp;&nbsp;&nbsp;1068164 |
| &nbsp;&nbsp;**United Arab Emirates 0.1%** | &nbsp;&nbsp;**United Arab Emirates 0.1%** | &nbsp;&nbsp;**United Arab Emirates 0.1%** | &nbsp;&nbsp;**United Arab Emirates 0.1%** |
| &nbsp;&nbsp;Abu Dhabi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Abu Dhabi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Abu Dhabi Government International Bond<sup>(a)</sup> | &nbsp;&nbsp;Abu Dhabi Government International Bond<sup>(a)</sup> |
| &nbsp;&nbsp;09/30/2029 | &nbsp;&nbsp;2.500% | 2014000 | &nbsp;&nbsp;&nbsp;&nbsp;1804947 |
| &nbsp;&nbsp;DP World Crescent Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Crescent Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Crescent Ltd.<sup>(a)</sup> | &nbsp;&nbsp;DP World Crescent Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;09/26/2028 | &nbsp;&nbsp;4.848% | &nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928582 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2733529** |
| &nbsp;&nbsp;**Uruguay 0.0%** | &nbsp;&nbsp;**Uruguay 0.0%** | &nbsp;&nbsp;**Uruguay 0.0%** | &nbsp;&nbsp;**Uruguay 0.0%** |
| &nbsp;&nbsp;Uruguay Government International Bond | &nbsp;&nbsp;Uruguay Government International Bond | &nbsp;&nbsp;Uruguay Government International Bond | &nbsp;&nbsp;Uruguay Government International Bond |
| &nbsp;&nbsp;01/23/2031 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819874 |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $54,075,907) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $54,075,907) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $54,075,907) | &nbsp;&nbsp;**45804558** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 19

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Inflation-Indexed Bonds 0.1%** | &nbsp;&nbsp;**Inflation-Indexed Bonds 0.1%** | &nbsp;&nbsp;**Inflation-Indexed Bonds 0.1%** | &nbsp;&nbsp;**Inflation-Indexed Bonds 0.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**United States 0.1%** | &nbsp;&nbsp;**United States 0.1%** | &nbsp;&nbsp;**United States 0.1%** | &nbsp;&nbsp;**United States 0.1%** |
| &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond |
| &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;0.625% | 4056050 | &nbsp;&nbsp;3713851 |
| &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $3,708,487) | &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $3,708,487) | &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $3,708,487) | &nbsp;&nbsp;**3713851** |
| &nbsp;&nbsp;**Municipal Bonds 0.5%** | &nbsp;&nbsp;**Municipal Bonds 0.5%** | &nbsp;&nbsp;**Municipal Bonds 0.5%** | &nbsp;&nbsp;**Municipal Bonds 0.5%** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Airport 0.0%** | &nbsp;&nbsp;**Airport 0.0%** | &nbsp;&nbsp;**Airport 0.0%** | &nbsp;&nbsp;**Airport 0.0%** |
| &nbsp;&nbsp;County of Miami-Dade Aviation | &nbsp;&nbsp;County of Miami-Dade Aviation | &nbsp;&nbsp;County of Miami-Dade Aviation | &nbsp;&nbsp;County of Miami-Dade Aviation |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable |
| &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B |
| &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;3.555% | &nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;782130 |
| &nbsp;&nbsp;**Hospital 0.2%** | &nbsp;&nbsp;**Hospital 0.2%** | &nbsp;&nbsp;**Hospital 0.2%** | &nbsp;&nbsp;**Hospital 0.2%** |
| &nbsp;&nbsp;Regents of the University of California Medical Center | &nbsp;&nbsp;Regents of the University of California Medical Center | &nbsp;&nbsp;Regents of the University of California Medical Center | &nbsp;&nbsp;Regents of the University of California Medical Center |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable | &nbsp;&nbsp;Taxable |
| &nbsp;&nbsp;Series 2020N | &nbsp;&nbsp;Series 2020N | &nbsp;&nbsp;Series 2020N | &nbsp;&nbsp;Series 2020N |
| &nbsp;&nbsp;05/15/2060 | &nbsp;&nbsp;3.256% | 6865000 | &nbsp;&nbsp;4448830 |
| &nbsp;&nbsp;**Local General Obligation 0.2%** | &nbsp;&nbsp;**Local General Obligation 0.2%** | &nbsp;&nbsp;**Local General Obligation 0.2%** | &nbsp;&nbsp;**Local General Obligation 0.2%** |
| &nbsp;&nbsp;City of New York | &nbsp;&nbsp;City of New York | &nbsp;&nbsp;City of New York | &nbsp;&nbsp;City of New York |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 |
| &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;5.206% | 2400000 | &nbsp;&nbsp;2426538 |
| &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 |
| &nbsp;&nbsp;10/01/2024 | &nbsp;&nbsp;5.047% | 3412455 | &nbsp;&nbsp;3405386 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5831924** |
| &nbsp;&nbsp;**Special Non Property Tax 0.1%** | &nbsp;&nbsp;**Special Non Property Tax 0.1%** | &nbsp;&nbsp;**Special Non Property Tax 0.1%** | &nbsp;&nbsp;**Special Non Property Tax 0.1%** |
| &nbsp;&nbsp;New York City Transitional Finance Authority | &nbsp;&nbsp;New York City Transitional Finance Authority | &nbsp;&nbsp;New York City Transitional Finance Authority | &nbsp;&nbsp;New York City Transitional Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Future Tax Secured | &nbsp;&nbsp;Future Tax Secured | &nbsp;&nbsp;Future Tax Secured | &nbsp;&nbsp;Future Tax Secured |
| &nbsp;&nbsp;Subordinated Series 2020B-3 | &nbsp;&nbsp;Subordinated Series 2020B-3 | &nbsp;&nbsp;Subordinated Series 2020B-3 | &nbsp;&nbsp;Subordinated Series 2020B-3 |
| &nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;2.000% | 2000000 | &nbsp;&nbsp;1383490 |
| &nbsp;&nbsp;New York City Transitional Finance Authority Future Tax | &nbsp;&nbsp;New York City Transitional Finance Authority Future Tax | &nbsp;&nbsp;New York City Transitional Finance Authority Future Tax | &nbsp;&nbsp;New York City Transitional Finance Authority Future Tax |
| &nbsp;&nbsp;Secured Revenue Bonds | &nbsp;&nbsp;Secured Revenue Bonds | &nbsp;&nbsp;Secured Revenue Bonds | &nbsp;&nbsp;Secured Revenue Bonds |
| &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds | &nbsp;&nbsp;Build America Bonds |
| &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 |
| &nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;5.508% | 2110000 | &nbsp;&nbsp;2165738 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3549228** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Transportation 0.0%** | &nbsp;&nbsp;**Transportation 0.0%** | &nbsp;&nbsp;**Transportation 0.0%** | &nbsp;&nbsp;**Transportation 0.0%** |
| &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Taxable Green Bonds | &nbsp;&nbsp;Taxable Green Bonds | &nbsp;&nbsp;Taxable Green Bonds | &nbsp;&nbsp;Taxable Green Bonds |
| &nbsp;&nbsp;Series 2020C-2 | &nbsp;&nbsp;Series 2020C-2 | &nbsp;&nbsp;Series 2020C-2 | &nbsp;&nbsp;Series 2020C-2 |
| &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;5.175% | &nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837112 |
| &nbsp;&nbsp;**Turnpike / Bridge / Toll Road 0.0%** | &nbsp;&nbsp;**Turnpike / Bridge / Toll Road 0.0%** | &nbsp;&nbsp;**Turnpike / Bridge / Toll Road 0.0%** | &nbsp;&nbsp;**Turnpike / Bridge / Toll Road 0.0%** |
| &nbsp;&nbsp;North Texas Tollway Authority | &nbsp;&nbsp;North Texas Tollway Authority | &nbsp;&nbsp;North Texas Tollway Authority | &nbsp;&nbsp;North Texas Tollway Authority |
| &nbsp;&nbsp;Taxable Refunding Revenue Bonds | &nbsp;&nbsp;Taxable Refunding Revenue Bonds | &nbsp;&nbsp;Taxable Refunding Revenue Bonds | &nbsp;&nbsp;Taxable Refunding Revenue Bonds |
| &nbsp;&nbsp;First Tier | &nbsp;&nbsp;First Tier | &nbsp;&nbsp;First Tier | &nbsp;&nbsp;First Tier |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;2.430% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1142872 |
| &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $20,646,611) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $20,646,611) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $20,646,611) | &nbsp;&nbsp;**16592096** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 35.8%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 35.8%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 35.8%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 35.8%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;04/01/2031-<br> 01/01/2050 | &nbsp;&nbsp;3.000% | 33784798 | &nbsp;&nbsp;30324202 |
| &nbsp;&nbsp;09/01/2032-<br> 01/01/2050 | &nbsp;&nbsp;3.500% | 73540523 | &nbsp;&nbsp;68463374 |
| &nbsp;&nbsp;07/01/2035-<br> 10/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1925243 | &nbsp;&nbsp;&nbsp;&nbsp;1939509 |
| &nbsp;&nbsp;04/01/2036-<br> 09/01/2039 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;134807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137974 |
| &nbsp;&nbsp;06/01/2038-<br> 01/01/2040 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;358476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371867 |
| &nbsp;&nbsp;03/01/2039-<br> 10/01/2048 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;4509504 | &nbsp;&nbsp;&nbsp;&nbsp;4455985 |
| &nbsp;&nbsp;08/01/2044-<br> 01/01/2049 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5044830 | &nbsp;&nbsp;&nbsp;&nbsp;4875267 |
| &nbsp;&nbsp;12/01/2051-<br> 04/01/2052 | &nbsp;&nbsp;2.500% | 28613936 | &nbsp;&nbsp;24250085 |
| &nbsp;&nbsp;03/01/2052-<br> 04/01/2052 | &nbsp;&nbsp;2.000% | 31533739 | &nbsp;&nbsp;25681034 |
| &nbsp;&nbsp;CMO Series 360 Class 250 | &nbsp;&nbsp;CMO Series 360 Class 250 | &nbsp;&nbsp;CMO Series 360 Class 250 | &nbsp;&nbsp;CMO Series 360 Class 250 |
| &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1627135 | &nbsp;&nbsp;&nbsp;&nbsp;1468175 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2980 Class SL | &nbsp;&nbsp;CMO Series 2980 Class SL | &nbsp;&nbsp;CMO Series 2980 Class SL | &nbsp;&nbsp;CMO Series 2980 Class SL |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.700%<br> Cap 6.700%<br> 11/15/2034 | &nbsp;&nbsp;2.382% | &nbsp;&nbsp;&nbsp;&nbsp;217159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18889 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(d)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 4037 Class PI | &nbsp;&nbsp;CMO Series 4037 Class PI | &nbsp;&nbsp;CMO Series 4037 Class PI | &nbsp;&nbsp;CMO Series 4037 Class PI |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;143572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4299 |
| &nbsp;&nbsp;CMO Series 4093 Class IA | &nbsp;&nbsp;CMO Series 4093 Class IA | &nbsp;&nbsp;CMO Series 4093 Class IA | &nbsp;&nbsp;CMO Series 4093 Class IA |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2157500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481510 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association |
| &nbsp;&nbsp;12/01/2025-<br> 06/01/2049 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;15341526 | &nbsp;&nbsp;&nbsp;&nbsp;14299950 |
| &nbsp;&nbsp;06/01/2032-<br> 04/01/2052 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;22030483 | &nbsp;&nbsp;&nbsp;&nbsp;19851434 |
| &nbsp;&nbsp;05/01/2033-<br> 08/01/2039 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121423 |
| &nbsp;&nbsp;11/01/2038-<br> 11/01/2040 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;1607196 | &nbsp;&nbsp;&nbsp;&nbsp;1677350 |
| &nbsp;&nbsp;10/01/2040-<br> 04/01/2052 | &nbsp;&nbsp;2.000% | 103044248 | &nbsp;&nbsp;&nbsp;&nbsp;85022469 |
| &nbsp;&nbsp;08/01/2043-<br> 07/01/2047 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;15489773 | &nbsp;&nbsp;&nbsp;&nbsp;14945234 |
| &nbsp;&nbsp;02/01/2046-<br> 08/01/2048 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;6078842 | &nbsp;&nbsp;&nbsp;&nbsp;5966454 |
| &nbsp;&nbsp;12/01/2051-<br> 04/01/2052 | &nbsp;&nbsp;2.500% | 161055749 | &nbsp;&nbsp;136588791 |
| &nbsp;&nbsp;CMO Series 2013-13 Class PH | &nbsp;&nbsp;CMO Series 2013-13 Class PH | &nbsp;&nbsp;CMO Series 2013-13 Class PH | &nbsp;&nbsp;CMO Series 2013-13 Class PH |
| &nbsp;&nbsp;04/25/2042 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;2426690 | &nbsp;&nbsp;&nbsp;&nbsp;2261707 |
| &nbsp;&nbsp;CMO Series 2018-54 Class KA | &nbsp;&nbsp;CMO Series 2018-54 Class KA | &nbsp;&nbsp;CMO Series 2018-54 Class KA | &nbsp;&nbsp;CMO Series 2018-54 Class KA |
| &nbsp;&nbsp;01/25/2047 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831823 |
| &nbsp;&nbsp;CMO Series 2018-86 Class JA | &nbsp;&nbsp;CMO Series 2018-86 Class JA | &nbsp;&nbsp;CMO Series 2018-86 Class JA | &nbsp;&nbsp;CMO Series 2018-86 Class JA |
| &nbsp;&nbsp;05/25/2047 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581886 |
| &nbsp;&nbsp;CMO Series 2018-94D Class KD | &nbsp;&nbsp;CMO Series 2018-94D Class KD | &nbsp;&nbsp;CMO Series 2018-94D Class KD | &nbsp;&nbsp;CMO Series 2018-94D Class KD |
| &nbsp;&nbsp;12/25/2048 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622168 |
| &nbsp;&nbsp;CMO Series 2019-1 Class KP | &nbsp;&nbsp;CMO Series 2019-1 Class KP | &nbsp;&nbsp;CMO Series 2019-1 Class KP | &nbsp;&nbsp;CMO Series 2019-1 Class KP |
| &nbsp;&nbsp;02/25/2049 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;1329771 | &nbsp;&nbsp;&nbsp;&nbsp;1215512 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2006-8 Class HL | &nbsp;&nbsp;CMO Series 2006-8 Class HL | &nbsp;&nbsp;CMO Series 2006-8 Class HL | &nbsp;&nbsp;CMO Series 2006-8 Class HL |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.700%<br> Cap 6.700%<br> 03/25/2036 | &nbsp;&nbsp;2.311% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52309 |
| &nbsp;&nbsp;CMO Series 2013-81 Class NS | &nbsp;&nbsp;CMO Series 2013-81 Class NS | &nbsp;&nbsp;CMO Series 2013-81 Class NS | &nbsp;&nbsp;CMO Series 2013-81 Class NS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 10/25/2042 | &nbsp;&nbsp;1.811% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6062 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(d)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(d)</sup> |
| &nbsp;&nbsp;CMO Series 2013-45 Class IK | &nbsp;&nbsp;CMO Series 2013-45 Class IK | &nbsp;&nbsp;CMO Series 2013-45 Class IK | &nbsp;&nbsp;CMO Series 2013-45 Class IK |
| &nbsp;&nbsp;02/25/2043 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16429 |
| &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association | &nbsp;&nbsp;Government National Mortgage Association |
| &nbsp;&nbsp;08/15/2033-<br> 08/20/2048 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;5417626 | &nbsp;&nbsp;&nbsp;&nbsp;5364343 |
| &nbsp;&nbsp;04/15/2035-<br> 10/20/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;2858293 | &nbsp;&nbsp;&nbsp;&nbsp;2879792 |
| &nbsp;&nbsp;07/15/2040-<br> 10/20/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6422006 | &nbsp;&nbsp;&nbsp;&nbsp;6156535 |
| &nbsp;&nbsp;04/20/2046-<br> 07/20/2049 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;17381796 | &nbsp;&nbsp;&nbsp;&nbsp;16215428 |
| &nbsp;&nbsp;11/20/2046-<br> 10/20/2049 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10888732 | &nbsp;&nbsp;&nbsp;&nbsp;9807835 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(k)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(k)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(k)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(k)</sup> |
| &nbsp;&nbsp;CMO Series 2006-26 Class | &nbsp;&nbsp;CMO Series 2006-26 Class | &nbsp;&nbsp;CMO Series 2006-26 Class | &nbsp;&nbsp;CMO Series 2006-26 Class |
| &nbsp;&nbsp;06/20/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14335 |
| &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(l)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(l)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(l)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(l)</sup> |
| &nbsp;&nbsp;01/23/2053 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;45525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39440951 |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(l)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(l)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(l)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(l)</sup> |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;2.000% | 144250000 | &nbsp;&nbsp;&nbsp;&nbsp;117341643 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;90525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76630708 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;69275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60779756 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;23550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21390529 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;50050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46929880 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;4.500% | 128675000 | &nbsp;&nbsp;&nbsp;&nbsp;123818328 |
| &nbsp;&nbsp;01/12/2053 | &nbsp;&nbsp;5.000% | 172775000 | &nbsp;&nbsp;&nbsp;&nbsp;170221629 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,191,078,123) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,191,078,123) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $1,191,078,123) | &nbsp;&nbsp;**1143524863** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 8.2%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 8.2%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 8.2%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 8.2%** |
| &nbsp;&nbsp;Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates<sup>(b)</sup> | &nbsp;&nbsp;Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates<sup>(b)</sup> | &nbsp;&nbsp;Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates<sup>(b)</sup> | &nbsp;&nbsp;Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2005-R8 Class M3 | &nbsp;&nbsp;CMO Series 2005-R8 Class M3 | &nbsp;&nbsp;CMO Series 2005-R8 Class M3 | &nbsp;&nbsp;CMO Series 2005-R8 Class M3 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.765%<br> Floor 0.510%<br> 10/25/2035 | &nbsp;&nbsp;5.154% | &nbsp;&nbsp;&nbsp;&nbsp;4031858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999938 |
| &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-6 Class A1 | &nbsp;&nbsp;CMO Series 2021-6 Class A1 | &nbsp;&nbsp;CMO Series 2021-6 Class A1 | &nbsp;&nbsp;CMO Series 2021-6 Class A1 |
| &nbsp;&nbsp;09/25/2066 | &nbsp;&nbsp;1.483% | &nbsp;&nbsp;&nbsp;&nbsp;4902834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877475 |
| &nbsp;&nbsp;BCAP LLC Trust<sup>(b)</sup> | &nbsp;&nbsp;BCAP LLC Trust<sup>(b)</sup> | &nbsp;&nbsp;BCAP LLC Trust<sup>(b)</sup> | &nbsp;&nbsp;BCAP LLC Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2007-AA1 Class 2A1 | &nbsp;&nbsp;CMO Series 2007-AA1 Class 2A1 | &nbsp;&nbsp;CMO Series 2007-AA1 Class 2A1 | &nbsp;&nbsp;CMO Series 2007-AA1 Class 2A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.180%<br> Floor 0.180%<br> 03/25/2037 | &nbsp;&nbsp;4.749% | &nbsp;&nbsp;&nbsp;&nbsp;4779200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135324 |
| &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-A Class A1 | &nbsp;&nbsp;CMO Series 2021-A Class A1 | &nbsp;&nbsp;CMO Series 2021-A Class A1 | &nbsp;&nbsp;CMO Series 2021-A Class A1 |
| &nbsp;&nbsp;10/25/2059 | &nbsp;&nbsp;1.991% | &nbsp;&nbsp;&nbsp;&nbsp;7776949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7381129 |
| &nbsp;&nbsp;CMO Series 2021-B Class A1 | &nbsp;&nbsp;CMO Series 2021-B Class A1 | &nbsp;&nbsp;CMO Series 2021-B Class A1 | &nbsp;&nbsp;CMO Series 2021-B Class A1 |
| &nbsp;&nbsp;04/01/2069 | &nbsp;&nbsp;2.115% | &nbsp;&nbsp;&nbsp;&nbsp;3303810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084525 |
| &nbsp;&nbsp;CIM Group<sup>(a),(c)</sup> | &nbsp;&nbsp;CIM Group<sup>(a),(c)</sup> | &nbsp;&nbsp;CIM Group<sup>(a),(c)</sup> | &nbsp;&nbsp;CIM Group<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-R7 Class A1A | &nbsp;&nbsp;CMO Series 2020-R7 Class A1A | &nbsp;&nbsp;CMO Series 2020-R7 Class A1A | &nbsp;&nbsp;CMO Series 2020-R7 Class A1A |
| &nbsp;&nbsp;12/27/2061 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;&nbsp;8247879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7227772 |
| &nbsp;&nbsp;CIM Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2019-R4 Class A1 | &nbsp;&nbsp;CMO Series 2019-R4 Class A1 | &nbsp;&nbsp;CMO Series 2019-R4 Class A1 | &nbsp;&nbsp;CMO Series 2019-R4 Class A1 |
| &nbsp;&nbsp;10/25/2059 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;6619594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6114947 |
| &nbsp;&nbsp;CMO Series 2020-R3 Class A1A | &nbsp;&nbsp;CMO Series 2020-R3 Class A1A | &nbsp;&nbsp;CMO Series 2020-R3 Class A1A | &nbsp;&nbsp;CMO Series 2020-R3 Class A1A |
| &nbsp;&nbsp;01/26/2060 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;7337074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6904548 |
| &nbsp;&nbsp;CMO Series 2020-R4 Class A1A | &nbsp;&nbsp;CMO Series 2020-R4 Class A1A | &nbsp;&nbsp;CMO Series 2020-R4 Class A1A | &nbsp;&nbsp;CMO Series 2020-R4 Class A1A |
| &nbsp;&nbsp;06/25/2060 | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;&nbsp;&nbsp;8956605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8914897 |
| &nbsp;&nbsp;CMO Series 2020-R6 Class A1A | &nbsp;&nbsp;CMO Series 2020-R6 Class A1A | &nbsp;&nbsp;CMO Series 2020-R6 Class A1A | &nbsp;&nbsp;CMO Series 2020-R6 Class A1A |
| &nbsp;&nbsp;12/25/2060 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;&nbsp;5228293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4458324 |
| &nbsp;&nbsp;CMO Series 2021-NR2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR2 Class A1 |
| &nbsp;&nbsp;07/25/2059 | &nbsp;&nbsp;2.568% | &nbsp;&nbsp;&nbsp;&nbsp;6790244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6247743 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 21

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2021-NR3 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR3 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR3 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR3 Class A1 |
| &nbsp;&nbsp;06/25/2057 | &nbsp;&nbsp;2.566% | &nbsp;&nbsp;4224169 | &nbsp;&nbsp;&nbsp;&nbsp;3958462 |
| &nbsp;&nbsp;CMO Series 2021-R3 Class A1A | &nbsp;&nbsp;CMO Series 2021-R3 Class A1A | &nbsp;&nbsp;CMO Series 2021-R3 Class A1A | &nbsp;&nbsp;CMO Series 2021-R3 Class A1A |
| &nbsp;&nbsp;06/25/2057 | &nbsp;&nbsp;1.951% | 11237980 | &nbsp;&nbsp;&nbsp;&nbsp;9932423 |
| &nbsp;&nbsp;CMO Series 2021-R5 Class A1A | &nbsp;&nbsp;CMO Series 2021-R5 Class A1A | &nbsp;&nbsp;CMO Series 2021-R5 Class A1A | &nbsp;&nbsp;CMO Series 2021-R5 Class A1A |
| &nbsp;&nbsp;08/25/2061 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;8965254 | &nbsp;&nbsp;&nbsp;&nbsp;7519334 |
| &nbsp;&nbsp;CMO Series 2022-I1 Class A1 | &nbsp;&nbsp;CMO Series 2022-I1 Class A1 | &nbsp;&nbsp;CMO Series 2022-I1 Class A1 | &nbsp;&nbsp;CMO Series 2022-I1 Class A1 |
| &nbsp;&nbsp;02/25/2067 | &nbsp;&nbsp;4.350% | &nbsp;&nbsp;7563963 | &nbsp;&nbsp;&nbsp;&nbsp;7321622 |
| &nbsp;&nbsp;CitiMortgage Alternative Loan Trust | &nbsp;&nbsp;CitiMortgage Alternative Loan Trust | &nbsp;&nbsp;CitiMortgage Alternative Loan Trust | &nbsp;&nbsp;CitiMortgage Alternative Loan Trust |
| &nbsp;&nbsp;CMO Series 2006-A5 Class 1A12 | &nbsp;&nbsp;CMO Series 2006-A5 Class 1A12 | &nbsp;&nbsp;CMO Series 2006-A5 Class 1A12 | &nbsp;&nbsp;CMO Series 2006-A5 Class 1A12 |
| &nbsp;&nbsp;10/25/2036 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;1022684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890662 |
| &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2022-R03 Class 1M2 | &nbsp;&nbsp;CMO Series 2022-R03 Class 1M2 | &nbsp;&nbsp;CMO Series 2022-R03 Class 1M2 | &nbsp;&nbsp;CMO Series 2022-R03 Class 1M2 |
| &nbsp;&nbsp;30-day Average SOFR + 3.500%<br> 03/25/2042 | &nbsp;&nbsp;7.428% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5062595 |
| &nbsp;&nbsp;Countrywide Alternative Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Countrywide Alternative Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Countrywide Alternative Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Countrywide Alternative Loan Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2005-76 Class 1A1 | &nbsp;&nbsp;CMO Series 2005-76 Class 1A1 | &nbsp;&nbsp;CMO Series 2005-76 Class 1A1 | &nbsp;&nbsp;CMO Series 2005-76 Class 1A1 |
| &nbsp;&nbsp;1-year MTA + 1.480%<br> Floor 1.480%<br> 01/25/2036 | &nbsp;&nbsp;3.908% | &nbsp;&nbsp;2420584 | &nbsp;&nbsp;&nbsp;&nbsp;2127528 |
| &nbsp;&nbsp;Countrywide Alternative Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;Countrywide Alternative Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;Countrywide Alternative Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;Countrywide Alternative Loan Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2006-HY12 Class A5 | &nbsp;&nbsp;CMO Series 2006-HY12 Class A5 | &nbsp;&nbsp;CMO Series 2006-HY12 Class A5 | &nbsp;&nbsp;CMO Series 2006-HY12 Class A5 |
| &nbsp;&nbsp;08/25/2036 | &nbsp;&nbsp;3.566% | &nbsp;&nbsp;3314323 | &nbsp;&nbsp;&nbsp;&nbsp;2808960 |
| &nbsp;&nbsp;Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates<sup>(c)</sup> | &nbsp;&nbsp;Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2004-AR5 Class 2A1 | &nbsp;&nbsp;CMO Series 2004-AR5 Class 2A1 | &nbsp;&nbsp;CMO Series 2004-AR5 Class 2A1 | &nbsp;&nbsp;CMO Series 2004-AR5 Class 2A1 |
| &nbsp;&nbsp;06/25/2034 | &nbsp;&nbsp;3.468% | &nbsp;&nbsp;&nbsp;&nbsp;125182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124196 |
| &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2015-5R Class 1A1 | &nbsp;&nbsp;CMO Series 2015-5R Class 1A1 | &nbsp;&nbsp;CMO Series 2015-5R Class 1A1 | &nbsp;&nbsp;CMO Series 2015-5R Class 1A1 |
| &nbsp;&nbsp;09/27/2046 | &nbsp;&nbsp;2.292% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17803 |
| &nbsp;&nbsp;Credit Suisse Mortgage Capital Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-RP11 Class PT | &nbsp;&nbsp;CMO Series 2021-RP11 Class PT | &nbsp;&nbsp;CMO Series 2021-RP11 Class PT | &nbsp;&nbsp;CMO Series 2021-RP11 Class PT |
| &nbsp;&nbsp;10/25/2061 | &nbsp;&nbsp;3.774% | 10192445 | &nbsp;&nbsp;&nbsp;&nbsp;7685520 |
| &nbsp;&nbsp;CSMC Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2018-RPL9 Class A | &nbsp;&nbsp;CMO Series 2018-RPL9 Class A | &nbsp;&nbsp;CMO Series 2018-RPL9 Class A | &nbsp;&nbsp;CMO Series 2018-RPL9 Class A |
| &nbsp;&nbsp;09/25/2057 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;5442635 | &nbsp;&nbsp;&nbsp;&nbsp;5084542 |
| &nbsp;&nbsp;CMO Series 2022-RPL3 Class A1 | &nbsp;&nbsp;CMO Series 2022-RPL3 Class A1 | &nbsp;&nbsp;CMO Series 2022-RPL3 Class A1 | &nbsp;&nbsp;CMO Series 2022-RPL3 Class A1 |
| &nbsp;&nbsp;03/25/2061 | &nbsp;&nbsp;3.608% | 13288780 | &nbsp;&nbsp;13122304 |
| &nbsp;&nbsp;CSMCM Trust<sup>(a)</sup> | &nbsp;&nbsp;CSMCM Trust<sup>(a)</sup> | &nbsp;&nbsp;CSMCM Trust<sup>(a)</sup> | &nbsp;&nbsp;CSMCM Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2021-RP11 Class CERT | &nbsp;&nbsp;CMO Series 2021-RP11 Class CERT | &nbsp;&nbsp;CMO Series 2021-RP11 Class CERT | &nbsp;&nbsp;CMO Series 2021-RP11 Class CERT |
| &nbsp;&nbsp;10/27/2061 | &nbsp;&nbsp;3.778% | &nbsp;&nbsp;&nbsp;&nbsp;431288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328741 |
| &nbsp;&nbsp;CWABS Asset-Backed Certificates Trust<sup>(b)</sup> | &nbsp;&nbsp;CWABS Asset-Backed Certificates Trust<sup>(b)</sup> | &nbsp;&nbsp;CWABS Asset-Backed Certificates Trust<sup>(b)</sup> | &nbsp;&nbsp;CWABS Asset-Backed Certificates Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2006-14 Class 2A3 | &nbsp;&nbsp;CMO Series 2006-14 Class 2A3 | &nbsp;&nbsp;CMO Series 2006-14 Class 2A3 | &nbsp;&nbsp;CMO Series 2006-14 Class 2A3 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.240%<br> Floor 0.240%<br> 02/25/2037 | &nbsp;&nbsp;4.869% | &nbsp;&nbsp;3159651 | &nbsp;&nbsp;&nbsp;&nbsp;3017104 |
| &nbsp;&nbsp;First Horizon Alternative Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;First Horizon Alternative Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;First Horizon Alternative Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;First Horizon Alternative Mortgage Securities Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2005-AA10 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-AA10 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-AA10 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-AA10 Class 2A1 |
| &nbsp;&nbsp;12/25/2035 | &nbsp;&nbsp;4.186% | &nbsp;&nbsp;1226508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984562 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2005-AA7 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-AA7 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-AA7 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-AA7 Class 2A1 |
| &nbsp;&nbsp;09/25/2035 | &nbsp;&nbsp;3.740% | &nbsp;&nbsp;&nbsp;&nbsp;761510 | &nbsp;&nbsp;&nbsp;&nbsp;654707 |
| &nbsp;&nbsp;CMO Series 2005-AA8 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-AA8 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-AA8 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-AA8 Class 2A1 |
| &nbsp;&nbsp;10/25/2035 | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;1765974 | &nbsp;&nbsp;1173983 |
| &nbsp;&nbsp;First Horizon Alternative Mortgage Securities Trust | &nbsp;&nbsp;First Horizon Alternative Mortgage Securities Trust | &nbsp;&nbsp;First Horizon Alternative Mortgage Securities Trust | &nbsp;&nbsp;First Horizon Alternative Mortgage Securities Trust |
| &nbsp;&nbsp;CMO Series 2006-FA8 Class 1A11 | &nbsp;&nbsp;CMO Series 2006-FA8 Class 1A11 | &nbsp;&nbsp;CMO Series 2006-FA8 Class 1A11 | &nbsp;&nbsp;CMO Series 2006-FA8 Class 1A11 |
| &nbsp;&nbsp;02/25/2037 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;785738 | &nbsp;&nbsp;&nbsp;&nbsp;334654 |
| &nbsp;&nbsp;GMAC Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;GMAC Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;GMAC Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;GMAC Mortgage Loan Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2005-AR6 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-AR6 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-AR6 Class 2A1 | &nbsp;&nbsp;CMO Series 2005-AR6 Class 2A1 |
| &nbsp;&nbsp;11/19/2035 | &nbsp;&nbsp;3.348% | &nbsp;&nbsp;1215493 | &nbsp;&nbsp;1027511 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust<sup>(a)</sup> | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust<sup>(a)</sup> | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust<sup>(a)</sup> | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2018-RPL1 Class A1A | &nbsp;&nbsp;CMO Series 2018-RPL1 Class A1A | &nbsp;&nbsp;CMO Series 2018-RPL1 Class A1A | &nbsp;&nbsp;CMO Series 2018-RPL1 Class A1A |
| &nbsp;&nbsp;10/25/2057 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;4622698 | &nbsp;&nbsp;4363694 |
| &nbsp;&nbsp;GSR Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;GSR Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;GSR Mortgage Loan Trust<sup>(c)</sup> | &nbsp;&nbsp;GSR Mortgage Loan Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2005-AR6 Class 4A5 | &nbsp;&nbsp;CMO Series 2005-AR6 Class 4A5 | &nbsp;&nbsp;CMO Series 2005-AR6 Class 4A5 | &nbsp;&nbsp;CMO Series 2005-AR6 Class 4A5 |
| &nbsp;&nbsp;09/25/2035 | &nbsp;&nbsp;4.143% | &nbsp;&nbsp;&nbsp;&nbsp;187503 | &nbsp;&nbsp;&nbsp;&nbsp;171120 |
| &nbsp;&nbsp;HarborView Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;HarborView Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;HarborView Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;HarborView Mortgage Loan Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2006-10 Class 1A1A | &nbsp;&nbsp;CMO Series 2006-10 Class 1A1A | &nbsp;&nbsp;CMO Series 2006-10 Class 1A1A | &nbsp;&nbsp;CMO Series 2006-10 Class 1A1A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.200%<br> Floor 0.200%<br> 11/19/2036 | &nbsp;&nbsp;4.539% | &nbsp;&nbsp;8728418 | &nbsp;&nbsp;6881580 |
| &nbsp;&nbsp;IndyMac Index Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;IndyMac Index Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;IndyMac Index Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;IndyMac Index Mortgage Loan Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2006-AR27 Class 1A3 | &nbsp;&nbsp;CMO Series 2006-AR27 Class 1A3 | &nbsp;&nbsp;CMO Series 2006-AR27 Class 1A3 | &nbsp;&nbsp;CMO Series 2006-AR27 Class 1A3 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.540%<br> Floor 0.270%, Cap 10.500%<br> 10/25/2036 | &nbsp;&nbsp;4.929% | &nbsp;&nbsp;3444602 | &nbsp;&nbsp;1594553 |
| &nbsp;&nbsp;JPMorgan Mortgage Acquisition Trust<sup>(b)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Acquisition Trust<sup>(b)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Acquisition Trust<sup>(b)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Acquisition Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2006-FRE1 Class M1 | &nbsp;&nbsp;CMO Series 2006-FRE1 Class M1 | &nbsp;&nbsp;CMO Series 2006-FRE1 Class M1 | &nbsp;&nbsp;CMO Series 2006-FRE1 Class M1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.585%<br> Floor 0.585%<br> 05/25/2035 | &nbsp;&nbsp;4.974% | &nbsp;&nbsp;4559272 | &nbsp;&nbsp;4432091 |
| &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;JPMorgan Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-13 Class A3 | &nbsp;&nbsp;CMO Series 2021-13 Class A3 | &nbsp;&nbsp;CMO Series 2021-13 Class A3 | &nbsp;&nbsp;CMO Series 2021-13 Class A3 |
| &nbsp;&nbsp;04/25/2052 | &nbsp;&nbsp;2.500% | 10314015 | &nbsp;&nbsp;8311646 |
| &nbsp;&nbsp;Long Beach Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Long Beach Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Long Beach Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Long Beach Mortgage Loan Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2006-10 Class 1A | &nbsp;&nbsp;CMO Series 2006-10 Class 1A | &nbsp;&nbsp;CMO Series 2006-10 Class 1A | &nbsp;&nbsp;CMO Series 2006-10 Class 1A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.150%<br> Floor 0.150%<br> 11/25/2036 | &nbsp;&nbsp;4.689% | &nbsp;&nbsp;4249939 | &nbsp;&nbsp;2967967 |
| &nbsp;&nbsp;Merrill Lynch First Franklin Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Merrill Lynch First Franklin Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Merrill Lynch First Franklin Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Merrill Lynch First Franklin Mortgage Loan Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2007-2 Class A2C | &nbsp;&nbsp;CMO Series 2007-2 Class A2C | &nbsp;&nbsp;CMO Series 2007-2 Class A2C | &nbsp;&nbsp;CMO Series 2007-2 Class A2C |
| &nbsp;&nbsp;1-month USD LIBOR + 0.240%<br> Floor 0.240%<br> 05/25/2037 | &nbsp;&nbsp;4.869% | &nbsp;&nbsp;3281384 | &nbsp;&nbsp;2467236 |
| &nbsp;&nbsp;Merrill Lynch Mortgage-Backed Securities Trust<sup>(b)</sup> | &nbsp;&nbsp;Merrill Lynch Mortgage-Backed Securities Trust<sup>(b)</sup> | &nbsp;&nbsp;Merrill Lynch Mortgage-Backed Securities Trust<sup>(b)</sup> | &nbsp;&nbsp;Merrill Lynch Mortgage-Backed Securities Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2007-2 Class 1A1 | &nbsp;&nbsp;CMO Series 2007-2 Class 1A1 | &nbsp;&nbsp;CMO Series 2007-2 Class 1A1 | &nbsp;&nbsp;CMO Series 2007-2 Class 1A1 |
| &nbsp;&nbsp;1-year CMT + 2.400%<br> Floor 2.400%<br> 08/25/2036 | &nbsp;&nbsp;4.828% | &nbsp;&nbsp;&nbsp;&nbsp;674950 | &nbsp;&nbsp;&nbsp;&nbsp;588421 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Morgan Stanley Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley Mortgage Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley Mortgage Loan Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2005-2AR Class A | &nbsp;&nbsp;CMO Series 2005-2AR Class A | &nbsp;&nbsp;CMO Series 2005-2AR Class A | &nbsp;&nbsp;CMO Series 2005-2AR Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.260%<br> Floor 0.260%, Cap 11.000%<br> 04/25/2035 | &nbsp;&nbsp;4.649% | &nbsp;&nbsp;&nbsp;&nbsp;418025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386842 |
| &nbsp;&nbsp;MortgageIT Trust<sup>(b)</sup> | &nbsp;&nbsp;MortgageIT Trust<sup>(b)</sup> | &nbsp;&nbsp;MortgageIT Trust<sup>(b)</sup> | &nbsp;&nbsp;MortgageIT Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2005-4 Class A1 | &nbsp;&nbsp;CMO Series 2005-4 Class A1 | &nbsp;&nbsp;CMO Series 2005-4 Class A1 | &nbsp;&nbsp;CMO Series 2005-4 Class A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.560%<br> Floor 0.280%, Cap 11.500%<br> 10/25/2035 | &nbsp;&nbsp;4.949% | &nbsp;&nbsp;1096230 | &nbsp;&nbsp;&nbsp;&nbsp;1015345 |
| &nbsp;&nbsp;New Century Home Equity Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;New Century Home Equity Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;New Century Home Equity Loan Trust<sup>(b)</sup> | &nbsp;&nbsp;New Century Home Equity Loan Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2005-1 Class M1 | &nbsp;&nbsp;CMO Series 2005-1 Class M1 | &nbsp;&nbsp;CMO Series 2005-1 Class M1 | &nbsp;&nbsp;CMO Series 2005-1 Class M1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.675%<br> Floor 0.675%, Cap 12.500%<br> 03/25/2035 | &nbsp;&nbsp;5.064% | &nbsp;&nbsp;2468497 | &nbsp;&nbsp;&nbsp;&nbsp;2384300 |
| &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-10 Class A1 | &nbsp;&nbsp;CMO Series 2021-10 Class A1 | &nbsp;&nbsp;CMO Series 2021-10 Class A1 | &nbsp;&nbsp;CMO Series 2021-10 Class A1 |
| &nbsp;&nbsp;10/25/2026 | &nbsp;&nbsp;2.487% | &nbsp;&nbsp;9379228 | &nbsp;&nbsp;&nbsp;&nbsp;8433692 |
| &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 |
| &nbsp;&nbsp;08/25/2026 | &nbsp;&nbsp;1.867% | 14731780 | &nbsp;&nbsp;13235073 |
| &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 | &nbsp;&nbsp;CMO Series 2022-1 Class A1 |
| &nbsp;&nbsp;02/25/2027 | &nbsp;&nbsp;3.720% | 14717249 | &nbsp;&nbsp;13621813 |
| &nbsp;&nbsp;CMO Series 2022-4 Class A1 | &nbsp;&nbsp;CMO Series 2022-4 Class A1 | &nbsp;&nbsp;CMO Series 2022-4 Class A1 | &nbsp;&nbsp;CMO Series 2022-4 Class A1 |
| &nbsp;&nbsp;08/25/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3701789 | &nbsp;&nbsp;&nbsp;&nbsp;3482404 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2022-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2022-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2022-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2022-RN2 Class A1 |
| &nbsp;&nbsp;06/25/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9837630 | &nbsp;&nbsp;&nbsp;&nbsp;9136251 |
| &nbsp;&nbsp;CMO Series 2022-RN3 Class A1 | &nbsp;&nbsp;CMO Series 2022-RN3 Class A1 | &nbsp;&nbsp;CMO Series 2022-RN3 Class A1 | &nbsp;&nbsp;CMO Series 2022-RN3 Class A1 |
| &nbsp;&nbsp;08/25/2052 | &nbsp;&nbsp;5.000% | 11211712 | &nbsp;&nbsp;10364630 |
| &nbsp;&nbsp;PRPM LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;PRPM LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;PRPM LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;PRPM LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-11 Class A1 | &nbsp;&nbsp;CMO Series 2021-11 Class A1 | &nbsp;&nbsp;CMO Series 2021-11 Class A1 | &nbsp;&nbsp;CMO Series 2021-11 Class A1 |
| &nbsp;&nbsp;11/25/2026 | &nbsp;&nbsp;2.487% | &nbsp;&nbsp;5541616 | &nbsp;&nbsp;&nbsp;&nbsp;4973398 |
| &nbsp;&nbsp;RALI Trust<sup>(c)</sup> | &nbsp;&nbsp;RALI Trust<sup>(c)</sup> | &nbsp;&nbsp;RALI Trust<sup>(c)</sup> | &nbsp;&nbsp;RALI Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2005-QA8 Class CB21 | &nbsp;&nbsp;CMO Series 2005-QA8 Class CB21 | &nbsp;&nbsp;CMO Series 2005-QA8 Class CB21 | &nbsp;&nbsp;CMO Series 2005-QA8 Class CB21 |
| &nbsp;&nbsp;07/25/2035 | &nbsp;&nbsp;4.261% | &nbsp;&nbsp;&nbsp;&nbsp;968144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550697 |
| &nbsp;&nbsp;Structured Asset Mortgage Investments II Trust<sup>(b)</sup> | &nbsp;&nbsp;Structured Asset Mortgage Investments II Trust<sup>(b)</sup> | &nbsp;&nbsp;Structured Asset Mortgage Investments II Trust<sup>(b)</sup> | &nbsp;&nbsp;Structured Asset Mortgage Investments II Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2006-AR3 Class 12A1 | &nbsp;&nbsp;CMO Series 2006-AR3 Class 12A1 | &nbsp;&nbsp;CMO Series 2006-AR3 Class 12A1 | &nbsp;&nbsp;CMO Series 2006-AR3 Class 12A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.440%<br> Floor 0.220%, Cap 10.500%<br> 05/25/2036 | &nbsp;&nbsp;4.829% | &nbsp;&nbsp;4912246 | &nbsp;&nbsp;&nbsp;&nbsp;3733178 |
| &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 |
| &nbsp;&nbsp;10/25/2066 | &nbsp;&nbsp;1.829% | 17582974 | &nbsp;&nbsp;15060881 |
| &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup> | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup> | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup> | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup> |
| &nbsp;&nbsp;CMO Series 2003-AR10 Class A7 | &nbsp;&nbsp;CMO Series 2003-AR10 Class A7 | &nbsp;&nbsp;CMO Series 2003-AR10 Class A7 | &nbsp;&nbsp;CMO Series 2003-AR10 Class A7 |
| &nbsp;&nbsp;10/25/2033 | &nbsp;&nbsp;4.234% | &nbsp;&nbsp;&nbsp;&nbsp;343205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317961 |
| &nbsp;&nbsp;CMO Series 2003-AR9 Class 1A6 | &nbsp;&nbsp;CMO Series 2003-AR9 Class 1A6 | &nbsp;&nbsp;CMO Series 2003-AR9 Class 1A6 | &nbsp;&nbsp;CMO Series 2003-AR9 Class 1A6 |
| &nbsp;&nbsp;09/25/2033 | &nbsp;&nbsp;4.124% | &nbsp;&nbsp;&nbsp;&nbsp;270915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248562 |
| &nbsp;&nbsp;CMO Series 2005-AR4 Class A5 | &nbsp;&nbsp;CMO Series 2005-AR4 Class A5 | &nbsp;&nbsp;CMO Series 2005-AR4 Class A5 | &nbsp;&nbsp;CMO Series 2005-AR4 Class A5 |
| &nbsp;&nbsp;04/25/2035 | &nbsp;&nbsp;2.987% | &nbsp;&nbsp;&nbsp;&nbsp;453475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402987 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2007-HY2 Class 1A1 | &nbsp;&nbsp;CMO Series 2007-HY2 Class 1A1 | &nbsp;&nbsp;CMO Series 2007-HY2 Class 1A1 | &nbsp;&nbsp;CMO Series 2007-HY2 Class 1A1 |
| &nbsp;&nbsp;12/25/2036 | &nbsp;&nbsp;3.372% | 1792577 | &nbsp;&nbsp;&nbsp;&nbsp;1579859 |
| &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust<sup>(b)</sup> | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust<sup>(b)</sup> | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust<sup>(b)</sup> | &nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Trust<sup>(b)</sup> |
| &nbsp;&nbsp;CMO Series 2005-AR15 Class A1A1 | &nbsp;&nbsp;CMO Series 2005-AR15 Class A1A1 | &nbsp;&nbsp;CMO Series 2005-AR15 Class A1A1 | &nbsp;&nbsp;CMO Series 2005-AR15 Class A1A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.520%<br> Floor 0.260%, Cap 10.500%<br> 11/25/2045 | &nbsp;&nbsp;4.909% | 1685782 | &nbsp;&nbsp;&nbsp;&nbsp;1504972 |
| &nbsp;&nbsp;CMO Series 2006-AR11 Class 1A | &nbsp;&nbsp;CMO Series 2006-AR11 Class 1A | &nbsp;&nbsp;CMO Series 2006-AR11 Class 1A | &nbsp;&nbsp;CMO Series 2006-AR11 Class 1A |
| &nbsp;&nbsp;1-year MTA + 0.960%<br> Floor 0.960%<br> 09/25/2046 | &nbsp;&nbsp;3.388% | 3168252 | &nbsp;&nbsp;&nbsp;&nbsp;2554243 |
| &nbsp;&nbsp;CMO Series 2006-AR4 Class 1A1A | &nbsp;&nbsp;CMO Series 2006-AR4 Class 1A1A | &nbsp;&nbsp;CMO Series 2006-AR4 Class 1A1A | &nbsp;&nbsp;CMO Series 2006-AR4 Class 1A1A |
| &nbsp;&nbsp;1-year MTA + 0.940%<br> Floor 0.940%<br> 05/25/2046 | &nbsp;&nbsp;3.368% | 2129803 | &nbsp;&nbsp;&nbsp;&nbsp;1828622 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $284,525,418) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $284,525,418) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $284,525,418) | &nbsp;&nbsp;**262117853** |
| &nbsp;&nbsp;**Senior Loans 1.6%** | &nbsp;&nbsp;**Senior Loans 1.6%** | &nbsp;&nbsp;**Senior Loans 1.6%** | &nbsp;&nbsp;**Senior Loans 1.6%** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Aerospace & Defense 0.0%** | &nbsp;&nbsp;**Aerospace & Defense 0.0%** | &nbsp;&nbsp;**Aerospace & Defense 0.0%** | &nbsp;&nbsp;**Aerospace & Defense 0.0%** |
| &nbsp;&nbsp;TransDigm, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche E Term Loan | &nbsp;&nbsp;Tranche E Term Loan | &nbsp;&nbsp;Tranche E Term Loan | &nbsp;&nbsp;Tranche E Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.250%<br> 05/30/2025 | &nbsp;&nbsp;6.980% | &nbsp;&nbsp;&nbsp;914659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903875 |
| &nbsp;&nbsp;Tranche F Term Loan | &nbsp;&nbsp;Tranche F Term Loan | &nbsp;&nbsp;Tranche F Term Loan | &nbsp;&nbsp;Tranche F Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.250%<br> 12/09/2025 | &nbsp;&nbsp;6.980% | &nbsp;&nbsp;&nbsp;263608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260070 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1163945** |
| &nbsp;&nbsp;**Airlines 0.0%** | &nbsp;&nbsp;**Airlines 0.0%** | &nbsp;&nbsp;**Airlines 0.0%** | &nbsp;&nbsp;**Airlines 0.0%** |
| &nbsp;&nbsp;United AirLines, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;United AirLines, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;United AirLines, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;United AirLines, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 04/21/2028 | &nbsp;&nbsp;8.108% | &nbsp;&nbsp;&nbsp;448533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442056 |
| &nbsp;&nbsp;**Automotive 0.1%** | &nbsp;&nbsp;**Automotive 0.1%** | &nbsp;&nbsp;**Automotive 0.1%** | &nbsp;&nbsp;**Automotive 0.1%** |
| &nbsp;&nbsp;Clarios Global LP<sup>(b),(m)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(b),(m)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(b),(m)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(b),(m)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> 04/30/2026 | &nbsp;&nbsp;7.634% | 2163297 | &nbsp;&nbsp;&nbsp;&nbsp;2115531 |
| &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.0%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.0%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.0%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.0%** |
| &nbsp;&nbsp;Deerfield Dakota Holdings LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Deerfield Dakota Holdings LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Deerfield Dakota Holdings LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Deerfield Dakota Holdings LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> Floor 1.000%<br> 04/09/2027 | &nbsp;&nbsp;8.073% | &nbsp;&nbsp;&nbsp;847107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789665 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 23

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Cable and Satellite 0.1%** | &nbsp;&nbsp;**Cable and Satellite 0.1%** | &nbsp;&nbsp;**Cable and Satellite 0.1%** | &nbsp;&nbsp;**Cable and Satellite 0.1%** |
| &nbsp;&nbsp;Charter Communications Operating LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Charter Communications Operating LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Charter Communications Operating LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Charter Communications Operating LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> 02/01/2027 | &nbsp;&nbsp;6.140% | &nbsp;&nbsp;&nbsp;242481 | &nbsp;&nbsp;&nbsp;&nbsp;236463 |
| &nbsp;&nbsp;CSC Holdings LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.500%<br> 01/17/2028 | &nbsp;&nbsp;9.061% | &nbsp;&nbsp;&nbsp;636528 | &nbsp;&nbsp;&nbsp;&nbsp;599928 |
| &nbsp;&nbsp;DirectTV Financing LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;DirectTV Financing LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;DirectTV Financing LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;DirectTV Financing LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.000%<br> Floor 0.750%<br> 08/02/2027 | &nbsp;&nbsp;9.384% | 1672938 | &nbsp;&nbsp;1625192 |
| &nbsp;&nbsp;Virgin Media Bristol LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Virgin Media Bristol LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Virgin Media Bristol LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Virgin Media Bristol LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche N Term Loan | &nbsp;&nbsp;Tranche N Term Loan | &nbsp;&nbsp;Tranche N Term Loan | &nbsp;&nbsp;Tranche N Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.500%<br> 01/31/2028 | &nbsp;&nbsp;6.818% | 1750000 | &nbsp;&nbsp;1718132 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4179715** |
| &nbsp;&nbsp;**Consumer Cyclical Services 0.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.1%** |
| &nbsp;&nbsp;Amentum Government Services Holdings LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Amentum Government Services Holdings LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Amentum Government Services Holdings LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Amentum Government Services Holdings LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche 1 1st Lien Term Loan | &nbsp;&nbsp;Tranche 1 1st Lien Term Loan | &nbsp;&nbsp;Tranche 1 1st Lien Term Loan | &nbsp;&nbsp;Tranche 1 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> 01/29/2027 | &nbsp;&nbsp;8.384% | &nbsp;&nbsp;&nbsp;363566 | &nbsp;&nbsp;&nbsp;&nbsp;354779 |
| &nbsp;&nbsp;Arches Buyer, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 12/06/2027 | &nbsp;&nbsp;7.634% | &nbsp;&nbsp;&nbsp;&nbsp;78887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72807 |
| &nbsp;&nbsp;Pre-Paid Legal Services, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Pre-Paid Legal Services, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Pre-Paid Legal Services, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Pre-Paid Legal Services, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.500%<br> 12/15/2028 | &nbsp;&nbsp;8.134% | &nbsp;&nbsp;&nbsp;512782 | &nbsp;&nbsp;&nbsp;&nbsp;492456 |
| &nbsp;&nbsp;Prime Security Services Borrower LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Prime Security Services Borrower LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Prime Security Services Borrower LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Prime Security Services Borrower LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.750%<br> 09/23/2026 | &nbsp;&nbsp;6.505% | &nbsp;&nbsp;&nbsp;471562 | &nbsp;&nbsp;&nbsp;&nbsp;466893 |
| &nbsp;&nbsp;Safe Fleet Holdings LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Safe Fleet Holdings LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Safe Fleet Holdings LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Safe Fleet Holdings LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> Floor 0.500%<br> 02/23/2029 | &nbsp;&nbsp;8.173% | &nbsp;&nbsp;&nbsp;198023 | &nbsp;&nbsp;&nbsp;&nbsp;190969 |
| &nbsp;&nbsp;Spin Holdco, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Spin Holdco, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Spin Holdco, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Spin Holdco, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> Floor 0.750%<br> 03/04/2028 | &nbsp;&nbsp;8.765% | &nbsp;&nbsp;&nbsp;958045 | &nbsp;&nbsp;&nbsp;&nbsp;804518 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;TruGreen LP<sup>(b),(m)</sup> | &nbsp;&nbsp;TruGreen LP<sup>(b),(m)</sup> | &nbsp;&nbsp;TruGreen LP<sup>(b),(m)</sup> | &nbsp;&nbsp;TruGreen LP<sup>(b),(m)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> Floor 0.750%<br> 11/02/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.384% | &nbsp;&nbsp;&nbsp;336786 | &nbsp;&nbsp;&nbsp;&nbsp;298268 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2680690** |
| &nbsp;&nbsp;**Consumer Products 0.1%** | &nbsp;&nbsp;**Consumer Products 0.1%** | &nbsp;&nbsp;**Consumer Products 0.1%** | &nbsp;&nbsp;**Consumer Products 0.1%** |
| &nbsp;&nbsp;Acuity Specialty Products, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Acuity Specialty Products, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Acuity Specialty Products, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Acuity Specialty Products, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 4.000%<br> Floor 1.000%<br> 08/12/2024 | &nbsp;&nbsp;&nbsp;&nbsp;8.580% | 1113308 | &nbsp;&nbsp;&nbsp;&nbsp;958559 |
| &nbsp;&nbsp;Osmosis Buryer, Ltd./AI Aqua Merger Sub, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Osmosis Buryer, Ltd./AI Aqua Merger Sub, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Osmosis Buryer, Ltd./AI Aqua Merger Sub, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Osmosis Buryer, Ltd./AI Aqua Merger Sub, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> Floor 0.500%<br> 07/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.844% | &nbsp;&nbsp;&nbsp;354827 | &nbsp;&nbsp;&nbsp;&nbsp;333537 |
| &nbsp;&nbsp;Osmosis Buyer Ltd./AI Aqua Merger Sub, Inc.<sup>(b),(m),(n),(o)</sup> | &nbsp;&nbsp;Osmosis Buyer Ltd./AI Aqua Merger Sub, Inc.<sup>(b),(m),(n),(o)</sup> | &nbsp;&nbsp;Osmosis Buyer Ltd./AI Aqua Merger Sub, Inc.<sup>(b),(m),(n),(o)</sup> | &nbsp;&nbsp;Osmosis Buyer Ltd./AI Aqua Merger Sub, Inc.<sup>(b),(m),(n),(o)</sup> |
| &nbsp;&nbsp;Delayed Draw Tranche B Term Loan | &nbsp;&nbsp;Delayed Draw Tranche B Term Loan | &nbsp;&nbsp;Delayed Draw Tranche B Term Loan | &nbsp;&nbsp;Delayed Draw Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> Floor 0.500%<br> 07/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.980% | &nbsp;&nbsp;&nbsp;&nbsp;61709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58006 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1350102** |
| &nbsp;&nbsp;**Diversified Manufacturing 0.0%** | &nbsp;&nbsp;**Diversified Manufacturing 0.0%** | &nbsp;&nbsp;**Diversified Manufacturing 0.0%** | &nbsp;&nbsp;**Diversified Manufacturing 0.0%** |
| &nbsp;&nbsp;Homer City Generation LP<sup>(b),(m),(p)</sup> | &nbsp;&nbsp;Homer City Generation LP<sup>(b),(m),(p)</sup> | &nbsp;&nbsp;Homer City Generation LP<sup>(b),(m),(p)</sup> | &nbsp;&nbsp;Homer City Generation LP<sup>(b),(m),(p)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 13.000%<br> Floor 1.000%<br> 04/05/2023 | &nbsp;&nbsp;15.000% | &nbsp;&nbsp;&nbsp;298468 | &nbsp;&nbsp;&nbsp;&nbsp;164158 |
| &nbsp;&nbsp;**Finance Companies 0.1%** | &nbsp;&nbsp;**Finance Companies 0.1%** | &nbsp;&nbsp;**Finance Companies 0.1%** | &nbsp;&nbsp;**Finance Companies 0.1%** |
| &nbsp;&nbsp;Avolon Borrower 1 LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Avolon Borrower 1 LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Avolon Borrower 1 LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Avolon Borrower 1 LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> Floor 0.750%<br> 01/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.103% | &nbsp;&nbsp;&nbsp;175812 | &nbsp;&nbsp;&nbsp;&nbsp;175007 |
| &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> Floor 0.500%<br> 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.603% | 2468593 | &nbsp;&nbsp;2460224 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2635231** |
| &nbsp;&nbsp;**Food and Beverage 0.1%** | &nbsp;&nbsp;**Food and Beverage 0.1%** | &nbsp;&nbsp;**Food and Beverage 0.1%** | &nbsp;&nbsp;**Food and Beverage 0.1%** |
| &nbsp;&nbsp;Naked Juice LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Naked Juice LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Naked Juice LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Naked Juice LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month Term SOFR + 3.250%<br> Floor 0.500%<br> 01/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.930% | 1878019 | &nbsp;&nbsp;1675080 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

24 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Gaming 0.1%** | &nbsp;&nbsp;**Gaming 0.1%** | &nbsp;&nbsp;**Gaming 0.1%** | &nbsp;&nbsp;**Gaming 0.1%** |
| &nbsp;&nbsp;Caesars Resort Collection LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Caesars Resort Collection LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Caesars Resort Collection LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Caesars Resort Collection LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> 07/21/2025 | &nbsp;&nbsp;7.884% | 691310 | &nbsp;&nbsp;&nbsp;&nbsp;688953 |
| &nbsp;&nbsp;Fertitta Entertainment LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.000%<br> Floor 0.500%<br> 01/27/2029 | &nbsp;&nbsp;8.323% | 659935 | &nbsp;&nbsp;&nbsp;&nbsp;626199 |
| &nbsp;&nbsp;J&J Ventures Gaming LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;J&J Ventures Gaming LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;J&J Ventures Gaming LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;J&J Ventures Gaming LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> Floor 0.750%<br> 04/26/2028 | &nbsp;&nbsp;8.730% | 136728 | &nbsp;&nbsp;&nbsp;&nbsp;130575 |
| &nbsp;&nbsp;Scientific Games International, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.000%<br> Floor 0.500%<br> 04/14/2029 | &nbsp;&nbsp;7.417% | 457225 | &nbsp;&nbsp;&nbsp;&nbsp;449877 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1895604** |
| &nbsp;&nbsp;**Health Care 0.1%** | &nbsp;&nbsp;**Health Care 0.1%** | &nbsp;&nbsp;**Health Care 0.1%** | &nbsp;&nbsp;**Health Care 0.1%** |
| &nbsp;&nbsp;Avantor Funding, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> Floor 0.500%<br> 11/08/2027 | &nbsp;&nbsp;6.634% | 994733 | &nbsp;&nbsp;&nbsp;&nbsp;988655 |
| &nbsp;&nbsp;Bausch & Lomb Corp.<sup>(b),(m)</sup> | &nbsp;&nbsp;Bausch & Lomb Corp.<sup>(b),(m)</sup> | &nbsp;&nbsp;Bausch & Lomb Corp.<sup>(b),(m)</sup> | &nbsp;&nbsp;Bausch & Lomb Corp.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.250%<br> Floor 0.500%<br> 05/10/2027 | &nbsp;&nbsp;7.842% | 162341 | &nbsp;&nbsp;&nbsp;&nbsp;154123 |
| &nbsp;&nbsp;Gainwell Acquisition Corp.<sup>(b),(m)</sup> | &nbsp;&nbsp;Gainwell Acquisition Corp.<sup>(b),(m)</sup> | &nbsp;&nbsp;Gainwell Acquisition Corp.<sup>(b),(m)</sup> | &nbsp;&nbsp;Gainwell Acquisition Corp.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> Floor 0.750%<br> 10/01/2027 | &nbsp;&nbsp;8.730% | 841414 | &nbsp;&nbsp;&nbsp;&nbsp;787774 |
| &nbsp;&nbsp;ICON PLC<sup>(b),(m)</sup> | &nbsp;&nbsp;ICON PLC<sup>(b),(m)</sup> | &nbsp;&nbsp;ICON PLC<sup>(b),(m)</sup> | &nbsp;&nbsp;ICON PLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.250%<br> 07/03/2028 | &nbsp;&nbsp;7.000% | 440480 | &nbsp;&nbsp;&nbsp;&nbsp;438776 |
| &nbsp;&nbsp;3-month USD LIBOR + 2.250%<br> 07/03/2028 | &nbsp;&nbsp;7.000% | 109746 | &nbsp;&nbsp;&nbsp;&nbsp;109321 |
| &nbsp;&nbsp;Medline Borrower LP<sup>(b),(m)</sup> | &nbsp;&nbsp;Medline Borrower LP<sup>(b),(m)</sup> | &nbsp;&nbsp;Medline Borrower LP<sup>(b),(m)</sup> | &nbsp;&nbsp;Medline Borrower LP<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 10/23/2028 | &nbsp;&nbsp;7.634% | 992500 | &nbsp;&nbsp;&nbsp;&nbsp;941863 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;PetVet Care Centers LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;PetVet Care Centers LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;PetVet Care Centers LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;PetVet Care Centers LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.750%<br> 02/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.884% | &nbsp;&nbsp;&nbsp;149640 | &nbsp;&nbsp;&nbsp;&nbsp;140220 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3560732** |
| &nbsp;&nbsp;**Leisure 0.0%** | &nbsp;&nbsp;**Leisure 0.0%** | &nbsp;&nbsp;**Leisure 0.0%** | &nbsp;&nbsp;**Leisure 0.0%** |
| &nbsp;&nbsp;Crown Finance US, Inc.<sup>(b),(m),(n),(q)</sup> | &nbsp;&nbsp;Crown Finance US, Inc.<sup>(b),(m),(n),(q)</sup> | &nbsp;&nbsp;Crown Finance US, Inc.<sup>(b),(m),(n),(q)</sup> | &nbsp;&nbsp;Crown Finance US, Inc.<sup>(b),(m),(n),(q)</sup> |
| &nbsp;&nbsp;Debtor in Possession Term Loan | &nbsp;&nbsp;Debtor in Possession Term Loan | &nbsp;&nbsp;Debtor in Possession Term Loan | &nbsp;&nbsp;Debtor in Possession Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 10.000%<br> Floor 1.000%<br> 09/07/2023 | &nbsp;&nbsp;14.407% | 1002848 | &nbsp;&nbsp;&nbsp;&nbsp;982480 |
| &nbsp;&nbsp;Formula 1 (Delta 2 SARL)<sup>(b),(m),(n)</sup> | &nbsp;&nbsp;Formula 1 (Delta 2 SARL)<sup>(b),(m),(n)</sup> | &nbsp;&nbsp;Formula 1 (Delta 2 SARL)<sup>(b),(m),(n)</sup> | &nbsp;&nbsp;Formula 1 (Delta 2 SARL)<sup>(b),(m),(n)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.250%<br> Floor 0.500%<br> 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7.044% | &nbsp;&nbsp;&nbsp;&nbsp;56838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56767 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1039247** |
| &nbsp;&nbsp;**Media and Entertainment 0.0%** | &nbsp;&nbsp;**Media and Entertainment 0.0%** | &nbsp;&nbsp;**Media and Entertainment 0.0%** | &nbsp;&nbsp;**Media and Entertainment 0.0%** |
| &nbsp;&nbsp;Diamond Sports Group LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Diamond Sports Group LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Diamond Sports Group LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Diamond Sports Group LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.250%<br> 08/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.567% | &nbsp;&nbsp;&nbsp;623863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74864 |
| &nbsp;&nbsp;**Other Financial Institutions 0.0%** | &nbsp;&nbsp;**Other Financial Institutions 0.0%** | &nbsp;&nbsp;**Other Financial Institutions 0.0%** | &nbsp;&nbsp;**Other Financial Institutions 0.0%** |
| &nbsp;&nbsp;Trans Union LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Trans Union LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Trans Union LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Trans Union LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.134% | &nbsp;&nbsp;&nbsp;678158 | &nbsp;&nbsp;&nbsp;&nbsp;667864 |
| &nbsp;&nbsp;Tranche B6 Term Loan | &nbsp;&nbsp;Tranche B6 Term Loan | &nbsp;&nbsp;Tranche B6 Term Loan | &nbsp;&nbsp;Tranche B6 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> Floor 0.500%<br> 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.634% | &nbsp;&nbsp;&nbsp;277402 | &nbsp;&nbsp;&nbsp;&nbsp;274320 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**942184** |
| &nbsp;&nbsp;**Other Industry 0.0%** | &nbsp;&nbsp;**Other Industry 0.0%** | &nbsp;&nbsp;**Other Industry 0.0%** | &nbsp;&nbsp;**Other Industry 0.0%** |
| &nbsp;&nbsp;Artera Services LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Artera Services LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Artera Services LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Artera Services LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.250%<br> Floor 1.000%<br> 03/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.980% | &nbsp;&nbsp;&nbsp;449104 | &nbsp;&nbsp;&nbsp;&nbsp;363671 |
| &nbsp;&nbsp;**Packaging 0.1%** | &nbsp;&nbsp;**Packaging 0.1%** | &nbsp;&nbsp;**Packaging 0.1%** | &nbsp;&nbsp;**Packaging 0.1%** |
| &nbsp;&nbsp;Berry Global, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Berry Global, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Berry Global, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Berry Global, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche Z Term Loan | &nbsp;&nbsp;Tranche Z Term Loan | &nbsp;&nbsp;Tranche Z Term Loan | &nbsp;&nbsp;Tranche Z Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 1.750%<br> 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.024% | 2530673 | &nbsp;&nbsp;2507669 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 25

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Pharmaceuticals 0.3%** | &nbsp;&nbsp;**Pharmaceuticals 0.3%** | &nbsp;&nbsp;**Pharmaceuticals 0.3%** | &nbsp;&nbsp;**Pharmaceuticals 0.3%** |
| &nbsp;&nbsp;Elanco Animal Health, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Elanco Animal Health, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Elanco Animal Health, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Elanco Animal Health, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 1.750%<br> 08/01/2027 | &nbsp;&nbsp;5.870% | 2616164 | &nbsp;&nbsp;2507828 |
| &nbsp;&nbsp;Grifols Worldwide Operations Ltd.<sup>(b),(m)</sup> | &nbsp;&nbsp;Grifols Worldwide Operations Ltd.<sup>(b),(m)</sup> | &nbsp;&nbsp;Grifols Worldwide Operations Ltd.<sup>(b),(m)</sup> | &nbsp;&nbsp;Grifols Worldwide Operations Ltd.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.000%<br> 11/15/2027 | &nbsp;&nbsp;6.384% | 2054714 | &nbsp;&nbsp;1983663 |
| &nbsp;&nbsp;Horizon Therapeutics USA, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Horizon Therapeutics USA, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Horizon Therapeutics USA, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Horizon Therapeutics USA, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 1.750%<br> Floor 0.500%<br> 03/15/2028 | &nbsp;&nbsp;6.188% | 1323894 | &nbsp;&nbsp;1322239 |
| &nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 05/05/2028 | &nbsp;&nbsp;7.884% | 1564455 | &nbsp;&nbsp;1548560 |
| &nbsp;&nbsp;Organon & Co.<sup>(b),(m)</sup> | &nbsp;&nbsp;Organon & Co.<sup>(b),(m)</sup> | &nbsp;&nbsp;Organon & Co.<sup>(b),(m)</sup> | &nbsp;&nbsp;Organon & Co.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> Floor 0.500%<br> 06/02/2028 | &nbsp;&nbsp;7.750% | 1990259 | &nbsp;&nbsp;1967869 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**9330159** |
| &nbsp;&nbsp;**Property & Casualty 0.1%** | &nbsp;&nbsp;**Property & Casualty 0.1%** | &nbsp;&nbsp;**Property & Casualty 0.1%** | &nbsp;&nbsp;**Property & Casualty 0.1%** |
| &nbsp;&nbsp;Acrisure LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Acrisure LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Acrisure LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Acrisure LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> 02/15/2027 | &nbsp;&nbsp;7.884% | 1311514 | &nbsp;&nbsp;1227905 |
| &nbsp;&nbsp;AmWINS Group, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;AmWINS Group, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;AmWINS Group, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;AmWINS Group, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> Floor 0.750%<br> 02/19/2028 | &nbsp;&nbsp;6.634% | 2569510 | &nbsp;&nbsp;2520535 |
| &nbsp;&nbsp;Asurion LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Asurion LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Asurion LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Asurion LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B7 Term Loan | &nbsp;&nbsp;Tranche B7 Term Loan | &nbsp;&nbsp;Tranche B7 Term Loan | &nbsp;&nbsp;Tranche B7 Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.000%<br> 11/03/2024 | &nbsp;&nbsp;7.384% | &nbsp;&nbsp;&nbsp;498695 | &nbsp;&nbsp;&nbsp;&nbsp;483290 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4231730** |
| &nbsp;&nbsp;**Restaurants 0.0%** | &nbsp;&nbsp;**Restaurants 0.0%** | &nbsp;&nbsp;**Restaurants 0.0%** | &nbsp;&nbsp;**Restaurants 0.0%** |
| &nbsp;&nbsp;1011778 BC ULC<sup>(b),(m)</sup> | &nbsp;&nbsp;1011778 BC ULC<sup>(b),(m)</sup> | &nbsp;&nbsp;1011778 BC ULC<sup>(b),(m)</sup> | &nbsp;&nbsp;1011778 BC ULC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B4 Term Loan | &nbsp;&nbsp;Tranche B4 Term Loan | &nbsp;&nbsp;Tranche B4 Term Loan | &nbsp;&nbsp;Tranche B4 Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> 11/19/2026 | &nbsp;&nbsp;6.141% | &nbsp;&nbsp;&nbsp;527188 | &nbsp;&nbsp;&nbsp;&nbsp;517303 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;KFC Holding Co./Yum! Brands<sup>(b),(m)</sup> | &nbsp;&nbsp;KFC Holding Co./Yum! Brands<sup>(b),(m)</sup> | &nbsp;&nbsp;KFC Holding Co./Yum! Brands<sup>(b),(m)</sup> | &nbsp;&nbsp;KFC Holding Co./Yum! Brands<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 1.750%<br> 03/15/2028 | &nbsp;&nbsp;6.089% | &nbsp;&nbsp;&nbsp;402214 | &nbsp;&nbsp;396684 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**913987** |
| &nbsp;&nbsp;**Technology 0.1%** | &nbsp;&nbsp;**Technology 0.1%** | &nbsp;&nbsp;**Technology 0.1%** | &nbsp;&nbsp;**Technology 0.1%** |
| &nbsp;&nbsp;athenahealth Group, Inc.<sup>(b),(m),(n),(o)</sup> | &nbsp;&nbsp;athenahealth Group, Inc.<sup>(b),(m),(n),(o)</sup> | &nbsp;&nbsp;athenahealth Group, Inc.<sup>(b),(m),(n),(o)</sup> | &nbsp;&nbsp;athenahealth Group, Inc.<sup>(b),(m),(n),(o)</sup> |
| &nbsp;&nbsp;Delayed Draw Term Loan | &nbsp;&nbsp;Delayed Draw Term Loan | &nbsp;&nbsp;Delayed Draw Term Loan | &nbsp;&nbsp;Delayed Draw Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> Floor 0.500%<br> 02/15/2029 | &nbsp;&nbsp;7.821% | &nbsp;&nbsp;&nbsp;185207 | &nbsp;&nbsp;166753 |
| &nbsp;&nbsp;athenahealth Group, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;athenahealth Group, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;athenahealth Group, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;athenahealth Group, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> Floor 0.500%<br> 02/15/2029 | &nbsp;&nbsp;7.821% | 1087258 | &nbsp;&nbsp;978923 |
| &nbsp;&nbsp;Central Parent, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Central Parent, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Central Parent, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Central Parent, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.500%<br> Floor 0.500%<br> 07/06/2029 | &nbsp;&nbsp;9.080% | &nbsp;&nbsp;&nbsp;664830 | &nbsp;&nbsp;658028 |
| &nbsp;&nbsp;Coherent Corp.<sup>(b),(m)</sup> | &nbsp;&nbsp;Coherent Corp.<sup>(b),(m)</sup> | &nbsp;&nbsp;Coherent Corp.<sup>(b),(m)</sup> | &nbsp;&nbsp;Coherent Corp.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.500%<br> 07/02/2029 | &nbsp;&nbsp;7.134% | &nbsp;&nbsp;&nbsp;166732 | &nbsp;&nbsp;164606 |
| &nbsp;&nbsp;DTI Holdco, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;DTI Holdco, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;DTI Holdco, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;DTI Holdco, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.750%<br> Floor 0.750%<br> 04/26/2029 | &nbsp;&nbsp;8.844% | &nbsp;&nbsp;&nbsp;&nbsp;95828 | &nbsp;&nbsp;&nbsp;&nbsp;87787 |
| &nbsp;&nbsp;Entegris, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Entegris, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Entegris, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Entegris, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.000%<br> 07/06/2029 | &nbsp;&nbsp;7.524% | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;557900 |
| &nbsp;&nbsp;Ingram Micro, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Ingram Micro, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Ingram Micro, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Ingram Micro, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 06/30/2028 | &nbsp;&nbsp;8.230% | &nbsp;&nbsp;&nbsp;685335 | &nbsp;&nbsp;673342 |
| &nbsp;&nbsp;Mitnick Corporate Purchaser, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Mitnick Corporate Purchaser, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Mitnick Corporate Purchaser, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Mitnick Corporate Purchaser, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.750%<br> Floor 0.500%<br> 05/02/2029 | &nbsp;&nbsp;8.944% | &nbsp;&nbsp;&nbsp;145635 | &nbsp;&nbsp;136079 |
| &nbsp;&nbsp;Open Text Corp.<sup>(b),(m),(n)</sup> | &nbsp;&nbsp;Open Text Corp.<sup>(b),(m),(n)</sup> | &nbsp;&nbsp;Open Text Corp.<sup>(b),(m),(n)</sup> | &nbsp;&nbsp;Open Text Corp.<sup>(b),(m),(n)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> Floor 0.500%<br> 11/16/2029 | &nbsp;&nbsp;7.307% | &nbsp;&nbsp;&nbsp;196345 | &nbsp;&nbsp;191584 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

26 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Peraton Corp.<sup>(b),(m)</sup> | &nbsp;&nbsp;Peraton Corp.<sup>(b),(m)</sup> | &nbsp;&nbsp;Peraton Corp.<sup>(b),(m)</sup> | &nbsp;&nbsp;Peraton Corp.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 02/01/2028 | &nbsp;&nbsp;8.134% | &nbsp;&nbsp;&nbsp;374102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364671 |
| &nbsp;&nbsp;Proofpoint, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Proofpoint, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Proofpoint, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Proofpoint, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 08/31/2028 | &nbsp;&nbsp;7.985% | &nbsp;&nbsp;&nbsp;268598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257703 |
| &nbsp;&nbsp;RealPage, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;RealPage, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;RealPage, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;RealPage, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> Floor 0.500%<br> 04/24/2028 | &nbsp;&nbsp;7.384% | &nbsp;&nbsp;&nbsp;144269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136912 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4374288** |
| &nbsp;&nbsp;**Wireless 0.1%** | &nbsp;&nbsp;**Wireless 0.1%** | &nbsp;&nbsp;**Wireless 0.1%** | &nbsp;&nbsp;**Wireless 0.1%** |
| &nbsp;&nbsp;SBA Senior Finance II LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;SBA Senior Finance II LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;SBA Senior Finance II LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;SBA Senior Finance II LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> 04/11/2025 | &nbsp;&nbsp;6.140% | 1389525 | &nbsp;&nbsp;&nbsp;&nbsp;1383355 |
| &nbsp;&nbsp;**Wirelines 0.1%** | &nbsp;&nbsp;**Wirelines 0.1%** | &nbsp;&nbsp;**Wirelines 0.1%** | &nbsp;&nbsp;**Wirelines 0.1%** |
| &nbsp;&nbsp;Telenet Financing USD LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Telenet Financing USD LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Telenet Financing USD LLC<sup>(b),(m)</sup> | &nbsp;&nbsp;Telenet Financing USD LLC<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Tranche AR Term Loan | &nbsp;&nbsp;Tranche AR Term Loan | &nbsp;&nbsp;Tranche AR Term Loan | &nbsp;&nbsp;Tranche AR Term Loan |
| &nbsp;&nbsp;6-month USD LIBOR + 2.000%<br> 04/30/2028 | &nbsp;&nbsp;6.318% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728625 |
| &nbsp;&nbsp;Zayo Group Holdings, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Zayo Group Holdings, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Zayo Group Holdings, Inc.<sup>(b),(m)</sup> | &nbsp;&nbsp;Zayo Group Holdings, Inc.<sup>(b),(m)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.250%<br> Floor 0.500%<br> 03/09/2027 | &nbsp;&nbsp;8.573% | &nbsp;&nbsp;&nbsp;374766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309474 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> 03/09/2027 | &nbsp;&nbsp;7.384% | 2980724 | &nbsp;&nbsp;&nbsp;&nbsp;2406070 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3444169** |
| &nbsp;&nbsp;Total Senior Loans<br> (Cost $53,248,262) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $53,248,262) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $53,248,262) | &nbsp;&nbsp;**51257832** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Treasury Bills 2.3%** | &nbsp;&nbsp;**Treasury Bills 2.3%** | &nbsp;&nbsp;**Treasury Bills 2.3%** | &nbsp;&nbsp;**Treasury Bills 2.3%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Yield** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**United States 2.3%** | &nbsp;&nbsp;**United States 2.3%** | &nbsp;&nbsp;**United States 2.3%** | &nbsp;&nbsp;**United States 2.3%** |
| &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills |
| &nbsp;&nbsp;05/25/2023 | &nbsp;&nbsp;4.510% | &nbsp;&nbsp;73910000 | &nbsp;&nbsp;&nbsp;&nbsp;72601108 |
| &nbsp;&nbsp;Total Treasury Bills<br> (Cost $72,583,777) | &nbsp;&nbsp;Total Treasury Bills<br> (Cost $72,583,777) | &nbsp;&nbsp;Total Treasury Bills<br> (Cost $72,583,777) | &nbsp;&nbsp;&nbsp;&nbsp;**72601108** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 11.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations 11.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations 11.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations 11.9%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;5270000 | &nbsp;&nbsp;&nbsp;&nbsp;5237063 |
| &nbsp;&nbsp;11/30/2027 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;71160000 | &nbsp;&nbsp;&nbsp;&nbsp;70776403 |
| &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;52420000 | &nbsp;&nbsp;&nbsp;&nbsp;53464756 |
| &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;2.000% | 112140000 | &nbsp;&nbsp;&nbsp;&nbsp;80215144 |
| &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;35840000 | &nbsp;&nbsp;&nbsp;&nbsp;27384000 |
| &nbsp;&nbsp;11/15/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;97945000 | &nbsp;&nbsp;&nbsp;&nbsp;98471582 |
| &nbsp;&nbsp;U.S. Treasury<sup>(l)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(l)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(l)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(l)</sup> |
| &nbsp;&nbsp;12/31/2027 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;44630000 | &nbsp;&nbsp;&nbsp;&nbsp;44375595 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $413,478,577) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $413,478,577) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $413,478,577) | &nbsp;&nbsp;**379924543** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 22.6%** | &nbsp;&nbsp;**Money Market Funds 22.6%** | &nbsp;&nbsp;**Money Market Funds 22.6%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318%<sup>(r),(s)</sup> | &nbsp;&nbsp;720569700 | &nbsp;&nbsp;&nbsp;&nbsp;720353529 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $720,304,975) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $720,304,975) | &nbsp;&nbsp;&nbsp;&nbsp;**720353529** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $4,137,046,284)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $4,137,046,284)** | &nbsp;&nbsp;**3882938046** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;**(690366023)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**3192572023** |

---

At December 31, 2022, securities and/or cash totaling $12,544,000 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 2516 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;515976565 | &nbsp;&nbsp;&nbsp;&nbsp;567610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 1454 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;298183595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(763579) |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 3061 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;330372775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215108) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 27

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | 142 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16795938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24729) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 377 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50635813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87937) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;567610 | &nbsp;&nbsp;&nbsp;&nbsp;(1091353) |

---

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2022, the total value of these securities amounted to $719,512,143, which represents 22.54% of total net assets.

(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2022.

(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The
interest rate shown was the current rate as of December 31, 2022.

(d) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

(e) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2022, the total value of these securities amounted to $12, which
represents less than 0.01% of total net assets.

(f) Non-income producing investment.

(g) Valuation based on significant unobservable inputs.

(h) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022.

(i) Zero coupon bond.

(j) Principal and interest may not be guaranteed by a governmental entity.

(k) Represents principal only securities which have the right to receive the principal portion only on an underlying pool of mortgage loans.

(l) Represents a security purchased on a when-issued basis.

(m) The stated interest rate represents the weighted average interest rate at December 31, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily
determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending
rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed.
Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining
maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(n) Represents a security purchased on a forward commitment basis.

(o) At December 31, 2022, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the
loan commitment, at which time the rate will become the stated rate in the loan agreement.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Borrower** | **Unfunded Commitment ($)** |
| &nbsp;&nbsp;athenahealth Group, Inc.<br> Delayed Draw Term Loan<br> 02/15/2029 7.821% | 138905 |
| &nbsp;&nbsp;Osmosis Buyer Ltd./AI Aqua Merger Sub, Inc.<br> Delayed Draw Tranche B Term Loan<br> 07/31/2028 4.980% | &nbsp;&nbsp;&nbsp;30855 |

---

(p) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

(q) The borrower filed for protection under Chapter 11 of the U.S. Federal Bankruptcy Code.

(r) The rate shown is the seven-day current annualized yield at December 31, 2022.

(s) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.318% |
|  | 756024900 | &nbsp;&nbsp;2848887564 | &nbsp;&nbsp;(2884676989) | &nbsp;&nbsp;118054 | &nbsp;&nbsp;720353529 | &nbsp;&nbsp;(237749) | &nbsp;&nbsp;11396865 | &nbsp;&nbsp;720569700 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

28 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Abbreviation Legend

---

| | |
|:---|:---|
| CMO | &nbsp;&nbsp;Collateralized Mortgage Obligation |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury |
| CVR | &nbsp;&nbsp;Contingent Value Rights |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate |
| MTA | &nbsp;&nbsp;Monthly Treasury Average |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate |
| TBA | &nbsp;&nbsp;To Be Announced |

---

#### Currency Legend
USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159511928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159511928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20959150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20959150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114855387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114855387 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 29

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Portfolio of Investments (continued)

December 31, 2022

#### Fair value measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772667 | &nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888946906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888946906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45804558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45804558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inflation-Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16592096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16592096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1143524863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1143524863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262117853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262117853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51257832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51257832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Bills | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72601108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72601108 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379924543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379924543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 720353529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720353529 |
| &nbsp;&nbsp;Total Investments in Securities | 720353529 | &nbsp;&nbsp;&nbsp;&nbsp;3162582742 | &nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;3882938046 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(1091353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1091353) |
| &nbsp;&nbsp;Total | 719829786 | &nbsp;&nbsp;&nbsp;&nbsp;3162582742 | &nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;3882414303 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

30 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $3,416,741,309) | $3162584517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $720,304,975) | &nbsp;&nbsp;&nbsp;&nbsp;720353529 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365208 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12407000 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38209214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15997572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226268 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25788 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;3957015528 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9124110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;747203533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48383 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;764443505 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$3192572023** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;3687234204 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(494662181) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$3192572023** |
| &nbsp;&nbsp;**Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $3174476104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;348287076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.11 |
| &nbsp;&nbsp;**Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$18095919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.08 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 31

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$11396865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79020913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1782) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90421492 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15358002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49609 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15678183 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74743309 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(221180656) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237749) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(79224390) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(300642795) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(288252205) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2915652) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(291049803) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(591692598) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(516949289)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

32 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$74743309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36953904 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(300642795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10058173) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(291049803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65631595) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(516949289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38735864) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37000722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214899768) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1119084) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37155040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216018852) |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43090237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782010680 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(511014092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527255964 |
| &nbsp;&nbsp;Net assets at beginning of year | &nbsp;&nbsp;&nbsp;3703586115 | &nbsp;&nbsp;&nbsp;&nbsp;3176330151 |
| &nbsp;&nbsp;**Net assets at end of year** | **$3192572023** | &nbsp;&nbsp;**$3703586115** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2021** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;31189346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292102913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65802814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749610697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;3822389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19843007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214899768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (29862998) | &nbsp;&nbsp;&nbsp;&nbsp;(287551959) | &nbsp;&nbsp;&nbsp;&nbsp;(16239665) | &nbsp;&nbsp;&nbsp;&nbsp;(180551973) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;5148737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41551676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69406156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783958492 |
| &nbsp;&nbsp;Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4627675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(331182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3243432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(601349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6631686) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1947812) |
| &nbsp;&nbsp;**Total net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**5324244** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43090237** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69233507** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**782010680** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 33

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $10.74 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(1.74) | &nbsp;&nbsp;(1.52) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.52 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.65) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.01 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.38 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.62 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | $10.69 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(1.72) | &nbsp;&nbsp;(1.52) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $11.47 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.63) |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $10.96 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.35 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.58 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.22) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

34 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 1** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$9.11 | (14.19%) | 0.49%<sup>(c)</sup> | 0.49%<sup>(c)</sup> | 2.32% | 399% | $3174476 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.74 | &nbsp;&nbsp;(1.14%) | 0.48%<sup>(c)</sup> | 0.48%<sup>(c)</sup> | 1.01% | 457% | $3684151 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.52 | &nbsp;&nbsp;&nbsp;8.88% | 0.49% | 0.49% | 1.63% | 373% | $3153493 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $11.01 | &nbsp;&nbsp;&nbsp;9.01% | 0.49% | 0.49% | 2.65% | 209% | $2808764 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.38 | &nbsp;&nbsp;&nbsp;0.06% | 0.49% | 0.49% | 2.61% | 178% | $2714909 |
| &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 2** |
| &nbsp;&nbsp;Year Ended 12/31/2022 | &nbsp;&nbsp;$9.08 | (14.31%) | 0.74%<sup>(c)</sup> | 0.74%<sup>(c)</sup> | 2.11% | 399% | &nbsp;&nbsp;&nbsp;&nbsp;$18096 |
| &nbsp;&nbsp;Year Ended 12/31/2021 | $10.69 | &nbsp;&nbsp;(1.41%) | 0.73%<sup>(c)</sup> | 0.73%<sup>(c)</sup> | 0.76% | 457% | &nbsp;&nbsp;&nbsp;&nbsp;$19435 |
| &nbsp;&nbsp;Year Ended 12/31/2020 | $11.47 | &nbsp;&nbsp;&nbsp;8.67% | 0.74% | 0.74% | 1.32% | 373% | &nbsp;&nbsp;&nbsp;&nbsp;$22838 |
| &nbsp;&nbsp;Year Ended 12/31/2019 | $10.96 | &nbsp;&nbsp;&nbsp;8.58% | 0.74% | 0.74% | 2.37% | 209% | &nbsp;&nbsp;&nbsp;&nbsp;$12125 |
| &nbsp;&nbsp;Year Ended 12/31/2018 | $10.35 | &nbsp;&nbsp;(0.10%) | 0.74% | 0.74% | 2.38% | 178% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7961 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 35

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements

December 31, 2022

Note 1. Organization

CTIVP® – TCW Core Plus Bond Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

#### Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

36 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 37

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements (continued)

December 31, 2022

things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

38 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;567,610\* |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,091,353\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;(79224390) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;(2915652) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the year ended December 31, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)** |
| &nbsp;&nbsp;Futures contracts — long | 938,198,332\* |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;1,697,260\*\* |

---

\* Based on the ending quarterly outstanding amounts for the year ended December 31, 2022.

\*\* Based on the ending daily outstanding amounts for the year ended December 31, 2022.

#### Investments in senior loans
The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 39

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements (continued)

December 31, 2022

administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

#### Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### Mortgage dollar roll transactions
The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

40 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Treasury inflation protected securities
The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

#### Interest only and principal only securities
The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

#### Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

#### Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Corporate actions and dividend income are recorded on the ex-dividend date.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 41

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

The value of additional securities received as an income payment through a payment in kind, if any, is recorded as interest income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

#### Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

#### Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

#### Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

#### Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

#### Distributions to subaccounts
Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

42 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Guarantees and indemnifications
Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.50% to 0.34% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2022 was 0.48% of the Fund's average daily net assets.

#### Subadvisory agreement
The Investment Manager has entered into a Subadvisory Agreement with TCW Investment Management Company LLC to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

#### Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

#### Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 43

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements (continued)

December 31, 2022

#### Service fees
The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2022 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

#### Distribution and/or service fees
The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> April 30, 2023** |
| &nbsp;&nbsp;Class 1 | 0.54% |
| &nbsp;&nbsp;Class 2 | 0.79 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December, 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred compensation, defaulted securities/troubled debt and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

44 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements (continued)

December 31, 2022

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Undistributed net<br> investment<br> income ($)** | **Accumulated<br> net realized<br> (loss) ($)** | **Paid in<br> capital ($)** |
| &nbsp;&nbsp;609285 | (609285) |  |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| &nbsp;&nbsp;**Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** | **Ordinary<br> income ($)** | **Long-term<br> capital gains ($)** | **Total ($)** |
| &nbsp;&nbsp;37155040 |  | 37155040 | 176788290 | 39230562 | 216018852 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Undistributed<br> ordinary income ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;74422234 – (309401526) | (259505789) |

---

At December 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;4141920092 | 3803605 | (263309394) | (259505789) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2022, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** | **Utilized ($)** |
| &nbsp;&nbsp;(246470298) | (62931228) | (309401526) |  |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $12,517,195,292 and $12,508,669,316, respectively, for the year ended December 31, 2022, of which $11,721,071,589 and $11,965,200,436, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 45

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 6. Affiliated money market fund

The Fund invests significantly in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 10620000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;5 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended December 31, 2022.

46 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements (continued)

December 31, 2022

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 47

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements (continued)

December 31, 2022

disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Money market fund investment risk
An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Investment Manager would otherwise redeem shares. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from the Fund's investments in such instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

#### Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than

48 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Notes to Financial Statements (continued)

December 31, 2022

obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

#### Shareholder concentration risk
At December 31, 2022, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 49

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP® – TCW Core Plus Bond Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP® – TCW Core Plus Bond Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 22, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

50 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

## TRUSTEES AND OFFICERS
(Unaudited)

The Board oversees the Fund's operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;George S. Batejan<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994 |
| &nbsp;&nbsp;Kathleen Blatz<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2006 | &nbsp;&nbsp;Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021 |

---

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 51

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Independent trustees (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Pamela G. Carlton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Chair since 2023; Trustee since 2007 | &nbsp;&nbsp;President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
| &nbsp;&nbsp;Janet Langford Carrig<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1957 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
| &nbsp;&nbsp;J. Kevin Connaughton<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael's College, November 2015-February 2020; former Trustee, St. Michael's College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
| &nbsp;&nbsp;Olive M. Darragh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
| &nbsp;&nbsp;Patricia M. Flynn<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1950 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |

---

52 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Brian J. Gallagher<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1954 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Trustee, Catholic Schools Foundation, since 2004 |
| &nbsp;&nbsp;Douglas A. Hacker<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1955 | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Spartan Nash Company (Chair of the Board) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
| &nbsp;&nbsp;Nancy T. Lukitsh<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1956 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | &nbsp;&nbsp;174 |  |
| &nbsp;&nbsp;David M. Moffett<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | &nbsp;&nbsp;174 | &nbsp;&nbsp;Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Advisor to Bridgewater Associates and The Carlyle Group |

---

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 53

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held<br> with the Columbia Funds and<br> length of service** | &nbsp;&nbsp;**Principal occupation(s)<br> during past five years<br> and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex\*<br> overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Catherine James Paglia<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1952 | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
| &nbsp;&nbsp;Natalie A. Trunow<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1967 | &nbsp;&nbsp;Trustee since 2020 | &nbsp;&nbsp;Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | &nbsp;&nbsp;174 | &nbsp;&nbsp;Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
| &nbsp;&nbsp;Sandra L. Yeager<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1964 | &nbsp;&nbsp;Trustee since 2017 | &nbsp;&nbsp;Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Former Director, NAPE Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |

---

\* The term "Columbia Funds Complex" as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

54 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Interested trustee affiliated with Investment Manager\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address,<br> year of birth** | &nbsp;&nbsp;**Position held with the Columbia Funds and length of service** | &nbsp;&nbsp;**Principal occupation(s) during the<br> past five years and other relevant<br> professional experience** | &nbsp;&nbsp;**Number of<br> Funds in the<br> Columbia Funds<br> Complex overseen** | &nbsp;&nbsp;**Other directorships<br> held by Trustee<br> during the past<br> five years** |
| &nbsp;&nbsp;Daniel J. Beckman<br> c/o Columbia Management<br> Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> 1962 | &nbsp;&nbsp;Trustee since November 2021 and President since June 2021 | &nbsp;&nbsp;Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | &nbsp;&nbsp;176 | &nbsp;&nbsp;Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Threadneedle Canada, since December 2022 |

---

\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Michael G. Clarke<br> 290 Congress Street<br> Boston, MA 02210<br> 1969 | &nbsp;&nbsp;Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | &nbsp;&nbsp;Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. |
| &nbsp;&nbsp;Joseph Beranek<br> 5890 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1965 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | &nbsp;&nbsp;Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively. |

---

CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022 55

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

## TRUSTEES AND OFFICERS (continued) (Unaudited) Fund officers (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> address and<br> year of birth** | &nbsp;&nbsp;**Position and year<br> first appointed to<br> position for any Fund<br> in the Columbia<br> Funds Complex or a<br> predecessor thereof** | &nbsp;&nbsp;**Principal occupation(s) during past five years** |
| &nbsp;&nbsp;Marybeth Pilat<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | &nbsp;&nbsp;Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017. |
| &nbsp;&nbsp;William F. Truscott<br> 290 Congress Street<br> Boston, MA 02210<br> 1960 | &nbsp;&nbsp;Senior Vice President (2001) | &nbsp;&nbsp;Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
| &nbsp;&nbsp;Christopher O. Petersen<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1970 | &nbsp;&nbsp;Senior Vice President and Assistant Secretary (2021) | &nbsp;&nbsp;Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
| &nbsp;&nbsp;Thomas P. McGuire<br> 290 Congress Street<br> Boston, MA 02210<br> 1972 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer (2012) | &nbsp;&nbsp;Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
| &nbsp;&nbsp;Ryan C. Larrenaga<br> 290 Congress Street<br> Boston, MA 02210<br> 1970 | &nbsp;&nbsp;Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
| &nbsp;&nbsp;Michael E. DeFao<br> 290 Congress Street<br> Boston, MA 02210<br> 1968 | &nbsp;&nbsp;Vice President (2011) and Assistant Secretary (2010) | &nbsp;&nbsp;Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
| &nbsp;&nbsp;Lyn Kephart-Strong<br> 5228 Ameriprise Financial Center<br> Minneapolis, MN 55474<br> 1960 | &nbsp;&nbsp;Vice President (2015) | &nbsp;&nbsp;Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |

---

56 CTIVP® – TCW Core Plus Bond Fund \| Annual Report 2022

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_227_52ca6822-a051-4a6b-a03a-3141b0f25f1c_TOC)

#### CTIVP® – TCW Core Plus Bond Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgc94ff2732.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses and/or summary prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2023 Columbia Management Investment Advisers, LLC.

ANN7037_12_B01_(02/23)

------

#### Item 2. Code of Ethics.
(a) The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.

(c) During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, Douglas A. Hacker and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, Mr. Hacker and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.

#### Item 4. Principal Accountant Fees and Services .
Fee information below is disclosed for the forty-six series of the registrant whose reports to stockholders are included in this annual filing. Fiscal year 2021 also includes fees from a fund that liquidated during the period. Fiscal year 2022 also includes fees from a fund that liquidated during the period.

(a) *Audit Fees.* Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended December 31, 2022 and December 31, 2021 are approximately as follows:

---

| | |
|:---|:---|
| 2022  | 2021  |
| $1486800  | $1516300  |

---

Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) *Audit-Related Fees.* Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended December 31, 2022 and December 31, 2021 are approximately as follows:

---

| | |
|:---|:---|
| 2022  | 2021  |
| $50000  | $52300  |

---

Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.

During the fiscal years ended December 31, 2022 and December 31, 2021, there were no Audit-Related Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c) *Tax Fees.* Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended December 31, 2022 and December 31, 2021 are approximately as follows:

---

| | |
|:---|:---|
| 2022  | 2021  |
| $679500  | $24100  |

---

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning. Fiscal years 2021 and 2022 also include Tax Fees for foreign tax filings.

During the fiscal years ended December 31, 2022 and December 31, 2021, there were no Tax Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d) *All Other Fees.* Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended December 31, 2022 and December 31, 2021 are approximately as follows:

---

| | |
|:---|:---|
| 2022  | 2021  |
| $0  | $0  |

---

All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

Aggregate All Other Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended December 31, 2022 and December 31, 2021 are approximately as follows:

---

| | |
|:---|:---|
| 2022  | 2021  |
| $535000  | $520000  |

---

In fiscal years 2022 and 2021, All Other Fees primarily consists of fees billed for internal control examinations of the registrant's transfer agent and investment adviser.

(e)(1) **Audit Committee Pre-Approval Policies and Procedures**

The registrant's Audit Committee is required to pre-approve the engagement of the registrant's independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.

**The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-audit services to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-audit services to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.** 

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

\*\*\*\*\*

(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended December 31, 2022 and December 31, 2021 are approximately as follows:

---

| | |
|:---|:---|
| 2022  | 2021  |
| $1264500  | $596400  |

---

(h) The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments
(a) The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 11. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Exhibits.
[(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.](f24586d2.htm)

[(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.](f24586d3.htm)

[(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.](f24586d4.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (registrant)  | <u>Columbia Funds Variable Series Trust II</u>  |
| By (Signature and Title)  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |
| Date  | <u>February 22, 2023</u>  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |
| Date  | <u>February 22, 2023</u>  |

---

---

| | |
|:---|:---|
| By (Signature and Title)  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael G. Clarke</u>  |
|  | Michael G. Clarke, Chief Financial Officer,  |
|  | Principal Financial Officer and Senior Vice President  |
| Date  | <u>February 22, 2023</u>  |

---

---

| | |
|:---|:---|
| By (Signature and Title)  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joseph Beranek</u>  |
|  | Joseph Beranek, Treasurer, Chief Accounting  |
|  | Officer and Principal Financial Officer  |
| Date  | <u>February 22, 2023</u>  |

---

------

## Ex-99.Code

![](gc830yp35wl367fmaxwaw.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

**COLUMBIA FUNDS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Applicable Regulatory Authority** | &nbsp;&nbsp;&nbsp;Section 406 of the Sarbanes-Oxley Act of 2002; |
|  | &nbsp;&nbsp;&nbsp;Item 2 of Form N-CSR |
| &nbsp;&nbsp;**Related Policies** | &nbsp;&nbsp;&nbsp;Overview and Implementation of Compliance Program |
|  | &nbsp;&nbsp;&nbsp;Policy |
| &nbsp;&nbsp;**Requires Annual Board Approval** | &nbsp;&nbsp;&nbsp;No but Covered Officers Must provide annual |
|  | &nbsp;&nbsp;&nbsp;certification |
| &nbsp;&nbsp;**Last Reviewed by AMC** | &nbsp;&nbsp;&nbsp;August 2022 |

---

**<u>Overview and Statement</u>**

Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Whether it has adopted a code of ethics that applies to the investment company's principal executive officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any amendments to, or waivers from, the code of ethics relating to such officers.

The Board of each Fund has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Fund holds its principal executive officer and each of its senior financial officers.

This Code should be read and interpreted in conjunction with the Overview and Implementation of Compliance Program Policy.

**<u>Policy</u>** The Board of each Fund has adopted the Code in order to comply with applicable regulatory requirements as outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Covered Officers/Purpose of the Code**

This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Compliance with applicable laws and governmental rules and regulations;

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 1 of 9

![](gm98ooi3ifq8097fufqol.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.Administration of the Code**

The Board has designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

The Board has designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code

Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Managing Conflicts of Interest**

A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 2 of 9

![](gj32qo1ex526ffur3zfcg.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Fund that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Fund covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Fund. Certain examples of such conflicts of interest follow.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer, or a member of his or her family, rather than the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may give rise to conflicts of interest with respect to the Fund.

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 3 of 9

![](glkp6d2x00rv68pci7izn.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Service as a director on the board of a public or private company or service as a public official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The receipt of a non-de minimus gift when the gift is in relation to doing business directly or indirectly with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The receipt of entertainment from any company with which the Fund has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than the Primary Service Providers or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure and Compliance

It is the responsibility of each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as the business and financial operations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To adhere to and, within his or her area of responsibility, promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 4 of 9

![](g36ccjtlefbu0e70ydvdm.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Reporting and Accountability by Covered Officers** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he or she has received, read and understands the Code, using the form attached as Appendix A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.

The Fund will follow the policy set forth below in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so notify the person(s) reporting the potential violation, and no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the Code Officer or the CLO to the Fund's Audit

Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other Policies

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 5 of 9

![](g3exd7z7qh8vhfocf7cmk.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Disclosure of Amendments to the Code

Any amendments will, to the extent required, be disclosed in accordance with law.

&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

**Reporting Requirements**

Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.

The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.

If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.

All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.

The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.

Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 6 of 9

![](ggikoxvr0od5b5cjp9y5j.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

**Monitoring/Oversight/Escalation**

The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.

**Recordkeeping**

All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 7 of 9

**Appendix A**

**INITIAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

**Covered Officer Name and Title: <u>________________________________________________</u>**

(please print)

<u>______________________________________________________________________________</u>

Signature Date

Please return this completed form to the CLO (_______) within one week from the date of your review of these documents. Thank you!

![](glvw7fckqvlr09t6kt9gc.jpg)

**Appendix B**

**ANNUAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.

______________________________________________________________

______________________________________________________________

______________________________________________________________

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.<sup>1</sup>

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

**Covered Officer Name and Title: <u>________________________________________________</u>**

(please print)

<u>______________________________________________________________________________</u>

Signature Date

Please return this completed form to the CLO (_______) within one week from the date of your receipt of a request to complete and return it. Thank you!

1It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.

## Ex-99.Cert

I, Daniel J. Beckman, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 22, 2023 | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | Daniel J. Beckman, President and Principal |
|  | Executive Officer |

---

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: February 22, 2023 |  | /s/ Michael G. Clarke |
|  |  | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice | Principal Financial Officer and Senior Vice |
|  | President | President |

---

I, Joseph Beranek, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control

---

| | |
|:---|:---|
|  | over financial reporting to be designed under our supervision, to provide reasonable |
|  | assurance regarding the reliability of financial reporting and the preparation of financial |
|  | statements for external purposes in accordance with generally accepted accounting |
|  | principles; |
| (c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and |
|  | presented in this report our conclusions about the effectiveness of the disclosure controls |
|  | and procedures, as of a date within 90 days prior to the filing date of this report based on |
|  | such evaluation; and |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: February 22, 2023 |  | /s/ Joseph Beranek |
|  | Joseph Beranek, Treasurer, Chief Accounting | Joseph Beranek, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer | Officer and Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Variable Series Trust II (the "Trust") on Form N-CSR for the period ending December 31, 2022 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| Date: February 22, 2023  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |

---

---

| | |
|:---|:---|
| Date: February 22, 2023  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael G. Clarke</u>  |
|  | Michael G. Clarke, Chief Financial Officer,  |
|  | Principal Financial Officer and Senior Vice President  |

---

---

| | |
|:---|:---|
| Date: February 22, 2023  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joseph Beranek</u>  |
|  | Joseph Beranek, Treasurer, Chief Accounting  |
|  | Officer and Principal Financial Officer  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.